Wealth Creation Flashcards
1
Q
What are the three main ways Naval suggests to build wealth?
A
Own equity, leverage labor, and leverage capital.
2
Q
Why is specific knowledge important for wealth creation?
A
Specific knowledge is unique to you and difficult to teach or automate, making you irreplaceable.
3
Q
What type of leverage is the most powerful and why?
A
Permissionless leverage, like code and media, because it scales without needing others’ approval.
4
Q
What is the difference between working hard and working smart?
A
Working hard is effort; working smart is aligning your efforts with high-leverage activities.
5
Q
Why does Naval emphasize building wealth through compounding?
A
Wealth compounds over time, whether through relationships, businesses, or investments.
