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Summary

The video script introduces 'The Book of Navarre', a story about an Indian immigrant who becomes a successful entrepreneur and investor in the US. It emphasizes the importance of self-differentiation and leveraging one's uniqueness to build wealth. The book outlines strategies for wealth creation, including understanding the value of money as an IOU from society, identifying and utilizing personal leverage, and the significance of being a lifelong learner. It also stresses the impact of compound interest in various aspects of life and the necessity of taking responsibility and making sound judgments in the pursuit of wealth and personal growth.

Takeaways

• 📚 The book 'The Book of Navarre' tells the inspiring story of Navarre, an Indian immigrant who became a successful entrepreneur and investor in the United States.
• 🔑 Navarre's journey emphasizes the importance of self-education and leveraging the library as a resource for learning and growth.
• 🏫 His admission to an Ivy League school and subsequent business success highlight the transformative power of education.
• 💡 The concept of 'productizing yourself' is introduced as a key strategy for wealth creation, involving finding one's uniqueness and magnifying abilities.
• 🤔 Money is viewed as an IOU from society, reflecting the value one contributes, and encouraging the pursuit of creating societal value.
• 🏠 Wealth is distinguished from money, with wealth being assets like real estate or company equity that generate passive income.
• 💼 Navarre advocates for focusing on high-tech industries as they offer the potential for significant wealth creation through innovation.
• 🎓 Expertise is something that cannot be taught but can be learned, emphasizing the need for self-driven learning and exploration.
• 🔄 The power of compound interest is highlighted in various aspects of life, including knowledge, relationships, and wealth accumulation.
• 🛠️ Leverage is crucial for magnifying wealth and can come in forms such as labor, capital, or products with zero marginal costs.
• 🚀 Taking responsibility and learning from failures are essential for gaining leverage and achieving long-term success.

Q & A

Who is the main character in the book 'The Book of Navarre'?

The main character is Navarre, a man who immigrated to the United States from India and became a successful entrepreneur and investor.

What was Navarre's initial situation upon arriving in the United States?

Navarre initially worked illegally due to his low status and had no money at home. He had to wear the keys to his house around his neck and was only allowed by his mother to go to the library due to poor public security in New York.

How did Navarre eventually change his life?

Navarre was admitted to an Ivy League school and later started a business, which led to his success as an entrepreneur and investor.

What are Navarre's most notable investments?

Navarre's most impressive investments are in Twitter and Uber.

What is the main message of 'The Book of Navarre'?

The book emphasizes the importance of developing one's uniqueness and leveraging one's abilities to create wealth and achieve financial freedom.

What does the term 'productizing yourself' mean?

Productizing yourself refers to the process of finding ways to magnify your abilities and create products or services that can be sold or utilized by others, often with minimal additional effort on your part.

How does Navarre define wealth?

Navarre defines wealth as assets that can continue to generate income even when you are not actively working, such as real estate, company equity, or intellectual property.

What role does technology play in Navarre's philosophy?

Technology plays a crucial role in Navarre's philosophy as it is the driving force behind new products and opportunities for wealth creation. He believes in staying updated with the latest technology and its applications.

What does Navarre say about expertise?

Navarre states that expertise cannot be taught but can be learned. It is developed through personal effort and exploration at the edge of one's field of knowledge.

How does Navarre view the concept of compound interest in relation to wealth and knowledge?

Navarre believes in the power of compound interest in both wealth accumulation and knowledge acquisition. Over time, small, consistent efforts can lead to significant growth and returns.

What are the three types of leverage mentioned by Navarre?

The three types of leverage mentioned are labor leverage (hiring people), capital leverage (raising funds), and leverage through products with zero marginal cost (like code, media, books, etc.).

What advice does Navarre give for those starting out in life?

Navarre advises young people to thoughtfully consider where they will live, with whom they will associate, and what occupation they will pursue, as these decisions greatly impact their lives.

Outlines

00:00

📚 The Story of Navarre and Wealth Building

This paragraph introduces the book 'The Book of Navarre', which tells the inspiring story of Navarre, a man born into poverty in India, immigrated to the United States at a young age, and eventually became a successful entrepreneur and investor. Despite initial hardships, including working illegally and facing financial struggles, Navarre's dedication to learning and his mother's insistence on spending time at the library set the foundation for his future achievements. His journey to Ivy League education, business success, and notable investments in companies like Twitter and Uber exemplify the power of perseverance and the importance of continuous learning. The paragraph emphasizes the significance of finding one's uniqueness and leveraging it through 'productizing oneself' to achieve wealth and freedom.

05:02

🚀 Embracing High-Tech and the Power of Expertise

The second paragraph delves into the importance of staying updated with high-tech trends and leveraging one's expertise to make money. It draws a comparison with Li Ka-shing's early success in selling plastic flowers, which were considered high-tech at the time. The narrative suggests that as technology becomes more accessible, the value of being the sole provider diminishes, hence the need for continuous learning and adaptation. The paragraph also addresses the misconception that business skills can be taught, emphasizing that real expertise comes from personal learning and experience. It encourages individuals to find their unique path and passion, rather than blindly following others, and to understand the long-term benefits of compound interest in knowledge, relationships, and wealth.

10:04

🌟 Building Personal Reputation and Leverage

This paragraph focuses on the concept of leverage and personal reputation as critical components for success. It explains that leverage can come in the form of labor, capital, or products with zero marginal costs, and that a good reputation is essential for attracting these levers. The text discusses the limited liability company system as a safeguard against the risks of entrepreneurship and encourages individuals to take responsibility and not fear failure. It suggests that by focusing on the work itself rather than the money, and by avoiding the trap of following trends, individuals can find their true passion and achieve greater economic returns. The paragraph also highlights the importance of judgment, setting personal hourly rates, and the value of using the mind to make money rather than just selling time.

15:05

🎓 Unlearning Business Skills and Finding Leverage

The fourth paragraph discusses the limitations of traditional education in teaching business skills and emphasizes the value of personal uniqueness. It reiterates the three types of leverage: labor, capital, and products with zero marginal costs, and suggests that the latter is the most accessible for ordinary people. The text encourages individuals to focus on creating or utilizing products like books, media, and code that can generate income without continuous effort. It also introduces a new perspective on classifying people, not by education level, but by their ability to leverage their skills and resources effectively. The paragraph concludes by stressing the importance of having strong sales or construction skills to gain leverage and the necessity of patience and legal compliance in the pursuit of wealth.

20:06

🧠 Cultivating Judgment and Making Smart Decisions

The final paragraph underscores the significance of judgment in achieving success and wealth. It explains that even a slight edge in judgment can lead to substantial differences in outcomes for large enterprises. The text advocates for setting an hourly wage for oneself as a means of valuing one's time and focusing on high-impact activities. It addresses the challenges young people face in deciding where to live, with whom to associate, and what occupation to pursue, emphasizing the need for dedicated thought and alignment with personal values and life orientation. The paragraph concludes with a call to action for viewers to subscribe and stay connected for more insightful content.

Highlights

The story of Navarre, a man who immigrated to the United States from India and became a successful entrepreneur and investor.

Navarre's early life involved working illegally and walking around New York due to poor public security.

His mother's rule to only go to the library laid the foundation for Navarre's future academic success.

Navarre's admission to an Ivy League school marked a turning point in his life.

The concept of 'productizing yourself' is crucial for making money and building wealth.

Money is an IOU issued by society in return for one's contributions.

Wealth is different from money; it continues to generate income even while you sleep.

The importance of focusing on high-tech and cutting-edge products for potential wealth generation.

Expertise cannot be taught but can be learned through personal effort and experience.

The significance of being a lifelong learner to achieve success and wealth.

Compound interest plays a vital role in knowledge, wealth, and interpersonal relationships.

The necessity of taking responsibility to gain leverage and achieve greater success.

The three types of leverage: labor, capital, and products with zero marginal costs.

The limited liability company system's role in encouraging entrepreneurship by mitigating risk.

The importance of judgment and decision-making skills in achieving wealth and success.

Transcripts

What about the book we are sharing today?

It records a person who was born into a poor family.

The story of how to build wealth quickly

The name of this book is "The Book of Navarre".

Who is Navarre?

He is a man who immigrated to the United States from India

Born in 1974

Immigrated to the United States at the age of 9

At first he could only work illegally because his status was not high

There is no money at home

He has the keys to his house hanging around his neck

Walking around New York every day

Public security in New York is not very good

So his mother stipulated that he could only go to the library

He runs back and forth between the library and his home every day.

Later he was admitted to an Ivy League school

Then start a business successfully

Become a famous entrepreneur and investor

His most impressive investment performance is investing in Twitter and Uber

He is a wealthy man who already has wealth and freedom

He is also a person who likes to think very much

So he often expresses his views on life on Twitter

As a result, these views quickly became popular

Many young people are forwarding his feelings

Because his feelings always hit home

Hello, welcome to Yilin Study

A good book every day

Take you on a journey of dual upgrades of thinking and wealth

How to have wealth?

First of all, making money is a skill

You must learn this skill to make money

If you don’t know this skill

Instead, he spends all day at home thinking about how to get rich overnight.

it's no use

What are the skills to make money?

sum it up in one sentence

It’s about “productizing yourself”.

Can such a simple sentence be a way to make money?

Of course, there are two key words here:

One is called self, the other is called productization

What does "valuing yourself" mean?

You have to find your own uniqueness

Nowadays many young people cannot make money

It's because they always want to be similar to others

If others take the certificate exam, follow suit;

If someone else has this diploma, he will also get it;

If someone else is opening this store, he will also open a store.

So always just follow

There is no chance

But if you really want to make money

You have to become different from others

find your true self

Uniqueness is very important

What is "productization"?

Productization is about finding the leverage effect

Able to magnify your abilities

For example, you are a teacher and give lectures every day

No productization

You can only make money by giving lectures

So this is not called productization

but

If you turn the lecture content into a software

When it becomes something that everyone can download and register an account to listen to

This is called productization

You need to keep asking yourself in this life

As you pursue wealth, keep asking yourself two questions:

The first question is

Is this something I really want?

This is related to your search for yourself

The second question is, have I achieved productization?

If these two problems are solved

you can make money

What is the essence of money?

Money is an IOU issued to you by this society

What does it mean?

You have contributed to this society

What does this society give you in return?

It cannot give you something back immediately

That's called bartering.

It returns you a piece of paper, which is money

The more you contribute, the more rewards you will receive

Therefore, money is an IOU

When you realize that money is an IOU

Do you know what to do?

That is, you have to create enough value for this society

This society will give you enough IOUs

What is wealth?

What happened to wealth?

Wealth and money are two different things

Navarre said that wealth comes after sleeping

It can still give you something that continuously creates money.

For example, a house can be regarded as wealth

Because the house is available for rent, you fell asleep

You can also earn income from it

Therefore it is considered wealth

The equity of a company can be regarded as wealth

If you own part of a particularly good company,

even if you fall asleep

This company is still running

it will bring you wealth

High-tech things, company shares

This is an asset

You have a patent, it’s an asset

If you have a patent in your hand

You can charge royalties

For example, others charge two cents for one use.

Or you wrote a song

This song is on the website

Others charge 10 cents or 20 cents for each download.

this is wealth

Everything we can see on the market now

They are all high-tech products from the past

so

Navarre believes that we must pay attention to the latest technology

Only technological things can bring new products

Let’s take an example – plastic bags

Everyone may think that plastic bags are not a piece of technology

Weren’t plastic bags high-tech when they were first born?

That is the high technology of chemical industry

If you could build a factory to produce plastic bags back then,

That will definitely make you rich

Because no one can produce plastic bags

only you can

How did Li Ka-shing start his career?

Li Ka-shing started his business selling plastic flowers

This was a high-tech product back then

It’s just because high technology has a process of dissemination

As dissemination becomes more widespread

High tech is no longer high tech

So I can’t make any money

Therefore, if you want to make money

You have to always pay attention to high-tech and cutting-edge things

Pay attention to how to apply this thing

How to find talent?

We talk about "finding your talent",

Just how can you be yourself

What are some ways to accumulate expertise?

First, you need to know one thing

Navarre said: “Expertise cannot be taught

but can be learned

"Many people tell you very firmly

You can make a fortune by taking this course

It's impossible to make a fortune just by taking a course

Can a person get rich?

There are a lot of accidental factors

It’s definitely not something you can learn by just taking one class.

Navarre said something particularly pertinent.

These business skills cannot be taught

There is no way to teach you how to make money in college.

why?

Because if I could teach you for sure

I can teach it to everyone programmatically

And if I could program it and teach it to everyone

Then this thing must be worthless

Just like producing plastic bags

Producing plastic bags can be taught

Because this is a production method

everyone can learn

If everyone in society learned to produce plastic bags in batches

Learned to produce cement in batches

Learned to bake bricks in batches

All kinds of businesses that were very profitable back then have become unprofitable now.

Therefore, business skills cannot be taught

But why can it be learned?

In the same classroom at university, the same lectures are being taught

But the students taught are all kinds of

Some people think this university is worth attending.

can learn a lot

In fact, this is not what the teacher taught him

He learned it himself

We can listen to classes and study

But don’t rely on listening to lectures and studying

Listening to lectures and studying only brings us an inspiration

Let's broaden our horizons

find an opportunity

Will it succeed in the end?

It depends on whether your own brain reacts

And have you tried hard?

Only if you work hard enough

Just a chance to get lucky

This is a secret to success

on becoming oneself

No one can compare to yourself

How can I be different from others?

The answer is to be yourself

on being yourself

No one can compare with you

And if you just want to be someone else every day

That's no use

In the book "The Amazon Chronicles"

What does Bezos mean by entrepreneurship?

To start a business, there is no way to go.

If you see others doing this, stop doing it

You have to find your own path

and

Find ways to do things in the areas where you are most passionate

Rather than just focusing on who pays the highest salary

Do you know what I get in exchange for "who pays me a high salary"?

This is exchanging time for money

Trading time for money means you have no wealth

Because as long as you don't spend this time

you won’t get income

Although you exchange time for money, you can support your family

But you can never become a financially free person

Because as long as you don’t work, you won’t have any money.

So, where does one’s expertise lie?

Personal expertise must belong to the edge of the field of knowledge

You've reached the edge of your profession

Keep testing on this edge

Finally made something new

This is the passion that comes from within us

The most important skill for getting rich is to be a lifelong learner

Teachers in universities, even PhD supervisors

It is impossible to bring you to the edge of knowledge

You must walk slowly and alone to the edge of knowledge on your own

Become a lone warrior

Then you still need to keep thinking

keep exploring

Finally can go out

Navarre said that whether it is wealth

Or interpersonal relationships, or knowledge

You have to remember one thing - compound interest

Compound interest works, so take the long term

in the field of knowledge

Compound interest can work

The more books you read

It will be very relaxing when you read the next book

This is the compound interest effect at work

At the level of interpersonal relationships, at the level of knowledge, and at the level of wealth

You have to believe in compound interest

and take a long-term view

Because the effect of compound interest cannot be seen in the short term.

But in the long run it's a miracle

So whether investing or making friends

We all need to take a long-term view

There are two focuses on taking a long-term view

First, personal reputation is very important

If you have no personal reputation in society

Then you won’t be able to use the various levers we’ll talk about later.

What is leverage?

You have to hire people, that’s leverage;

You need to borrow money, this is leverage

But who will the money and people follow?

You must go with someone with a good personal reputation

If you have a bad reputation, people won't be able to hire you.

Can't find any money

So what can we do to gain more leverage?

You have to learn to take responsibility

Why do some people only like to work?

If you ask me to move bricks, I will move bricks. If you ask me to write PPT, I will move bricks.

I will write PPT, you just need to pay me

The fun part about working is that you don’t have to take responsibility

Even if the company goes bankrupt, I have to clear my salary first

Because I am a vulnerable group

but

If you are not responsible, you will never gain leverage.

We have talked about the method of productizing ourselves before.

One is to find yourself

One is the leverage effect

What are the levers?

roughly divided into three categories

The first one is called labor leverage

Just like the industrialized production of Ford Motor Company

Just be able to hire a lot of people

These people become the lever that magnifies the company's wealth

This is called labor leverage

The second type is called capital leverage

For example, I have a friend who is a fund manager

Fund managers must have a high reputation

When he said he was willing to help others manage their finances

Someone will give him billions

He can raise billions to help others operate it

This is called capital leverage

Both require a good reputation and the ability to take responsibility

There is a third thing that many people don’t realize

It is a carrier with zero marginal cost

This is also leverage

Includes things like code, media, books, records, and patents

Although these things do not seem to bring revenue as a company

But it is a lever that can help you infinitely magnify

How did Bill Gates do it?

Bill Gates relies on writing code

He turned all DOS systems and Windows systems into software

Keep copying until marginal cost is zero

That is, its production cost is almost zero

How does a writer make money?

A writer writes a book that can be copied without restriction

If you can sell 10 million copies

Selling 100 million copies is a huge lever

These three types of leverage can help us magnify our wealth

Why does Navarre encourage us to take responsibility?

He said

Because failure is not as scary as you think

A great invention in the business field in human history

It’s a limited liability company system

The limited liability company system promotes the substantial development of market economy

In the past, many people did not dare to start a business

Because once you compensate, you may have to compensate for the rest of your life.

What if the business fails?

You might even have to repay the debt from your father and son, and then you won’t be able to get over it.

Later, everyone simply set a bottom line

It's over when the company loses all its money.

You can take back your personal wages, dividends and other assets

After having this guarantee

A large number of entrepreneurs have emerged

This is to use institutional creation to design an anti-fragile graphic.

Why is starting a business a good deal?

Because entrepreneurs are guaranteed to lose money

Once the company loses all its money, it's over.

This is a limited liability company system

Navarre believes

If you are particularly worried about taking responsibility

Then you are likely to live with money anxiety your whole life

Because you don't dare to try

In fact, after you go bankrupt

Is this result that serious?

Our society still has certain protections for bankrupts.

Not like those dramas everyone watches

For example, the "Merchant of Venice" that everyone has watched,

At that time, debtors had to go to jail.

It is even possible to cut off the flesh from the body to pay off the debt.

Today we have no debtors' prisons

Even if you are in debt

You're bankrupt and your reputation is damaged.

But you still have a chance to start over

so

Navarre says you have to be able to learn to take responsibility

How to find leverage?

The first way to find leverage:

Don’t follow the trend, find love

No matter what you do

We should all aim at the thing itself

rather than aiming for money

Navarre said: “The less you desire something, the less

The less worries

The less obsession

On the contrary, the more you will let nature take its course and follow your heart

You will do it in the way you are good at

Keep doing it unswervingly

The quality of work will also improve as a result...if society can train you

Then one day, society can also write code

Replace you with a computer

"

If you want to do bulk goods

You want to do something similar to others

Then someone else will take your place

Because you can do it effortlessly

Others can do it without any effort

In the end, no one makes any money

to get economic returns

You need to provide what society needs

But something that cannot be obtained

Schools can’t teach us business skills

Basically, the things taught to us in school are as standardized as possible.

And what we can learn is what makes us different

No matter what you do

We should all aim at the thing itself

Rather than aiming to make money

We talked about three levers earlier:

Products with zero labor, capital, and marginal costs

If you use labor as leverage

This places extremely high demands on your management skills

If you don’t know how to lead a team

You can't manage a factory with thousands of people

If you use capital as leverage

This places high demands on your social credibility

If you don’t have a high enough social reputation

You can't get capital money

What ordinary people should consider most seriously

It is the leverage that uses products with zero marginal cost as the carrier.

It is simply divided into books, media, movies, and code.

If you can program, you can write programs

It’s a Bill Gates-style leverage;

if you could make a movie

Like Disney and Marvel;

If you can write books, like Yu Hua and Mo Yan;

if you could own the media

You can even make a public account, video account, or Douyin account

These are all levers that we can effectively obtain

Navarre said that there are two types of people

How did we classify people in the past?

Many people often say that this person is educated

That person is uneducated

The author says it’s wrong, you shouldn’t classify people like this

People cannot be classified by educated or uneducated

Should be classified by using leverage and without leverage

He believes that people are divided into two categories:

One type is people with leverage

One type is people without leverage

People with leverage even if they don’t work

There are also things that help him make money;

If people without leverage don’t work

There is no money to be made today

He said: "If you have expertise and a sense of responsibility

And know how to use the leverage effect

The monetary rewards society provides you will match your value

At this time, you can save more time

become super efficient

You don’t need to meet for the sake of meeting

No need to work hard to express yourself

There is no need to show your workload through reporting materials - you just need to focus on the work itself.

"

Do you know what’s the biggest problem with working for someone else?

you are selling your time

You want others to give you more money

Then you need to show that your time is valuable

Why do office politics exist in many companies?

There is palace fighting drama

Do you fight like hell when it comes time for performance reviews?

It's because everyone is trying hard to prove "I am valuable."

Work hard to prove "I am valuable",

and do it well

There is no relationship between the two

The harder you work to prove yourself valuable

It's possible that no one will do the things you're responsible for.

On the contrary, it will not be done well

People like Steve Jobs

Why can I retire after so many years?

Suddenly I thought of making an iPod

Or make something like an iPhone?

He belongs to the situation we just read about

Because his brain is relaxed

He doesn't have to prove anything to anyone

He just focuses on solving problems

This will put people into a virtuous cycle

Once you find the leverage

You will enter a virtuous cycle

And if you don't find the leverage

You can easily enter a vicious cycle

How do we achieve the leverage effect?

Navarre says if you want to gain leverage

Two abilities are important

Either you have strong sales ability

Either you have strong construction skills

For example, CTO (Chief Technology Officer), people who make apps, people who write code

These are people who are highly constructive;

Those in the marketing department who are responsible for selling things, those who are responsible for promotion, those who do live broadcasts, and those who give speeches

This is someone who has the ability to sell

If you have both sales ability and construction ability

Congratulations then

You may have become a CEO

If you don't become CEO

Then these two abilities are enough to give you some leverage

Then learn to use your mind to make money

Instead of using time to make money

Some people can make a lot of money using their time

For example, dentists, lawyers, football stars

Let's talk about stars

The reason why many stars can make a lot of money throughout their lives is

It's because he is good at managing money

People like O'Neal and James

When he has money, he will invest and buy companies

You may not know that O'Neal is a shareholder in Google

When investing in Google Angel

O'Neal voted for Google

navar says

There is a bottom line here - don't break the law

Because many people want to get rich quickly

Break the law without hesitation

Once you break the law, you go to jail

Went to jail

Your efforts in the first half of your life may have been in vain.

So be patient and take your time

Although 99% of your efforts may be wasted

But we have to work hard and wait for good luck to come

Another very important ability is judgment

Why is judgment important?

Navarre said, why is a CEO expensive?

The most valuable thing about a CEO is his judgment.

It is enough that this CEO’s judgment is slightly higher than that of another CEO.

If these two companies both control a billion dollar plate

This CEO is only 10% smarter than that CEO.

Although it doesn't look like much

But when you magnify it on this billion plate

Just one hundred million

So this CEO deserves tens of millions in annual salary

This is normal

Because his judgment is just a little bit worse

For a 10 billion or 100 billion enterprise,

Tens of billions will be lost

so

Judgment is what makes us more expensive

This is also a way to make money with your brain

You need to set yourself an hourly rate

When Nawal had not yet succeeded in starting a business and was not yet very rich,

I set myself an hourly wage of $5,000.

If he spends an hour doing this

Feels like the return is less than $5,000

He won't do it

He would rather entrust couriers and errand runners to do the work

Delegate or authorize someone else to do something

Each of us should set an hourly wage for ourselves

Let yourself focus on things that have a more power effect

Something with more potential for compound interest

So what should a fledgling young man do?

When I was just starting out

Young people need to solve three big problems:

The first is where to live

Who is the second one with?

The third is what kind of occupation

These three issues have a great impact on a person's life

navar says

We need to set aside dedicated time to think

For example, choose a city

Should you choose the east or the west?

Should you choose the coast or the inland?

Do you choose the political center or the economic center?

Do you choose a big city or a small city?

You have to think about this problem

This has a lot to do with your values ​​and life orientation

Okay, this video ends here.

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