Wealth and happiness come from mastering both external and internal pursuits—building wealth by leveraging technology, specific knowledge, and accountability, while achieving happiness by reducing desires and mastering mental frameworks. Naval Ravikant emphasizes the importance of personal freedom, long-term thinking, and continuous learning, as well as the need to develop self-awareness and clarity of thought. By applying these principles, individuals can live a more fulfilled and meaningful life, focused on creating value and achieving peace of mind.