Seek Wealth, Not Money or Status
The difference between wealth, money and status. - Wealth is assets that earn while you sleep: 0:56 - Money is how we transfer wealth: 2:28 - Status is your rank in the social hierarchy: 3:08 Full show notes and transcript: https://startupboy.com/2019/02/28/seek-wealth This is the first interview between Naval and Nivi on How to Get Rich. See them all here: https://startupboy.com/category/wealth. These interviews are based on Naval's tweetstorm: https://twitter.com/naval/status/1002103360646823936.
In this episode
Smash Notes summary for this episode
What is the difference between wealth and money?
Wealth is the thing you should really want to acquire. Wealth is a set of assets that earn while you sleep, such as businesses, products, media, robots and computer applications, investments, and land. Wealth does not need you to create more money. Wealth buys you freedom to do what you desire.
Money is how we transfer wealth; it’s the social credits systems which enables you to buy other people's time, and which rewards you, at least in theory, for your effort doing something that our society needs to be done. Money isn’t going to solve all problems, but it’s going to solve the problems which can be solved with money.
Why is social status a zero-sum game?
Status is your ranking in the social hierarchy, and unlike money, status is a zero-sum game. If you have an asset, like a house, you are not taking away from another person's ability to acquire a house. On the other hand, if someone's "status ranking" is #3, in order for them to move up, the #2 person has to move out of the way. Sports and politics are some examples of zero-sum games, where in order to have a winner, you have to have a loser.