The Naval Podcast – Making Money Isn’t About Luck

Key Takeaways

  • ANYONE can develop the necessary skills to make money
  • Aim to become so good at something, that luck eventually finds you
    • Over time, it isn’t luck – it’s destiny
  • Because of the internet, the number of ways to get wealthy is MASSIVE

Intro

  • This podcast clip is part of a conversation between Naval Ravikant and Babak Nivi. Unless otherwise noted, quotes are from Naval.
  • For reference, check out Naval’s famous How to Get Rich tweet storm.

Getting Lucky

  • “A lot of people think making money is about luck. It’s not. It’s about becoming the kind of person that makes money.”
    • “I’d like to think that if I lost all my money, and you dropped me on the street in any English speaking country, within 5-10 years I’d be wealthy again. It’s just a skill set I’ve developed, and ANYONE can develop.
      • “In a 1,000 parallel universes, you want to be wealthy in 999 of them”

The Different Types of Luck

  • Blind luck
    • This is when you get lucky because something completely out of your control happens
    • Aka dumb luck
  • Luck that comes through persistence
    • “When your running around creating lots of opportunities…lots of things will get stirred up…you’re just generating a lot of force, hustle, and energy, that luck will eventually find you”
    • This falls under the category of generating your own luck
  • Spotted luck
    • “If you are very skilled in a field, you will notice when a lucky break happens in that field, and other people who aren’t attuned to it, won’t notice”
  • Luck that finds you
    • For example – You become the best in the world at deep sea diving. Someone then finds a sunken treasure ship – they’re luck becomes your luck. They’re going to come to you to get that treasure.
      • “You put yourself in a position to capitalize and attract that luck when no one else has created that opportunity for themselves”
    • “People aren’t necessarily taking advantage of this kind of luck the way they should be” – Nivi
    • “At some point, it starts becoming so deterministic that it stops being luck” – Naval
      • “Luck” starts switching to “destiny”
    • Build your character and your reputation so that eventually, you’ll be able to take advantage of opportunities that other people may characterize as lucky…but you know it wasn’t

Getting Rich

  • “There are some prerequisites [for getting wealthy] that you can’t get past. But if you’re listening to this, you probably have the requisite means at your disposal, which are a functioning body and a functioning mind.”
  • “I haven’t made money in one giant payout. It’s always been a bunch of small things piling up. It’s more about consistently creating wealth by creating businesses, creating opportunities, and creating investments. It hasn’t been a giant one off thing.”
  • Why get wealthy? – So you can have your freedom
    • “So you don’t have to be any place you don’t want to be. You don’t have to do anything you don’t want to do. You can wake up when you want. You can sleep when you want. You don’t have a boss. THAT’S freedom.”
  • Because of the internet, the number of ways to get wealthy is MASSIVE

An Add On to Naval’s How to Get Rich Tweet Storm

  • “You want the kind of reputation that makes people do deals through you”
    • “If you’re a trusted, reliable, high integrity, long-term thinking deal maker, then when other people want to do deals, but they don’t know how to do them in a trustworthy manner with strangers, they will literally approach you and give you a cut of the deal, or give you a unique deal just because of the integrity and reputation that you’ve built up”

Random But Relevant

  • Check out this blog post from Mark Andreessen on the different kinds of luck
  • Naval says he instantly lost the first fortune he made in the stock market
  • A quote from Jeffrey Pfeffer, a professor at Stanford – “You can’t be normal and expect abnormal results”

These notes were edited by RoRoPa Editing Services

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