Read Time: 5 Minutes

Welcome to The Sunday Summary, a weekly newsletter where I share a quick book summary with actionable lessons, Book recommendations, Reading tips, New Concepts, and one life-changing Quote to help you build a healthy, wealthy life.

👋🏻 Hey Everyone,

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📕 Book Summary

This week's book is “The Almanack of Naval Ravikant” by Naval Ravikant & Eric Jorgenson.

This one book can really change your whole life 🔥

Naval Ravikant is one of the most respected investors and philosophers of our time. The way he thinks and views things is really amazing. This book collects and curates Naval’s wisdom from Twitter, Podcasts, and Essays over the past decade.
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Divided into main parts Wealth creation and Happiness, Each page contains decades of the wisdom of Naval Ravikant. Naval shares ways to become wealthy in life, his life-changing lessons, and teaches us how to achieve happiness in life.
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This book is my all-time favourite book and It’s really a 💎. If you haven’t read this book yet, I request you get a copy of this book soon.
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Check out some valuable insights from the book.

Here are 10 valuable insights from the book

1. Be authentic: No one can compete with you on being you. Most of life is a search for who and what needs you the most.

2. Think less: The less you want something, the less you think about it. The less you obsess over it, the more you’re going to do it in a natural way.

3. You get rich by saving your time: You don’t get rich by spending your time to save money. You get rich by saving your time to make money.

4. Easy way to see reality: The smaller you can make your ego, the less conditioned you can make your reactions, and the fewer desires you can have about the outcome you want, the easier it will be to see reality.

5. Happiness is a skill: Maybe happiness is not something you inherit or even choose, but a highly personal skill that can be learned, like fitness or nutrition.

6. Meaning of Happiness: Happiness is what’s there when you remove the sense that something is missing in your life.

7. Desire is a contract: Desire is a contract you make with yourself to be unhappy until you get what you want.

8. The One Thing: You can get almost anything you want out of life, as long as it’s one thing and you want it far more than anything else.

9. Spend time alone: Time spent undistracted and alone, in self-examination, journaling, and meditation resolves the unresolved and takes us from mentally fat to fit.

10. The difference: People who live far below their means enjoy a freedom that people busy upgrading their lifestyles can’t fathom.

Actionable Advice:

Here are 3 Actions you can start taking from these insights:

1. Create real wealth: Instead of mindlessly spending money on lavish things, build real wealth by creating your own businesses, investing in yourself by reading books, taking courses, etc. Create assets that help you make money while you sleep.

2. Become self-content: Start valuing the things in your life and try to stay present. Happiness is achieved when you are present in the moment and enjoy it. Take a break and embrace yourself.

3. Become aware: Practice self-discipline in your life. become aware of your thoughts, your emotions, your strengths, your weaknesses, your actions, and your goals. By becoming aware of oneself one can make better decisions in life.

📚 Recommendations

5 books that can 10X your productivity

1. Deep Work

2. Hyperfocus

3. Eat that frog

4. Getting things done

5. The Productivity Project

⚡️ Reading Tip

Mark what you read

Always keep a Highlighter, pen, or pencil with you while you read.

Highlight everything that you think is important and resonates with you.

Highlighting things will help you remember what you learn for a longer period of time.

👨🏻‍🏫 Book I’m reading this week

Still Reading:

1. I am reading “Focus on What Matters” by Darius Foroux—an amazing book with 70 letters that talk about the timeless stoic lessons for life.

🎉 New Concept To learn

Welcome to my favourite section in our newsletter where I share a new concept every week to learn something new and improve our lives.

This Week’s concept is the THE DECOY EFFECT

The Decoy Effect phenomenon in which consumers change their preference between two options when presented with a third option, the “decoy”.

The decoy effect is a sales tactic used by businesses to increase sales and profitability. The seller brings in a third less favorable option to force the consumer to select the targeted product from the two previously available options.

One clear example of the decoy effect is popcorn at the cinema. When there are only two options, a large or a small bag, the customer will conclude that the large one is very expensive and that they do not want that much popcorn. They will be buying based on their needs. 

Small popcorn → $5.00       Large popcorn → $6.50 

However, when a third price appears between the two, the decision changes. Why? 

Small popcorn → $5.00    Medium popcorn → $6.00    Large popcorn → $6.50

The new price, the decoy, will cause most customers to opt for the highest-priced product, even if they don’t need it. It makes them believe that they are winning, that they are making a better buy. This is a psychological pricing strategy because its success is based on consumers' interpretation of prices, rather than on the real value of products. 

🎉 New Beginning

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🔥 Quote

I hope you find these tips and insights helpful in your reading journey.

If you want to share your feedback, reply to this email. Your Feedback means a lot to me.

Thank you for your love and support everyone. I'll see you next week.

Stay Awesome & happy reading!

Kamalpreet Singh 👋🏻