If you are young, inexperienced, and have no idea where to start your wealth creation journey, then great. You have the best chance of getting rich.
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Wealth is not an end in itself. What money buys is the freedom of your time to design a lifestyle you love. We are all here for such a short time - years pass in the blink of an eye. Don’t spend your life chasing more wealth than you need for the sake of making money. Get paid, then cash out.
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Some people think that creative constraints reduce their creativity. The opposite is true: constraints make you more creative, not less. So if you’re wondering how to get through a creative project, don’t bust things wide open. Add constraints instead.
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Creativity isn’t an exact science. The best work doesn’t happen on command and when you try and push to make it happen, the work often falls flat. That’s why you should always try and sell your creativity by the execution, not by the hour. When you charge by the hour, it eliminates the magic AND you’re often giving the exponential upside of the project to someone else. Own your upside and keep the magic alive.
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If you want to get wealthy, you have to create value AND expose yourself to the upside of the value you create. Most people who work a 9-5 job create value in their position. But they’re usually not paid proportionally to the value they create. If they were, the employer wouldn’t make any money off the employee and the work they do. The key to wealth is simple: create value, then capture it.
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Most people feel bad when they procrastinate. It’s seen as a problem to “fix” with the latest productivity hack, software update, or “focus” mode. But procrastination is not a problem to solve. It’s a signal that tells you what’s important to YOU (not to someone else). And it’s a signal you should listen to.
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“No one knows anything.” That’s what famed screenwriter William Goldman (Butch Cassidy and the Sundance Kid, All The Presidents Men) says about Hollywood. And it’s pretty much true. No matter what market you’re in, if you’re looking for a hard yes or no about the viability of a creative project, no one can give it to you. Ultimately, the free market is the final arbitrary of “truth.” If you want good feedback, ask the free market.
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Most people immediately look at what they can create or add to something to make it better. Very few people consider what they could remove. Yet, there is immense power in improvement by subtraction - an idea called via negativa. Consider that a clear mind is one without distraction. Clear writing is that which removes redundancies and clutter to make room only for the essential. You can improve your life substantially by merely knowing what to avoid.
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In 2008, Naval Ravikant released a blog post called Life Formulas I. In it, Naval distills down his framework for a successful life into a series of formulas. Here’s a breakdown of a few I really like, with some associated quotes, definitions, and links to further reading.
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The world is full of noise. Pulling out the signal - the meaningful content - that you can use to make better decisions is increasingly difficult in a world bursting with digital media. Wouldn’t it be helpful if there was a guide you could use to filter the knowledge worth knowing from the rest of the noise? There is - it’s called the Lindy Effect.
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