Library / Money & Investing / The Almanack of Naval Ravikant
17 key learnings from Eric Jorgenson's collection of investor Naval Ravikant's thinking on wealth, judgement and happiness, drawn from his tweets, talks and podcasts. Each takes about 40 seconds to read. Swipe, use the arrows, or your keyboard.
All 17 learnings · one per slide
Eric Jorgenson, in bytes
17 key learnings on building wealth and finding happiness, from investor Naval Ravikant's ideas.
Learning 1 · Part I: Wealth
The idea
Wealth is assets that earn while you sleep. Money is how we transfer it. Status is your social rank.
From the book
Naval calls wealth creation a positive-sum game, where everyone can win, and status a zero-sum game.
In real life
A small product that sells online creates wealth; chasing a fancier title is a status game.
Try this
Ask of your next goal: does it build wealth, or just status?
Learning 2 · Part I: Wealth
The idea
Specific knowledge can't easily be taught, outsourced or automated. It grows from your genuine curiosity.
From the book
Naval says it often feels like play to you but looks like work to others, and is found by pursuing what you're naturally drawn to.
In real life
An accountant who can also code has a rare mix that few others can copy.
Try this
List what you do naturally that friends find hard. That's a clue to your specific knowledge.
Learning 3 · Part I: Wealth
The idea
Leverage multiplies the results of your judgement.
From the book
Naval names three forms: labour (people working for you), capital (money), and products with no cost to copy, like code and media. The last needs no one's permission.
In real life
A course you record once can teach thousands; an hour of consulting helps one client.
Try this
Name one thing you could build once and share or sell many times.
Learning 4 · Part I: Wealth
The idea
Your income is capped if you're paid only for your hours.
From the book
Naval: you won't get rich renting out your time. You need ownership, a piece of a business, to gain financial freedom.
In real life
A freelancer who sells a template or software tool earns beyond billable hours.
Try this
Look for one way to earn from something you own, not just hours worked.
Learning 5 · Part I: Wealth
The idea
Putting your name on your work earns trust, and with it responsibility and leverage.
From the book
Naval urges taking business risks under your own name. You get credit when it works and blame when it doesn't, and society rewards that.
In real life
A professional who publishes work under their own name builds a reputation that compounds.
Try this
Put your name on one piece of work this month and share it publicly.
Learning 6 · Part I: Wealth
The idea
Combine what makes you unique with leverage, and turn it into something that scales.
From the book
Naval sums up his wealth advice in two words, 'productize yourself': package your specific knowledge, accountability and leverage into a product or service.
In real life
A finance expert turns her know-how into a newsletter, then a paid course.
Try this
Ask: what about me could become a product?
Learning 7 · Part I: Wealth
The idea
Builders create products; sellers create demand. Few people do both well.
From the book
Naval: learn to sell, learn to build. If you can do both, you will be unstoppable.
In real life
An engineer who learns to pitch her own app, or a marketer who learns to code, multiplies their value.
Try this
Pick the skill you lack, building or selling, and practise it weekly.
Learning 8 · Part I: Wealth
The idea
All the returns in life, in wealth, relationships or knowledge, come from compound interest.
From the book
Naval advises playing long-term games with long-term people, and choosing partners with intelligence, energy and above all integrity.
In real life
Working with the same reliable clients for years brings referrals and easier deals.
Try this
Name the people you'd like to work with for the next decade.
Learning 9 · Part I: Wealth
The idea
When leverage multiplies your decisions, good judgement matters more than hard work.
From the book
Naval calls judgement the most important skill in an age of leverage, and says clear thinking means being honest with yourself and keeping ego out.
In real life
One good hiring decision can matter more than months of extra effort.
Try this
Review a past decision and ask what better judgement would have looked like.
Learning 10 · Part I: Wealth
The idea
Reading is the foundation of learning, so make it a habit you enjoy.
From the book
Naval's advice: read what you love until you love to read. He favours foundational books in science, maths and philosophy over the latest trends.
In real life
Someone who starts with gripping biographies often moves on to harder classics.
Try this
Set aside 30 minutes a day to read something you genuinely enjoy.
Learning 11 · Part II: Happiness
The idea
Happiness is a choice and a skill you can learn, not something that just happens to you.
From the book
Naval describes happiness as the state when nothing feels missing, and peace as happiness at rest.
In real life
Practising gratitude and noticing small pleasures can shift your default mood over months.
Try this
Each evening this week, name one thing that went well.
Learning 12 · Part II: Happiness
The idea
Every desire comes with a cost in contentment.
From the book
Naval: desire is a contract you make with yourself to be unhappy until you get what you want. Choose your desires carefully.
In real life
Wanting a new car, a promotion and a bigger house all at once guarantees restlessness.
Try this
Pick one desire to focus on, and consciously let the others go for now.
Learning 13 · Part II: Happiness
The idea
Most suffering comes from staying in a situation while wishing it were different.
From the book
Naval says that in any situation you have three options: change it, accept it, or leave it.
In real life
If a job frustrates you, either fix what you can, accept it fully, or plan your exit.
Try this
Pick one recurring complaint and decide: change, accept or leave?
Learning 14 · Part II: Happiness
The idea
Meditation helps you watch your thoughts instead of being run by them.
From the book
Naval calls meditation 'intermittent fasting for the mind', and describes sitting quietly each morning and letting thoughts settle.
In real life
Ten quiet minutes in the morning can make your reactions calmer all day.
Try this
Sit for five minutes tomorrow and simply notice your thoughts as they come and go.
Learning 15 · Part II: Happiness
The idea
Physical health underpins everything else: work, mood and relationships.
From the book
Naval says his number one priority is his health, ahead of work and even family, and that he exercises every morning.
In real life
A morning walk or workout improves focus and mood for the rest of the day.
Try this
Schedule exercise before work tomorrow, and treat it like a meeting.
Learning 16 · Part II: Happiness
The idea
When you're truly yourself, there's no one to compete with.
From the book
Naval: no one can compete with you on being you. Following your authentic interests leads to work only you can do.
In real life
A designer with a distinctive style is sought out, not compared on price.
Try this
Notice where you copy others. What would doing it your own way look like?
Learning 17 · Part II: Happiness
The idea
Freedom of time and mind is one of the greatest forms of wealth.
From the book
Naval values freedom above almost everything. One of his rules for decisions: if you can't decide, the answer is no.
In real life
Saying no to low-value commitments frees time for deep work and rest.
Try this
Apply Naval's rule to the next invitation you're unsure about.
All 17 learnings complete
Wealth and happiness are both skills you can learn. Which one will you practise this year?
Summaries are written in my own words for learning. Read The Almanack of Naval Ravikant by Eric Jorgenson (2020) for the full stories. More Books in Bytes
