How to Get Wealthy in an Economy Broken for Young People | Scott Galloway

Intergenerational theft and the cramming of prosperity into seniors’ pockets is creating a flawed economy that is weaponized by rich people and broken for young people, says NYU Professor and serial entrepreneur Scott Galloway. Galloway spoke with Kyla Scanlon about worrisome trends he sees for young Americans, the formula for becoming wealthy, and how to win in a capitalist society.

His new book, ⁠The Algebra of Wealth: A Simple Formula for Financial Security⁠, is available for pre-order.

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[sirheisenberg]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[prettyprincess]

Came from his ted talk. As a 26 year old professional, this man GETS IT. This country was not built for us. All of my age cohorts are struggling to fight an uphill battle if their parents weren't already well-to-do.

[kortyEdna]

The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.

[DonaldMark-nese]

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.

[KatoTheKing]

I’m 31 (a millennial) and I make 37K a year. I have no kids. I’m living proof of what he’s talking about. I can’t afford an apartment that’s not income based and those are few and far between. And when I find some, the waitlist is over year long. I’m going back to school in the fall but a lot of the time I feel like I’m so far behind in life, it feels like it won’t even matter by the time I’m finished.

Anyway, it’s nice to see someone from an older generation acknowledge the hardships going on and not just saying “young people don’t want to work.” I started my first job when I was 18 and I’ve been working and getting underpaid ever since. It’s scary. Especially once you hit 30. I’m praying for all my generation and the generations after experiencing the same thing.

[yourimprovement]

1. Workshop in your 20's to find something you could be the top 10% in.

2. Find an industry with a 90% + employment rate.

3. Diversify your investments - such as index funds. (Don't buy the needle, buy the haystack).

4. Make a savings vessel (But also have fun, especially if you're in your 20's, just have a savings plan).

5. Recognise how fast time will pass. Invest your money into safe options and let time do its thing (Compounding interest).

6. The top 5 people you spend the most time with are important.

7. Build the discipline to work hard.

7. Wealthy people are (on average) good people. Develop a good character and build allies along the way.
> Don't talk badly on other people, try to say good things behind people's backs.
> Articulate your good thoughts about other people and tell them.

[dallenpowell]

I turn 30 next month and I'm the poorest I've even been. To say I'm angry is an understatement. The scariest things is that there are people far angrier than me with far less political intuition and economic understanding. There will soon be riots in every pocket of America caused by insane inequality. Greed has turned this country into a monopoly board nearing it's end.

[mikebrown-icge]

First time I really listened to Galloway. I'm a Boomer and ashamed what my peers as leaders have done to our society and economy. I wish the good gentleman Galloway would run for President. All he would have to do is use this presentation as is campaign stump speech, he'd win.

[sethsorensen]

Gen Z? Want to own a home? Want to have a retirement? Want to have a chance at life? Become a sociopath. That’s the highest paying skill in America right now.

[coolben]

"Empowering young people to defy financial odds! Investing in the financial market can unlock wealth and prosperity. Educate yourself, diversify your income, and invest in your future. Break free from financial constraints and build a brighter tomorrow. Wealth creation is within reach – start now and secure your financial freedom!"

[dackerman]

The most appealing part of Scott Galloway is how much humility he has. Fellow men, please take notes

[Seanpfree]

So eloquently and perfectly put. 35 years old 77 bids in middle tn for our first house all outbid by cash investors. We've given up and come to the realization we're unable to afford starting a family.

[mylittlepwny]

At 30 i switched from dead end sales/retail jobs to the trades. Now a few years later ive finally surpassed 6 figures. Dont be comfortable. Keep job hopping. Dont stop looking for new opportunities.

[kevley]

I think Scott misses the point about "Billionaires shouldn't exist"'. Its not that they are terrible people and don't deserve their wealth, the problem is that concentrating that much power in one individual, no matter their personal qualities is disastrous for society and undermines democracy. Many of the problems Scott is concerned about have their origins in us having a system that concentrates power in so few hands.

[duketogo]

"You need to find something you're passionate about that you can be in the top 10 percent of that has a 90 percent employment rate".

That's one way to phrase it. Another way is that 90 percent of people who try that will fail to achieve that goal. It shouldn't be that hard for the average Joe to make it. The system is broken. My goal is no longer to spend that much effort marketing myself to prospective employers but rather to focus my efforts on arbitrage opportunities and exploiting market inefficiencies and using that to build my wealth. It provides nothing of actual value to the real world but has a much better ROI than those that do something valuable and essential. Better to be a worthless middleman leech in the current system taking a cut out everything you can than to be the guy making himself valuable to other businesses trading his time for money that gets rugged by being made redundant.

[tedm]

Scott I listened to your Ted talk, and now Youtube wanted me to watch this video and it did not disappoint. Great questions Kyla, and great answers by Scott.

[EcomCarl]

his emphasis on mastering a skill and developing financial discipline as keys to wealth is both insightful and actionable. It's a timely reminder that true wealth is built through focus, saving, and living within our means, not just earning more. 💡

[howardcain]

This guy is very sound. I like when he said don't talk bad about anyone. Positive emotions.

[tyul]

That rant was the best economic state summation I’ve heard to date

[mr_nn]

I'm one of the young people who did everything he was told to do in order to succeed and did those things and by all the metrics of society, I should be successful.
But I'm struggling
This is mad scary 😂