The 4 Secrets To Get Rich In A Broken Economy - Scott Galloway

Scott Galloway is a professor of marketing at the New York University Stern School of Business, a public speaker, entrepreneur and an author.

The modern economy is a confusing mess. Inflation, interest rates, wage stagnation, property prices. It's all complex and may feel like you're swimming upstream. Thankfully Scott has broken down his entire wealth strategy into an algorithm of 4 steps which anyone can follow.

Expect to learn why wealth is a whole-person project, what all financially successful people have in common, how to forgive yourself when you fall short, why following your passion is often a bad idea, the importance of physical fitness for financial wealth and much more...

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00:00 Stop Following Your Passion
04:32 Do What You’re Great At
13:59 How to Achieve Financial Security
28:00 Skills for Becoming Better at Networking
37:06 Link Between Fitness & Financial Health
43:12 Forgiving Yourself When You Fall Short
52:32 What Is & Isn’t Worth Spending Money On
59:28 A Different Way to View Taxes
1:06:23 Where to Find Scott

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Get in touch in the comments below or head to...

[ChrisWillx]

00:00 Stop Following Your Passion
04:32 Do What You’re Great At
13:59 How to Achieve Financial Security
28:00 Skills for Becoming Better at Networking
37:06 Link Between Fitness & Financial Health
43:12 Forgiving Yourself When You Fall Short
52:32 What Is & Isn’t Worth Spending Money On
59:28 A Different Way to View Taxes
1:06:23 Where to Find Scott

[micheal_mills]

The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?

[nicolasbenson]

Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.

[shellylofgren]

This is quite educational. It's crucial for newcomers to keep in mind that the financial markets are highly irrational in the short run. You should constantly be ready for the unexpected. That is how chance operates. Because of the inherent risks in the market, I always favor long-term investments.

[michaelschiemer]

The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?

[Philusteen]

My old man never gave much advice, but he loved to say "life is like a shit sandwich; the more bread youve got, the less shit you have to eat. 🖖

[KedTaczynski]

*Scott* 52:48 “I don’t own a car,
…I just don’t want to own anything thing to manage”
*Scott* 53:41 “…I own a plane”
😂

[SpaceMod]

Scott Galloway the kind of guy to spend a full 1 hour podcast talking about how rich he is and how great his life is.

[tonysilke]

One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $200k of my savings in stocks this year, and I hope I make profits.

[Kingofshapes]

Scott was a person I started liatening to a couple of weeks ago. While he makes some decent points about finding talent over passion, it gets old when you hear him literally recite the same speech for every YT interview.

[JohnHobitakis]

I like Scott - don't agree with all of his ideas, but he is a positive contribution to society.

[Searkar]

@chris williamson

I want to clarify something scott is talking about around 1:04:12 in the video, concerning investment banking income.

I normally don't hear Scott say anything that I instantly disagree with, or know to be wrong. He is quite an intelligent orator and a careful with his rheotoric. However, he is not correct, when he talks about his friend making $10 million USD as an investment banker, in saying he is paying 52% in income tax. Furthermore, that investment banker, if being paid in excess of $10 million USD, will not be paid in cash or "base salary".

There are two options here, an investment banker making $10 million USD either works for himself or works at a large bank (we call these banks the "big 5").

This friend of scotts will only be paid 250-600k in "base salary", the rest will be bonuses- compensation that is NEVER paid out in cash. To elucidate further, the compensation model is purposefully paid in common stock, or similar methods, to AVOID paying taxes like scott is mentioning.

Other than that, I love hearing scott talk. He is a terrific and positive voice in the online space at this moment.

[MartB-txlb]

I love the dichotomy of commentary here. Y’all really help see different perspectives ❤

[garydalybookmob]

I don't think I have ever, ever met a man who didn't understand that money and economic vitality was the linchpin in mating up. I am poor and single!

[Avidire]

Man, that thing about normalizing affection in the household is so true. My parents didnt do it because their parents didnt do it them, now it is super awkward to have an intimate familial connection with them. If you ever have kids please have them learn that being loving and caring in the household is normal and shouldnt be something you should be ashamed of.

[og-fit]

love this conversation Scott seems like very down to earth and genuine guy and obviously has alot of value to offer

[grdnfreeman]

Going in you should know this guy:
1. Is reading Bill Maher who is his role model/hero
2. Listens to Sam Harris a lot
3. Canvassed for Biden

[Novilicious]

I love Scott for keeping in real and telling it like it is. No bullshit.

[matthewstevens]

Love the honesty and transparency Scott. Keep it up! For those you upset don’t listen, ignorance is bliss for you. For those who do listen, listen!

[themrubios]

An entire hour of babytalk, that's actually impressive.