How to Get Rich Without Getting Lucky: Seek Wealth. Not Money or Status
We all strive for a level of wealth in order to achieve our own personal goals in life. Whether it’s for material, personal or spiritual reasons, the freedom that wealth provides indeed adds a semblance of value to the way we live. More and more young people are educating themselves on how to seek and build wealth even at an early age.
Unfortunately, this exploding interest in wealth creation and personal finance has created a world infested by finance-gurus, crypto bros and get-rich-quick charlatans, who either offer terrible advice or even scam students make this topic a dangerous minefield for those eager to learn on how to create and grow wealth.
Luckily, someone who does not need to sell a course or a how-to-guide has shared a simple set of timeless maxims on creating wealth no matter where you are or what time you’ve living in. Naval Ravikant’s tweetstorm on “How to Get Rich Without Getting Lucky” has spawned countless discussions, podcasts, YouTube channels and even a book.
In the tweetstorm, Naval points out 12 important maxims on how someone can create wealth without getting insane amounts of luck. This is Number 1.
MAXIM #1: Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy.
It’s Not Money
From the onset Naval tells us that wealth is what we truly want. Things like money or social status are merely products of having wealth
He describes wealth as an asset that earns us income even as we sleep.
Types of Wealth(Assets)
- A factory that produces products that people buy
- A software or program that works at night serving customers
- Money in the bank that earns interest
- A house that increases in value or charges rent
- An online business that earns sales all day and night
Therefore, wealth is owning an asset or multiple assets that earn us income no matter where we are or whatever we do.
The Purpose of Wealth is Freedom
However, Naval points out that wealth is not even the end goal.
“The reason you want wealth is it buys you freedom…so you don’t have to wake up at 7AM and commute in traffic.”
What wealth truly brings us is ultimate freedom, to be the rulers of our lives. It means we can do the things that add meaning, bring joy or give purpose to our life.
If you want to play video games all day, then wealth gives you the freedom to do that.
If you want to help feed hungry children in your community or in your country, wealth gives you the freedom to do that.
What Would You Do With Freedom
In our search for wealth that leads to freedom, we should ask ourselves where and how do we apply the freedom that we seek? In the end, even a wealthy person that does not use the freedom it provides usefully is no better off than someone who does not have it.
If you have the wealth to do anything you want, what would you do?