Naval Ravikant - The 6 BIGGEST Middle Class Habits Keeping You in the Rat Race
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- เผยแพร่เมื่อ 30 พ.ค. 2024
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VIDEO HIGHLIGHTS
💡 “Understand ethical wealth creation is possible. If you secretly despise wealth, it will elude you.” - Naval Ravikant
💡 “For most of human history the usual way to accumulate a fortune was to steal it: in pastoral societies by cattle raiding; in agricultural societies by appropriating others’ estates in times of war, and taxing them in times of peace.” - Paul Graham (Hackers and Painters)
💡 “Ignore people playing status games. They gain status by attacking people playing wealth creation games.” - Naval Ravikant
more on my Newsletter - www.littlealmanack.com/
SOURCES
✅ Naval (Podcast): • How to Get Rich
✅ Naval (on The Joe Rogan Experience): • Joe Rogan Experience #...
✅ Naval (fourth Periscope): • How to Get Rich (witho...
✅ Naval (on Clubhouse): • Naval Ravikant and Sah...
✅ Mohnish Pabrai: • Mohnish Pabrai's Q&A s...
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⏰ TIMESTAMPS
0:00 - Habit 1 (Mindset)
2:18 - Habit 2 (Status Games)
4:03 - Habit 3 (Materialistic Games)
5:21 - Habit 4 (Input Scalability)
8:19 - Habit 5 (Beliefs)
9:14 - Habit 6 (The Most Important Thing)
11:25 - Reflections & More
12:49 - Equals (Sponsor): The Next Generation Spreadsheet
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![Naval Ravikant - The 3 MOST DANGEROUS LIES about Success [w/ MrBeast, Kapil Gupta & Mohnish Pabrai]](http://i.ytimg.com/vi/INi4CdIPH5w/mqdefault.jpg)
![Naval Ravikant - The 3 MOST DANGEROUS LIES about Success [w/ MrBeast, Kapil Gupta & Mohnish Pabrai]](/img/tr.png)
![Naval Ravikant - The 4 BIGGEST TRAPS in Life that You NEED to GET OUT [w/ Charlie Munger]](http://i.ytimg.com/vi/2bL5JHKf16k/mqdefault.jpg)
Equals (the next generation spreadsheet) - equals.1stcollab.com/pickingnuggets
4:20 The three most harmful addictions are heroin, carbohydrates and a monthly salary.
6:00 Outputs should be >> Inputs
8:30 Get rich quick?
9:20 Many people die at 25 but aren’t buried until they’re 75.
10:30 Become a perpetual learner.
11:30 Learning machine.
thanks!
I think I would add sugar to the list as well...
@@OmaticFevernope. Sugar improves metabolism
@@OmaticFever Sugar falls under carbs as well
Actually monthly salary is just fine, you escape 9-5, you get trapped in 7-11, many businessmen work , including myself, work like that, if you like it fine , but escaping 9-5 is not for everyone !!!!!!!!!!
0:10 The quote is "The LOVE of money is the root of all evil." It's quite different. Money is an object. It doesn't do anything.
Exactly, because excessive LOVE of money becomes GREED without borders and bottom, and this void can not be filled and it drives people crazy no matter how much they get.
Certainly. The statement "The LOVE of money is the root of all evil" does indeed highlight that it's not money itself but the attachment or desire for it that can lead to negative outcomes. However, the assertion that "Money is an object. It doesn't do anything" could be seen as overly simplistic.
While money may be an object in physical or digital form, its existence within a socio-economic system imbues it with functions and consequences that extend beyond its materiality. Money enables trade, assigns value, and can influence social dynamics, often reinforcing existing power structures or inequalities. For example, the influx of money into certain urban neighborhoods can lead to gentrification, improving infrastructure but also displacing lower-income residents.
Therefore, it's not just an inert object; it's a tool within a larger system that has real-world impacts. So, while the love of money can certainly lead to moral or ethical dilemmas, the way money itself is structured and used within a society can also contribute to various forms of 'evil,' such as poverty, inequality, and exploitation.
@@sonntagshans It is people's usage and love of money that "imbues it with functions and consequences that extend beyond its materiality". Your argument is along the lines of "guns kill people" and "spoons make people fat". These inanimate objects are not capable of DOING anything. They can be used for evil or killing or overeating, sure, but can also be used for good, preventing violence or feeding the hungry.
Incidentally, I think the Biblical quote is completely wrong. If the concept of "evil" even exists (subjective and therefore debatable), it is describing extremely negative acts sometimes done by some people, and certainly not the objects they choose to use when performing those acts.
No money is a problem as well.
There's not much views on these, but I think these videos are way underrated.
Thanks so much :)
Spread the word - that's how it spreads
I second this!
For sure!
There are few people's wanting to got out of Trap ,that's why Few views😌
Love your channel. Very lucky to find u. I wish you a good luck in life and fast growth to ur channel. Will be trying to spread this channel. It's a gem
I really appreciate that Roman !! Thank you ❣️
the quote is actually: "the love of money is the root of all kinds of evil"... and the full context is:
But godliness with contentment is great gain. 7For we brought nothing into the world, and we can take nothing out of it. 8But if we have food and clothing, we will be content with that. 9Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction. 10For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.
These are some of the best videos for entrepreneurial wisdom on TH-cam. I always look out for them. Keep em coming!!!
Thank you so much ❣️
Love your videos! 👏
Keep it up & hope your channel gets the love it deserves in future.
thank you so much ❣️
I'm thankful I have a job I can keep learning at my own choice. I am still in the 8-5 trap, but I have a fair amount of freedom to learn. I am still hungry at 49 to do better and I have a good income to leverage cash for a business idea. I just don't know what to focus on. I have been studying coding in Python, javascript, and C in the hopes of creating something that could be useful.
Why would you study C or python if your goal is just creating an app?
@@dima6488 applications can also be created in python and c, duuuhh.
What would you recommend instead?@@dima6488
There are still apps that haven't been made yet.
I missed your videos man. The things you make videos on is brilliant.
Thank you putting this much work!!
Glad you enjoy it ❣️ Thank you for the support :)
wow you are starting to get lots of views- i have been watching for more than a year- seen nearly all of your videos- nice to see your channel growing!
thank you so muuuch!
We live an extreme society where "cost of failure" might be lowest but at the same time "risk of ruin" is highest.
When you take the risk, it's do or die. You can't afford to die with a family on your back.
Totally agree. Most people with family live paycheck to paycheck and one missed monthly wage will fuck them and their family forever. Society makes it almost impossible to make yourself rich because you have to put it all on the line and hope it succeeds. Most people with family cannot afford to put their family's financial comfort and security on the line and therein lies the trap in which most people remain. If you have no dependencies, you've very little to lose so you can try and try and try again until you succeed. That's why most billionaires are bachelors when they make their first million because they don't have any load on their shoulders.
Probably the best Picking Nuggets video I've seen
thank you!
Absolutely great video ❤
Thank you so much ❣️
I love your chanel bro ! thank you
Glad you enjoy it!
Within the first minute there are already factual fallacies here. There are not more parasitic organisms than non-parasitic organisms.
The Bible actually says, “For the LOVE OF MONEY is the root of all kinds of evil...” [Emphasis mine]. Money itself is innocuous. It’s our relationship with money that determines whether it’s used for good or evil.
Many books say a lot of things, sometimes contradictory.
I can learn anything. But it's the next step I always struggle. To turn this knowledge into something useful :(.
A undervalued voice and channel ! Its truly difficult to jump off the 9 to 5 but not impssible !
The beauty of this channel is it provides the most needed knowledge In an effective way without any BS...i love this
Really appreciate your words❣️
So true
Yeah but are you reading the books?
Most wealth is build by having other people create it for you. You will ever create anything that makes you deserving the wealth differences we observe today.
I appreciate the video. Ty
Glad you enjoyed it!
Tldr; you're either the employer or the employee. You either receive the benefits of productivity, or you give it to someone else.
That's capitalism
It doesn’t have to be that way. A very famous man that lived a couple hundred years ago discussed at length the pitfall of this system.
@@newagain9964 and yet, here we are. I define it is a three option system: work for someone else, work for yourself, or have others work for you. Modern Capitalism is the first and third because there is little societal protections to prevent it
Love this
Thank you this such a good video
Thank you so much ❣️❣️
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Thank you 🙏
Thank you for watching :)
Naval is the man 🏆
Also, I tend to disagree with the learning from books thing as a way to become successful. Otherwise academics would be incredibly rich, however that is not the case. Learning is of course important, but action is much more so, something academics seem to struggle with.
They are not. They just make actions required for science, not for making money. Asking why scientists don't make more money, like asking why surgeons do not repair cars. Because it is not what they are doing.
There's really a ton of approximations in the whole video. Lots of things that work by saying them but don't really represent anything actionable or tangible. Like the part where you can be a real estate agent and be the one who sells expensive stuff with big commissions instead of the one who sells lower priced houses... Sure, ok.
And the coding one... most coders work all day long and get paid regular salaries based on hours. Very few code something that becomes a source of money for the next few years.
@@vladrileynavilys agreed, however, the potential for getting rich is more significant with a scale-able job (like coding or sales) vs. a service or labor job. Real Estate agents are no longer needed in my opinion, however, there is a potential to scale up your coding job. you will however never be able to scale your welding job (because you can only make one weld at a time).
This is an oversimplification of how academics learn, and minimizes the importance of exposure to multiple sources of information.
You took that as it’s the books that make you rich?
It is all a game of positive mindset, unconditional persistence, willingness to improve every day and not taking a lot of debt that moves you up in hierarchy moneywise and healthwise
Would love to know what type of notaking app this is or is it pure eiditng?
hey! It's all on Google Docs, Canva and then edit on FCP
Well said. Naval simplifies the complexities in a poetic way.
Channel name checks out! Very resourceful!
Thanks ❣️
I love this guy 🧠
Bankers steal your money, not because they collect interest but because they are able to create money out of nowhere.
Really insightful, thank you!
Glad you enjoyed it!
And the drawings / explanations are perfect! This channel is way too under viewed!
@@KameSennin2 ❣️❣️❣️
Interesting perspective on status games having to put someone else down
I agree about trying to get out of the 9-5 rat race but if you have too much freedom you might get stuck spending more money by filling time (going out with friends to eat more, getting lazy because you don't have structure. Etc)
You're absolutely right. A lot of people forget that other extreme. The key is balance.
"It's difficult to get up and do roadwork at five in the morning when you're sleeping in silk sheets"
What program do you use for the icons/images accompanying the speaker?
Canva
High school sports are draining productivity from kids academics and parents productivity and family bonding!
There's this great George Carlin piece where he says buying a self-help book isn't helping yourself because by definition if you haven't helped yourself!
True wealth is who you are, not what you do.
The actual saying is "THE LOVE OF money is the root of all evil"
😮🎉 phenomenal
thanks!!
I do NOT agree with point 6 especially the way Mr. Mohnish explained it and to some extent how Naval explained his version. Learning is important, but life-long learning is not at all the way out of 9 to 5 or rat race. Can Mohnish tell us what all he has learnt every year starting from age 25. I'm not asking about getting to know a technology at a very high level built by a company he's looking to invest in or following the news on a daily basis. Something which he has learnt as a skill and put it to greater use day in day out. He will have very little to say on that front.
As a Software Engineer, I have been constantly learning new technologies every 3-4 years and that is just to stay relevant. Forget about trying to be a standout and that would require even more time & consistent efforts along with the day job. So Mohnish's argument about IIT'ians and other top students not being lifelong learners and not going far in life is absolute BS. I'm neither an IIT alumnus or a top student but I have many such friends and observed them closely.
One of the highly probable paths to wealth or to escape 9 to 5 is to identify the skills that have non-linear outcomes (refer point 4) and have vested interests/skin in the game and NOT just be an employee. Thats the most probable path to wealth. Life long learning in a venture where we dont have any skin in the game just makes us a better employee.
Non Linear Growth Skill/avenue/Opportunity + Skin in the game (Vested Interest) = Wealth.
The “Love “ of money is the root of all evil
What's the point of being rich if earth there's no earth left to live??. What would you do if there's no money.
Poor person thinking right there.
Love of money is the root of all evil. Money however is not.
It's more like the hunger games for a lot of people.
"Everyone can be rich!" - maybe, but not the way the systems work right now.
Perpetual learner here, still not rich
I needed to hear this.
nice
Thanks!
It's mostly down to heritable traits, but yes, much of the elite, and the political class especially, is engaged in massive amounts of rent-seeking
I work hard so I have more free time to enjoy learning.
A biblical misquote. The Bible actually says that "the LOVE of money is the root of much evil". It's quite different.
Thanks!
thanks for the support :)
08:32
Partially factual and lots lost in communication!!!
Someone should have communicated this message about the economy before playing along with the ruse we just endured...
Man this video is filled with knowledge
thanks :)
💯
"Making money is an inevitable biproduct of learning."
Wow.
This is a total BS. What you know and what you sell are two different things.
Sounds good but pretty false statement. You can spend years learning something doesn't necessarily make you money.
False equivalency. 🤦. Like most of the nonsense spewed in this video.
“For the love of money is the root of all evil..” 1 Tim 6:10a. its not money alone
How can there be rich without poor ? By this definition alone
It’s a zero sum game
thank u
Welcome :)
The amount of people having watched this correlates to the level of people not seeing the bigger play at hand financially
Naval: “just code and automate your way to billions” 🤡🧢
Our perceptions of reality, particularly the artificial realities of social economic status are VERY misleading. That there are no get rich quick schemes is undermined every time we see someone on television who got rich quickly. It doesn't matter that it's based on some kind of lottery that you cannot participate in (the genetic lottery) or where your chance of winning is so unlikely that your attention is clearly being focused on a completely unrepresentative sample that has nothing to teach you. Human beings are really bad at assessing risk.
Its my first time I am visiting your channel as I found it when searching for "Naval Ravikant" after reading /listening to the Almanac of Naval Ravikant. I love the animations that drive the points of discussion home. I am also trapped in the 9-5 but reading books on how to start an online non-profit to provide immigrants and newcomers with mental health support. Any tips will be helpful. Just like Naval says, creating value is what makes the likes of Steve Jobs (RIP) wealthy.
There is plenty that's true about trading stocks, there are plenty of indicators that pretty much work when applied in the correct way. It just doesn't make sense to follow people or listen to their advice except for learning how to use the indicators yourself while removing your own opinions.
Well, just 1:20 in... wealth creation IS kind of a zero sum game! you shouldn't leave out RESOURCES when you mention how wealth is created. take your fine list of people, technology, productivity and hard work, go to the desert and see how far it will get you! I recognize that when the global productivity rise every year and that that per definition makes is a Non-zero sum game, but earth overshoot day moves 'closer' every year and blindly thinking that everyone on earth can have a 50-room mansion is insanity.
Definitely not everyone can be rich.
How do you define rich?
If we define rich by housing and food and medicine everyone can be rich
Soooo... Absolutely no one gets exploited? 😒🤔
some wealth was stolen from SLAVE LABOUR.
but he GLOSSES OVER THAT 👀😂😂😂😂😂😂
And Elon Musk wants people to go back in the office....
Where have you been bro
im back
The Ironie of telling people to work hard for the absolut basic in life avoid luxury but do it by praying of the ones who have wealth. Also pretty painted world view.
Saying making money is not a zero sum game and giving Apple as an example, is a quick way to disprove the idea. Technology is creating wealth becoming common and widespread, but taking existing technology as selling as elite and overpriced using marketing which borderline religion, it just another ugly way to make money.
We got to keep learning, spend the time even if it's 1hr. The 1% per day makes a lot of difference in the long run
Definitely!
Fascinating ideas, but a false dichotomy between status and wealth.
Wealth creation is predicated upon exploitation of those further down the chain.
I think that's a slave-master model of wealth creation which, although still in operation here and there, is outdated in most circumstances today.
In a modern tech economy you get people like Notch who can spend a year building a single program like minecraft. He he steal it from anyone rather he created something of incredible value that wasnt there before him.
Most innovations in the modern economy follow this non zero sum model of wealth creation.
‘Even in nature there are more parasites than non-parasitical organisms’ - really? Symbiotes aren’t parasites. Is more in biomass, number of species… I think you just made this one up thinking there are lots of microorganisms.
Interesting, motivating but far from reality, logical or truthful…”Everyone can be rich” is the same as saying “Everyone can be above average.”
Only a few minutes in and this is already very riveting. My first thought about status vs wealth is that we all would like a bit of both. You could be the most wealthy person and it wouldn't really matter without status. The two are intermingled. Imagine being Warren Buffett, Elon Musk, or Bill Gates and still flying coach. You obtain wealth to gain status.
Lower your standard of living to raise your standard of living.
Not everyone can be rich... You should research some more about the money system.
If one believes in god, heaven and hell; give everything you have to those in need and pray to god to take you before you become corrupted and slide down to hell. If one is an Atheist, focus on being happy, helping others makes one happy, and strive to die happy and content. There is no next life, this is it be happy here now.
Didn't this guy go all-in on NFTs?
“For the love of money is the root of all evil” - this is a misquote from the Bible. It’s about greed and the idolatry of wealth. The Bible is actually a good guide to wealth. Good topic overall.
Everyone being relatively rich devalues your wealth.
If everyone can be rich, no one can. No one chooses to be poor. the system does not alow that everyone can get rich and that is inherent to capitalism. what a waste of time and time is money.
The biggest is voting for Tories.
Learning is great but god damn you need some food in you first. I'm struggling like a motherfucker just to survive because my country's full of scummy ass businessmen with small programming companies who hire contractors like me and fuck them over. I'm trying to get a corporate job now to get some kind of slight stability, because like this my work hours don't end and I end up burned out and unpaid.
Status is a good thing, not evil. Just because it’s zero sum doesn’t mean it’s evil, it’s necessary to have the best at the top of any given hierarchy
I think you're confusing meritocracy with status
@@noelawill whether a hierarchy is a meritocracy or not is beside the point - but a meritocracy is necessarily a zero-sum game within a given hierarchy.
Unless you were to make the argument (which I tend to agree with) that a hierarchical structure based on merit benefits everyone in the hierarchy, from the top to the bottom. Only one guy can be at the top of the hierarchy, however, if he is the best at managing the system then the guy at the bottom also benefits.
Is that a real JRE episode or is it AI generated?
Its real! You can see the source at the bottom right corner always
Everyone cant be rich because resources are limited, as soon as per capita increases price of goods also increases, always keeping some relatively poor
th-cam.com/video/OGb2oQ1sJ2A/w-d-xo.html&ab_channel=Naval
Everyone can't be billionaire but there can be thousand millionaires. As long as we have economy and money
@@krox477 Nope not possible, money will always chase the price and more money will increase it, unless we create value, which in turn requires destiny to bring the requisites all at the same place at the same time... not in our control bro... Your argument is based on the untold premise that things are in our control which is not the case.
@@abhishekshahi8973what do you mean by "things are not in our control" if we have the ability to create value then we can consciously create more value. If everyone creates a lot of value then there is lots of wealth in the world regardless how how much fiat currency there is.
If there is more value in the economy relative to the amount of fiat currency then you get deflation and an increase in the value of the currenct.
disagree with the first point. wealth is a zero-sum game. It's impossible for everyone to be wealthy because there just aren't enough resources that can be divided to make everyone wealthy. Take dollars as an example: there are around 2T dollars in circulation. that's only enough to give 20M people 100K each; that's not even 10% of the US population.
Thanks so much for your feedback! I would argue that resources is just knowledge applied to the physical world. Thus, we can create new resources, it is not finite if our collective knowledge keeps growing with time. And on the distribution of money argument, money is not wealth but how we transfer wealth. And wealth can be created in a positive-sum way, making everyone able to access at least basic resources for existence.
@@PickingNuggets The physical world is finite. If resources is knowledge applied to the physical world, by definition it must be finite.
We transfer wealth through money, which also makes it a means by which we can measure wealth. Since we measure wealth through money, and there is a finite amount of money, wealth as a whole must be zero-sum. If one person has more wealth, someone else must have less wealth. Of course, it's possible to provide everybody enough wealth to at least access the basic resources necessary for existence; that's what government programs that provide safety nets are for. However, there are calls to remove these safety nets, which will free up the wealth allocated to those services to be taken by everybody else, thus reinforcing the zero-sum nature of wealth.
Wealth generation is not a zero-sum game. Innovation allows us to use less resources with the same amount. Innovation is in large part why quality of life has improved for most human beings on planet earth.
@@theodouwes4432 Innovation has allowed more concentrated allocation of wealth. Instead of wealth being concentrated where resources are located, corporations/countries have found ways to access and monopolize resources in other countries. It's why quality of life has exploded in the west, but has increased much more slowly or even declined in other parts of the world. Not every nation can be wealthy like America because wealth is a zero-sum game.
@@templarknight7 You're right that the disparity of wealth is absurdly concentrated and countries in power exploit what is called "periphery" countries. However, the baseline well-being has increased. It's not zero-sum. Yes, the world is still massively a messed up place though.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a start up investment, Bravo! This one of the all time best videos I've seen on this content and i now know the secret patterns and the story behind what's happening in the stock market. Thank you so much for producing this content and Mr David Tepper is currently coaching anyone the secret patterns and the story behind what's happening in the stock market now. Profits: Currently on 6 figures.
His handle is Davidteppercoach.
Thank you so much for the help.
He is a billionaire coach.
He is very active on all Tele-Grams
@alexmic8278 where can I find him brother? And thanks in advance
Hunter Father societies have less status because group survival is a better indicator of life and success...
😹