Scott’s Personal Finance | Prof G Markets
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- Опубліковано 13 чер 2024
- In a sweeping conversation, Scott shares the source of his anxieties around money, how he thinks about money and marriage, his approach to spending, and his financial plan for his death. Finally, he answers one big question: is wealth worth the work?
Timestamps:
00:00 - Number of the Week
01:22: What do you consider your greatest strength and weakness as an investor?
15:10 - From a purely financial perspective - how should you approach marriage?
20:18 - When did you first feel financially secure?
25:38 - Have you ever taken on debt?
27:42 - When did you buy your first house?
28:19 - Should young people buy homes?
32:35 - How do you view alternative investments?
38:23 - How did you get to a position where you have access to high-return investments?
44:41 - What is your approach to spending?
51:43 - How do you think about planning for your death?
54:49 - Has being rich lived up to your expectations?
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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
I love and appreciate how honestly Scott was answering every question with no politics and no bullshit around it. Respect!
Scott's unfiltered insights on money, marriage, and wealth are a must-watch!
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..
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.
One of my favorite Prof G shows to date. Thanks for sharing, Scott.
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.
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.
This is a goldmine of an interview! Tnx for being direct, candid and informative!
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 the best episode I’ve ever heard from Scott
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
This is so informative. Thank you, everyone behind the show.
so glad this link got posted on Reddit! Great 1 hr.. so worth it!
Great episode and quests team! Scott thanks for sharing!
I deeply enjoyed this talk! Thanks for sharing! 🙏
Great interview!! Scott, I love the way you think and how honest you are at yourself.
Glad I found this channel. Great interview.
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"
Appreciate the candor. Helpful.
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
Really quality answers for how to handle personal finances
Just refound you today on UA-cam 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
Wow, amazing episode. Thanks!
Scott is the best!
Loved this interview.
Wow, this was one of the best ones. Thanks
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 love this content. I was so heartbroken when the L2 episodes stopped.
Well done, gentlemen. Well done.
Great content and insight. Love the honesty; love the generosity
Great video, definitely sending this to some friends.
Great questions.
stopping by to say that this episode was really good. thanks, @ed, thanks, @scott
Great pod 👌
This one was great. I am a similar age and a lot hits home.
Scott thank yo for your advice and giving me financial hope, not doing good$$, you give me hope , thank you
Great interview and great interviewer
Awesome interview, appreciate the thoughtful conversation, hello from the Philippines.
Great one! Who ever pitched this gets a gold star for the week! ⭐️
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?
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!?
Great content
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 show. lots of insight.
Can't believe this kind of content only has 140K subscribers. This is GOLD
I recently came across your content and unbelievable how much valuable information you provide for free. Thank you Sir!
This guy is a national treasure and massively inspirational. Thank you both so for this content.
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.
Thanks for being transparent Scott, you will help a lot of peeps!
Wow guys. This episode is so good. Great interview.
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.
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.
Great episode, thank you! One thing tho; Does he ever smile?😅
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.🙏
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..
SG: I passed 9 figures a long time ago, and to this day I still have huge financial anxiety
Me: Ok you're ill
This was an excellent session. Great questions from aspirational relative youth to middle age success.
Truth bombs all over that first 10 mins! Great
What do you think of the concept techno feudalism teem used by yanis Varufakis
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.
Incredible, the last about 8 mins is some of the best advise I've heard
👏👏
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
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.
The young guy looks like the unbroken version of Prof G
Great show today.
This is like therapy for us all.
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.
57:00 ♥️
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.
👍
This guy must be fun at parties
how much for jab injuries
If 5% of this advice becomes relevant to me, I'll be doing much better than I am now
at 29:54 top 1% for 14 year olds? Did he mean 40 year olds? Although he looks like he's in his 20s
Gail force winds (Lucky)
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
De-risk by selling early. Exactly act like an adult!
Spending money is not the road to happiness.
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?
Your watery eyes are proof that you are sincere about what you say Scott, thanks.
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".
4 mil investment. I see. Let me take a note of that!
"you're in the top 1% of whatever you are, 14-year-olds, " ... Ed didn't even flinch. I love this show.
I’m very curious as to the advice that would be given to those not born white male with gale force winds at their backs? Because they’re already at a disadvantage according to this point.
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.
Holy shit. 9 figures and still not feeling financially secure
He's full of it.
How old is Ed?
The divorce comments are caught in my filter of things to ignore. I think that is a dangerous filter we all carry! We should listen to your advice!
Please speak to some climate scientists, you're living in a totally different world to them
How to buy a home in Brooklyn: step one, move out of Brooklyn. Step two if you work remotely: move to Ohio.
Wow - "Need a million a year."
Spending $400k a month is some going, even by Prof G standards!
Yay, I get my daily dad joke!
Professor G should check out the donut economy. Stripping companies of their employees and making millions for greed’s sake is pretty lame.
can i be your friend?