You won’t get rich renting out your time. You must have equity in the situation or business. You need situations where your inputs > outputs. Don’t make money while you sleep on those. Need intellectual property or a brand. This can be stock options.
- You aren’t creating anything useful to society.
- If what you do can be taught – someone can replace you. Or by a robot or AI. Little by little over time.
- You are replaceable.
- Easier in business that require creativity. Creativity and new uses of technology provides leverage.
The person running the corner grocery store isn’t working harder than Elon Musk. They are just solving smaller problems – magnified by education, skill, and experience.
Don’t always look to immediately upgrade your lifestyle. People who keep their lifestyle low enjoy a freedom that others can’t imagine.
- That’s how it works for people who make a lot of money in tech. They will work for years and years for not much money – then one of the companies hits and you are rich….and free.
Entrepreneurship is often figuring out how to bring the “high end” to the masses. Since tech almost always starts expensive.
It all starts with an act of creativity. Making something from scratch and predicting that people will want it. You create it because you want it – you know how to build it – and you need it for yourself. Then you figure out how to get it to people. At first, it’s just rich people. Then you use that money to make it at scale and cheaper.
Escape competition with authenticity. Nobody can compete with you at being you. When your offering is unique, you don’t have competition.
All of the real benefits in life come from Compound Interest. Applies to effort and how your treat people. There is a trust version of compound interest. If you show that you can contribute, and will be around, there is a compound aspect of trust.
- Politics is the opposite version of this. Nobody trusts career politicians. Also why new politicians can’t get anything done. The other players are like “I don’t know if you are going to be around long enough to be seen as aligned with you.”
for a full transcript + podcast (worth the listen!!) = https://nav.al/rich