Scott Galloway: The Algebra of Wealth | Rational Reminder 303
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- Опубликовано: 2 июн 2024
- Meet with PWL Capital: calendly.com/d/cpws-jyp-znp
What is the role of luck in financial success? And how can we make decisions that will put us in the best possible position to experience long-term prosperity? Joining us today to unpack these questions is Scott Galloway, a talented public speaker, author, entrepreneur, and professor of marketing at NYU Stern School of Business. His latest book, The Algebra of Wealth: A Simple Formula for Financial Security, explores key lessons to help you optimize your life for wealth and success. He is the host of a thrice-weekly podcast, The Prof G Pod, and co-hosts a podcast called Pivot with esteemed tech journalist, Kara Swisher. Scott also has a very popular blog called No Mercy / No Malice, where he shares his thoughts on wealth, business, psychology, and more. In today’s conversation with Scott, we delve into the lessons he’s learned about economic success and the contents of his new book, The Algebra of Wealth. Tuning in you’ll learn how the economic stress he experienced as a child shaped his life, the important role that luck plays in financial success, and why he believes people should follow their talents rather than their passions. Scott goes on to expand on why diversification is essential for financial success before sharing key lessons from the various businesses he has started, built, and sold. We also discuss how he manages his financial worries, his hopes for his children, and how he defines success. Tune in to hear all of Scott’s valuable insights as we take a deep dive into the forces that shape our economic outcomes, and the algebra of wealth!
Timestamps:
0:00:00 Intro
0:04:07 How economic stress when Scott was growing up shaped his life
0:06:14 Scott defiines the algebra of wealth
0:11:40 Why the pursuit of wealth is a whole person project
0:14:55 What people can do to defend against modern temptations
0:21:06 How working hard is different from having character
0:27:13 How Scott's awareness of his own luck impacted his financial decision-making
0:33:32 How Scott thinks about “enough”, when we are programmed for more
0:39:14 Why people should follow their talent, rather than their passion
0:45:39 How important physical exercise is to financial success
0:49:08 The role Scott sees for professional financial planners
0:55:28 How people should think about opportunities to invest in private businesses
0:57:57 How people should respond when everyone else is excited about an investment
1:02:00 The most beneficial ways to trade money for time
1:08:27 Scott's greatest worries, financially speaking, about his kids
1:10:31 Scott Defines Success in His Life
Links From Today’s Episode:
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Rational Reminder on Instagram - / rationalreminder
Rational Reminder on X - / rationalremind
Rational Reminder on RUclips - / channel
Rational Reminder Email - info@rationalreminder.ca
Benjamin Felix - www.pwlcapital.com/author/ben...
Benjamin on X - / benjaminwfelix
Benjamin on LinkedIn - / benjaminwfelix
Cameron Passmore - www.pwlcapital.com/profile/ca...
Cameron on X - / cameronpassmore
Cameron on LinkedIn - / cameronpassmore
Scott Galloway - profgmedia.com/
Scott Galloway Books - profgmedia.com/books/
Scott Galloway on LinkedIn - / profgalloway
Scott Galloway on Twitter - / profgalloway
No Mercy No Malice - www.profgalloway.com/
Pivot with Scott Galloway and Kara Swisher - profgmedia.com/pivot/
The Prof G Pod with Scott Galloway - profgmedia.com/the-pod/
Books From Today’s Episode:
The Algebra of Wealth: A Simple Formula for Financial Security - www.amazon.com/Algebra-Wealth... 
Хобби
Best thing about that episode is how often we are reminded that Ben is just a kid.
“Are you Canadian?” was the best part for me
How amazing it is, at his age, to be so knowledgeable. Bright future ahead, a true academic and scholar.
This is not a crossover I was ever expecting
Absolute real
Ben, I hope your lip heals quickly. You had to be biting it pretty hard.
This dude triggered Ben 😅
Interesting episode. The advice is good, the examples are . . . . unique.
Welcome to the bald gang podcast. Crossover I wasn't expecting. 😅
Really enjoyed the episode, though I can't help but feel that Galloway didn't research who he was being interviewed by. It's as though he was under the impression that Ben and Cameron are just two average financial advisors that just so happen to have amassed an audience on social media. I doubt he was aware that Rational Reminder engage with people like Eugene Fama and can dive deeply in the topics of investing, capital markets, behavioral finance, etc. Had he been aware, I have no doubt the exchange could have been considerably richer.
Agreed. Galloway did no prior research. It was telling at the end he asked where Ben and Cameron are from.
Galloway has been all over my RUclips feed for this book, so probably booked back to back. I’m a longtime listener to all these guys, so was funny to see them interact with each other when they have such different perspectives. Agreed that Galloway’s ignorance about the two of them was pretty funny.
@Prof G should be interviewing RR and learning from them, not the other way around
Work ethic determines success, luck determines maximum net worth.
Maybe.
Great interview. Realist perspective, many straight forward tips and gems for people on their generational wealth journey. Passion is nice, but its right we have to be practical until we have the luxury/freedom to engage in our passions. There will be periods on life we don't have complete stable balance and that is human nature.
This is terrific. Rational Reminder is a podcast that has so much useful info and also ways of thinking about finance and life, and I always check out The Prof G Show because it is so entertaining and provides interesting perspectives about markets, social topics, and finances.
Yes, you just nailed it. Both excellent shows. Rational Reminder is the protein and vegetables, The Prof G Show is the strawberry cheesecake. I like my investments to be more protein and vegetables. But I wish Scott well, and enjoy listening to what he has to say.
I’m so happy that my desire to spend time with my family and be a part of my children’s growth is not greater than a desire to make money.
not everyone has a family and kids
@@crohmerThat's true... But this guy's statement about losing his hair and marriage for wealth was worth it is a bad take. Most often, divorce sets ppl back significantly more financially than the extra time spent working could ever benefit you.
@@jeffsim4191yeah, that was the exact moment I turned the episode off.
He makes some good points, but man he can talk about himself
“And then guess how much money I made next? That’s right! Yet more still!”
Thanks for this wonderful show. Academic research is a great planning guide. This guy added a dose of reality to that. He showed that one can still be successful financially despite "life happening" and having parents who aren't able to give their children a great start. Love his transparency and caring about the younger gens.
I really appreciate they hosted Galloway on the podcast and shared a different perspective. Not that they are at odds, but Galloway does have different views on many topics, including people owning some individual stocks. Would be great if they also had people like Aswath Damodaran or Bill Perkins.
Well done!
OK for a reference what is Ben's age because a lot of the advice seems to use this as comparison point. 😂
had to say I was smiling to myself when Scott was giving financial advice to Ben 😁 Interesting episode - I think Scott made some good points, and points that I dont quite agree with. It was a good listen.
“5 random stocks in the sp500 have never lost money after 10 years.” What?
“We aren’t used to living past 30.” Blatantly false. Child mortality used to drag down the averages
this guest is a quack. it's "normal" to work 6 / 7 days a week in order to set yourself up for a financial future. lol...
this pod reminds me so much of the book 'psychology of money' by morgan housel, great guy galloway.
Hahaha, many of what Galloway promotes are opposite of Housel. Morgan is insightful and humble, Galloway full of himself.
Good discussion. I can't say I always agree with prof. Galloway's sentiment, but he's a very entertaining listen and--at least to my ears, pretty on point during this talk. Thanks to all! Keep up the great work.
And Ben, stay young sir--may we all avoid the algebra of ageing.
Quite the uh, vibe shift between last week’s guest and this guy eh? That whole diabetes rant was off the freakin rails!
Enjoyed the podcast. Keep getting reminded by you two and your guests of how important fees and taxes are to investment returns. May I suggest deep dives on both in future pods?
Imagine having over 100 million and feeling the need to work. It's beyond me.
Greed, and someone’s worth is very much tied to their wealth.
I don't have £100m but I have enough to retire. I still choose to work because I enjoy it and at 53 I feel too young to retire. I have plenty of time for hobbies, traveling and socialising even while working. The only thing I might do in a few years time is go part time but I'll keep on working for many more years.
Every time Scott Galloway mentioned Ben’s age. I couldn’t help but chuckle. 🤭
The best part was Ben bringing it up and asking Scott to guess his age. I guessed 34 i was close it’s 36.
Scott talks with a lot of confidence (probably a reason for his success) but he is totally wrong about schools "cancelling physical education". Primary reasons for poor PE in schools, based on surveys: a) A lack of teacher and administrator priority is given to physical education. b) A significant number of schools do not appear to be allocating the Ministry
recommended 10% of instructional time to physical education. c) Facilities and equipment provide implementation challenges for some schools. d) Elementary generalist teacher expertise is a barrier to curriculum implementation.
This has to do with underfunding schools and over emphasizing grades/GPA. Maybe SCOTT should stay in his lane of expertise.
One of my favourite episodes
This guy is a fake smart guy
He seems like a dumb guy's idea of a smart guy.
Yeah... This is the first time I'm watching this podcast... I was totally not expecting someone this oblivious and backwards... So narcissistic but friendly.... So close to the cusp of a real insight but drawing conclusions that are so far away from anything meaningful...
You should do a little research on "this guy" before you come to this knee-jerk opinion.
@@godparticle4883 I’ve listened to him speak directly on a few podcasts and say blatantly false things repeatedly. What better way would you suggest i “do research” on him than literally listen to him speak with his own mouth?
@@Bobventk His business track record.
Wow! Great crossover!
For someone claimed to be the child of big government and benefited from, he obviously don’t want to contribute to it. Seems he can’t move fast enough to Taxes land of you on your own.
Isnt the point of this podcast to get a wide range of views? I liked this one, lots of general advice for the average person.
Loved the podcast! Great insights from Prof. Galloway.
Podcast was entertaining, but i felt like the guest was all over the place at times, recommends index funds but talking about private investments, asymmetric opportunities, betting on companies if you have a really good feeling about them...
And sounded kind of arrogant towards Ben and young people in general.
Not someone I'm going to follow, but i appreciate the diversity on RR.
Yes it made me uncomfortable in the manner he was addressing Ben.
I watch a lot of your stuff and generally podcasts on youtube, this has definitely been the best interview Ive heard for a long time. From 🇯🇲
Did he just say he worked so hard his marriage and family life collapsed and it was all worth it, and then shortly after state that he savors the time with his kids and current family? Seems contradictory.
"it was all worth it" sounds like he is telling this to himself. Maybe if he hears it one more time he'll believe it? Interesting episode.
Such a great interview! Thank you for bringing on Prof G. I need to start listening to Prof G show podcast and put this book on my reading list.
⭐
Great talk!
Listened twice as each segment had something thought provoking to reflect on (especially fears around raising kids)
Interesting perspectives, but a little too condescending towards mr Felix in my opinion.
Am I dreaming?
How old is Ben?
Okay, I should have watched the video 2 minutes longer ... 36 years old.
25
He's just a kid. Might not know it yet he is
Galloway has no idea what wonderful teachers you both are, impacting more lives that he ever did. I found his attitude a little disgraceful, while yours was professional and full of modesty. I hope you don't invite him in your future podcasts, he is not worth it.
A bit too american for my taste.
As an American I couldn't agree more.
This is some of the dumbest shit I’ve ever heard. “I broke my first marriage, but it was worth it?” That is not a edgy take that is just flat out dumb.
He is so in love with himself. And desperately wants you to know how great he is.
I had no idea who he was, and after this looked him up. He does marketing. What a joke.
When i heard ben was 25, i was in awe. I thought he was a sudden genius! Now i think he is just gifted. Lol. Love ya Ben!
He is 36. He says in this episode at the end.
🤮🤮🤮
Why this dude keep repeating antiwhite propaganda?
Found the reason.
From wikipedia: "His mother, a Jewish immigrant..."
Whaaat? Must have missed that part…
Youre calling yourself out with those comments. Yikes
Based. Didn't listen to the podcast and im not going to because the comments make it sound cringe. But based calling out the juice like this.
@@Austin-fc5gs They disproportionately are responsible for anti White movements and the proliferation of anti White attitudes.