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Naval

Seek Wealth, Not Money or Status

Naval

Naval Ravikant

Business, Technology

4.82.4K Ratings

🗓️ 5 March 2019

⏱️ 6 minutes

🧾️ Download transcript

Summary

The difference between wealth, money and status.   

• Wealth is assets that earn while you sleep 0:56

• Money is how we transfer wealth 2:28

• Status is your rank in the social hierarchy 3:08

Transcript: https://nav.al/seek-wealth

This is the first interview between Naval and Nivi on How to Get Rich. These interviews are based on Naval's tweetstorm at https://twitter.com/naval/status/1002103360646823936.

Transcript

Click on a timestamp to play from that location

0:00.0

You probably know Nevol from his Twitter account and we're going to be talking about his epic tweet storm on how to get rich without getting lucky.

0:09.1

We're going to go through most of the tweets in detail, give Nevol a chance to expand on them and just generally riff on the topic.

0:15.7

He'll probably throw in some ideas that he hasn't even published before.

0:19.3

You know Nevol from his Twitter account. He's also the co-founder of Angel List and opinions.

0:25.4

He's a prolific tech investor in companies like Twitter, Uber and many more.

0:29.9

And I'm the co-founder of Angel List with Nevol and I also co-authored the venture hacks blog with him back in the day.

0:37.0

Yeah, we had to get rich tweets storm definitely hit a nerve.

0:40.0

A lot of people say it was helpful, reach cross-eals and people outside of tech industry, people in all walks of life.

0:46.3

People do want to know how to solve their money problems.

0:49.6

And everyone vaguely knows that they want to be wealthy but they don't have a good set of principles to do it by.

0:56.6

What's the difference between wealth, money and status?

1:01.6

Well, there's a thing that you really want.

1:03.5

Well, there's assets that earn while you sleep.

1:05.8

Well, there's the factory that the robots is cranking out things.

1:09.6

Well, there's the computer program running at night that's serving other customers.

1:14.3

Well, is even money in the bank that is being reinvested into other assets and into other businesses.

1:21.1

Even a house can be a form of wealth because you can rent it out, although that's probably a lower use of productivity in the land than actually doing some commercial enterprise.

1:29.7

So my definition of wealth is much more businesses and assets that can earn while you sleep.

1:35.4

But really the reason you want wealth is because it buys your freedom.

1:38.9

So you don't have to wear a tie like a collar on your neck.

1:41.5

So you don't have to wake up at 7 a.m. and rush to work and sit in commute traffic.

1:45.3

So you don't have to waste away your entire life grinding all the productive hours into a way to a solace job that doesn't fulfill you.

...

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