The Almanack Of Naval Ravikant: A Guide to Wealth and Happiness

by Eric Jorgenson

general contractor

some accountability.

responsible

leverage through ...

little bit more specific ...

organize ...

real estate developer.

very high level of accountability.

more risk, more accountability, has more leverage,

more specific kn...

managing money in a real estate fund.

capital leverage.

owning all the upside, not just being paid a salary.

try and get higher leverage, more accountability, and specific knowledge.

Stay out of things that could

rationally optimistic bets with big upsides. [78]

love to be paid purely for my judgment,

unique knowledge.

Demonstrated judgment—

Warren Buffett

massive credi...

highly accou...

right over and over in the pu...

high inte...

t...

Warren Buffett spends a year deciding and a day acting. That act lasts decades.

Being at the extreme in your art is very important in the age of leverage. [2]

Value your time at an hourly rate, and ruthlessly spend to save time at that rate. You will never be worth more than you think you’re worth.

personal hourly rate

I was worth a lot more than the market thought

That’s not a problem that I solve.”

if you can outsource something or not do something for less than

your hourly rate, outsource it or don’t do it.

aspirational rate

absurdly high.

get out of a relative mindset. [10]

positive sum games

two huge games

money game.

status game.

Wealth creation is an evolutionarily recent positive-sum game. Status is an old zero-sum game. Those attacking wealth creation are often just seeking status.

Politics

sports

necessary evil. [78]

Spend more time making the big decisions.

live,

w...

do.

this idea

correct logical thing to do is for everybody to work for somebody else?