How to be Wealthy... and what does that mean?
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- Опубліковано 2 жов 2024
- Naval Ravikant explains on Joe Rogan's podcast what it means to be wealthy and how to get to it... without sacrificing anyone else's happiness.
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#naval #navalravikant #joerogan #joeroganexperience #mentality #motivation #motivational #motivationalvideo #motivationalvideos #wealth #wealthy #happiness #retirement
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Every family has that one person who will break the family's financial struggle, I hope you become the one 😊
I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings
@@mirabellelia9996 I'm enjoying working under a platform that brings good return in my life and I've been making my weekly returns without stress all in cryptocurrency
@@mirabellelia9996 Learn and trade under a guide I do same and I hardly make losses in the market
Starting early is the best way to getting ahead of build wealth, investing remains the priority
I'm new to crypto trading, how do I get started with the help of a professional?
✌️Giving all praise to this team of guru's for bringing my life back on track when I thought everything was gone, but with the help guidelines I was able to realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 38k in stocks (with the help of my Financial Advisor of course) and made about 146k, but guess what? I put it all back and traded with her again and now I'm rounding up close to a million.
Thanks Ms Marlene Traut, I would like to be your friend to achieve this, I keep losing my funds while trying on my own and finding a trustworthy personnel to help out it also appears to be nearly impossible. This is extremely annoying
It's known to all in any country, there are developers who make money. So I say all of this doom and gloom, but there will always be people who make money, because people always want homes
I am really confused especially in the market analysis, how do people take advantage trading them??
Honestly speaking providing human Comfortablity has been the best but crypto is better rough for fast wealth growth
laqad hawalat eidat maraat binafsi , faqad balaghat alkathir min al'iikhfaqat wayabdu 'anaha la taemal waintahaa bi al'amr bikhasarat alkathir min al'amwal
Best advice I ever got was, "Invest For The Long Haul, Don't Get Too Greedy And Don't Get Too Scared. The biggest risk of all is not taking one
Having monitored my port_folio performance which has made a jaw dropping $370k from two quarters alone, I've understood why experienced investors make enormous returns from the market
@@toralayous8500 Interesting, I have a lump sum doing absolutely nothing at all in my bank account, I wanna get something started with it. You seem to be doing excellent for yourself. Do you trade on your own?
I trade with Expert Denise Mitchell, A FINRA regulated broker. Met her sometime early last year at a startup funding event. She had some interesting things to say about the state of algorithmic trading today. Very obviously, it's reflecting on my portfolio
I earn over $10,650 weekly and often time more. It really does depend on your Capital and I only send her a commission of 20% after I have made my profit withdrawer. She doesn't demand for a service charge either.
Nobody became a millionaire or billionaire by working for others and depending on them. Good investment is what brings unprecedented Fortune
I have great admiration for Naval, and his book is a must-read handbook for anybody who's serious about making money. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $21k ROI, and this does not include capital gain.
Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with Sharon Louise Count for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
I think I have heard about her before too, but I can't remember which news outlet. I'm checking her out now. Any idea if she can help transfer an existing portfolio in a mutual fund?
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
Focus on two key objectives. First, stay protected by learning when to sell stocks to cut losses and capture profits. Second, prepare to profit when the market turns around.I recommend you seek the guidance a broker or financial advisor.
@@andreasleonard0 very true, I started investing before the pandemic and that same year I pulled a profit of about $600k with no prior investing experience, basically all I was doing was seeking guidance from a financial-advisorr, you can be passively involved with the aid of a professional.
@@Isaacmeide Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
@@kevsmills Isabel Linda Dueri” is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@Isaacmeide hanks, I merely looked her up on Google and was highly impressed by her credentials; I got in touch with her because I need all the help I can get. I just set up a phone call.
Unfortunately The majority of individuals seem unaware of and careless when it comes to investing, despite the fact that it should be the best thing a person can do for himself. My gains from stocks and cryptocurrencies are still having a significant impact on my fortune. So I have no inclination to rely entirely on my pay or to wait for the market to go up.
Assets that can make wealthy
Crypto
Stock
Real estate
Gold
I'm enjoying working under a platform that brings good returns in my life and I've been making my weekly returns without stress all in crypto
@@johnchris7085 If you are using really a good broker or account manager is easier to earn from the market
Nice
Investments are stepping stones to success, investing is is what create wealth.
Just do something that will earn you money while you sleep, no matter how little. A pandemic is the perfect way to open your eyes to really see what life could be like without your usual income stream and everyone had to stay home. Well I never felt it because I invested in a trading company where I earn 4 digits per week. The best thing you can do for yourself is invest more and spend less.
Talking about investment, the forex market is by far the biggest and most popular market in the world, traded globally by large number of individuals and organization
i have always wanted to get into investment but i am scared not to fall in the wrong hands , who is your pro ?
KATRINA VANRENSUM is the best broker, I have tried lots of professionals but only exceptional income trading with KATRINA VANRENSUM strategy now earning over $15,300 every 10 days.
I have been trading with her, profits are secured and over 100 percent return on investment.
You can search her name on the internet to reach her
If you have no credit cards, no loans, no debt, you're richer than most people.
In some cases yes but credit cards nowadays with their benefits can save you a lot of money in the long run and there is also good debt vs. bad debt to consider.
@@mobilemetcon .
I'm referring to people who waste money to impress others whom they barely know or like
@@rameshhansaravendra that is mostly driven by their level of insecurity... unfortunately they have to learn and realize that themselves and some of them will never learn which will lead them down a cyclical path... but that is their journey to take for sure.
As someone who has worked in both corporate & startup. The smaller the company does not equal being happier lmao
This is spot on. The future if work is working on your own time. Learn a CIS skills and you will be truly wealthy
Now the question is, how can you become the person that created the machine(s) that is connecting these contracted jobs to businesses? How do you own a piece of that equity?
@mobilemetcon alot of these start ups offer equity. Creating machines is similar to software development correct? Hugo Rg is a good example of where you can find contracted work.
@@johnnyventura7044 Software development powers all of the machines we work with. Will take a look at Hugo Rg!
"be your own boss" thing is still not gonna make you free, you have no choice but hustle and dedicate most of your time to your "boss" status.
As free as one can possibly be. You picked the job, find your own customers, and do the work how you see fit to get it done. Every human is bound by hunger, thirst, and sleep, so absolute freedom was never an option.
What Naval is referring to is getting a paycheck without working from either owning a piece of a business as a shareholder, board of advisor, or cashing out when a company you own a piece of gets acquired or goes public. Real estate can even be one of them although he argues that you won't get as a great of a return. Obviously, a big part of what he's missing is the hard work, dedication, and sleepless nights it takes to get there. That is the part that Gary V keeps vocalizing.
freedom only in the context of modern society. if you want real freedom you would need to get completely disconnected to money. thats why escaping the "matrix" by making money is basically the biggest scam ever, youre just in the bigger mouse wheel which is more comfortable to run in, but youre still in the matrix.
You're thinking about it the wrong way. You decide to work as much or as little as you want. A couple of friends of mine do the minimalism thing - they take jobs from January-March, and live off that money the other 9 months of the year.
Wrong. You are free to work when you want, where you want, and how you want. Freedom is a state of mind. We all work but some of us work for ourselves and the rest work for us.
In my opinion small companies have a toxic working hierarchical environment where power abuses are often sees. But big companies really treat you well, give you more rights, treat you more like a valued member with dignity and power plays are much less effective and/or non existant. By small companies i dont mean 5 guys who got together but a 300 plus employee company verses a huge firm. Small companies also over commit to survive and that puts a toll on employee working hours in my opinijon
Yeah this is what I have heard about startup cultures in india as well. MNCs are suppose to be way better in terms of culture. I wonder by small companies if he truly meant only 10-30 folks working together
Thanks for your feedback! Yes, I agree as I have had experience in a 200ish company. Power abuse / power tripping is definitely a thing. At the end of the day, everybody is just figuring it out as we go. Often times, faking it until they make it.
100% agree with this! Was about to write this because of my own experiences. Life was actual hell at this small agency I worked at before moving to a big firm. Well said.
Very wrong and dangerous message… not everyone can learn complex skills…
It will cause more harm than good…
An example… I’m a baker and very skilled at that but if I teach a person who doesn’t have the understanding of flavour profiles that person will fuck it up and turn that product unpalatable…
Be careful what you think all people can and can’t be taught…
I found that working with big companies way better in terms of quality of life improvements and work life balance, than working in a small business.
Naval addresses this. The security that the large company gives you is a trade-off for lower potential wealth in the long run.
Work life balance is harder in a small company because you often have to train in multiple disciplines, and multi-task and scramble with minimal resources. However, the compensation you gain if that company eventually succeeds, especially if you were a critical team member or a veteran, is infinitely higher.
You are trading security for wealth. This is Naval Ravikant overall theme.
Lol, what? The roman empire didn't have hierarchy? Middlemen? Traders? Also, is this dude completely forgetting about Slavery and Serfdom?
I'm fine with the message of "create capital in your life so you can build wealth" but dude, let's not pretend that we "forgot" how to do this.
Furthermore, what he is discribing requires strong property rights, a thing that was regularly trampled (kinda still is) throughout history (see all economic/social revolutions)
Definitely. Although the whole history of everything is hard to cover and the message is obviously over simplified but the hope is that it will influence some.
Love this! The biggest take away for me is to have ownership and equity. One way to do it even if you have a job and currently exchange time for money, the goal should be to learn and master high-income skills and leverage them to build a community, and the identify problems and then create productized solutions for your community in exchange for compensation. This is highly scalable and has leverage to build wealth.
Great takeaway!
What do you mean by 'build a community'? And how would you go about doing that?
@@Poussyeater-w5e By building a community I mean, offer help online. Offer advise on the things you have learned that can help someone else solve the similar problems in their lives. The people that follow you will start trusting you for your advise and help. That will be the start of creating a community of people that look up to you.
From there you can create a website, a facebook page, newsletter, a discord channel or slack channel where you can invite people from your content channels like UA-cam, etc. to join. Here you can offer exclusive content or helpful advise.
From there you can package your advise (eg: fatloss, learn video production, Software Development etc.) and productive that into a course or service that you can offer for a price. Then the community that you have built will want to buy from you because they have already found help from your free content and might want more solutions from you.
@@prakhar.odysseyWell said but you forget one thing you have to build your personal brand as authority so people can look up to you as an expert who can offer solutions to their challenges in life that they themselves couldn't figure out. That's when you create value Baki sab thik Hain! Btw you seem to be like-minded person would like to have talks with you about building business brands and creating values interms of solutions have any telegram or Facebook ID if would not mind sharing. then connect 👍
It’s called Upwork and its awesome….
I have not heard that kind of stupid ideas for a long long time. This my apply to 0,1% of population with expert knowledge on subject with even more unique ability to convert that knowledge into money.
THANK YOU SOOOO MUCH for this VIDEO! THANKS, you don'T know how much you have helped me today!
You are so welcome!
That was so well articulated
This is pretty much just business. As people work for themselves, they will hire people to work for them. You might not have a typical 9-5, but meetings will be necessary whether you're a contractor or employee
My experience is that smaller companies offer lower pay
Although smaller companies may offer a lower pay only (one of the reasons being that they don't generate enough revenue to provide higher pay yet), they may offer you a greater sense of value (by giving you more autonomy), a more exponential learning curve (freedom to experiment), and possibly higher promotions (due to potential growth and small team), as well as potential exit strategies such as shares or equity (if you are lucky to be early enough and it goes public or gets acquired). Larger companies may provider greater pay, stable benefits, and more holidays, however the chances of you becoming a cog in the macro-machine and feel less valuable is more likely.
Most work in the near future is going to be contract based,this is what he means by “working for yourself”. You don’t have to own your own company,you just own your time & set your value.
Redefining "the American dream" but less of the "American", more of "the Dream".
Aka freelance
family farms... what happened to the part in between hunter gatherers and industrialisation? You know, feudalism and the entire caste system used in various civilisations.
We have to understand that there is a very important competitive reasons why companies like to do important things inhouse, it is to have more control and better differentiate themselves. Earlier Apple was known for end to end control on their product, now new age companies like Tesla are doing the same. Companies that outsource most part of there work might expand quickly but they do it at the expense of quality control and loosing competitive advantage. Atleast in software/IT side, size of the companies have been steadily increasing in the past decade. With the advent of large language models and sophisticated AI, since these take massive compute and data to train, I don't see size of companies like Microsoft and Alphabet drastically decreasing anytime soon.
Agreed - it really just depend on what the task is. For example, if you're trying to sell something online, you don't build an e-commerce engine from scratch... you outsource it nowadays. The same for building websites - we no longer need to open and close lol. You have to make a business decision every day on what to keep in-house and what to outsource. The internet makes those tasks so much more accessible now.
I love this. It's weird that he's wearing an undershirt though..
Naval outsources his fashion - clearly not to the right person LOL. If you ask him, he will say that he doesn't care because it provides him no value and it's not something he can leverage. Haha.
Corporate America is fighting this with the government. They do not like the gig economy.
Those who have control wants to maintain that control because it gives them power, fuels their addiction, and makes them money.
Lol what are you talking about. Companies want to turn everything into Uber. They don't have to pay medical, sick pay, annual leave, force people into casualized insecure work. The corporations are loving it.
I wonder has this guy ever met a plumber or an AC repair person.
I'm a little weary on this hustler work model because all it does is remove the security when there is no demand for work. Simply become a temp worker if you want to see what I mean.
This spoke to me on a spiritual level
Namaste
and what did it say to you?
People Never predict the future accurately
The future is unpredictable.
You can predict the future if you create the future.
I bunch of people did... There's a video of ISaac Asimov talking about personal computers, big data, etc...
Naval is describing the life of a trader! We are already doing that and each and every day!
The model proposed by Naval Ravikant doesn't seem to be applicable to manufacturing of pins.
Lol i get that reference
I watched it again with the thought of manufacturing pins and I still don't get it!
@@mobilemetcon read Adam smith
@@mobilemetcon That's okay. It was an obscure reference. Chapter 1 of the Wealth of Nations introduces the division of labor and looks at the manufacture of pins in 18th century England. The lesson is that by specializing on a single (or limited number of tasks) a group of workers produce an exponentially greater number of pins than a single workers performing all the tasks by himself.
@@norgecal thanks for the reference - will check it out!
BEST PODCAST
This is right, except Upwork is a race to the bottom, and most of the available gigs (even for programming) are under $1000 for 2-4 weeks of work. Now we are competing not only with people that live in very low cost regions and pay $200 for rent, but also AI. Which is why I am trying to build an agent platform so I can at least get a little slice of the pie when all of the gigs start going to AI. That time is probably less than 5-10 years away.
All true except for one major fact ... this guy has no clue what makes a modern society actually work ... everything runs on energy ... everything ... who provides the power, gas, broadband, water and food? ... to the rural and urban areas? Energy providers ... without infrastructure, there is no modern society.
Man just described 10 person or 20 person teams within a company. What changes? The company you work for where you run your team tells you what to do and gives you money as compensation rather than an outside customer who tells your team what to do and gives you money as compensation. Nice cheap reframing there
But the even bigger question is....why are we even in a system that makes it to where it HAS to be this way ? It makes no SENSE. If it was a product you would have gotten rid of it a long time ago.
It is a fact that the current state of the world is a direct result of human actions. Apart from nature's natural form, everything in this world, whether good or bad, is created by humans. Humans have created laws, both necessary and unnecessary, and systems that govern our society. Consequently, it is safe to say that every situation we find ourselves in is a product of human creation.
@@mobilemetcon Yea, exactly. And we can do better.
Channel Admin. Why do you steal from others? Why don't you create something original?
Imagine if we had politicians like Mr. Naval!! What a life that would be! We'd be in utopia!
Applicable to only a narrow part of the economy. Not achievable for most working people.
Should, or is it okay for most working people to dream to be part of that narrow economy or are you suggesting that because there is a near zero chance of them achieving this luxury, it's better that they accept their situation so that they do not lose hope and be happier due to the inability to achieve that wealth?
@@mobilemetconif we are talking about individual people in those sectors of the economy who can take advantage of this privilege to work high paid flexible work, yeah sure no problem, more power to them.
But if we are talking about most working people it just doesn't translate, nurses, doctors, plumbers, electricians, construction workers and other essential workers can't work with this sort of setup. The only chance they have of improved working conditions is through collective bargaining, i.e. unionization and stronger labor laws.
There is a slight condescending tone to this sort of narrative though, almost like saying 'why would you want to work in these dumb low paid shitty jobs with poor working conditions, just work remotely from your laptop man and travel the world'. Problem is that most essential work in society can't be done remotely while traveling the world. This is just neoliberalism self help BS.
But before the industrial reveloution people used to work on other peoples farms though but I hear that the industrial revolution created the 9to5
I though it was Rockefeller who created the 9-5
Henry Ford revolutionized the 9-5 and ignited the industrial revolution when he invented the assembly line of automobiles.
How to be wealthy...
...DON'T follow the 99%!
it was not factories. It was armies and states (clergy) that created hierarchies
The number one way to become healthy is by teaching other people how to become wealthy.
You don’t have to have an answer for everything.
I don't 100% disagree. But define "wealthy". You can get wealthy trading time for money if you save enough of it. It's all relative. Needs a bit more clarity.
Wealthy in the sense where you no longer have to trade your time for money. It is most definitely relative.
@@mobilemetcon Got it. That's a great goal, and I know how to get there.
Counter-point to his last quote: a lot of people are very happy to work for a huge company and just not care about it after they go home. They do the time, get the money and focus on their life the rest of the day. They might be happier than the self-starts who worry all the time on how things are progressing.
You stiil need doctors for when you get sick or your family member gets sick.
I think Specialists are important and necessary however we don't need a doctor to confirm we are sick and prescribe us some medicine - that's a system that we created where we have to go through them to get "approval" for medicine, MRIs, then send to Specialists. I think the world would be in a better place if we have the option to bypass that and go straight to a Specialist. Although those Doctors are necessary for those that do not know their issues or how to handle it.
@@mobilemetcon do you have a better system? Can you do chemotherapy at home? How about transplants. Who can discovered medicines? How did medical science get to where it is today?
Doctors and medical scientists discovered medicine and now we don't need them so just kill their profession?
@@karmbrar2689 I never said kill their profession but allow us to bypass that if we don’t need a primary care physician to OK an X-ray or MRI when we know we need one. That step wastes both your time, time from someone else that needs that doctor, and frankly that doctors time. However, we HAVE to go through that step bc its required bc it’s the system that is created and you have to pay for that.
@@karmbrar2689 I said Specialists are important and necessary. I just offered you an alternative, the option to bypass that step. Never said kill their profession, relax.
Bro was at the right place and right timeline. Can't do that mining in Africa
Naval the angle of philosophy.
Beautiful thoughts ..well put ..I learnt something from this vid
Beautiful thoughts ..well put ..I learnt something from this code
Oops, AI put you on a permanent time-out 😊
AI will take care of the mundane, boring tasks and allow us to do more of the creative things we love doing but somebody (humans) have to build (and maintain) those machines to do those tasks.
@@mobilemetcon It’s really gonna be a brave new world. We keep thinking about a basic income for people who may lose old fashion jobs… But it may be all the middle-class people who get pushed out and rearrange… Maybe they have to take a class with Mike Rowe and learn how to be plumbers. I’m not joking I mean as high-tech as we get we can’t avoid the infrastructure… The basic things of electricity and plumbing and rusting bridges are not going to change for the foreseeable future. I’m there’s nothing wrong with doing those kinds of jobs.
So we’re gonna have some strange combination of the intellectual and the disembodied and the virtual… Hard up against the grimy and the dirty… Not to mention all the environmental issues… Not to mention trying to get everyone on the planet clean water and access to a toilet.
Anyway… There’s a lot to be said for contentment… Annoying when enough is enough… I’m not having your strings pulled by the mechanisms of capitalism Dubai also the things that you don’t need. And I’m not against capitalism and making a profit in all of that. But we can’t just treat the Earth as an endless source of raw materials… And treat other human beings as virtual slaves in order for us to keep developing technologies that keep us cocoon from other human beings and preserve our lives even those are quality of life dwindles.
So I say Yay! for meaningful work and meaningful human connections.
And yes, we will learn how to live beside all of these advanced technologies. I’m not against them. We have to learn how to do the dance. I mean you’re not gonna break plowing machines so that people can have jobs on a farm.
I think that all of this technology will wow us and thrill us… but I hope most of all that it brings us back to understanding those qualities that are uniquely human… With your connection and consciousness and emotions and creativity and problem-solving and compassion… Oh, and… Love. 🌹
@@johnnyxmusic That's deep!
Original source?
Equity = build or buy
ooooooh knows it all
And just where am I going to get money to own a business
By slaving away initially if you aren't a trust fund kid.
Ask for the sale first
Why do High-Earners such as Lawyers & Doctors have to ramp up their lifestyle costs as their income ramps up? Why can't they just save more than they make? Not an absolute statement here honestly
How is gig economy really different from renting out your time?
I was confused about that part too
Guy talks well for someone with no teeth
What's the episode #
1309
Teamwork!
Jobs only for a select few. Taking into account that the population number keeps rising, the inequalities will be greater. And also considering AI
10 seconds in and he's already lost me. Doctors and lawyers charging hundreds of dollars an hour aren't getting rich?
Most doctors and lawyers that do not own a piece of the business have to earn their income actively. They have to trade their time for money. If they don’t work, they don’t get paid, no money. They do get paid a lot more relative to everybody else but they are not wealthy in the sense that they no longer have to trade their time. Now, they can certainly save up to them buy a piece of equity such as a business, stock, crypt, real estate, etc. but until then, they are still not wealthy UNLESS they feel they are bc at the end of the day, wealth is a state of mind… so really, does it have anything to do with money? Money will solve your money problems and we, as a society, believe that being wealthy means having a lot of money.
Yeah but overtime this model will be exploited and people will work 5-10 jobs a day and not be able to cover their rent or medical expenses. That is the logic this country favors.
I like this guy
This guy likes you!
What a bubble this guy must live in!
This is great, but what about those who can't even afford food, let alone a laptop or the education to learn to use it?
Yeah but I paint houses?
Stolen content
of which you have been gravitating towards
Are you gonna simp and snitch for Rogan? Who cares.
Naval isn't wealthy - how could he tell me something he doesn't know himself?
Bro looks like old arcade craniac with a successful job
Plot twist, he doesn’t have a job.