Kunjesh Panchal's Key Ideas from The Almanack Of Naval Ravikant
by Eric Jorgenson
Ideas, facts & insights covering these topics:
15 ideas
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Understand How Wealth is Created
- Making money is not a thing you do - it's a skill you learn.
- Getting rich is about knowing what to do, who to do it with, and when to do it.
- You’re not going to get rich renting out your time. You must own equity — a piece of business — to gain your financial freedom.
- Arm yourself with specific knowledge, accountability, and leverage.
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Find and Build Specific Knowledge
- Specific knowledge cannot be taught, but it can be learned.
- Specific knowledge is found much more by pursuing innate talents, your genuine curiosity, and your passion.
- You do need to be deep in something because otherwise you’ll be a mile wide and an inch deep and you won’t get what you want out of your life.
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Build or Buy Equity in Business
- People seem to think you can create wealth—make money through work. It’s probably not going to work.
- Without ownership, when you’re sleeping, you’re not earning. When you’re retired, you’re not earning. When you’re on vacation, you’re not earning. And you can’t earn nonlinearly
- If you don’t own equity in a business, your odds of making money are very slim.
- The real wealth is created by starting your own companies or even by investing. In an investment firm, they’re buying equity. These are the routes to wealth. It doesn’t come through the hours.
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Find a Position of Leverage
- The meaning of life is to do things for their own sake. Ironically, when you do things for their own sake, you create your best work.
- The less you want something, the less you’re thinking about it, the less you’re obsessing over it, the more you’re going to do it in a natural way.
- Knowledge workers function like athletes — train and sprint, then rest and reassess.
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How to get Lucky
- To get rich without getting lucky, we want to be deterministic. We don’t want to leave it to chance.
- Build your character in a certain way, then your character becomes your destiny.
- Be a maker who makes something interesting people want. Show your craft, practice your craft, and the right people will eventually find you.
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Be Patient
- You have to enjoy it, and keep doing it. Don’t keep track, and don’t keep count because if you do, you will run out of time.
- It takes time — even once you have all of these pieces in place, there is an indeterminate amount of time you have to put in
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How to Think Clearly
- The really smart thinker are clear thinkers. They understand the basics at a very, very fundamental level.
- What you feel tells you nothing about the facts— it merely tells you something about your estimate of the facts.
- It’s actually really important to have empty space. If you don’t have a day or two every week in your calendar where you’re not always in meetings, and you’re not always busy, then you’re not going to be able to think.
- It’s only after you’re bored you have the great ideas. It’s never going to be when you’re stressed, or busy, running around or rushed. Make the time.
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Collect Mental Models
- Mental models are really just compact ways to recall your own knowledge.
- Reading science, math, and philosophy one hour per day will likely put you at upper echelon of human success.
- What are the most efficient ways to build new mental models? — Read a lot. Just read.
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Learning Happiness
- The three big ones in life are wealth, health, and happiness. We pursue them in that order, but their importance is reverse.
- Happiness is really a default state. Happiness is there when you remove the sense of something missing in your life.
- A happy person isn’t someone who’s happy all the time. It’s someone who effortlessly interprets events in such a way that they don’t lose their innate peace.
- Desire is a contract you make with yourself to be unhappy until you get what you want.
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Success Does Not Earn Happiness
- Happiness is being satisfied with what you have. Success comes from dissatisfaction. Choose.
- If you’re peaceful inside and out, that will eventually result in happiness.
- You can get almost anything you want out of life, as long as it’s one thing and you want it far more than anything else.
- Peace is happiness at rest, and happiness is peace in motion. You can convert peace into happiness anytime you want. If you’re a peaceful person, anything you do will be a happy activity
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Find Happiness in Acceptance
- In any situation in life, you always have three choices : you can change it, you can accept it, or you can leave it.
- Pick one big desire in your life at any given time to give yourself purpose and motivation.
- Acceptance looks like being okay whatever the outcome is. It’s to be balanced and centered. It’s to step back and to see the grander scheme of things.
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Choosing to Grow Yourself
- If there’s something you want to do later, do it now. There is no “later”.
- Set up systems, not goals.
- Read everything you can.
- Inspiration is perishable. When you have inspiration, act on it right then and there.
- Sit and close your eyes for at least an hour a day. Make no efforts for something, make no effort against anything.
- Value your time. It’s all you have. As long as you’re doing what you want, it’s not a waste of your time.
- A taste of freedom makes you unemployable. Once you’ve truly controlled your own fate, for better or for worse, you’ll never let anyone else tell you what to do.
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Live by your Values
- Much of finding great relationships, great coworkers, great lovers, wives, husbands, is finding other people where your value line up.
- If your values line up, the little things don’t matter.
- “To find a worthy mate, be worthy of a worthy mate.”
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IDEAS CURATED BY
CURATOR'S NOTE
Things to know about Wealth and Happiness
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Kunjesh Panchal's ideas are part of this journey:
Learn more about motivationandinspiration with this collection
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