Achieving Financial Success: Scott Galloway's Tips
HTML-код
- Опубликовано: 6 июн 2024
- Scott Galloway is a podcaster, bestselling author, and professor of marketing at NYU. He's irreverent, cocky, brutally honest, and surprisingly humble. He's also wildly successful - and he doesn't care who knows it. In fact, he thinks more rich people should talk about their success. That's why he wrote his new book, "The Algebra of Wealth." "It's almost like a letter to myself when I was younger," he tells Rufus in today's episode, which was recorded live in New York City, "the mistakes I made, some of the things I did right, some of the things I did wrong." Tune in to learn how to build your savings muscle, why you should avoid stock picking, Scott's favorite ETF, whether it's better to be an entrepreneur or a company man, and more.
00:00 - Personal Reflections
02:51 - Professional Failures
06:26 - Economic Security
09:46 - Investment Insights
12:36 - Wealth and Taxes
16:16 - Personal Finance Advice
20:31 - Life and Happiness
24:50 - Challenges of Wealth Management
29:15 - Impact of Economic Inequality
33:40 - The Role of Money in Family Dynamics
38:05 - Strategies for Financial Independence
42:30 - Importance of Authentic Relationships
47:55 - Career Advice for Young Professionals
52:10 - Perspectives on Entrepreneurship
57:35 - Views on Legacy and Social Contribution
"The Algebra of Wealth", available now on Amazon: amzn.to/44MLb9V
**********
💡Discover the best new books with the Next Big Idea Club, a revolutionary book club experience. Beyond just reading, the Next Big Idea Club is a journey. It’s where thought leaders converge, where ideas transform into action, and where books become a gateway to a brighter future.
JOIN US
www.nextbigideaclub.com
For the best experience, download the Next Big Idea App.
Apple App Store: apps.apple.com/us/app/next-bi...
Google Play: play.google.com/store/apps/de...
OUR CURATORS
💡 Malcolm Gladwell: Renowned journalist, author, and speaker.
💡 Susan Cain: TED speaker, introvert advocate, bestselling author.
💡 Adam Grant: Noted psychologist, author, and Wharton School professor.
💡 Daniel Pink: Expert author on business, work, and behavior.
If you enjoy the content on our official RUclips channel, please like, subscribe, and thank you for watching!
CONNECT WITH US
Next Big Idea Podcast: pod.link/nextbigidea
LinkedIn: / 10026818
Twitter: / nextbigideaclub
Instagram: / nextbigideaclub
Facebook: / nextbigideaclub
DOWNLOAD OUR APP
Apple App Store: apps.apple.com/us/app/next-bi...
Google Play: play.google.com/store/apps/de...
Contact: info@nextbigideaclub.com
Subscribe for more insights:
ruclips.net/user/NextBigIdeaCl...
#NextBigIdeaClub
The best approach to achieving financial. success is through steady investments, I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market
Knowledgeable Investors know where and how to put money during a crisis in order to reduce risk and maximize returns. See a market strategist with experience if you are unable to manage these market conditions.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Amber Dawn Brummit is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
Curently, investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
I stopped trying to predict market outcomes based on chart studying after 5 years of uncertainty. Not having a mentor caused me 5 years of pain. I learned to follow the market's direction and keep it simple with discipline.
Finding financial advisors like Sharon Ann Meny who can help you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Considering how volatile the stock market is right now, I think investors should focus on cheap stocks. Of my $270k portfolio, 35% consists of formerly well-regarded stocks that are currently experiencing a sharp decrease. I have no idea how to escape this awful circumstance.
I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience.
Many people minimise the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm solvent. I looked for licenced advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Kenna Muriel Hesseling is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing
It's refreshing to see Scott's honesty and vulnerability in discussing his personal journey and mistakes. 📚 His insights on economic responsibility and personal growth offer valuable lessons for all of us striving for success and happiness.
Scott, you have a great sense of humor, and if you ever want to give money to a stranger, I'm more than happy to collect. 😊
I began working at 18, strived and grew my portfolio to 600k by 33. Recently, lost over 30% and want to mitigate risks. Also, planning to buy a home soon and want my portfolio to grow to a 7-figure ball park so i can retire in 9 years. What should I do?
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
IMO, Adding JEPI and JEPQ is smart for retirement. As for staying committed to low-risk investments, it's all about balancing your risk tolerance with your long-term goals.
De-risk your portfolio, shore up your core holdings, and take some profits while balancing your portfolio allocations. I’d also suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I. We've made over 80% capital growth minus dividends..
@84gaynor I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
Just because there are opportunities in the market doesn’t mean you should go in blindly. To understand the potential factors that contribute to your financial growth, I'll advise you to seek the help of a professional.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
its never the best and never the worst time.. nobody knows anything more than that.. so do it! if you want to make it (statistically a little worse but) easier to handle mentally, you put all the money into a hysa or bonds and then take from there and invest 1 -2 % of it (5500 - 11000) a month into stocks to get the so called "dollar cost averaging effect"
@@KevinEvans-mq4ob interesting, I'm in a similar situation. Do you have so me examples what the advice was? Like fire half your employees or sell the whole company or was the advice more subtle like invest in marketing etc.?
My strategy has always been to invest 25% of my income in the stock market at the beginning of each month. The second part of my strategy is not to sell for at least 5 years, but recently my portfolio has suffered major decline about $150k in losses. What can I do please?
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. which may reduce your dividend gains or income, speaking to a certified market strategist can help with pointers
Agreed. It's always wise to be proactive and consider diversifying our investments to manage risks in uncertain economic times. I delegate my day-to-day investing to an advisor ever since suffering a major steep-down late 2019, amid rona-outbreak, and as of today, I'm semi-retired with barely 25% short of my $1m retirement goal after subsequent investments
my partner’s been considering going the same route, could you share more info please on the advisor that guided you to such impressive gains
*Sharon Lynne Hart* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
The most important in life is health then having wealth enough to cover you living confortable . The rest should be learning , relationships, holidays etc
The best advice for young people; appreciate his candor about his mistakes along the way too.
Wow. I was at UCLA in ‘84-88 and I was one of those kids like you. I even took the midnight shift at the front desk in the dorms, from 12 to 4 AM and 4 to 8 AM just so I could pay less in rent to the dorms, then I’d go to class.
Never heard of Scott or listened to him before now... im pleased the algo suggested this! love his honesty, loved this. Thank you 😊
How is this man not president?! I've never heard anybody outside of Bernie say these things. Thank you!
Suck up to rich people, and they will help you become rich. What a motto. I can see why he loves the Saudis so much.
Thank you Scott for sharing those mistakes and regrets. It helps to know I'm not alone.
A genuine heartfelt and personally revealing interview.
You can see me there in the front row center!! This was amazing to see. Scott is still on-brand off-camera.
9:48 I love Scott Galloway so much.
Excellent rewarding conversation.
Great interview. Learned a lot about myself. Thanks.
34:45 , 1:00:10, 1:05:35, 1:09:56, 1:18:00
Sharing this with every kid I know! Excellent advice.
Just superb. This bloke is a Legend and I just found him by accident. He deserves his title of Professor. Thank you as a Boomer this is the reality but our politics have prostituted every environmental and economic rule to feed our own egos.
he overvalues his personal efforts and discounts the insane amount of luck to be alive during the greatest times for investing in the markets among other things where he lucked out. he could be a bit more honest about that. anyway nobody will get rich by buying index fonds nowadays.
Awesome guest!
Bravo Scott ! 🎉
👏🏼👏🏼👏🏼👏🏼👏🏼 thanks man
I like a lot of the stuff he talks about. I just don't see how he can't see the dissonance between this idea of how to manage your money and diversifying, and how he managed his time and work. He poured all into work and it. paid off, and now he can spend a lot of time with his kids, it was a wild bet if he didn't have had financial success, he wouldn't have money and he would have crappy relationships
I’m sure a narcissist like him has the best relationships that money can buy.😂
Dissonance? He talks openly about going “all in” when you are young (education + a big city w/ energy) and then keeping it through diversification when you are older. Did you read the book?
@@TrendyStone Yes, dissonance in the strategy he suggests for money (diversification) and time (all-in). How you treat money, time and love are equivalents, I do see a dissonance between how he suggests investing money and how he suggests investing love, which psychologically is equal. In fact, the advice of going all in is the same as he did with his money when he was young, and it didn't pay off. I think he got lucky with the all-in strategy in terms of work over kids because work paid off, but for most people, work doesn't pay off, and over-investing there to the detriment of your loved ones, is a risky gamble.
Haven't read the book, I might, I heard a couple of his interviews and I think I got some good ideas out of him already.
@@TrendyStone Plus, he doesn't say you should that. He says that if you want to be a millionaire like him, you should do that. Big IF. Millionaire land is extremistan territory.
These talks are great, really humanizes the speaker
Never gave a F about this guy
He’s a real person now, not just a talking head on RUclips
The two wealthy talking guys on stage by the "No Entry" signs - hopefully not prophetic. Great talk!
29:00 truth. I agree on distribution of wealth and tax code etc etc. But the other side of that coin is personal responsibility. I work in property management mostly affordable housing and 24-7-365 ubereats and doordash in and out. No one should be using those apps. Rent-to-own is another one, it's insanity.
What a sick show .....
I like his mindset
Nvidia seems to be have similarities with CISCO. It is infrastructure too and CISCO was much bigger.
If I could go back in time my college years would be studying to be a CPA and then a tax attorney.
Google phone is so better than I phone
Great listen overall. My only gripe is people like Scott always give the advice of do what I say, not what I do. Zero chance he would have made $100m+ investing only in index funds.
Exactly. He’s a fraud.
100% He is an outlier though. His point is that most people are not going to be outliers like him. For most people, index funds almost guarantee a decent return over time, whereas only the lucky or truly amazing will be like him.
You confused MAKING wealth by taking lots of risk when you are young and can afford resets and losses with KEEPING wealth when you are older. He covers all this in his book.
@@TrendyStonewhich book?
@@esqu1re Fair take.
Interesting how he bashes senior citizens for collecting the relatively modest social security that was taken out of every paycheck during their working life, while he enjoys being super wealthy and talks about how he can spend frivolously on himself as long as his wealth never drops below $100 million.
How’s it most people made money from insane concentratedbets? And not diversified portfolios.
that word was ikigai. do an image search on that.
#Truth
The interviewer (who is a successful RUclipsr) contradicts Scott regarding following his passion.
He’s that successful guy who is gaslighting all the regular joes SG is speaking to.
The moderator totally missed the point when he spoke of his Dad being a corporate attorney; go back and LISTEN to what Scott said. I’m sure corporate attorneys do fine and can get satisfaction from their “passionate “ weekend hobbies
An Android Samsung is equally expensive, and infinitely better than an iPhone.
The S24 is more expensive than an iPhone 15 Pro-but worth it.
Truth! Takes better picture, too.
Only if you use no other Apple products. Apple’s advantage is that they have best in class product across the board and the value compounds as you lock in to the eco system.
Nope. It’s about the ecosystem. Android users ruin any group chat. It’s obnoxious. I can’t even text them a pdf. We hate it when one an android user with their stupid Samsung screws up our group chat. Just stay out.
We don't all fall pray to lifestyle creep.
Why do ppl think the government is good at spending your tax dollars LOL
Right, billionares are much better at that, they build beautiful infrastructure, schools, provide great medical care.
Cause if you live in a decent society you can see evidence of past work all around you
I get pissed off, when I get charged for a seat, on an airplane, above the cost of the plane ticket.
It's like you were to fly standing. So annoying.
Imagine if after ordering food in a restaurant, on top of the price on the menu, you also get charged for the plate and cutlery.
I miss Winners & Losers
SUPPOSEDLY CONCERNED ABOUT SOCIAL ISSUES, BUT ONLY STRUTTING HIS WEALTH.
Streaght to the point no tap dancing around.
Great talk. Have your kids watch this. I've heard the iPhone thing a few times. I don't think it's exactly right but it's the right idea. ROTH, 401K pay yourself first, invest 10%-20% of your income every month and you can live whatever life you choose. Successful or unsuccessful there is a beautiful financial rainbow at retirement. It's so simple really. Self love.
My favorite liberal wiseman
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $500k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Scott had 30M and he thought it was a lot of money “at the time”? What does he think is a lot now?That’s what’s wrong with this country. There’s so much money with a small group and it’s never enough. Is he on the talk circuit to really help people or to brag?
This dude is off his rocker. Why anyone listens to this is beyond me LOL. Ohhh I know why! Because he says he is rich. Appealing to greed is a great formula for deceivers.
Watch out on comments for those fishing for clients. Not cool.
Love listening to Scott, but he repeats everything in every interview that he does, its like he just rehearses his set like a comedian does.
😀
This host's insistence on going all in on tech stocks is pure idiocy.
I think Karl Marx Communism is far worse than Capitalism
Scott Galloway 2024!!
Maybe for prison for crimes against healthy culture. What a tool this man is. You should learn your history about who he really is and what he used to teach before he became part of the 1% OF the 1%. Galloway for prison.
How is he claiming he is a jew and also an atheist
Because it is an ethnicity/nationality/race and a religion. There are Jews who are atheists, Christians, Buddhists, etc.
Sam Harris is also a Jew (Atheist).
@@dionysus9876Hebrew and Jew what the difference
If u work for those big companies u r just making the evil companies richer. I would go small companies or entrepreneurship .
100 million? Why does anyone need more than 20 million? Or even 10? 4% of 20 million is 800k and there is no single person in the world that can’t live an insane life spending $800k a year. This guy is a little out of touch. He’s great in his ideas and approach to things in general, but he’s out of touch in terms of what’s needed for personal wealth and the need to be happy/secure.
100M doesn't mean you're 100M liquid. Often not.
@@patienceisalpha sure, but if you’re not earning income off the majority of your assets (whether it’s rental income, dividends, royalties, or business income), then you’re doing something wrong. Even if $50M
-75M is tied up in business assets, the income from that should still be in the millions. Illiquid doesn’t necessarily mean it’s not income producing. If it does, then it’s time to consider leveraging or selling.
@@rayray52577 VC funds typically don't provide income until an exit. Scott is heavily geared towards privates
That’s his number, I didn’t interpret it as him saying that should be other ppl’s number 🤷
Absolutely. There has to be a line between need and greed.
We already have enough demagogues.
so how much are you worth . you talked around it.
and tell everyone to be open about income.confused
He said 100M
Scott is very adept at talking his way around questions, but never directly answering them.
He lost me with, "Don't put any money in crypto." I've made a small fortune in crypto, and will continue to do so. Do your research, the S&P will actually LOSE you money in the long run, it doesn't keep up with even basic debasement of currency.
awesome talk but do not agree about crypto. Bitcoin might be the best investment for the young, more than s&p 500 index
Why does he claim to be Jewish and Atheist ?
Jewish is an ethnicity as well as a religion. Many atheist Jews in the US and Europe.
Hopefully he finds Christ.
the old people paid their fair share of taxes and now they are being bad mouthed by this guy by getting what they deserve and have paid for? what a dangerous teacher
He’s seriously the worst. He helped create the culture that is destroying the world. lol he just said he doesn’t see why anyone needs more than $100 million. That’s so easy to say from the guy worth more than that who originally taught his students that capitalism was the devil. I don’t think I’ve ever listened to a bigger hypocrite in my life.
Old people allowed their government to turn Social Security into a pay-as-you-go scam; they're projected to take out 3x what they put in. They didn't earn anything. They indebted future generations to bankroll their retirement and perpetuated the lie that they 'earned it'.
I agree, he’s a narcissist and his views on social security are repugnant. He’s also cagey about answering certain questions directly, expounding on the subject but not directly answering the question asked. 👎🏼
so many here feel threatened by Scott's honesty
Agreed. Does he think everyone who is retirement age is worth 100 million? Definitely not addressing the big picture.
A Jew quoting Marx is probably the most cliche thing I've seen this year.
The irony of an atheist using “God” and “Jesus Christ” all over his conversation…
Frightening human
so this guy feels guilty he is not paying enough taxes, yet does not ask about where the tax dollars are going. I guess is happy funding corrupt political system. Also takes advantage of all the tax loop holes. Total wackjob.
It’s literally posted on web by the US government. You don’t need to ask to see where it is going. It’s not a mystery. But the point he is making is it’s morally wrong to allow the wealthy to be taxed at a lower rate than normal people when they have disproportionately benefited from a system they are also rigging.
Your argument is coming right out of a propagandist’s playbook: seeding mistrust to make sure everybody thinks it’s ok not to contribute to a democratic system. They want you to believe everything is rigged so you do not even think to stand up and contribute to change it for the better. With people thinking like that, the corrupt guys will feel very, very safe in their place.
Everyone should be taxed far less if spent properly
RFK jr 2024 ❤❤❤ the only one addressing the issues he brought up. Not trump or Biden.
Why is paying taxes a sign of virtue? I dont want you to fund Ukraine bullshit wars…i want you creating another billion dollar company that will improve my quality of life by using your products & services! Let billionaires not pay taxes please.
Don't talk about money with people who have more or less than you. Basically don't talk about money.
I'm sorry not really. Have you ever worked in a trade for over a year. Like really did labor.?