The Algebra of Wealth (A Simple Formula For Financial Security) - Professor Scott Galloway
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- Опубліковано 24 чер 2024
- The Learning Leader Show With Ryan Hawk -- www.LearningLeader.com
Scott Galloway is a professor at NYU’s Stern School of Business. A serial entrepreneur, he has founded nine firms, including L2, Red Envelope, and Section4. He's the author of many best-selling books, including, The Four, The Algebra of Happiness, and most recently, The Algebra of Wealth.
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I’m Ryan Hawk and I’m a writer, podcaster, advisor, and teacher. My favorite thing to do is have a deep, long-form conversation with a thoughtful person. Fortunately, I get to do that often on my podcast, The Learning Leader Show. I created The Learning Leader Show in 2015 as a way for me to follow my curiosity about leadership and excellence with great rigor. It has since been listened to by millions of people in more than 150 countries.
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EPISODE TIME STAMPS
0:00 - Intro
0:44 - Fundamentals of understanding the market
3:23 - The importance of male role models
3:55 - Paying your skills forward
6:09 - Millions of boys have no male role models
7:25 - The fear of adding value to another boy’s life
8:42 - What was the philanthropic shift in Scott Galloway’s life?
12:40 - This is the most depressed generation EVER
14:33 - Scott Galloway on being grateful for his wife
16:37 - Gaining clarity from ketamine therapy
23:57 - Have the willingness to ask
28:20 - How to handle rejection
33:16 - Cry more and laugh more
39:16 - Taking humor back on the left
46:16 - The ability to be an effective communicator
54:09 - Figure out what you can do that others won’t
Minus the increasing wealth gap, it's sad how difficult things have become in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.
I get it, navigating today's challenges is tough. Protecting what's left is crucial. Consider seeking advice from a financial advisor for investment direction. And remember, a failed business doesn't mean giving up.
Exactly. Failed businesses are just steps forward. Don't lose hope. When choosing a financial advisor, find someone who understands your unique needs-I learned this through experience. Now, I earn six figures from investments alone, and even more from my businesses.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Annette Marie Holt . She is well known; you ought to look at her work.
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.
i’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach
@@calerothenis I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
@@AurucciLou Finding financial advisors like Dianne Sarah Olson who can assist 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.
@@AurucciLou Dianne Sarah Olson. please do your own research for one who is suitable with your goals.
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.
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.
I love listening to Scott. The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.
@@ThomasChai05bravo! i'm 46, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?
Yes indeed.... *Gertrude Margaret Quinto* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
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.
I grew up with two great parents. My parents were married until death. Yet one of the most influential person in my life was my 10th grade teacher a man that showed empathy, non judgmental and kindness… that experience helped me to find direction. I can’t imagine not having a positive male role models in my life.
🙏
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 20k in last month 2024..
Inspiring! Can you please give me some tips on how to invest in a healthy way like you are doing now?
It’s advisable you to stop trading by yourself if you keep losing. I didn't trade alone anymore, I always needed help and assistance.
Bitcoin has been rising for a while and could rise again. The truth is that no one knows, I think this is the right time to buy and also get a professional assistant
Yes!! That's exactly who she is, Wendy Lee Olson. Many people have said a lot of good things about it and I am just starting out with it from Australia 🇦🇺
The first step to successful investing is to know your goals and your ability to take risks either on your own or with the help of a financial professional, but it is highly recommended that you hire a professional.
Scott's perspective on risk and its necessity for substantial achievement is compelling. It reminds us that personal growth often requires stepping out of our comfort zones and that mentoring can have profound impacts on young lives. 👨🏫
Love this guy. Incredibly kind and insightful.
🙏
The guest is SO RIGHT, When I came from Africa, and I was NOT aware of Single parenthood, I noticed a few young men behaving not as they supposed to, I shouted, your dad is watching and they Laughed ONE CRIED, with a sad face , " We have NEVER seen him, do you know him" it broke me. i though having a father in the home is a normal thing. I really wish Male mentors can help other young guys.
True, I took me 2 years and 5 applications before I got PhD scholarship. There were many failures that made me lose my self confidence. Now I'm learning to build my career bit by bit.
At 70 Scott, l am well aware of how fast time flies. The problem is, l was 69 when it happened.
69 hehe
Hugely impressed and loving the story at 19:00 minute mark. I too have gotten dozens of "Bahne" skateboards over the years. And women can definitely either be rough or vital in men's successes 🤩🙌🏼😎
🙏
Perhaps a major reason why there aren’t many men teaching is because the pay is so low and student discipline is a big problem.
I love what this dude has to say.. humble yet powerful.
love the new intros and previews to the episode!
Thank you Ryan!
Hi Scott, love your stuff. About envisioning the kind of person you want to be in the life of others, it seems it came for you about the time you became much wealthier. Trouble comes up when you have to decide whether to be good to yourself, or to be a good son or a good husband for example , because those require time and resources which for mostpeople are limited, so you only get to choose who you help and who will suffer.
Unfortunetly you cant take risks unless you have some disposable income. Takes money to make money. Unless your exceptional in some way.
That’s what boomers fail to understand. Their generation got paid enough in their 9 to 5 and their buying power was big enough so that they could take risk and start businesses or investments.
Younger generations can’t take those risk anymore. Our income after taxes and bills leave us close to nothing. Especially if you live in the city.
Thank you for recognising this
You can still live a life of fulfillment and dignity, even without money. Even if you don't like your job, if you're taking care of your family, you can feel good that you are doing your part. A very important part.
@@brad9092 You really seem to think that jobs are still providing people enough to live on these days. They're not. The pride of work has followed wages: down the drain.
@@matthewcaldwell8100 Don't give up. It is possible. I will admit that you need a skill, something valuable to the marketplace. If you don't know anything or can't do anything of value, your wages will remain low. Either way, you can live in dignity if you choose.
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
I really want to get in with a financial advisor this year, especially as all markets are hitting highs. I don't want to be too optimistic and end up losing everything.
Vivian Carol Gioia is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Love Scott Galloway. Your video pauses oddly at around the 57 minute mark.
Thank You! My H. P. Put this in my path. I relate, I'm not able cry
Great episode!
Thanks so much!
@@RyanHawk also Ryan. I played football at University of Iowa and we played Miami of Ohio in 2003. Were you on that team? My story is similar to yours, unexpectedly short football career, that led to a decade of sales, and finally entrepreneurship. You just picked up a regular viewer. Keep doing your thing brotha! 👏🏾
I played on the 2001 team that played at Iowa. Physical game. You guys beat us up
True Education!
That was farking brilliant mate. Thank you very much.
Ryan I smashed the like button good idea on the disclaimer upfront. Great podcast
Love it! Thank you
loving it
Great show! One observation, the sound levels between the two of you were out of balance. At least it was for me. Scott's was too low and yours was too high. Cheers!
Thank You
Mentors and Grants for internships/study/workplacements would help a lot
?
Not if they don't include actual compensation that isn't a sick joke, they won't.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
You trade with Natalie Strayer too? Wow that woman has been a blessing to me and my family.
YES!!! That's exactly her name (Natalie Strayer) so many people have recommended highly about her and am just starting with her from Brisbane Australia🇦🇺
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills.
we're not friends, but we're friendly 😅
A lot of people don’t understand and give away too much information
Video cuts out from 56:37 - 57:02
Thank you!
Scott seems have done lots of things at a young age when times were easier. He went to top schools with a mediocre GPA. Do you guys know what he recommends for people that tried, are a bit older at 40, and have not made significant wealth? He has mentioned awareness of younger people not having certain things within reach. Anyhow, I'm an aerospace engineer. Took out loans for the education and money is okay but not good enough to pay things fast enough. In the past, I've tried hard to get promotions but I am not recognized in the corporate world because I'm not a yes man. Been thinking about the self-employed route as an engineer.
And, it’s not just an American problem. There’s high youth unemployment in many countries. India, China. There’s something going on. Agree that opportunity is part of that and agree with your fundamental premise. But, social media is doing a lot more. This is our society they’re fking with. And, that is not a game.
And what risks did you take Scott, without your free educations and grants?
My male role modem growing up was William Shatner. So naturally he blocks both my accounts on Twitter, essentially treating me like he treated Wesley.
Lol to continue to ask about the wife literally after he said she doesn’t want to be spoken about. Gosh darn self-help bros.
This guy looks / sounds like Jimmy from love is blind
Scott is a bit older than Jimmy
Making money in the stock market is sooo much easier now than in the past. There’s access to abundant information on the internet, thousands of etfs that involve zero effort, and very low fees. Nobody should have any excuses for not being able to save money for retirement.
Ryan, why would you assume that ketamine "therapy" would be a reason by someone would speak more of his wife? That is an assumption that should not be made.
Because that's what he said on his podcast the week before we talked
Ryan doesn't understand boundaries.
Great video but you need to mix the audio better. Scott and you are way off. Your mic was booming compared to his.
A former severe stutterer(into my 50's) that learned the power of diaphragmic breathing that enabled me to relax enough to speak publicly. Now I'm a Health & Wellness Coach that facilitates tai chi & substance abuse groups. Humor plays a huge part.
" A friend is someone that can help you move. A best friend is someone that will help you move a body." --Dave Attell
As a conservative you listen to these guys and we have so much in common, how did we end up hat1ng each other
Monetization of conflict. Offend to trend will be the death of us.
@@exnihilo415 👍🏽
Because a lot of centrist liberals are fundamentally conservatives and you're too dumb to realize it.
scotts mike is so much softer and turned down that I have to adjust my volume when the interviewer talks I have to turn it down his mike is so loud or his voice is so loud... any way to much work to adjust my listening volume...
take care
Starting to cry will help me become successful . Yea right.
How much money did he lose paying .1% per trading day to check the stock price?
Maybe think of it as an investment. Getting a daily update of a market at such a young age was a learning experience.
And to be able to get advice from a stockbroker for just the cost of a phone call - bargain.
But most bean counters don't get that.
The sound quality is killing me/ Prof G is sounding lower than Mr. Hawk
❤❤❤❤
Uncomfortable risk and enduring rejection as core competencies.
"Let's start with the crying first!" 😁
I laughed way too hard hearing that line! 😋
The most over compensated people in an organization relative to their contribution? Sales people. 😂
How can I take risks when the Supreme Court is about to rule that I'll be arrested for being homeless.
How can you take risk and abortion is now illegal. Less money for you stuck for life
Don’t listen when they say to take risk because most people do not have any money making ideas.
Arrested and what? Imprisoned?
@@ferdinandmagellan9210 yes!
@@ferdinandmagellan9210 Have you been living under a rock? Yes, arrested and imprisoned.
Why does he “NEED’ to talk about his wife or children of he doesn’t want to? We need to bring back privacy. This should be the norm. Also regarding the crying thing: sure all men can cry, but young men need to not do this in public. Nobody respects a crying man. Sure there are times (like death to a loved one that are exeptions). This guy needs to check his T-levels.
I would enjoy this more if it wasn't such a direct copy of "Diary of a CEO" podcast.
Great chat but nothing to do with wealth ???? That’s poor written communication 😂
Did you watch the video?
@@RyanHawk dude wants a wire transfer. Heh.
I will never trust this man ever again.
Wow I am turning this shit off..this dude is just lucky.
So... we need more males as teachers in school.
CNN plus host 😂, poor Scott
Yeah, he's too honest to work @ Fox; also too smart
@@buckchile614 CNN Plus was cancelled two years ago
Not poor Scott. CNN still had to pay out his contract and this man is worth over two hundred million dollars through his investments and start up companies he eventually sold. He also makes millions every year from his media company, speaking arrangements, and consulting.
I enjoyed listening to this Galloway interview. But I feel he violated his wife's wishes by telling us he met her in a Hotel pool when she had hardly anything on. She was 20 years younger then to top it off the name one of their sons after the hotel. Oh how we men love to brag LOL
Learn to forgive yourself!
Scott seems, like most boomers and Xers, how much riskier normal everyday living has gotten, and precisely because of the things his generational cohort supported. We live in a society where needing medical care or getting an education has a very high chance of ruining your life, where no one can get a job and those that eventually do have to deal with a work environment that severely underpays them, and where there are very few supports if you should fall on hard times. The only people whose "risk-taking" is unaffected by such an environment are the obscenely rich, the undeniably brilliant, and the incredibly lucky. And that's before even touching how the school systems YOU BUILT treat every form of intellectual endeavor like a college audition from the time we are old enough to read. Stop lecturing us about our character and start actually helping us to change the terrible policies that led us here.
How about saying to your parents "rather than sending me to college/uni buy me 50 TSLA and let me study at the local public or online course and live at home under your rules"
That's an uncomfortable risk.
Youth is your advantage - use it.
@@kasmstamps1897 Adorable that you believe that jobs don’t gatekeep using college degrees.
Argue for your victimhood, and sure enough, it’s yours.
The story you’re telling yourself will guarantee it.
Immediately stopped watching when the interview was interrupted with bullshit.
Intro style copied from most annoying channel DOAC
I think the idea of a male role model is great. I did it somehow subconsciously by employing young guys with little to no chances in the job market and giving them a chance to show what they are capable of. So far it always worked out positively. I have one condition: “you get the job and the opportunity. One day you will be in a leadership position and another young guy will be sitting in front of you hoping for a chance. Remember this moment and give him a chance”. I hope they will stick to it but so far I helped about 25 guys this way, about one per year of my career.
As Millennials and with boomer parents we are going to live longer and keep our job and our homes. Expect us to live to our 80s and leave our homes to our kids or grandkids. Opportunity window doesn't stay open forever and not everyone gets chance. Nature works that way . Its not 1980s or early 2000s . You just need wait your turn genz . GenApha probably will over run you because theyll be getting safe guards you didn't ger. Lady luck loves 🎲 🎲
He’s an atheist telling us what’s morally right.
👍
If you need religion in order for you to have a moral compass then you're probably not a good human being.
@@Tony-Red who decides whose a good human being, you? You’re probably garbage