You're Not Going to Get Rich Renting out Your Time - Akira the Don, Naval Ravikant, Nivi

Akira he’s got clout

The first point was about how you’re not going to get rich

You’re not going to get rich renting of your time

You must own equity a piece of a business to gain your financial freedom

This is probably one of the absolute most experienced points

People seem to think that you can create wealth and make money through work

It’s probably not going to work there are many reasons for that

But the most basic is just that your inputs are very closely tied to your

output In almost any salaried job

Even the one that’s paying a lot for our like lawyers or a doctor

You’re still putting in the hours and every hour you get paid

So, what that means when you’re sleeping you’re not earning

When you’re retired you’re not earning

When you’re on vacation you’re not earning

And you can’t earn nonlinearly

You’re not going to get rich renting out your time Renting out your time

Renting out your time

You’re not going to get rich renting out your time You must own equity piece of

the business

You’re not going to get rich renting out your time Renting out your time

Renting out your time

You’re not going to get rich renting out your time You must own equity to gain

your financial freedom Your financial freedom

If you look at you in doctors and get rich

Like really rich

It’s because they open a business they open like a private practice

And that practice fills a brand

Especially you’re working for somebody else

And that person is taking on the risk and have the accountability and the

intellectual property and the brand So they’re just not gonna pay you enough

They’re gonna pay you the bare minimum that they have to get you do to the job

And there can be a high bare minimum

But it’s still not gonna be true wealth for when your retired

You’re not creating new things for society You’re just doing things over and

over You’re essentially replaceable

Because you’re now doing a set role

Most set roles can be taught

If they can be taught like in a school

Then eventually you’ll be competing with someone

Who’s got more recent knowledge who’ve been taught the things coming in to

replace

You are much more likely to be doing a job that can be eventually replaced by a

robot or by AI

You’re not going to get rich renting out your time Renting out your time

Renting out your time

You’re not going to get rich renting out your time You must own equity piece of

the business

You’re not going to get rich renting out your time Renting out your time

Renting out your time

You’re not going to get rich renting out your time You must own equity to gain

your financial freedom Your financial freedom

You really just want a job or career or profession where your inputs don’t

match your outputs Businesses that have high creativity and higher leverage

Tends to be ones where you’d can do an hour of work and it can have a huge

effect

Or you can do a thousand hours of working and have no effect

One great engineer can for example can create Bitcoin and create billions of

dollars' worth of value An engineer who’s working on the wrong thing or not

quite as good

Or just not as creative thoughtful or whatever

Can work for the entire year and every piece of code they ship ends up not

getting used

You’re not going to get rich renting out your time Renting out your time

Renting out your time

You’re not going to get rich renting out your time You must own equity piece of

the business

You’re not going to get rich renting out your time Renting out your time

Renting out your time

You’re not going to get rich renting out your time You must own equity to gain

your financial freedom Your financial freedom

But you want to look for things that are leveraged

And by leverage I don’t mean financial leverage alone like Wall Street uses and

that has a bad name

I’m just talking about tools

We’re using tools

Computer is a tool that software engineers used

If I’m a lumberjack with bulldozers and automatic robot axes and saws

I’m gonna be using tools and have more leverage

Than someone who’s just using his bare hands and try to rip the trees out by

their roots

Tools and leverage are what create this disconnection between inputs outputs

Creativity so the higher the creativity component of a profession the more

likely it is to have disconnected inputs and outputs

So, I think that if you’re looking at professions where your inputs and your

outputs are highly connected It’s gonna be very-very-very hard to create wealth

and make wealth for yourself in that process