Scott Galloway: We’re Raising The Most Unhappy Generation In History! Hard Work Doesn't Build Wealth
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- Опубликовано: 30 июл 2024
- Scott Galloway is a Professor of Marketing at the New York Stern School of Business and host of the ‘Pivot’ podcast about technology and business. He is also the best-selling author of books such as, ‘The Algebra of Happiness’, ‘The Four’, and ‘The Algebra of Wealth’.
00:00 Intro
02:00 Why Some Become More Rich Than Others
03:15 Where Do We Learn About Money?
08:43 Where Would We Be Without Those Connections?
13:04 No Matter How Old You Are You Can Still Make More Money
20:21 When To Take Risks And When To Diversify
23:27 Should We Go For Our Dream Jobs?
27:05 Having Money Is Fun!
31:18 Why Should You Have A Number Of How Much Money You Need?
32:41 How To Make 9-Figures
37:18 Where You Should Live To Be Financially Successful
40:02 How Do You Get Out Of Your Current Job Situation
42:39 Good Places To Make Money Vs Bad Places To Make Money
45:19 How Do You Find A Mentor?
49:10 The Psychological Formula For Networking
56:58 How To Be A Great Decision Maker
01:01:48 Is Marriage Good For Wealth?
01:03:39 Relationship Investing Is The Key To Wealth
01:06:17 Can Anyone Start A Company?
01:08:11 The Power Of Storytelling
01:10:01 How Does The Average Person Develop The Skill Of Storytelling?
01:12:54 What Is The Algebra To Storytelling?
01:16:25 How Has Scott Changed Over The Years?
01:18:56 Where Should I Invest My Money?
01:27:12 Investing $1000 A Month In S&P Visual
01:30:42 Is Real Estate Worth Investing In?
01:34:59 Playing The Tax Game
01:41:37 The Importance Of Tax Advice
01:43:53 Last Guest Question
You can purchase Scott’s book, ‘The Algebra of Wealth’, here: amzn.to/3S16pvR
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advice for someone starting out in their career BY SIMON COWEL ruclips.net/user/shortsmLM6jEH-wGk?feature=share
🎉🎉
Always ! don't stop being curious !
Scott's full of bs, do better!
@oas9174 how so?
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.
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.
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 and of course follow my fin advisor guidance
Please pardon me, who guides you on the process of it all?
Annette Christine Conte 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.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
That opening statement! "It's the boring stuff that makes you rich." So true.
ruclips.net/user/livew21Q35GJzk8?si=Aa5rs_-mBLgjvo8n 🕊
Also being in the right place at the right time is important. I was there once then lost it. Since then I seem to always be on the outside looking in; just can't seem to have money to invest during opportune times.
I like to say 'There's Money in the Mundane'
@@deirdrielizzmore9714what place were you once in?
I needed to hear this RIGHT NOW. Sitting at work, struggling to focus on the boring stuff.
Key points to be taken From this podcast are :
1. When you are young, dont waste your time in laziness , be active, try to move to a big city, have credentials .
2. Never be ashamed to ask for advice from people .
3. Every job is respectful
4 Diversify YOUR investment
5 Dont Go all in in any investment especially if YOU are old
6 Go out and make connections and meaningful friends and relationships
7. and lastly LUCK...........
very well said!
@@JoshuaIsiguzothere is also: try to save money as much as you can =)
Thanks for that. I don't havevthe time to listen to all of it. As a 60 year old, who did 100+ hours in her 20s, I'd say he is right. Every job is service to others. I've been a warehouse worker and a van driver, both jobs that help society function, that's always a good thing.
6th hits hard.
@@cccc6408 please share more.
When my son is a little older I'm going to have him watch so many of these videos. There's such a wealth of knowledge on this page.
This is so great to hear! Thank you 🙏
Make sure he takes action. I've been reading finance books and watching vids since I was 18, I'm 31 now and wish I took more action on what I learned.
Exactly!
Scott Galloway is one of my top three guests of yours. Please bring him back once a year.
Even better, bring back Scott and Kara Swisher!
Just once a year? Why not 3x a year?
Once a month ❤
Agreed! His message is authentic and hard hitting.
I've never heard so much sense spoken in such a straightforward manner in my life. What a person!
Ive been in financial markets for 40 years - listen to this person.
“Nothing really wonderful is going to happen to you inside your home on a screen” ironically said on a podcast i’m watching inside on a screen 😂
Besides the fact that you could also listen to this outdoors without a screen, this informative, educational program certainly won't claim the tag "wonderful" for itself.
technically a lot of "wonderful" things can happen, but i get the underlying sentiment.
Was hit head on by drunk driver broken neck. much time to be inside
@@user-zz1dt1ne6lhope you recover fully
my investments and the pay-off happened inside my home on a screen, and this guy advises people to invest, so it's still true because getting rich is not truly really wonderful in the same way human relationships are, especially when you accept that your existence is finite
What a difference now vs then. Growing up in the 50s my parents were both kicked in the head (PTSD) by the war. No money, no role models for me (my dad was out of it forever), plus they married across classes. So I had no class roots (this in UK) nor did I resonate with the class around me; to add to this my dad (for his own sanity) moved into a social desert; lots of houses with no-one active / no kids. So no friends for me age 11 - 18. The world was not big and full of opportunity, but closed, cold, isolating and bare. My mother, then I, had nervous breakdowns and we did not know why.
This teaches me that location influences opportunity - as well as the people, their wisdom and kindnesses. Don't live in a desert, there is no-one there and no opportunity.
Hence why actors move to Hollywood, Investors move to London or NYC, etc. One needs to make the pilgrimage to their chosen Mecca.
This guy has literally blown me away in terms of his willingness to expose easy ways to get rich and avoid tax. This 90-minute podcast is better than a 3yr degree!!
You were spot on with your comment describing a 90 min podcast into a few sentences… except for that last sentence.. people do it ALL the time on YT I don’t know how people can be such “ignoramus retardus” (Latin term for the developmentally disabled)
Anyone with Degrees in Finance, ex; Tax Law puts them directly ON TOP of the other 5 million who watched this When RUclips corporate finance dept announces they’re hiring a new partner to head their team of corporate tax strategists, benefits: six figure salary, paid vacay, healthcare, annual bonus pay performance related, stock options.. etc
Applicants MUST have Degree and background in Finance from accredited western university (sorry the University of RUclips just doesn’t cut it) and Scott Gallow would agree.
AI is about to hard reset everything. Avoid boomer advice
@@jroche1832you sounds like a person not open minded and likes to complain a lot. And not rich 😂
@@jroche1832 You are very uneducated about inflation rate and statistics of the people you met. Where do you get the number 12%? "Just work it out, it's not hard". My friend, you should run that number by yourself to prove your point, don't put that burden on other people. I ran my number and it's no where near that 12% you mentioned (calculating food, traveling cost, electrical devices, ...). You don't understand the compound of interest. You want big things, and you want it now. Sound like a disaster as you're not rich (and probably not going be rich by any time soon).
@@HuyTran-zs2kk lol
There are finance geeks and then there is Scott. He is the rare academic who can go from the tower to the street.
right on !
Well said.
@@RuthBeyond50 unfortunately there’s also plenty of ivory tower left in his declarations as well. Especially when he talks about credentials (gotta keep those subsidies for useless universities flowing his way).
Thank you technology. 100 years ago Scott would have mentor his children, maybe a few neighborhood kids. Now he's filling the gap for the masses
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid economy crisis, and even pull it off easily in favorable conditions. Unequivocally, the collapse is getting somebody somewhere rich, HOW? and u want the generation to be happy???
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts with experience since the 08' crash
You're right, I and a few Neighbors in Bel Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 40% in the last quarter.
i'm blown away! mind sharing more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one as well
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "LUCIA ALICIA CRUZ" I've worked with her for years and highly recommend her. Check if she meets your criteria.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.
In Australia we're getting to the point where we cannot afford all the groceries we need for a balanced, healthy diet. Wages wont be on par until 2028, apparently. Utilities have escalated. House prices gone to the moon, no rentals....tent cities popping up in local parks. Takes three working people to buy a property. Generational living is being practised for survival. Seriously not good here. Not many have even a few dollars for investing, many behind in their mortgages, rent and credit card payments.
Canada is exactly the same. Hard times for a lot of people.
This Interview probably won't resonate with everyone.
The middle class is the new poor class
Inflation has already produced extreme poverty
Go hunting in the outback and fishing on the shore, instead of the grocery store.
Yep. This is the fallout of the neoliberal economic construct. Constantly increasing lending against speculative assets (ie housing) that were increasing in price due to the proceeding excessive bank lending into mortgages. Capital allocation has proved to be a failure when left to the unfettered instincts of bankers in this case. As for the supply side, this too has been gamed to death with land bankers drip feeding the market for maximum profit. Capitalism does not serve the people if it is not somewhat regulated or there is lots of
real competition, which there isn't.
US same ....but, generational living is a slow acceptance. Too many people still believe the American Dream exists it actually died decades ago.
You both laughing at the end about tax breaks for the super rich, out of reach of the majority… It grated on me
Yeah that's what is known in the trade as....envy!
@@ph8077- 😂😂
@@ph8077🍻
Remember they pay a lot of tax
More than you'll ever earn in 30,000 lifetime
Recently, I've been pondering retirement. I've also want to put $300K into the stock market but i need an approach that will align with my risk tolerance and financial goals to secure our future..
That makes sense. Unlike us, you seem to have the market figured out. Who’s your fiduciary?
Thank you for the tip. It was easy to find your coach. I did my due diligence before scheduling a phone call with him, and he seems highly proficient based on his résumé.
Dustin Dwain King's approach is crucial for succeeding in online commerce. His management group has been exceptionally effective...
Learn about dividend growth stocks and closed end funds. which will allow you to make money from dividend passively regardless if the market goes up or down. Your basically creating an annuity from investments and using the dividends as income while never selling the underlying shares.
You maybe OK till November, but remember it took from 1929 till 1956 for the stock market to recover. Too much money printing; it's a house of cards. So is property at these prices. Commodities and Crypto are the value markets. Silver stocks also.
Thank you for identifying LUCK as a major factor in "success" Ie financial security . This is the real issue as most of the planet is working its backside off but hard work does not equal "success"
Timing and trend are your best friend. Ride those and you will be rich. Ride against them and you won’t.
@@hl236 Which would not be so bad if those two things were not so fickle.
Voila!
I do believe that "luck" is attractable though.
I think it's dangerous to say that luck is what most people need. Long term steady investments in the s and p can get almost anyone a good nest egg
'super tax avoider...' precipitated possibly the hardest & most genuine laughter I've ever seen on this podcast, ever.
Because they both do it
@@fractale4322 Yep
Utterly disgusting that middle class “earners” like me are taxed to death yet the very people who can afford to pay the most tax actually pay the least.
It stinks!
@@Archway_Archieit stinks until you get there
that was amazing 🤣
In my mid 50's,I had been working 3 years in the mines of North Queensland,returned to New Zealand,it took almost a year to get a good job,spent most of it on minimum wage jobs.Out of the blue I landed a processing job in a dairy plant, earning nearly 6 figures the first year.Invested over 50% of my income each week,have done very well.Now 66 ,but will work until end of 2025.Have taken a easy basic job now for 40 hours a week.You can build good investment fund for your self on blue collar work.
"In my thirties my number was 10 million and than things got so expensive". Just to give you guys some perspective, this was around 1998. This dude is telling people here that 10 million was not enough in 1998 for him. Good luck to all young people in 2024.
$100M out of the bath lol, for him it was becoming part of the 1% for us is being part of the 0.01%
Which is 100 times harder to get the same results.
Well, he mentions "greed glands," so he's probably referring to lifestyle creep and his own ambition. His business and lifestyle costs increased, and he also simply wanted more, so he increased his own number.
I can listen to Scott Galloway all day - I went to UCLA and grew up in a pretty low income household (father was a mechanic and mom was a receptionist) and didn’t know anything about money, and saw the vulnerabilities of people who prioritize money and make money their life, so I accepted becoming a teacher to at least have a purpose. Now being older I realize see how capable and possible it is to grow money
Thanks Mr Galloway!
Have you realised that in practice? How have you done it?
Thank you for sharing your story! 🙏 It's inspiring to hear how you've navigated your journey and found purpose. Scott Galloway's insights are indeed invaluable for understanding the potential we all have to grow financially, regardless of our starting point. If you're interested in learning more about taxes and finance, you might find my RUclips channel helpful.
I’ve followed Scott through multiple platforms. He is never shy about how lucky he’s been and how fortunate his situations have been. He’s one of the few people saying that the elderly need to plant trees that they won’t feel the shade of. That’s the only reason I still listen to him. Otherwise he can be a pretty big prick.
Same. There have been many times I literally applauded something he said because it was so dead-on. There have been at least as many times I cringed at his douchey tone-deafness.
Agreed. Saying he needs $3,000,000 per year to fund his lifestyle is all kinds of gross . I'm not so much envious as in despair that he's seen as a role model for sound life advice.
@@thefinster You say agreed...then you expound on how you disagree. This guy has paid an exponential of tax more than you are likely to make in your life. He gives money to causes and people he believes in. He is generous in sharing solid, relevant advice for living a productive and fulfilling life. And he's quite open in saying his life is one of luck, privilege and damn hard work and persistence (encouraging others to capitalize on what they have and what they are good at). He's also not a snob - he believes in and works for opportunities for unremarkable people to be millionaires. You may call that gross. Go live your best life and show us how it's done.
Funny, I said that I didn’t care for his personality but he is pretty dead on with his advice and observations. Would I want to hangout with him at a bbq? No.
@@imkindofabigdeal4308 "unremarkable people". Got it.
31 years old, dream job, kid turns 2 this year, mortage with partner and her dream job. this video made me start investing. it's small right now but i know my future self is going to thank me for it, loved this episode, it's one of my favourites so far right up there with your jimmy carr ones
Partner?
@@Adrian-yi8fl We're over the age of 30, we think the term boyfriend & girlfriend is a bit childish for our age now, so we say partner
That concept of future self thanking you. That longer-term perspective is pivotal!
@Pilps what's your position on you getting married?
Its not a podcast it was a life lesson. Scott is great and has so much knowledge.
The conversation about storytelling being the distinguishing factor in success is so spot on. even working in a restaurant or fixing someone’s car: at the end of the day how the customer feels about the service and how they perceive it is the number one thing.
Theres is dignity and in all work! So true! And Grace! Everyone can’t be a CEO! And who will clean your studio if you look down on them for doing that! We need to treat every one with kindness and grace when they are doing a good job, whatever job that is! 🍀
Thank you for this one.
As someone who made millions and their 20s lost it all when I turned 30, and now 31 on my journey to reclaim life’s treasure.
This podcast sparked ambition and determination to continue forward, no matter how treacherous the obstacles can be .
Again, thank you for this Podcast.
It's refreshing to see Steven loosening up a bit and showing more of his personality while remaining respectful and curious at the same time
THE DAIRY OF A CEO IS A VERY BALANCED PLATFORM FILLED WITH LIFE EXPERIENCES, business and health advice. Keep up the great work team DOAC🎉
i for one find my attention span and interest will not let me sit for a couple of hours listening to a conversation.
Dont sit. Listen while doing dishes, sweeping up, making coffee or tea, walking , making the bed....the time adds up while you listen @@notagain1952
@@notagain1952 and this is why you are destined to fail wish you all the best tho
@@notagain1952I for one felt my attention span increase watching these interviews rather than endlessly scrolling regurgitated content on social media.
This is the only show on RUclips I watch from start to finish.
You mean listen from beginning to end?
I have the same.
@PeopleHealthTru No. I can say watch cause it has video with audio.
@@PeopleHealthTru She did not misspeak. You just want to be technically correct when she wasn't wrong at all.
Agree I am addicted to every episode this is my education to current affairs .....Steve has a gift for interviews to bring out the best information in layman's terms and current topics in an easy straightforward concept. I'm never bored always engaged as{ he listens very skilled in this}asks relevent questions and if he does contribute its a story relating to topic. A very clever interviewer he and podcasts has
taught me so much.
Please Steve {and your team} be brave keep interviewing everything we need to be aware of as we all know knowledge is Powerful and we need you to help us all understand.
You have a platform so I beg you to stay true to us all.
Much respect .
In awe but don't ever push yourself or team to be stressed take your time no rush, I would wait every week /month to listen and watch to
every special episode.
Appreciate the work this takes . Thankyou so much xx Trudy
Great strategy for people with money looking to diversify their investments. I know someone who has done this in the pricy Bay Area. She has great cash flow on a home she bought 20 years ago and is breaking even on a property she bought three years ago having put 1/3 down. Ten years from now she will cash flow better and her equity will be through the roof. She did the same for out-of-state properties.
This year I want to use earning calls to help with my strategy on companies I want to invest in. However, I don't understand them. I am always lost and have no clue what they are discussing I lose interest after 20-30 minutes and not gaining much insight. What things should I be looking to get out of an earnings call to help me invest in a specific company or real estate?
Experts say it makes sense to hire a financial advisor in the following circumstances: You don't have the time or inclination to manage your finances. You experience a major life event, such as a marriage, divorce, loss of a spouse, birth of a child, relocation or change in your employment status and for full profit uderstanding because that is the purpose of investing at the first place .
In my opinion focus on two key objectives. Learn when to sell stocks to minimize losses and maximize gains to start protecting yourself. Second, prepare to make money when the market turns around. I advise speaking with a broker or financial counselor will be much better .
Cynthia Alexandra Depken is the licensed fiduciary I use for guidance . I do not think self-investing worth is worth it from my experence . Some may have no account minimums and charge annual management fees of less than 0.5% per amount managed. Self-directed investment accounts have the lowest fees and give you the most freedom, but the risks are higher. A safer choice is to hire a financial advisor and let them guide your investment strategy.
Financial advisors can play a crucial role in helping individuals employ dividend investing in their portfolio . These professionals have the knowledge and expertise to analyze a client 's financial goals , risk tolerance , and investment timeline to determine the most suitable dividend stocks for their portfolio
As a 39 year old male living outside the Seattle, WA area with a kid and wife, it's difficult to live here. It's expensive, and the housing market is fucking terrible with an average of 650k or more per house. I don't want a 3500-4k monthly house payment, fuck that. All I've been doing over the last 2 years now is listening to finance podcasts, how the money system works, etc etc. Keep up the good work my guy!
Time to move to a more affordable city
Or make more money.
Hope you're renting, and monetising that space as much as possible!
Going to be blunt. Hustle harder or get out, you might not be cut out for that grind (and that's ok).
You are in one of the best cities to make money. If you want to stay you need to figure out where your intersection is with tech and natural skills. Take Scott's advice to heart, he's right.
Really liked Scott Galloway and would love to hear from a woman that worked with alot of woman that had practical and honest tips like Scott. Great job.
Try Chelsea Fagan of The Financial Diet. She turned her life around from credit card debt to star and producer of a female focused financial advice channel.
@@Draggonny Chelsea is really good.
Pauline Brown
I am that “ one out of five” who started a 403B at age 38 and now in retirement am quite comfortable because of my methods. Most of my other retired coworkers are doing fine, but still watch pennies. Some are bad at managing $$ and it shows. I scrimped and saved all I could while working a total of 42 years, paid off my home, am still driving a 22 yo old car. I learned from my parents who lived without being in debt and my ex husband who was a finance - guy. Never had children, but would have loved to if it had worked out so…that’s also a huge $ saver.
Great story. Honest question, how happy are you?
@@user-wg8jo7wg6ebased on that question probably happier than you are since you are trying to pinch their nerve
And? How about in todays market?
Did you enjoy your 20's - 60's? lol
You do know that you aren't taking that money with you when you pass away, right? Nor do you have any kids to pass that wealth onto either... So... Congrats?
It’s funny how Scott tells us the caricature of the evil billionaire is mainly a minority based in cartoons. When the podcast is literally punctuated by the admittedly Evil cackle of someone who admits to playing the game of millionaire tax evasion. Morally I think he’s bankrupt, but I loved the honesty!
Scott is truly something. He looks shocked by the tub of sand analogy, refuses to acknowledge it as a analogy of compound interest, instead says it’s more of a lesson in story telling 😂😂😂😂😂😂😂😂….dude is mad great and very American 🇺🇸
Scott gets it, no one likes to hear 100% honesty. His perspective on growing up low income and the “ghost” that follows you is unparalleled. People, and especially men, truly listen to him and allow it to resonate. That ghost will continue to follow you until you do something about it. The last thing you want to do or should be doing is worrying what others will think of you, life is finite. You deserve to have your happiness and free of financial worries. Remedying that situation will change your life and everyone around you! Do what you know you have to do now. Even if that requires you to take a step back for awhile to truly level up. Be humble enough and realize the only reason you haven’t is because of how others will perceive you…which is nothing to worry about in the grand scheme of things.
Thank you Steven for bringing Scott back to your platform 👏
Thanks!
earned not deserve
More money more problems
Scott Galloway’s insights really hit home for me. It’s frustrating to see how wealth transfer policies favor older generations while young people like us struggle with housing and student debt. His point about the myth of hard work alone building wealth resonates deeply-it’s clear we need more strategic focus and financial literacy. But beyond the economics, we need to address the mental health impact and social disparities that tech and social media amplify. Are we really doing enough to create a supportive environment for our generation?
young people have it easy, stop crying
@@The_Love_Doctor_Sean Dismissive attitudes like yours ignore the real challenges young people face today. Rising housing costs, crippling student debt, and mental health struggles aren’t ‘crying,’ they’re facts. Educate yourself.
Nah agree to disagree. Life is about your own choices believe whatever you want, it is a great free country. Good Day
@@The_Love_Doctor_Sean I respect your view on personal choices, but how do individual choices solve systemic issues like skyrocketing housing costs, crippling student debt, and widespread mental health struggles? These are driven by broader economic and policy factors beyond our control. Can we really ignore these realities?
@@manonofthesprings5175 the same way we made it out of the caves and built civilizations. Adapt and overcome
I started therapy at the age of 23 because of crippling panic attacks. My therapist would occasionally say “protect yourself financially”…..amongst other nuggets of wisdom.
This stuck. I went from spending every cent I earned to becoming a property investor on an average wage.
I spent a little, saved a lot. I still had holidays overseas and went on the occasional spending spree but it didn’t matter because I was saving so much.
I had to retire at 51 due to an illness. I can’t imagine how stressful it would have been to have had to retire early and not have money. I had laser focus on saving and investing and I don’t regret any of it.
Probably the best interview of Mr. Galloway so far on social media platforms!
When he said he'd give his son 3 years to become successful being a musician (or any independent creative) then don't even bother. It's probably 7 - 10 years doing it every day and even then it's not 100% guaranteed. Definitely not recommended unless you're serious about it.
3 years truly aint nothing in music business
He said he'd support them (most likely financially) for 3 years.
His kids are adults, it's up to them to continue past that point on their own.
There's also a lot of nepotism in the music industry and acting so, even if someone is really talented, it's not a guarantee.
NOTHING is worth 'it' unless you are serious about it
Nothing is really guaranteed, if you think about it.
I'm so glad to see Prof. G. on DOAC!
I was recently thinking that he'd be an AWESOME guest...and now I'm watching him 😮🫨🤯
Thank you SB and Team for bringing Scott on board. 🙏👏
I will never forget when I had my first job during study time. My cousin brought me in and I was obviously young, fast and wellversed ( due to my active learning) and within 6 months my pay was raised two times. The manager always talked to me and made sure I enjoy my time. When my aunt had her birthday we talked about our salary and I was about 40% above my cousin. She had been working there for 7 years at that time. Afterwards the mood went south in the company. Everyone started discussing their salaries and many co workers left because the manager didn´t meet their new wage expectation.
It will take a lot of time until "talking about money" will be easy.
This video really got me thinking about the best way to secure my financial future. With $340k saved up, I want to make a smart move that ensures stability and growth. Given the economic uncertainties and the points Scott Galloway raised about traditional paths to wealth, what would be the best investment strategy right now?
Great question! It's so important to be strategic with your savings, especially in these times. Have you considered diversifying your investments? A mix of stocks, bonds, and real estate could provide both growth and security.
I agree with diversifying. Also, seeking advice from a professional might be a good idea. They can tailor a plan to your specific needs and goals. Have you ever worked with a financial advisor?
I was in a similar position and found that expert guidance made all the difference.
It sounds like exactly what I need to get my finances in order. Can you share who helped you?
The Investment Advisor I use is Kristin Amy Rose, just look her up, you'll find necessary details to schedule an appointment.
Love this convo with Scott. I like his no bull sh*t type of advice. The direct, tangible, and practical approach to life and finances is refreshing. So many valid and actionable tips to embrace and act upon. Thanks!
I like how Scott is so open and honest 👍💪😊
@@MatthewEGolden he speaks a lot of sense. I was born in the late 70's and I am shocked at how entitled, ignorant and work shy people who say things like the one you just did are.
@@MatthewEGolden have you seen his latest TED talk? He shows a lot of good data and puts forward some good initiatives to support younger generations. He calls for academic institutions who have billions in investments to lose their charitable status as they are more like investment funds who run training on the side. He advocates for some very good ways to redistribute wealth. Worth a look.
@@MatthewEGoldenI don’t understand your issue with his honesty. He admitted he was lucky and privileged which isn’t the case for 99% of us now in the newer generations.
Very refreshing to hear about Scott talk about his failures. Love the candid and authentic responses to Steven's questions!
After listening to Scott's suggestion to talk to people, everybody, I got chatting to a woman at the outside gym. I told her I'd been doing online qi gong teacher's training and am tossing up whether to give it up. Upshot is, she is coming to a class I'll give tomorrow morning, at the outside gym. I met another person there this morning and invited him, so tomorrow I shall have 2 students! This is giving me much needed motivation to do my practice and study. Not only that, I feel unburdened! Thank you Scott, for expressing this small yet significant action.
i had two parents but i grew up without money and i thank my God for that
This podcast is actually unbelievable.
I love the questions, in dept dialogue, calming british accent, diary questions and answers as well as little things like the cold plunge and sand bucket.
shut up BOT!
kinda, guests are good, the same questionings get boring when you listen to enough of them.
5:30 The level of respect I already had for Scott Galloway just increased exponentially.
What he doesnt talk about is guilt from success. I work maybe 3 hrs a week in my business. Profit about $440K a year. The guilt comes from seeing ppl around you suffer and you thrive financially.
Not always all sunshine and rainbows. Thats why its so important to give back to your community
Understandable. What kind of work do you do? Share the wealth and give some advice please.
One of the ways to give back is to pay taxes. It literally hurt me when they were talking and laughing at how good the 1 % is in avoiding taxes. If they paid their fair share maybe we would have had better healthcare and people didn’t die. Maybe mothers would’ve had free or reduced cost childcare so they are not kicked back to work when their baby is 6 WEEKS old. For 10 hours a day. Just to some rich folks can spend 3 mill a year.
Yes, and spending time not just money
@msmaluu knowing what I know now, I would rather directly help people in a systematic way than pay more taxes if I can avoid it.
I don't trust the government to use my taxes well.
We see this everyday.
The small consolation is that people that have lived other times are affirming that there may actually be a reason it feels like from a 29 year olds perspective that we do live in a pretty miserable time socially and economically
One of the best podcasts I've ever heard. Priceless advice for people of all ages. So many things I wish I'd known in my early 20s but am still willing to learn in my 40s.
On the topic of following passions. I finished business school and worked in marketing for 2 years although I always wanted to be a realism artist. I quit and went for it because I was 24 and saved some money from the 2 years to give it a shot. I gave it everything I got and now if I make as much as the owner of the company I worked for back in the day, I get disappointed because usually I do better than that. Passions cause you to train, which causes you to have rare levels of skill that people cant find anywhere else. I struggle to see how I would be unique in the field of marketing, as much as I am in painting. For this reason, passion following seems financially wise to me
Scott Galloway mentioning his atheism as a source of confidence is so empowering for a generation who are growing up and questioning their belief in God.
Always a fan of this channel and Scott Galloway. Having them on 1 episode is absolute bliss.
I've listened to Remit Sethi & now discovered Scott, both on the same wave lengths. I've already started my Vanguard ISA. I've shared with my children, Partner & Friends. Awesome advice. THANK YOU
Fantastic insight and information. Thank you Scott for breaking down barriers between classes and Steven for utilizing your platform so positively with guests like Scott. I feel incredibly inspired and motivated after listening.
I love how incredibly genuine, humble and honest Scott is. I learned a lot from this episode. Thank you. 🦋
I learned so much from this interview, especially about the difference between being rich and being wealthy. There are so many people who look rich but are actually broke, and the opposite holds true
The movie never starts, without the word "action". And that is the answer.
Great comment
Beautiful.
I was just randomly pointed to that video by algorithms, got sucked into this conversation immediately and consumed the wisdom till the end. Thank you
THE Best podcast I have seen in years. Very helpful and easy to listen to. Thank you!
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional.
I know Laura, she has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of lives.
You're right! The very first time I tried, I invested $2000 and after a week, I received $8,400. That really helped us a lot to pay up our bills.
Interesting! But I'm new here. How can I get to this person's guidelines??
SHE IS ON TELEGRAMs
Agility with geography was our secret sauce. Met my husband overseas who was on the same path. Pooled resources. Invested and diversified. Mid 50s now and reached our 'number' AND still happy together.
That's what both men left unsaid in the discussion about the Power of Marriage. The key is to find someone on the same path, with the same financial mindset.
If anyone is worried about divorce, know that the #1 reason is financial disagreement and difficulty. Finding your person is as much about a financial match as any other kind.
This was one of the best but most toxic interviews ive ever listened to
Elaborate..
@@timr8456 would be glad to over a beer
This is so spot on. Money is a means to an end. It’s FREEDOM to not worry. That is my ultimate goal.
Building wealth is not the most important purpose in life ,but we sadly think that way 😵💫
Money provides everything in life
Money is fun coupons
While I agree with the principle, I recall my older brother who said “I’ve been rich and I’ve been poor, and I’d rather be rich”. This is not about building wealth, but being poor is debilitating. Don’t be poor.
Great advice, just one thing I would disagree with. At one point Scott talks about being wealthy frees you from anxiety. I think anxiety is almost a personality trait. If you are a worrier and you get rich, you worry about different things …I know this is an opinion and only reflects my experience.
Being poor is not optimal either. I have a good balance between God, family and income but working less and making more has made my life better. This morning I will wake my sons up and read a chapter from the Bible with them and talk about it, then we will do an online college class on economics, and after that we will exercise for 30 mins. The men of the family start our day that way. When my income improved I was able to volunteer more and be a better father and husband.
I get having money to not have to work into your sunset years, BUT happiness is a perception. Not everyone needs a ton off things, nor money to be happy. I just want what I need to live a good healthy life. I don’t need to travel the world etc. peace to me is less.
Absolutely. He said it himself, he wanted $3,000,000 a year income without being dependent on salary. Different people have different target numbers. If I had $3,000,000 total, both myself and my husband would never have to work another day in our lives. £50,000/$65,000 per year would give us both a very comfortable lifestyle. You can live a happy and modest lifestyle if you're a happy and modest person.
He’s a typical tech/finance bro from NYC and they’re all focused on money- he seems intelligent but egotistical and probably difficult guy to live with… just my two cents worth
@@thefutureisnow8159Why the negative comment! Hes interesting and successful
@@DraggonnyWhich exactly problém of todays world. Where most people would be ok working And just have roof over their heads, food on the tablet And be healthie. But its just isnt working anymore.
@@jakubpelikan2393 Yep. Because to have a multi-millionaire at the top there has to be exploited workers experiencing wage theft at the bottom. You don't get rich by working, you get rich by not paying your workers or your taxes fairly.
Thanks for the great interview with the GOAT Scott Galloway! I’ve had my family listen to his interviews to see how money can impact our lives. Tax avoidance is the key!
This is possibly my favorite DOAC episode ever. Scott is an incredible story teller.
I normally never listen to podcasts longer than 5 minutes, but I'm listening for a long time already. I like how he speaks and the way he tells his truth. He seems like someone I would actually talk to and listen what he says and I rarely even do that. I did that in my early 20s but turning 30 soon, I stopped listening to others. Thank you for this episode.
Ive worked in Milan for the past 20 years He is right when he says he would never have made it in Europe. The rules are different here.
What this implies is that when we listen to people explaining their rules for success, we need to mentally consider geography, generational differences, unspoken advantages etc. in order to apply those to your situation. Applying American rules to European life may lead to plenty of failure
I am now a Galloway Follower. This guy totally gets it!!!
I have been watching a few of these when they sometimes pop up in my feed. But watching this one was a great and helpful experience which made me think to subscribe. Scott Galloway was a great guest to have on!
lol i wouldnt mind living in a village close to Amalfi coast, earning 55k EUR a year... 😄 sunshine, good food, what else you need in life 😁
Exactly!
well there’s near zero jobs in southern Italy that pay even 55k EUR due to decades of government corruption, over-regulation, general lack of industry, etc.
A great wife
Yea, but after that you would want something else,like 100k and some beach house or who knows, we are never satisfied with what we have in the moment. Sometimes,I believe that we have to be more happy with the little…others doesn’t have even the little…
A family
If you can’t figure out how to make good money, at least make your body strong so you have the physical resilience to deal with a ton of bullshit on the way.
To be good in SF is mmmmuch better than being amazing in Stuttgart. This hits hard being a citizen of Stuttgart.
You're only as good as the decisions you make today with the money you have. As a single mom, this time last year I considered investing without much knowledge and decided to have a consultation with a fiduciary, and it was incredibly insightful. One year and a couple of months in, and I'm debt free. I truly cannot stress enough how helpful experts in this field are!
What assets did you invest in and what insights did you gain?
It’s not rocket science. As I said previously, I got into ETFs, index funds, REITs myself but wasn't getting the results I wanted the first couple of months. Got tired of taking losses and decided to seek mentorship from Jonas Herman, a certified fiduciary who helps oversee my investments in ways that have made me good roi. Now I sit back and reinvest at intervals while I focus on my 9-5.
Sounds like I need help so bad. To me, investing is not worth it and I know that's the same mindset holding me back from taking a step forward in my finance. I guess I'm just scared since I'm green to it.
@@Lilybee931 I’m in my late forties and would like to start. How can I reach him, please?
I’m in my late forties and would like to start. How can I reach him, please?
Super Tax Avoider ❤ I was blown away by the first time when I heard from Robert T Kiyosaki. Amazing ❤
How is he a tax avoider?
@@pyromanaic21They invest everything,no cash ,claim as much as they can as company expenses . Robert K. ownes a lot,but he has almost a billion debt.
Only thing that is outdated advice already is the cost of living. The majority of peers I know that move to those economic powerhouse cities get kicked out just as fast because affordable rents and housing no longer exist.
Which ironically, Scott Galloway himself has covered that because the markets haven't fallen it is impossible for younger people to do anything with the little money and resources that they have.
The problem is like Scott said, it's not about younger people being afraid to take risks. It's that they can't take risks because of the economics.
Only other part that sucks for the younger generation is that we've made so many places focused on privacy and isolation for those older generations and their groups have some cost of entry that there aren't any public or affordable places for a young person to hang out and meet people to make friends.
I don't understand your last paragraph...give some examples of places that have been "made private"?
Galloway is the person everyone should be listening to advice from. He's wise but it's not just "conventional wisdom." And he's honest.
This should be a show on netflix! Super quality. Scott Galloway is definitely someone I listen to.
This has been undoubtedly the best interview I have seen this year and that says a lot! The conversation is genuine, deep and interesting. Gotta love Scott!
Wow I’m going to listen to this one multiple times, really enjoyed this!
I'll risk saying, it's the best interview on building wealth I've heard in my life.
"You don't want to be a super earner, you want to earn enough money to invest, so you can be a super owner." 🔥
This is a bar. 📝
🔥1 quote sums it up "Don't give up what you want NOW, for what you really want MOST!🔥
Isn't that one of the same?? NOW" and "MOST" because nothing separates the two but time....(that quote didn't resonate with me)
@TheDetroitblack because what you want now literally can't be the same as what you want most, otherwise what you want most is worthless and takes no effort to obtain and your cry about it after
“Wealthy people are kind and generous”, I loved that ❤
So not true. They are invariably avaricious selfish narcissistic and aloof. It's a trait that perpetuates class divide that they find comfort in to make themselves feel better. .
wealth allows ppl to be generous
Hands down. The best and the ultimate Interview and Information on wealth building I have ever seen! This video showed, described and explained clearly what building wealth is all about.
Got 5 mins into this and bought the book on Amazon. Can’t wait to read it. Thanks for the interview
Love how Prof G knows his audience and uses the appropriate vocabulary to relate and get his points across in their language. Bravo!
Best interview I've heard on this channel.
His Ted Talk is amazing.
@@alwayslearning7672 I'll have to check it out
One of my favorite shows. I’ve learned so much. I utterly enjoyed watching and listening to Steven B laugh so loud. Thank you both !
So many gems in this. It shows in life that any problem can be solved like a puzzle. So many logical lessons, you just need to think and reflect on everything, learn your lessons and act. Be logical
He’s very blunt which is refreshing but leaves out a little of the truth. I believe when he refers to “luck,” it’s the factors a person can’t change:
Being born to the right (affluent) family, race, gender, not growing up in poverty, access to the top education, receiving money in a will etc.
So much wealth accumulation is based on “luck.”
Well luck and tax avoidance
Thanks for saying it
I love Scott but I’ve heard all these stories already! Time to develop a new special!
Keep bringing Scott back...both of his episodes are two of my favorites...along with James Sexton
This is by far the best iinterview ever done on this channel.