Thread by @WokeIndianMan

Digging the hashtag #NavHalUniversity

@naval is amazing at crystallizing his thoughts

He did another periscope a few hours back. Here are some nuggets from that -

Everyone pretends like they don't want to make money; but they do.

What money can't do: make you happy, make you fit, make you calm
What it can do: solve external problems, material possessions, and freedom

@naval says he grew up poor and miserable (not "poor and hence miserable").

He then learned to make money and also be happy (two different things!)

"Making money takes longer than you'd like: it takes decades!
Best time to start was yesterday. Second best is Now."
- @naval

"During the long journey, you will make money, but more importantly you will become the kind of person who makes (a lot of) money."
- @naval

"Productize Yourself: Create a product out of whatever it is you naturally and uniquely do very well (which society wants to pay for and you can scale up)."

- @naval's 2-word condensed version of the excellent tweetstorm

"Compounding effects - in capital, business relationships, skills, fitness.

When you find the right thing to do and the right people to work with, invest deeply into that, and stick with it for decades - that's really how you make the big $$"

- @naval

"Find what your Specific knowledge is = some innate trait + your unique reaction to a specific aspect in your early age. Something which you do effortlessly, is baked into your personality.

e.g. Sales skills. You can learn it, but there are some 'naturals'!"

- @naval

"How does one escape 9-to-5?: Find an education/career where the inputs and outputs are disconnected (output is not linearly dependent on input, but can be exponential function of input) & you're judged by output.
e.g. a developer could write a code in days worth $100M"
- @naval

"Persuation is a foundational skill! Two places to start

1) "Influence" - a book by Cialdini.
His principles: Consistency, Liking, Authority, Scarcity, Social Proof, Reciprocity

2) @ScottAdamsSays blog"

- @naval

"Basic maths is under-rated! If you want to be good at making money, you have to learn arithmetics, probability, and statistics.
Also - tail events, Black Swans, extreme probabilities (Read @nntaleb's work)

Enough to learn basic principles of accounting and calculus"

- @naval

"Huge spread in quality and value of output of an activity (as done by diff ppl) tells you that particular type of work is highly creative.

Programming, like art, has a very wide spread in creating value! Such jobs are not likely to be automated in our lifetimes."

- @naval

"I'm Not a fan of the current university system: Has huge Opportunity cost & Financial cost! The credentials and alumni network *may* not be worth it.

If you're gonna go to univ, learn things which you can't learn by yourself: For most people, it's the STEM subjects."

- @naval

"If you want to be happy, don't have too many areas of life which you want to maximize. Choose one thing you really care about.

So if you want to make huge $$, it has to be your #1 desire.

Also, making money as a way to be happy is the wrong route."

- @naval

"Decision Making Heuristic: If you can't decide, the answer is No.
Modern soc is full options. We aren't biologically built to deal with bewildering choices (we evolved in tribes with ~150 people, and didn't have many choices). Say Yes only when you're pretty certain."

- @naval

"Decision Making Heuristic: When faced with 2 relatively equal choices, take the path which is more difficult/painful in short term. Typically that path will have a long term gain.

As Naval's physical trainer puts it:
Hard choices, easy life. Easy choices, hard life."

- @naval

"Decision Making Heuristic:
For difficult situations e.g. interpersonal conflict: Make the choice which will leave you more equanimous, calm, settled in the long term.

Else, internal turmoil will consume you, make u reverse the choice.
(Inspired by @KapilGuptaMD)"

- @naval

"On Happiness & Pleasure:

Cultivate peace of mind - the precursor to happiness.

Happiness cannot be chased directly. Else that's just pleasure - which is a Ferris wheel - you come down after a while. There are withdrawal symptoms."

- @naval

"Most imp thing which helped me be successful: I'm very impatient. Hate wasting time- I quit that thing immediately. No time for tedious ceremonies/people. Value your time- that is all you have.
Don't waste time trying to make others happy - it's their responsibility."
- @naval

"When you enter a relationship, you want to be selfish, and be your worst self.

What we do is we put on an act for a while. Of course it can't go on entire life!

Give your partner a realistic sense of who you are. You also want them to be Their natural self."

- @naval

"99% of effort is wasted - in the goal-oriented sense, not in the experiential or learning sense. It all counts towards learning but only ~1% of efforts truly take you to the goal.
Be thoughtful. Find the one thing which you should go 'All In', with compound interest"

-@naval

"The type of person you have to become to make a lot of money is high-anxiety, competitive person. Do that for 20+ yrs - you make money, but now you can't turn the personality off.
You have to LEARN to be happy.
Believe that happiness is a choice & a skill to develop"

- @naval

Cannot thank @naval enough for this amazing Periscope.

So much food for thought and action!

#NavalUniversity rocks.