The Naval Podcast – Being Ethical is Long-term Greedy

Check out Naval’s Episode Page & Show Notes

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.

Key Takeaways

  • People should also think about ethics (in addition to studying programming, sales, reading, writing, and arithmetic)
  • There’s the Golden Rule – “Do unto others as you would have them do unto you.”
    • And there’s Nassim Taleb’s Silver Rule – “Don’t do unto others what you don’t want them doing unto you.”
  • “Once you’ve been in business long enough, you will realize how much of business is about trust”
    • Why? – Compound interest
      • You want to work for long periods of time with trustworthy people without having to constantly look over your shoulder
    • Over time, ethical people gravitate towards working with each other
      • Being ethical, therefore, attracts other ethical people in it for the long-term
      • “And if you build a good enough reputation for being ethical, people will eventually pay just to do deals through you”
  • In the VERY long run, being ethical pays off
    • But in the short run, being unethical pays off (which is why so many people do this)
  • Being honest leaves you with a clear mind, free of lies running through your head which you’re forced to keep track of
    • This gives you with more energy to think about what actually matters
    • By being honest, you’re also pushing people out of your network who only want to hear the pretty lies, creating room for the people who like you exactly the way you are
  • “A lot of wisdom is just realizing the long-term consequences of your actions. The longer term you’re willing to look, the wiser you’re going to seem to everybody around you.”
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