The Naval Podcast – Set and Enforce an Aspirational Hourly Rate

Check out Naval’s Episode Page & Show Notes

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

Key Takeaways

  • “No one is going to value you more than you value yourself”
    • So set a high personal hourly rate and stick to it
  • Always factor your time into any decision (as well as your personal hourly rate)
    • So if your personal hourly rate is $60, and you estimate it will take you an hour and a half to return a $40 product, it’s not worth it
    • You have a finite amount of high-output mental hours each day – “Do you want to use them to run errands and solve little problems or do you want to save them for the big stuff?”
  • “You can spend your life however you want, but if you want to get rich, it has to be your number one overwhelming desire”
    • This means it has to come before ANYTHING else
  • Advice – Look forward to the future and set an aspirational hourly rate
    • Way back, Naval’s aspirational hourly rate was $5,000/hour (even though he was only making a fraction of this at the time)
      • Today, Naval estimates he’s actually beaten his goal
    • “It should seem and feel absurdly high. If it doesn’t, it’s not high enough.”
  • If you can outsource something for less than your hourly rate, outsource it
    • Even for things like cooking
  • Paul Graham has said (directed to Y Combinator startups):
    • “You should be working on your product, getting product-market fit, exercising, and eating healthy. That’s it. That’s kind of all you have time for while you’re on this mission.”

These notes were edited by RoRoPa Editing Services

Bookmark
Facebooktwitterredditmail