Three Things Naval Ravikant Has Taught Me
Naval Ravikant has changed my life for the better. He is a successful startup founder, investor, and shares some great philosophical ideas on life and happiness. I first stumbled upon his wisdom during his appearance on the Joe Rogan podcast in 2020. Ever since I’ve been trying to incorporate a lot of his insights into my own life. This guy is the epitome of a clear thinker, and I’ve found his advice on life and happiness to be practical. I encourage you to check out his podcast appearances and Twitter account to see if his advice resonates with you. Even if it doesn’t end up aligning with yourself, why not experiment with these ideas?
*All quotes in this post are from the Almanack of Naval Ravikant
1. Ownership is important for building wealth
“You’re not going to get rich renting out your time. You must own equity - a piece of business - to gain your financial freedom.”
I started to grasp this concept back in college, not in a classroom but on my own time. Society steers us towards trading time for money, urging us to be good job prospects for companies after school. While it might be a good route, I think it would have been beneficial for more people to explore ownership as a viable option, whether through schools offering more classes on entrepreneurship or faculty providing increased encouragement for students to take the ownership route. Instead, such ideas come often to us through personal exploration.
As I’m still figuring out ways to implement ownership into my life, I learned quickly that if we are renting out our time, we can easily get trapped in the hedonic treadmill. You earn more, but you also slowly upgrade your lifestyle, keeping you from getting any wealthier and obtaining more freedom on what you want to do with your time. Made an extra $30,000 a year? Now, you’re moving into a bigger house, buying a nicer car, and rocking some Gucci outfit that looks awkward and uncomfortable. This style of life will keep you working forever. Instead, consider investing that extra money wisely (which is probably the easiest way to ownership), and avoid unnecessary lifestyle upgrades as you earn more over time.
If you want to learn more about long-term investing and compound interest, this is the book that helped me understand these concepts easily: I Will Teach You to Be Rich by Ramit Sethi
“Long term, where did we come up with this idea that the correct logical thing to do is for everybody to work for someone else? It is a very hierarchical model.”
Such a good question to contemplate.
“Humans evolved as hunters and gatherers where we all worked for ourselves. It’s only at the beginning of agriculture where we became more hierarchical.”
For a lot of people and situations, working for someone is perfect. That’s what I’m doing. But even in a situation like this, we can still employ ownership in our own lives:
“You have to work up to the point where you can own equity in a business. You could own equity as a small shareholder where you bought stock. You could also own it as an owner where you started the company. Ownership is really important.”
Even if you’re working for someone else, a straightforward route to ownership is allocating a percentage of your income to buy stocks. For example, I contribute a set percentage of my income to my Roth IRA each month. Another ownership idea I’m thinking about is starting an online course on nutrition for people with “mystery” illnesses. The challenge lies in finding the time to work on projects like these. What also gets me is the mental block associated with the potential absence of steady income.
2. Avoid the competition trap
“Basically, when you’re competing with people, it’s because you’re copying them. It’s because you’re trying to do the same thing. But every human is different. Don’t copy. No one can compete with you on being you.”
All of us have a unique set of qualities, experiences, and perspectives that cannot be replicated. The task is to discover the truth within ourselves and own it. Easier said than done, but taking that first step can set us on the right path. Journaling has been helpful for me because it allows me to transfer my thoughts (which can have gaps in logic) into a logical chain of words. If I can see and process what I’m thinking, I know a lot more about myself. If you let other people decide what you do by competing with them, it’s because you don’t know what you want for yourself.
3. Don’t Stop Learning
“The most important skill for getting rich is becoming a perpetual learner. You have to know how to learn anything you want to learn.”
I’ve figured quickly that learning doesn’t stop after you finish school, it’s where it starts. Don’t be the person who stops and gives up after graduation. Two simple habits I’ve incorporated for continuous learning are writing for 30 minutes daily and reading for 30 minutes daily. Writing for my blog forces me to learn and delve deeper into various topics I’m curious about. Reading has improved my vocabulary and articulation skills and has inspired me to strive for personal growth in various areas of my life. Make it a daily habit to learn something new outside of your work and school life.
Overall, Naval has helped me wipe the lens through which I view the world. It’s as if he flipped a switch inside me that illuminates new ways of thinking and living I had not considered before. I’m nowhere near perfect, and no human is, but I can humbly say that he has put me on a good path. If you want to become a clearer thinker and gain a better grasp of your life, I highly recommend listening to more of what he has to say.
Resources:
My favorite Podcast Episodes With Naval
