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How to Get Rich: Every Episode
Naval
Live below your means
Living below your means allows for a freedom that those constantly upgrading their lifestyle cannot comprehend. By maintaining your old lifestyle even as you make more money, you eliminate worry and gain freedom of operation. Upgrading your lifestyle as you earn more money keeps you trapped in a cycle of wage slavery and prevents you from accumulating true wealth. The most dangerous things are a monthly salary and a heroin addiction because they are highly addictive and hinder wealth accumulation. In certain industries, such as tech, making money may take years of hard work and risk-taking before achieving a big payday. However, high marginal tax rates for the wealthy can discourage risk-taking and creativity. Ideally, you should make money in discrete amounts over long periods of time to prevent your lifestyle from quickly adapting. This way, you can retire and have the freedom to work on things that you truly enjoy, with less emphasis on money and more on creative expression.
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