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Naval on wealth creation. On Twitter at @naval.


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Externalities: Calculating the Hidden Costs of Products

Externalities let you account for the true cost of products by including hidden costs like environmental damage.

? Pricing externalities properly is more effective than feel-good measures 0:32

? Properly pricing externalities can save resources in a tremendous way 1:10


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Net Present Value: What Future Income Is Worth Today

Calculate what future income is worth today by applying a discount to its future value.

? Figure out what future income is worth today by applying a discount rate 0:00


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Consumer Surplus: Getting More Than You Paid For

A lot of people are willing to pay more than what companies charge.

? Consumer surplus is the extra value you get when you pay less than you were willing 0:00


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Price Discrimination: Charge Some People More

You can charge people for extras based on their propensity to pay.

? Price discrimination is a technique for charging certain people more 0:00

? Rich people and large enterprises are willing to pay more 0:51


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Compounding Relationships Make Life Easier

Life gets a lot easier when you know someone?s got your back.

? Compounding relationships make life easier 0:00

? It?s better to have a few compounding relationships than many shallow ones 1:11

? It takes just as much effort to create a small business as a large one 1:40


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Turn Short-Term Games Into Long-Term Games

Improve your leverage in negotiations by turning short-term relationships into long-term ones.

? Pareto optimal solutions require a trade-off to improve any criterion 0:00

? Negotiations are won by whoever cares less 0:44

? Convert single-move games to multi-move games 1:54


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Schelling Point: Cooperating Without Communicating

People who can?t communicate can cooperate by anticipating the other person?s actions.

? Use social norms to cooperate when you can?t communicate 0:00

? You can find Schelling points in business, art and politics 1:14


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Kelly Criterion: Avoid Ruin

Don't ruin your reputation or get wiped to zero.

? Don't bet everything on one big gamble 0:00

? Ruining your reputation is the same as getting wiped to zero 0:54




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Principal-Agent Problem: Act Like an Owner

If you think and act like an owner, it?s only a matter of time until you become an owner.

? A principal is an owner; an agent is an employee 0:00

? A principal?s incentives are different than an agent?s incentives 1:08

? If you can work on incentives, don't work on anything else 2:15

? When you do deals, it?s better to have the same incentives 3:15

? If you?re an employee, your most important job is to think like a principal 4:05

? Deal with small firms to avoid the principal-agent problem 5:29


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Envy Can Be Useful, or It Can Eat You Alive

Envy can give you a powerful boost, or it can eat you alive if you let it follow you.

? Suffering through the wrong thing can motivate you to find the right thing 0:00

? Being a lawyer was not what I was meant to do 1:14

? Envy can be useful or it can eat you alive 2:28


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Being Ethical Is Long-Term Greedy

If you cut fair deals, you will get paid in the long run.

? Ethics isn?t something you study; it?s something you do 0:00

? Trust leads to compounding relationships 0:51

? Being ethical attracts other long-term players 1:19

? Being ethical is long-term greedy 1:58

? If you cut fair deals, you will get paid in the long run 2:40



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We Should Eventually Be Working for Ourselves

The goal is that we are eventually wealthy and working for ourselves.

? This advice is for anybody who wants to be entrepreneurial 0:00

? Middle age can be the most fruitful time to apply this advice 0:48

? Look up the value chain to find leverage 1:58

? You will do better in a small organization 2:43

? The goal is that we are all working for ourselves 3:25



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Accountability Means Letting People Criticize You

Misunderstanding accountability, and other mistakes on the path to creating wealth.

? Accountability means letting people criticize you 0:00

? The most interesting parts should be the ones you disagree with 1:06

? Get the free leverage that's available in tech 1:53

? Not doing things because other people can't do them is living in denial 2:21

? Realize your philanthropic vision by running a business 2:54


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How to Get Rich: Every Episode

This giant episode collects every interview we've done on ?How to Get Rich.?


? Seek Wealth, Not Money or Status 1:30

? Make Abundance for the World 6:40

? Free Markets Are Intrinsic to Humans 10:21

? Making Money Isn?t About Luck 14:19

? Make Luck Your Destiny 19:25

? You Won?t Get Rich Renting Out Your Time 24:00

? Live Below Your Means for Freedom 28:40

? Give Society What It Doesn?t Know How to Get 31:01

? The Internet Has Massively Broadened Career Possibilities 33:44

? Play Long-term Games With Long-term People 38:23

? Pick Partners With Intelligence, Energy and Integrity 44:24

? Partner With Rational Optimists 49:09

? Arm Yourself With Specific Knowledge 54:34

? Specific Knowledge Is Highly Creative or Technical 1:00:53

? Learn to Sell, Learn to Build 1:06:24

? Read What You Love Until You Love to Read 1:10:59

? The Foundations Are Math and Logic 1:12:00

? There?s No Actual Skill Called ?Business? 1:16:48

? Embrace Accountability to Get Leverage 1:20:06

? Take Accountability to Earn Equity 1:25:37

? Labor and Capital Are Old Leverage 1:30:06

? Product and Media are New Leverage 1:35:01

? Product Leverage is Egalitarian 1:39:42

? Pick a Business Model With Leverage 1:44:56

? Example: From Laborer to Entrepreneur 1:50:51

? Judgment Is the Decisive Skill 2:01:15

? Set an Aspirational Hourly Rate 2:07:41

? Work As Hard As You Can 2:11:26

? Be Too Busy to ?Do Coffee? 2:16:34

? Keep Redefining What You Do 2:20:38

? Escape Competition Through Authenticity 2:22:41

? Play Stupid Games, Win Stupid Prizes 2:28:17

? Eventually You Will Get What You Deserve 2:30:53

? Reject Most Advice 2:35:00

? A Calm Mind, a Fit Body, a House Full of Love 2:37:55

? There Are No Get Rich Quick Schemes 2:42:02

? Productize Yourself 2:46:42


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Productize Yourself

Figure out what you're uniquely good at and apply as much leverage as possible.

? Figure out what you're uniquely good at and apply as much leverage as possible 0:00

? Find hobbies that make you rich, fit and creative 1:07


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There Are No Get Rich Quick Schemes

Get rich quick schemes are just someone else getting rich off you.

? There are no get rich quick schemes 0:00

? We don't have ads because it would ruin our credibility 0:56

? Every founder has to lie to every employee 2:02

? Anyone giving advice on how to get rich should have made their money elsewhere 3:02


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A Calm Mind, a Fit Body, a House Full of Love

When you're finally wealthy, you'll realize it wasn't what you were seeking in the first place.

? When you're wealthy, you'll realize it wasn't what you were seeking 0:00

? A calm mind, a fit body and a house full of love must be earned 1:00

? Practical advice for a calmer internal state 1:52

? A lot of divorces happen over money, a lot of battles happen over internal anger 3:14


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Reject Most Advice

Most advice is people giving you their winning lottery ticket numbers.

? The best founders listen to everyone but make up their own mind 0:00

? Advice is maxims you can recall later, when you get your own experience 1:29


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Eventually You Will Get What You Deserve

Apply specific knowledge with leverage and eventually you will get what you deserve.

? On a long enough time scale you will get paid 0:00

? What are you really good at that the market values? 1:59


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Play Stupid Games, Win Stupid Prizes

Competition will blind you to greater games. You're one step away from a better market.

? Businesses that seem like they're in direct competition really aren't 0:00

? My first company got caught up in the wrong game 1:23


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Escape Competition Through Authenticity

Competition can make you play the wrong game. No one can compete with you on being you.

? Competition will trap you in a lesser game 0:00

? No one can compete with you on being you 1:27

? In entrepreneurship, the masses are never right 2:40

? Combine your vocation and avocation 3:45



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Keep Redefining What You Do

Become the best in the world at what you do. Keep redefining what you do until this is true.

? Keep redefining what you do until you're the best at what you do 0:00

? Find founder-product-market fit 1:35



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Be Too Busy to ?Do Coffee?

You should be too busy to ?do coffee?, while still keeping an uncluttered calendar.

? Be too busy to ?do coffee? while keeping an uncluttered calendar 0:00

? People will meet with you when you have proof of work 2:00

? Networking is overrated even early in your career 2:09


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Work As Hard As You Can

Work as hard as you can. Even though what you work on and who you work with are more important.

? Work as hard as you can 0:00

? But what you work on and who you work with are more important 1:00

? Nobody really works 80 hours a week 2:22

? Inspiration is perishable 3:05

? Impatience with actions, patience with results 3:36


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Set an Aspirational Hourly Rate

If outsourcing a task will cost less than your hourly rate, outsource it.

? Set and enforce an aspirational hourly rate 0:00

? You can't penny pinch your way to wealth 1:27

? My aspirational rate was $5,000/hr 1:56

? If you can outsource something for less than your hourly rate, outsource it 2:57

? Your hourly rate should seem absurdly high 3:39


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Judgment Is the Decisive Skill

Everything we've discussed so far has been setting you up to apply judgment.

? In an age of infinite leverage, judgment becomes the most important skill 0:00

? Everything else you do is setting you up to apply judgment 1:21

? Judgment is knowing the long-term consequences of your actions 2:40

? Without experience, judgment is often less than useless 3:15

? The people with the best judgment are among the least emotional 4:05

? A lot of the top investors often sound like philosophers 5:18

? The more outraged someone is, the worse their judgment 6:00


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Example: From Laborer to Real Estate Tech

The continuum from laborer to real estate tech company goes from low accountability to high specific knowledge, accountability and leverage.

? Laborers get paid hourly and have low accountability 0:19

? General contractors get equity, but they're also taking risk 1:20

? Property developers pocket the profit by applying capital leverage 2:14

? Architects, large developers and REITs are even higher in the stack 3:16

? Real estate tech companies apply the maximum leverage 4:05


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Pick a Business Model With Leverage

Ideally, you should pick a business model with network effects, low marginal costs and scale economies.

? Scale economies: the more you produce, the cheaper it gets 0:00

? Zero marginal cost of reproduction: producing more is free 0:51

? Network effects: value grows as the square of the customers 1:34

? Network effect businesses are natural monopolies 2:26

? In a network effect, each new user adds value to the existing users 3:06

? Zero marginal cost businesses can pivot into network effect businesses 5:01


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Product Leverage Is Egalitarian

Labor and capital are limited to the people who control those resources. But products reach global markets.

? Product leverage is a positive-sum game 0:00

? Status goods are limited to a few people 0:57

? The best products tend to be targeted at the middle class 1:25

? Creating wealth with product leads to more ethical wealth 2:06

? You want to use the product that is used by the most people 3:06

? Capital and labor are becoming permissionless 4:24


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Product and Media Are New Leverage

Product and media are the leverage of new wealth. Create software and media that work for you while you sleep.

? Product and media are the new leverage 0:00

? Product leverage is where the new fortunes are made 0:55

? Combining all three forms of leverage is a magic combination 1:28

? Product and media leverage are permissionless 2:03

? The robots army is already here?code lets you tell them what to do 2:59



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Labor and Capital Are Old Leverage

Wealth requires leverage. Labor and capital are older forms of leverage that everyone is fighting over.

? Our brains aren't evolved to comprehend new forms of leverage 0:00

? Society overvalues labor leverage 1:08

? You want the minimum amount of labor that allows you to use the other forms of leverage 1:56

? Capital has been the dominant form of leverage in the last century 2:40

? You need specific knowledge and accountability to obtain capital 4:52


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Take Accountability to Earn Equity

If you have high accountability, you're less replaceable and you can get a piece of the business.

? Accountability is how you're going to get equity 0:00

? Taking accountability is like taking equity in all your work 0:29

? The downside of accountability is not that large 2:11

? Accountability is reputational skin in the game 4:30


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Embrace Accountability to Get Leverage

Embrace accountability. Society will reward you with leverage.

? You have to have accountability to get leverage 0:00

? Take business risks under your own name 0:54

? A well-functioning team has clear accountability for each position 2:09

? People who can fail in public have a lot of power 3:47



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There's No Actual Skill Called Business

There's no actual skill called business. Avoid business schools and magazines.

? There's no actual skill called business 0:00

? Doing is faster than watching 0:55

? The number of ?doing? iterations drives the learning curve 2:49

? If you're willing to bleed a little every day, you may win big later 3:53


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The Foundations Are Math and Logic

If you understand mathematics and logic, you have the basis for understanding everything else.

? The ultimate foundations are math and logic: 0:00

? It?s better to read a great book slowly than to fly through a hundred books quickly: 1:22

? Learn persuasion and programming: 2:08


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Read What You Love Until You Love to Read

You should be able to pick up any book in the library and read it.

? Read what you love until you love to read: 0:00

? Read the original scientific books in a field: 1:44

? Don't fear any book: 2:43

? The means of learning are abundant, the desire to learn is scarce: 3:54


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Learn to Sell, Learn to Build

Learn to sell. Learn to build. If you can do both, you will be unstoppable. 

? Learn to sell, learn to build 0:00

? The Silicon Valley model is a builder and seller 1:07

? If you can do both you will be unstoppable 1:52

? I'd rather teach an engineer marketing than a marketer engineering 2:48

? Building is better when you're starting out, sales scales better over time 4:33


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Specific Knowledge Is Highly Creative or Technical

Specific knowledge tends to be creative or technical. It's on the bleeding edge of technology, art and communication.

? Specific knowledge can be taught through apprenticeships 0:00

? Specific knowledge is often highly creative or technical 0:45

? Specific knowledge is specific to the individual and situation 2:02

? You can't be too deliberate about assembling specific knowledge 3:01

? Build specific knowledge where you are a natural 4:44


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Arm Yourself With Specific Knowledge

Arm yourself with specific knowledge. It can't be trained but it can be found by pursuing your genuine curiosity.

? Arm yourself with specific knowledge 0:00

? Specific knowledge can't be trained 1:47

? Specific knowledge is found by pursuing your curiosity 2:34

? Building specific knowledge will feel like play to you 3:53


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Partner With Rational Optimists

Don't partner with cynics and pessimists. Their beliefs are self-fulfilling.

? Don't partner with pessimists 0:00

? Partner with rational optimists 1:20

? We're descended from pessimists 2:28

? BOCTAOE 4:13


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Pick Partners With Intelligence, Energy and Integrity

Picking partners with high intelligence, energy and integrity is the three-part checklist that you can't compromise on.

? Pick business partners with high intelligence, energy and integrity 0:00

? Motivation of the people you work with has to come intrinsically 1:18

? Integrity is what someone does, despite what they say they do 2:18


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Play Long-term Games With Long-term People

Pick an industry where you can play long-term games with long-term people. All returns in life come from compound interest over many turns of the game.

? Play long-term games with long-term people 0:00

? When you switch industries, you're starting over from scratch 2:21

? Long-term players make each other rich 4:02

? Returns come from compound interest in iterated games 4:49


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The Internet Has Massively Broadened Career Possibilities

The Internet has massively broadened the possible space of careers, by allowing you to scale any niche obsession.

? The Internet has massively broadened the possible space of careers 0:00

? The Internet allows you to scale any niche obsession 1:22

? Escape competition through authenticity 3:33


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Give Society What It Doesn't Know How to Get

Society will pay you for creating what it wants, but doesn?t know how to get, and delivering it at scale.

? Give society what it wants, but doesn't know how to get?at scale 0:00

? Figure out what product you can provide and then figure out how to scale it 0:57



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Live Below Your Means for Freedom

People living far below their means enjoy a freedom that people busy upgrading their lifestyles just can't fathom.

? People living below their means have freedom 0:00

? The most dangerous things are heroin and a monthly salary 0:38

? Ideally, you'll make your money in discrete lumps 1:17


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You Won't Get Rich Renting Out Your Time

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


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Make Luck Your Destiny

Build your character in a way so luck becomes deterministic. 

? Build your character so luck becomes your destiny 0:00

? Build your character so opportunity finds you 1:12

? You have to be a little eccentric to be out on the frontier by yourself 2:39 


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Making Money Isn't About Luck

Making money isn't about luck. It's about becoming the kind of person who makes money.

? Making money isn't about luck 0:00

? Blind luck 0:46

? Luck from hustling 0:55

? Luck from preparation 1:35

? Luck from your unique character 1:51

? In 1,000 parallel universes, you want to be wealthy in 999 of them 2:54

? Wealth stacks up one chip at a time, not all at once 4:11


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Free Markets Are Intrinsic to Humans

We're the only animals who cooperate across genetic boundaries, because we can track credits and debits in voluntary exchanges.

? Free markets are intrinsic to the human species 0:00

? Too many takers and not enough makers will plunge a society into ruin 1:48 


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Make Abundance for the World

Wealth isn't about taking something from somebody else?it's about creating abundance for the world. 

? Ethical wealth creation makes abundance for the world 0:00

? Everyone can be wealthy 1:28 


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