Wealth

We’re talking about working for the long-term. The next tweet on that topic: “Apply specific knowledge, with leverage, and eventually you will get what you deserve.” I would add: Apply judgment, apply accountability, and apply the skill of reading. This one is a glib way of saying, “It takes time.” More

When you’re being authentic, you don’t mind competition that much. It pisses you off and inspires some fear, jealousy and other emotions. But you don’t really mind because you’re oriented towards the goal and the mission. Worst-case, you might get some ideas from them. And often there are ways to work with the competition in a positive way that ends up increasing the size of the market for you. More

Let’s discuss your tweet: “Escape competition through authenticity.” It sounds like part of this is a search for who you are. It’s both a search and a recognition. Sometimes when we search our egos, we want to be something that we’re not. Our friends and family are actually better at telling us who we are. More

We talked about the importance of working hard and valuing your time. Next, there are a few tweets on the topic of working for the long-term. The first tweet is: “Become the best in the world at what you do. Keep redefining what you do until this is true. More

Another tweet was: “You should be too busy to ‘do coffee,’ while still keeping an uncluttered calendar.” People who know me know I’m famous for simultaneously doing two things. First, I keep a very clean calendar. I have almost no meetings on it. When some people see my calendar, they almost weep. More

Let’s talk about hard work. There’s a battle that happens on Twitter a lot. Should you work hard or should you not? David Heinemeier Hansson says, “It’s like you’re slave-driving people.” Keith Rabois says, “No, all the great founders worked their fingers to the bone.” They’re talking past each other. More

We covered the skills you need to get rich. They included specific knowledge, accountability, leverage, judgment and life-long learning. Let’s talk about the importance of working hard and valuing your time. No one is going to value you more than you value you. Set a high personal hourly rate, and stick to it. More

 We spoke about specific knowledge, we talked about accountability, we talked about leverage. The last skill that Naval talks about in his tweetstorm is judgment, where he says, that “Leverage is a force multiplier for your judgment.” We are now living in an age of nearly infinite leverage, and all the great fortunes are created through leverage. More

The tweetstorm is very abstract. It’s deliberately meant to be broadly applicable to all kinds of different domains and disciplines and time periods and places. But sometimes it’s hard to work without a concrete example. So let’s go concrete for a minute. Look at the real estate business. You could start at the bottom, let’s say you’re a day laborer. More

One more question about leverage. Do you think a choice of business model or a choice of product can also bring a kind of leverage to it? For example, pursuing a business that has network effects. Pursuing a business that has brand effects. Or other choices of business model that people could manipulate that just give you free leverage. More