[Vol.001] 38 recommendations on how to get rich without relying on luck

Insight: 💡

Pursue wealth, not money or status. Wealth refers to assets that can make money for you even while you sleep. Money is just a means for us to exchange time and wealth.

Relying on renting your time will not make you rich. You must have equity (ownership in a part of a business) to achieve financial freedom.

One way to obtain wealth is to provide something that society needs but has difficulty obtaining, and to scale that.

To gain expertise, you must pursue your true interests and passions, not chase superficial trends.

To acquire wealth, you must fully leverage leverage. Business leverage comes from capital, labor, and products with zero marginal cost to replicate (like code and media).

In your chosen career field, aim to be at the top of the world. Continuously redefine your work until your ideals become a reality.

By using specialization and leverage, you will eventually achieve what is yours.

1. Pursue wealth, not money or status. Wealth refers to assets that make money for you even while you sleep. Money is just a tool for exchanging time and wealth.
2. Those who create wealth consistently adhere to ethics and virtues. If a society loses sight of morality, wealth will distance itself from you.
3. Avoid blindly pursuing social status or power. Those who earn wealth through dishonest means are ultimately attackers, not creators of wealth.
4. Relying on renting your time will not make you rich. You must have equity (a portion of business ownership) to achieve financial freedom.
5. One path to wealth is by providing something society needs but has difficulty obtaining, and scaling it.
6. Cultivate a long-term reputation. In the long run, whether it’s wealth, relationships, or knowledge, everything comes from trust.
7. Choose an industry with long-term growth potential and find long-term partners.
8. Pick smart, energetic business partners, but most importantly, ensure they are honest and trustworthy.
9. Don’t trust media hype or superficial appearances of those selling consumerism. Their projections will realize themselves.
10. Learn sales, construction, and coding—these skills are always advantageous.
11. Equip yourself with responsibility, credibility, and leverage.
12. Take bold risks, and be prepared to put your reputation and capital at stake. Your returns depend on the size of the risks, equity shares, and leverage.
13. Expertise cannot be acquired through formal education alone. If society can train you, it can also train others to replace you.
14. To gain expertise, pursue your true interests and passions, not fleeting trends.
15. In the process of accumulating wealth, those closest to you will trust you; outsiders will be more cautious.
16. Expertise cannot be passed down through traditional schooling methods. It must be acquired through mentorship and apprenticeships.
17. Expertise requires specific technical knowledge or abilities, and it cannot be automated or easily replaced.
18. “Give me a lever long enough and a place to stand, and I will move the earth.” – Archimedes
19. The internet will have a profound impact on career paths, but most people haven’t realized this yet.
20. To acquire wealth, you must fully leverage. Business leverage comes from capital, labor, and products with zero marginal cost to replicate (like code and media).
21. Capital refers to money. To obtain financing, you need to rely on your own expertise and sense of responsibility, demonstrating good judgment.
22. Labor as leverage means having other people work for you. This is the oldest and most competitive form of leverage. Having labor leverage will make your parents proud of you, but don’t overly rely on it.
23. Capital and labor are the types of leverage that require permission to use. Everyone seeks capital, but only a few are willing to provide it. Everyone wants to lead, but few are willing to follow.
24. Code and media are leverage that don’t need permission. This kind of leverage is what the new wealthy class relies on. You can create software or media that works for you even while you sleep.
25. Hire an army of robots to work for you for free. By improving efficiency and reducing costs, those robots will sit in data centers. Use them.
26. If you can’t code, then write blogs, create videos, or record podcasts.
27. Leverage is the force multiplier of judgment.
28. Judgment comes from experience, but you can quickly build it through learning basic skills.
29. There is no formal course on commercial skills. Don’t waste time on business magazines or courses.
30. Learn microeconomics, psychology, persuasion, ethics, mathematics, and computing.
31. Read more, listen more, act faster.
32. You will eventually get wealth from your social circle, but it will grow slowly, accumulating like compound interest.
33. Set bold personal goals and execute them. If solving a problem will save you more than your hourly rate, solve the problem; if outsourcing the problem costs less than your rate, then outsource it.
34. You must focus your effort, take calculated risks, and collaborate with others. What matters more than hard work is the nature of your work and its scope.
35. In your chosen career field, aim to be at the top of the world. Continuously redefine your work until your ideals become reality.
36. The world is moving towards a faster pace of wealth creation. If they are merely providing a course, they are trying to profit from you.
37. By using specialization and leverage, you will eventually achieve what is truly yours.
38. When the tides of change come, seize the opportunity—this will likely be your original pursuit.