Do you want to build real long lasting wealth? What are the secrets for building wealth? People have consistently done it, without only being lucky, in the last few decades. This post will help you uncover of those secrets to help you build more long lasting wealth.

This is an excerpt from Naval Rakivant twitter storm about how to build wealth. I find it very inspiring and reposted here so I can remember it/read it. If you like this, you should follow Naval (@Naval) on twitter.

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.

Status, according to Naval, is the worse. Status can be the person trying to impress colleges or friends with frivilous purchases (which the FIRE community is good at avoiding). This can be the big house or the fancy car. But also it can be the employment status, someone being a doctor because everyone thought it was a respectable thing to do.

Understand that ethical wealth creation is possible. If you secretly despise wealth, it will elude you.

Well said.

Ignore people playing status games. They gain status by attacking people playing wealth creation games.
You’re not going to get rich renting out your time. You must own equity - a piece of a business - to gain your financial freedom.

This one of the most powerful statement. Don't rent your time. Don't be employed for other. If someone else is employing you, it means they are making more money off of you.

You will get rich by giving society what it wants but does not yet know how to get. At scale.
Pick an industry where you can play long term games with long term people.
The Internet has massively broadened the possible space of careers. Most people haven't figured this out yet.

With the internet, you have access to 4+ billion people online. You can build something once and have people use it constantly.

Play iterated games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest.
Pick business partners with high intelligence, energy, and, above all, integrity.
Don't partner with cynics and pessimists. Their beliefs are self-fulfilling.

Learn to sell. Learn to build. If you can do both, you will be unstoppable.

This is one of the best advice he has. As a trained engineer, I did put a lot of emphasis on the "learn to build" part but I did little on the learn to sell. Selling goes into a lot of things, selling your ideas, selling your skills, selling your vision (to potential business partners).

Arm yourself with specific knowledge, accountability, and leverage.

This cannot be truer in the 21st century. There should be an emphasis on leverage. This also includes the concept of asymmetric gain, lose 1x or gain 10x.

Specific knowledge is knowledge that you cannot be trained for. If society can train you, it can train someone else, and replace you.
Specific knowledge is found by pursuing your genuine curiosity and passion rather than whatever is hot right now.

So true. People think going to college will you learn something. Well if you learned in college in invaluable, how come all the other students graduating every year are learning the same?

Building specific knowledge will feel like play to you but will look like work to others.

This is the trick on how beat your competition. Love what you do, then it won't feel like work to you.

When specific knowledge is taught, it’s through apprenticeships, not schools.
Specific knowledge is often highly technical or creative. It cannot be outsourced or automated.
Embrace accountability, and take business risks under your own name. Society will reward you with responsibility, equity, and leverage.
The most accountable people have singular, public, and risky brands: Oprah, Trump, Kanye, Elon.

Yes I love that. Take accountability and stand for your ideals/ideas. Whatever people are saying.

“Give me a lever long enough, and a place to stand, and I will move the earth.”

• Archimedes

Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media).

Leverage is the most powerful force in the universe. Being able to leverage (people, technology, etc...) is the key for success.

Capital means money. To raise money, apply your specific knowledge, with accountability, and show resulting good judgment.
Labor means people working for you. It's the oldest and most fought-over form of leverage. Labor leverage will impress your parents, but don’t waste your life chasing it.
Capital and labor are permissioned leverage. Everyone is chasing capital, but someone has to give it to you. Everyone is trying to lead, but someone has to follow you.
Code and media are permissionless leverage. They're the leverage behind the newly rich. You can create software and media that works for you while you sleep.

This is a note to self. Keep building media or coding projects for the fun of it. If you love it, then it will feel like a past time for you. If it feels like work to others, then they will spend resources to get it done and ultimately they won't be able to compete with you.

An army of robots is freely available - it's just packed in data centers for heat and space efficiency. Use it.
If you can't code, write books and blogs, record videos and podcasts.
Leverage is a force multiplier for your judgement.
Judgement requires experience, but can be built faster by learning foundational skills.
There is no skill called “business.” Avoid business magazines and business classes.

Ouch.. that's a hard statement. I don't fully agree with this one, but do think that business is a broad field of study like philosophy. As long as you remember that you need specific knowledge and leverage, you can apply your business skills to build wealth.