Notes from Joe Rogan podcast with Naval

#Personal

Top three things everyone seeks :

  • Wealth.
  • Happiness.
  • Health.

Lets talk about wealth :

We will not become rich by renting our time. We rent our time to our employer,and in return get a monthly salary. The employer, dictates how, what and where should we work. We don’t earn when we are on vacation and when we sleep.

Sure, hard work is important, but one does not simply can become wealthy by working hard, we have to work on the right thing, with the right people. A man down on a grocery store is not working any less than Elon Musk.

One can become rich by :

  • Owning a piece of business.
  • Having an equity as an owner or an investor.
  • Becoming a share holder of a brand.
  • Having leverage of people, media or code.

Lack of material possessions can make you un-happy but getting rich can not make you happy, either.

Everyone can be rich!:

  • Lowering your lifestyle.
  • Making enough money, far more than your burn rate.
  • Lot of money saved up and the passive income from that covers your burn rate, keep your burn rate low. (ex do a remote job, live on low cost country or neighborhood hood and save money.)
  • Drive your burn rate to zero …become a monk (Don’t do that if you are reading this.)
  • Do something you love, you love so much it’s not about money anymore for you.
  • Have specific knowledge and skill set.
    1. Be authentic, what you do.
    2. Map that to what society wants.
    3. Leverage (in form of people, money or media).
    4. Put your name on it, take the risk but you gain the rewards. High risk/ High reward situation.
  • Ignore your peers, upgrading lifestyle, buying unwanted things which you don’t actually need or to impress others.
  • Find the thing you know and do better than anybody else, because you love to do it. Something, for others its work, but for you its play, so no one can outnumber you, because you are authentic.

Industrial model of organizations are going to change: Boss’s, hierarchy and processes (which slows you down) We can see these days, with the advent of remote work and #digital nomads More and more people like to own their schedule, own their time and place and time where they are most productive.

In short people are favouring time and location independence.

Retirement is when you stop sacrificing today for some imaginary tomorrow.

⏭️ Happiness