You Won't Get Rich Renting Out Your Time
Naval
Naval Ravikant
4.8 • 2.4K Ratings
🗓️ 8 March 2019
⏱️ 5 minutes
🧾️ Download transcript
Summary
You won't get rich renting out your time, because you can't earn non-linearly.
• You won't get rich renting out your time 0:00
• Renting out your time means you're essentially replaceable 1:23
• You must own equity to gain your financial freedom 2:17
• You want a career where your inputs don't match your outputs 2:41
Transcript: http://nav.al/renting-time
Transcript
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| 0:00.0 | Next you go into more specific details on how you can actually get rich and how you can't get rich. |
| 0:06.8 | The first point was about how you're not going to get rich. You're not going to get rich renting |
| 0:11.3 | out of your time. You must own equity, a piece of a business to gain your financial freedom. |
| 0:16.8 | This is probably one of the absolute most important points. People seem to think that you can |
| 0:22.9 | create wealth and make money through work and it's probably not going to work. There are many |
| 0:28.4 | reasons for that. The most basic is that your inputs are very closely tied to your outputs. |
| 0:33.8 | In almost any salary job, even a one that's paying a lot per hour, like a lawyer or a doctor, |
| 0:39.2 | you're still putting in the hours and every hour you get paid. What that means is when you're |
| 0:44.9 | sleeping, you're not earning, when you're retired, you're not earning, when you're in vacation, |
| 0:48.7 | you're not earning. You can't earn non-linearly. If you look at even doctors who get rich, |
| 0:53.2 | like Ruby Rich, it's because they open a business. They open a private practice and the private |
| 0:57.5 | practice builds a brand and that brand attracts people or they build some kind of a medical device |
| 1:02.0 | or a procedure or a process with an intellectual property. Essentially, you're working for somebody |
| 1:07.6 | else and that person is taking on the risk and has the accountability and the intellectual property |
| 1:12.5 | and the brand. They're just not going to pay you enough. They're going to pay you the bare minimum |
| 1:16.8 | that they have to to get you to do the job and that can be a high bare minimum, but it's still not |
| 1:21.1 | going to be true wealth where you're retired. Finally, you're actually just not even creating that |
| 1:26.6 | much original for society. Like I said, this tweet story should have been called How to Create |
| 1:30.6 | Wealth. It's just how to get rich with a more catchy title, but you're not creating new things |
| 1:35.5 | for society. You're just doing things over and over and you're essentially replaceable because |
| 1:40.4 | you're now doing a set role. Most set roles can be taught. If they can be taught, like in a school, |
| 1:46.6 | then eventually you'll be competing with someone who's got more recent knowledge, who's been taught |
... |
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