It takes balls of steel to be this vulnerable for the good of the public and talking about issues once faced so openly, offering great advice and being a role model. I always see Scott as he's become the father he never had and I'm happy that he's living the shit out of life and shares what he learned so openly.
"Balls of steel" might be overdoing it a tad, bro. Pretty sure, it's much easier to admit you made mistakes or were once poor, from the comfortable tribune of currently being successful. Though, it does mean he likely doesn't have any inferiority complex. Still, great interview. 10/10. Would bang.
I love this. What Scott is doing is bringing down the knowledge to the rest of us - common folk at the moment. The best part is 38:30 and 44:48: "Elbow your way into the position"
Ed, thank you for a fantastic interview! Your other career should be interviews... This is one of the greatest personal interviews on the value of time, investing, honesty Ive ever watched or listened to.. Thank you Scott ...Go Bruins! Go Qs bar Mafia..
I really appreciate the open and honest information you provide in this interview Scott. Thank you both for working on these podcasts. A good source of learning for me personally.
I never take the time to comment on anything- good or bad- but this was too good to not take the time to do so. It’s without a doubt the best episode yet. Looking forward to reading your next book.
Love this interview. Great questions and great answers and honest conversation with Scott being very honest and forthright about his mistakes and the consequences of those mistakes. Lots of wisdom here. thanks
Usually not a fan of videos over 20mins but this got me hooked especially being young though not too young but just fresh out of uni. A lot of wisdom in this interview really
Fantastic interview. I feel like at age 54 I have made so many mistakes that it be tough to recover from before I go to the other side. Scott I enjoy your insights they motivate me to be better and work my out of this hole I created. My father always said life isnt a dress rehearsal. So you better live it in my eyes
Much respect in the philanthropic giving of money back to add value. There are those with a lot of money just want to keep a lot of money and not give back.
Just refound you today on RUclips was a avid watcher of your L2 content, glad I found you again your advice in your recent videos couldn’t have come during a more relevant time, thanks Scott
Thanks for being so open & honest about your personal knowledge and experience! I, too, realized I needed to get serious about investing after my first child was born. Unfortunately, I grew up with a father that had absolutely no impulse control with spending & gambling. Consequently, I had absolutely no role model regarding money management. I wish your information had been available 40 years ago.
Love hearing the nitty gritty from Scott. A question about charitable giving- How do you select good causes to give to? I know there are services like charity navigator but these seem to be orgs that just give a rating based on how good the charity is at paperwork and admin tasks, not necessarily correlated to impact. How does Scott make this selection?
What I admire of you, is that with your money you bought such a freedom that you can say whatever you think it is worth saying, and often even aginst your same interests in stake.
I’ve been watching your videos, Scott, since I was 16, about 7 years ago with Gartner L2. Between the podcast, interviews, book ‘The Four’ (I bought it but it is in my closet mostly unread) I’d like to say, thank you. I don’t agree with you on everything, but I appreciate you striving to make engaging and valuable content for the masses.
totally agree with Prof G about debt. NOT ALL debt is bad, that is the truth. If you take out a line of credit to buy Gucci and Prada and go on vacations you can't afford, that's bad debt. If you buy a duplex near your work, in an area poised to grow, and rent the other unit out to pay the mortgage... that's GREAT debt!!! it all depends on the context and situation, as the prof definitely mentioned!
16:00 I worked at a ritzy gym, it was for upper and upper middle class people. 11am gym was packed with stay at home moms, some were my clients. I was shocked at what I was told and/or overhead, they would give each other tips on how to hind and steal money from husbands. One woman I was training told me she had stopped taking birth control and did not tell husband because she needed his money for another 18 years. Money changes people and not for the best.
I wish I was debt free. Would love to optimise my time on creating wealth so I could help other people. There is nothing more rewarding in life than helping people in need. ❤
My wife and I are in the same profession therefore salaries about the same. Now that we are retired we don’t nit pick regarding small purchases but agreed to have a discussion on big ticket items. If one person manages the money the partner should be involved to at least have a plan if something happens.
I do think if someone has enough wealth in their lifetime that creating intergenerational wealth in a family across time matters. Building trusts that have rules for support, success. So that the next generation can start off solid but still needs to work for success. Example: Trust that has following support rules,, For Kids, grandkids, great, great-great grand kids.. For Kids 0-15 yrs old supporting their life basics+, being a good kid, thoughtful, good to others, sports, scouts, lifeguard etc.. 16-26 yrs old Focus on schools, work, trade skills, military or public service, basic used car, performance driven outcomes for them 27-35 yrs old getting life organized, basic home, career launch, becoming a good steward of the trust & basic+ support for the next set of kids.. rinse, repeat..
Prof G, Great financial advice. You clearly know how to make money and your teaching and experience is much appreciated. And very helpful true-life stories to make the points. I also appreciate the transparency about your personal life.The advice about how money allows you to solidify relationships is clearly not expert advice. Maybe I'm wrong. I'd love to hear specifically how you use money to solidify your relationships. I think an expert would say that using money to solidify relationships is akin to putting all of your financial assets in a single, very risky investment. I don't think it's a very healthy (or true) message. I particularly felt a little bad for your young co-host. I say that respectfully. Love, which is what all good relationships are built on, transcends money by orders of magnitude. They barely belong in the same conversation, except maybe in a very narrow scope. I don't want to take away from all of the good stuff and good intentions in this episode. Just thought it important to challenge the part about solidifying relationships with money. It doesn't work.
Prenup should be required. I hate how men always say they were financially ruined. It should not be that way. However the true monetary value of a womans contribution, if she stays at home, needs to be acknowledged when they still love each other.
Be in the room. 😂 prof G is squimish. 😂. It's important. During our first, I tried to step away when things got tense and the old school nurse grabbed my arm and held me at bedside without my wife seeing. She did a great service to us both.
I wish I had known about this channel before I started playing around with investing, but I'm glad I know about it now :) I have been learning the hard way of the value of being diversified and investing in safer instruments. The Vanguard index funds look great, for example. Now I'm going for a nice mix of those and government treasury bills, bond/treasury-based ETFs, and a selection of companies that seem like either a safe bet or something worth gambling a little on based on various factors. It is also a challenge learning not to panic-sell and not to buy into hype. I don't recall if he said it here or in another video, but the good professor did mention that once you're hearing about it, it's probably too late.
This is sound financial advice.. it can even be as easy as $250.00/mo beginning at 24.. with a little luck with timing and recognizing certain market patterns with the help of an advisor.. you can at least use the advantages of time and dollar cost averaging upon reinvesting returns.
You don’t need 1mm/ year even in manhattan even with 2 kids and nanny. 15k rent or needing to be a Goldman partner is also totally off base. Thats the tippy top even in manhattan - totally unnecessary. A couple hundred k and help from the parents for a down payment and you’re set in manhattan
48:25 Thank you Scott for your in-depth wisdom and knowledge, but I deeply pray that you find your way to Jesus Christ and make him your Lord and savior, so that you may have eternal life. In Jesus name, Amen! 1 Timothy 6:7-10
From the standpoint of an impoverished Canadian, Prof G's complaint of only making 300K US per year is a slap in any toothless Canadian's face. The compounding wealth of the US is just astonishing relative to hinterland countries like Canada and Mexico. Our currency alone automatically gives us a 30% kneecapping.
It's actually a slap in any NY'ers face in 2023 as wel. He's talking about levels of wealth (like they're attainable) that only 1% will see. In reality, capitalism has us all believing we're a bunch of temporarily embarrassed millionaires.
If the exchange rate is Canada’s knee capping then private healthcare in America is their gang beating. In Canada we make life-saving choices in America they make life savings choices. Further, there is less disparity between the haves, and have nots.
@@henrikwakman7776you sound like the guy who throws his wife to the ground and puts his boot on her neck, and says "Stop complaining about the boot on your throat, whining just makes it worse for you".
So right about divorce. I got divorced and alimony for the past 13 years has been a huge burden on my personal financial success despite 90% of my wealth in assets were made after the divorce!!!!!!!!
Wow, ignore Scott's advice on not being in the room when your children are born. ;-) (Learned nothing... makes me wonder about the other stuff. Sigh.) That said, really appreciate the discussion. Thanks Ed (and co.) for the great questions, and thank you professor for the candid talk.
Exceptionally great video. I think it is important not to downplay passive index investing. $100k x 50yrs x15% per year is $100,000,000. - Granted that is at the high end of the return range - (the S&P 500 is about 10% per year). But please remember $0.02c (two pennies), doubled every day for the month of August returns $10 million on the first day of September. Use, covered calls and +25% leverage, judiciously along the way as you decide.
It’s incredibly generous of you Scott to tell folks all this. Because I’d heard to do it before, I’ve tried to copy you in explaining to others some of the stuff that people just never explain to you. (Like you get wealthy from assets, not from your salary….) I hope I do it as humbly* as you do here (*not a word normally associated with Prog G 😂)
Scott's unfiltered insights on money, marriage, and wealth are a must-watch!
The thing i love most with Scott is how humble he is, and how honest he is with his mistakes.
I agree
Having 9 figures negates that I'm sorry
Yeah, humbe-brag
He's frightfully arrogant
Don't confuse arrogance with confidence.
It takes balls of steel to be this vulnerable for the good of the public and talking about issues once faced so openly, offering great advice and being a role model.
I always see Scott as he's become the father he never had and I'm happy that he's living the shit out of life and shares what he learned so openly.
"Balls of steel" might be overdoing it a tad, bro. Pretty sure, it's much easier to admit you made mistakes or were once poor, from the comfortable tribune of currently being successful. Though, it does mean he likely doesn't have any inferiority complex.
Still, great interview. 10/10. Would bang.
I love and appreciate how honestly Scott was answering every question with no politics and no bullshit around it. Respect!
One of my favorite Prof G shows to date. Thanks for sharing, Scott.
I love this. What Scott is doing is bringing down the knowledge to the rest of us - common folk at the moment. The best part is 38:30 and 44:48: "Elbow your way into the position"
Scott you’re a beast dude. Keep being unapologetic about being human and keep not giving a fuck what “society” thinks.
Ed, thank you for a fantastic interview! Your other career should be interviews... This is one of the greatest personal interviews on the value of time, investing, honesty Ive ever watched or listened to.. Thank you Scott ...Go Bruins! Go Qs bar Mafia..
I really appreciate the open and honest information you provide in this interview Scott. Thank you both for working on these podcasts. A good source of learning for me personally.
This is Scott's greatest work! What a service to humanity. Thank you for your candor and insight.
I never take the time to comment on anything- good or bad- but this was too good to not take the time to do so. It’s without a doubt the best episode yet.
Looking forward to reading your next book.
Scott is the best!
so glad this link got posted on Reddit! Great 1 hr.. so worth it!
This is the best episode I’ve ever heard from Scott
This is a goldmine of an interview! Tnx for being direct, candid and informative!
Love this interview. Great questions and great answers and honest conversation with Scott being very honest and forthright about his mistakes and the consequences of those mistakes. Lots of wisdom here. thanks
Usually not a fan of videos over 20mins but this got me hooked especially being young though not too young but just fresh out of uni. A lot of wisdom in this interview really
Fantastic interview. I feel like at age 54 I have made so many mistakes that it be tough to recover from before I go to the other side. Scott I enjoy your insights they motivate me to be better and work my out of this hole I created. My father always said life isnt a dress rehearsal. So you better live it in my eyes
Great interview!! Scott, I love the way you think and how honest you are at yourself.
Great interview and great interviewer
Much respect in the philanthropic giving of money back to add value. There are those with a lot of money just want to keep a lot of money and not give back.
Thank you for great episodes every week and this one topped the lot. Essential listening for late teens and early twenty somethings. Cheers, David
This is so informative. Thank you, everyone behind the show.
Just refound you today on RUclips was a avid watcher of your L2 content, glad I found you again your advice in your recent videos couldn’t have come during a more relevant time, thanks Scott
Thanks for being so open & honest about your personal knowledge and experience! I, too, realized I needed to get serious about investing after my first child was born. Unfortunately, I grew up with a father that had absolutely no impulse control with spending & gambling. Consequently, I had absolutely no role model regarding money management. I wish your information had been available 40 years ago.
I absolutely love these podcasts. The quality will decline as it gets more popular but for now, I’m really enjoying them.
Great episode and quests team! Scott thanks for sharing!
Really quality answers for how to handle personal finances
I love this guy man, he gets it. Shit ain’t easy out here and you need to put in the work to get results. But make sure you take care of #1.
Great broadcast. I’ve seen many of your shows. Going to rewatch and show my wife.
Can't believe this kind of content only has 140K subscribers. This is GOLD
This guy is a national treasure and massively inspirational. Thank you both so for this content.
Appreciate the candor. Helpful.
Great video, definitely sending this to some friends.
Great video editing. Like the written points to help drive home the learnings.
Well done, gentlemen. Well done.
Love hearing the nitty gritty from Scott. A question about charitable giving- How do you select good causes to give to? I know there are services like charity navigator but these seem to be orgs that just give a rating based on how good the charity is at paperwork and admin tasks, not necessarily correlated to impact. How does Scott make this selection?
I love this content. I was so heartbroken when the L2 episodes stopped.
What I admire of you, is that with your money you bought such a freedom that you can say whatever you think it is worth saying, and often even aginst your same interests in stake.
Awesome interview, appreciate the thoughtful conversation, hello from the Philippines.
Wow, this was one of the best ones. Thanks
Wow guys. This episode is so good. Great interview.
Love the brutal honesty :)
yet he will tell you to cut emissions and go green while he drinks Champagne from diamonds and flies private all over the world!?
Scott thank yo for your advice and giving me financial hope, not doing good$$, you give me hope , thank you
Great one! Who ever pitched this gets a gold star for the week! ⭐️
Great questions.
Glad I found this channel. Great interview.
Wow, amazing episode. Thanks!
Loved this interview.
stopping by to say that this episode was really good. thanks, @ed, thanks, @scott
I deeply enjoyed this talk! Thanks for sharing! 🙏
"Its very hard to read the label inside of a bottle" should be the quote of this episode.
Great pod 👌
I recently came across your content and unbelievable how much valuable information you provide for free. Thank you Sir!
I’ve been watching your videos, Scott, since I was 16, about 7 years ago with Gartner L2. Between the podcast, interviews, book ‘The Four’ (I bought it but it is in my closet mostly unread) I’d like to say, thank you.
I don’t agree with you on everything, but I appreciate you striving to make engaging and valuable content for the masses.
Great content and insight. Love the honesty; love the generosity
Its so worth it
Yesterday
I didn’t know i was surfing today
totally agree with Prof G about debt. NOT ALL debt is bad, that is the truth. If you take out a line of credit to buy Gucci and Prada and go on vacations you can't afford, that's bad debt. If you buy a duplex near your work, in an area poised to grow, and rent the other unit out to pay the mortgage... that's GREAT debt!!! it all depends on the context and situation, as the prof definitely mentioned!
47:30. When you have worked so hard your whole life and saved like crazy, now you just want to finally enjoy it. You deserve it Scott
Bro he has 9 figures thats insane
This one was great. I am a similar age and a lot hits home.
Great interview
Thanks for being transparent Scott, you will help a lot of peeps!
16:00 I worked at a ritzy gym, it was for upper and upper middle class people. 11am gym was packed with stay at home moms, some were my clients. I was shocked at what I was told and/or overhead, they would give each other tips on how to hind and steal money from husbands. One woman I was training told me she had stopped taking birth control and did not tell husband because she needed his money for another 18 years. Money changes people and not for the best.
Love is for teenagers, poor people and gay dudes.
I wish I was debt free. Would love to optimise my time on creating wealth so I could help other people. There is nothing more rewarding in life than helping people in need. ❤
Great content
This was an excellent session. Great questions from aspirational relative youth to middle age success.
"you're in the top 1% of whatever you are, 14-year-olds, " ... Ed didn't even flinch. I love this show.
great show. lots of insight.
21:43 spot on
My wife and I are in the same profession therefore salaries about the same. Now that we are retired we don’t nit pick regarding small purchases but agreed to have a discussion on big ticket items. If one person manages the money the partner should be involved to at least have a plan if something happens.
Great episode, thank you! One thing tho; Does he ever smile?😅
I do think if someone has enough wealth in their lifetime that creating intergenerational wealth in a family across time matters. Building trusts that have rules for support, success. So that the next generation can start off solid but still needs to work for success.
Example: Trust that has following support rules,,
For Kids, grandkids, great, great-great grand kids..
For Kids 0-15 yrs old supporting their life basics+, being a good kid, thoughtful, good to others, sports, scouts, lifeguard etc..
16-26 yrs old Focus on schools, work, trade skills, military or public service, basic used car, performance driven outcomes for them
27-35 yrs old getting life organized, basic home, career launch, becoming a good steward of the trust & basic+ support for the next set of kids..
rinse, repeat..
Truth bombs all over that first 10 mins! Great
Prof G, Great financial advice. You clearly know how to make money and your teaching and experience is much appreciated. And very helpful true-life stories to make the points. I also appreciate the transparency about your personal life.The advice about how money allows you to solidify relationships is clearly not expert advice. Maybe I'm wrong. I'd love to hear specifically how you use money to solidify your relationships. I think an expert would say that using money to solidify relationships is akin to putting all of your financial assets in a single, very risky investment. I don't think it's a very healthy (or true) message. I particularly felt a little bad for your young co-host. I say that respectfully. Love, which is what all good relationships are built on, transcends money by orders of magnitude. They barely belong in the same conversation, except maybe in a very narrow scope. I don't want to take away from all of the good stuff and good intentions in this episode. Just thought it important to challenge the part about solidifying relationships with money. It doesn't work.
Wow, subscribe.he’s super kind and super honest. Got so much from listening to his life experiences and investing journey.🙏
Incredible, the last about 8 mins is some of the best advise I've heard
Prenup should be required. I hate how men always say they were financially ruined. It should not be that way. However the true monetary value of a womans contribution, if she stays at home, needs to be acknowledged when they still love each other.
at 29:54 top 1% for 14 year olds? Did he mean 40 year olds? Although he looks like he's in his 20s
57:00 ♥️
Spending $200k - $400k per month is insane. Good for him.
Great show today.
Be in the room. 😂 prof G is squimish. 😂. It's important. During our first, I tried to step away when things got tense and the old school nurse grabbed my arm and held me at bedside without my wife seeing. She did a great service to us both.
I wish I had known about this channel before I started playing around with investing, but I'm glad I know about it now :) I have been learning the hard way of the value of being diversified and investing in safer instruments. The Vanguard index funds look great, for example. Now I'm going for a nice mix of those and government treasury bills, bond/treasury-based ETFs, and a selection of companies that seem like either a safe bet or something worth gambling a little on based on various factors.
It is also a challenge learning not to panic-sell and not to buy into hype. I don't recall if he said it here or in another video, but the good professor did mention that once you're hearing about it, it's probably too late.
This is sound financial advice.. it can even be as easy as $250.00/mo beginning at 24.. with a little luck with timing and recognizing certain market patterns with the help of an advisor.. you can at least use the advantages of time and dollar cost averaging upon reinvesting returns.
You don’t need 1mm/ year even in manhattan even with 2 kids and nanny. 15k rent or needing to be a Goldman partner is also totally off base. Thats the tippy top even in manhattan - totally unnecessary. A couple hundred k and help from the parents for a down payment and you’re set in manhattan
This is like therapy for us all.
Your watery eyes are proof that you are sincere about what you say Scott, thanks.
48:25 Thank you Scott for your in-depth wisdom and knowledge, but I deeply pray that you find your way to Jesus Christ and make him your Lord and savior, so that you may have eternal life. In Jesus name, Amen!
1 Timothy 6:7-10
What do you think of the concept techno feudalism teem used by yanis Varufakis
👏👏
From the standpoint of an impoverished Canadian, Prof G's complaint of only making 300K US per year is a slap in any toothless Canadian's face. The compounding wealth of the US is just astonishing relative to hinterland countries like Canada and Mexico. Our currency alone automatically gives us a 30% kneecapping.
It's actually a slap in any NY'ers face in 2023 as wel. He's talking about levels of wealth (like they're attainable) that only 1% will see. In reality, capitalism has us all believing we're a bunch of temporarily embarrassed millionaires.
If the exchange rate is Canada’s knee capping then private healthcare in America is their gang beating. In Canada we make life-saving choices in America they make life savings choices. Further, there is less disparity between the haves, and have nots.
Complaining keeps you poor. Think upwards, don't relish bad circumstances.
Then move.
@@henrikwakman7776you sound like the guy who throws his wife to the ground and puts his boot on her neck, and says "Stop complaining about the boot on your throat, whining just makes it worse for you".
This guy sounds like fun at a party
So right about divorce. I got divorced and alimony for the past 13 years has been a huge burden on my personal financial success despite 90% of my wealth in assets were made after the divorce!!!!!!!!
hope you held on to you're SOLANA Scott
Wow, ignore Scott's advice on not being in the room when your children are born. ;-) (Learned nothing... makes me wonder about the other stuff. Sigh.)
That said, really appreciate the discussion. Thanks Ed (and co.) for the great questions, and thank you professor for the candid talk.
how much for jab injuries
Spending money is not the road to happiness.
Exceptionally great video. I think it is important not to downplay passive index investing.
$100k x 50yrs x15% per year is $100,000,000.
- Granted that is at the high end of the return range - (the S&P 500 is about 10% per year). But please remember $0.02c (two pennies), doubled every day for the month of August returns $10 million on the first day of September. Use, covered calls and +25% leverage, judiciously along the way as you decide.
SG: I passed 9 figures a long time ago, and to this day I still have huge financial anxiety
Me: Ok you're ill
I'm sure he is very well aware of the inconsistency. He isn't stupid and is self-reflective.
It’s incredibly generous of you Scott to tell folks all this.
Because I’d heard to do it before, I’ve tried to copy you in explaining to others some of the stuff that people just never explain to you. (Like you get wealthy from assets, not from your salary….) I hope I do it as humbly* as you do here
(*not a word normally associated with Prog G 😂)
He has 100 mil and you think his words are generous lmao fool
What are some of the amazing things the world offers? Could you write a book on the ways you've spent sh*** tons of money?