This post is part of the 📖 The Almanack of Naval Ravikant series.
Today, I am reading Find a Position of Leverage section of the Wealth: How to get rich without getting lucky chapter from the book, The Almanack of Naval Ravikant: A Guide to Wealth and Happiness written by Author, Jack Butcher.
Getting rich is not just about luck; happiness is not just a trait we are born with. These aspirations may seem out of reach, but building wealth and being happy are skills we can learn.
So what are these skills, and how do we learn them? What are the principles that should guide our efforts? What does progress really look like?
The Book The Almanack of Naval Ravikant: A Guide to Wealth and Happiness is a collection of Naval’s wisdom and experience from the last ten years, shared as a curation of his most insightful interviews and poignant reflections.
Yesterday, I read Find a Position of Leverage section from the Wealth: How to get rich without getting lucky chapter.
Wealth: How to get rich without getting lucky
Find a Position of Leverage (continued…)
Adding in code-based leverage on top of money and labour allows you to actually create something bigger and bigger and get closer and closer to owning all the upside, not just being paid a salary.
The combination of those (Labour, Money and Code-based leverage) over a long period of time with the magic of compound interest will make you wealthy.
- Stay out of things that could cause you to lose all of your capital and savings. Don’t gamble everything on one go. Instead, take rationally optimistic bets with significant upsides.
That’s it for today. Tomorrow, we will continue to read the Get Paid for Your Judgment section.
Author(s): Eric Jorgenson
Part 7 of 33 in the 📖 The Almanack of Naval Ravikant book series.