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Naval Ravikant on getting rich, incentive alignment in higher education and personal updates

A tweetstorm, incentive alignment in higher ed, a vacation video, Dual School news and many updates
Naval Ravikant on getting rich, incentive alignment in higher education and personal updates
By Zack Jones • Issue #69 • View online
A tweetstorm, incentive alignment in higher ed, a vacation video, Dual School news and many updates

Naval on Twitter: "How to Get Rich (without getting lucky):"
Naval Ravikant’s tweetstorm literally took twitter by storm. Originally posted about one year ago, over the past few months there have been several follow-ups to elaborate on the original ideas. I’ve subscribed to a podcast called “Naval” where he expands on his tweets in 4-6 minute segments twice every week.
I’ve taken a bunch of notes from these recordings and wanted to share my favorite quotes here:
“Read what you love until you love to read.”
“The most important lessons cannot be taught, but they can be learned.”
“Play stupid games, win stupid prizes.”
“You can’t be a 10x performer by doing 10x more work.”
“Humility is a bi product of understanding [the vastness of the world]”
“Chasing happiness eventually leads to chasing pleasure.”
“Don’t do things to make other people happy. Other people’s happiness is their problem.”
“Impatience with actions. Patience with results.”
There are countless thought-provoking ideas in the tweets and the podcast. Highly recommend for anyone reading to take a look.
Incentive Alignment in Higher Education
Freakonomics Radio - 377. The $1.5 Trillion Question: How to Fix Student-Loan Debt?
“The cost of attending Purdue University will be lower in 2021 than it was in 2012,” is a bold claim to make in this higher education landscape. It seems compelling and better yet, it seems possible.
While tuition freezes are helpful, current cost levels are unattainably high for most Americans. It’s a “yes, AND” situation. Yes, controlling cost is great, AND we should also explore alternative models for paying for higher ed.
This episode half explores how Purdue is cutting costs, and half explores a new model for paying for college: income share agreements. In the tech world, Y-Combinator-backed, Lambda School, is experimenting with this model in the world of coding and the early anecdotal outcomes are compelling.
Compared to our current system of going to college for four (maybe six) years, taking a wide variety of interesting classes, finding yourself, and making lifelong friends, income share agreements seem a bit outcome-centric. “When you get a job, you will pay us 17% of your salary for a few years.” It immediately incentivizes the university to help you get a high paying job.
While the clarity of incentives makes it obvious you are entering a business transaction with your university, it also aligns both parties in a way that does not currently exist. You could pay $250,000 for a degree, whether in engineering, liberal arts, business or other, and if you’re unemployed for years after graduation, your university would still get paid. There’s no money-back guarantee. Other than marginal reputational gains and an extra name in their alumni network, the university doesn’t have a direct, financial stake in your success.
While income share agreements won’t solve all of our problems, I think they are a compelling solution because of the incentive alignment. It’s very worthwhile to continue exploring and innovating in this space because the traditional higher ed model feels like a bubble that will burst when enough pressure is on it.
Personal Updates
Vacation
Sophia and I went on vacation with my family for a week in the Bahamas. It was incredibly fun and relaxing. I took some video and put together a long-ish (~7 min) cut following the trip.
Club Med Columbus Isle
Club Med Columbus Isle
Dual School Exhibition (May 21st)
In less than two weeks, our biggest cohort yet will take the stage and share their passion projects. We have 34 students from 11 local high schools working on everything from rare disease education, suicide prevention, biodegradable cutlery and gamification in learning. To RSVP for the event, you can visit our event page.
Dual School officially recognized as a non-profit
As of Friday Dual School is a 501c3 non-profit organization as designated by the IRS. This means all donations are now tax-deductible and we are eligible for many more grants! It has been a long wait, but I’m excited to see all the doors this opens up.
Burn Out
I’ve been feeling pretty burned out these past couple weeks, and generally during the spring. When I get to Saturday, I want to do something active (go outside, explore, etc…). When I get to Sunday, I want to hunker down, read, cook and catch up with friends on the phone. Thus, I haven’t had the desire and energy to write the newsletter as often. I know that habits are more reliable than desire, and if I wanted to make it a habit to finish this thing before noon every Sunday, I could. But it feels like I need some room for rest. It’s nice to have some time to just enjoy a morning without the push to be “productive” as defined by typing on a laptop.
I definitely want to maintain this communication channel as I rarely post to Instagram, Facebook or Twitter at this point, but I think I might make some tweaks in the coming months. Let me know if you have any ideas for where I should take this newsletter!
Thanks for being here,
Zack

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Zack Jones

Thoughts about education, entrepreneurship and creativity. Updates from my journey along the way.

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