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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Can this guy run for president?
Truly moral, competent people don’t run for President.
@@JeffreyGillespie This is why he would be perfect! He covers really important social/cultural issues as a podcast guest, yet he directly contradicts himself and his values by teaching marketing to kids that will then go on and perpetuate exactly what he explains is problematic under capitalism. Hypocrite through and through.
There was already a guy, bernie, nobody voted for him
He can't change the game; all he can do is teach you how to play it. Do you think it's possible for any one person to change the capitalist system?
This is exactly what I want to ask
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.
I’m in my late 30s and Im seeing all of these issues that’s he talking about with friends, family, and myself. He recognizes what’s going on and is calling it out for what it is. Great Interview.
This guy shills for the establishment and is part of the problem
Hhbh h .
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.
I am in this boat too. I'm 25, will be 26 in a few months, and I'm sick of working at a gas station while all the people I love moved on. Still live parents, but saved a lot of money where even if i have this as a lifeboat, I am still afraid of something going a rye. Even when there are jobs that pay slightly better, its almost harder to get due to the restrictive requirements to apply for these jobs, where I almost crave to have extreme hardship jobs, easy to get in, where it would cost my life for an affordable living. I don't want to work for the rest of my life to a job I don't enjoy and still have to pay to live just to get by. It feels like this shame is just overflowing me because I am unable to do the things I desire, and it frightens me.
I was making about that much at 29 but couldnt take it anymore, thankfully had parents I could move back in with for a couple years to figure something out. Ended up going to a web dev bootcamp and my first job started at the same amount as before. Now after about 3 years in the industry and moving jobs a few times im on double that. Still not where I want to be but theres always something else you can work towards that have better returns in the future
Do not go to school. Go become an apprentice.
Brutal! I think one of the biggest "life hacks" is having people in your corner cheering you on and helping to identify your value. School may help! A mentor in a field you're interested would be amazing if you can find one! I'm rooting for you!
Wishing things go well for you. Don’t give up
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.
If you listen to the long form interviews and podcasts by RFK Jr, he totally talks about these same exact issues. The mainstream media just smears RFK Jr and doesn't let him speak these ideas, because he isn't down for the establishment like Galloway. Galloway and RFK Jr see things the same way, and RFK Jr is also really wanting to slow the spending in govt and stop us going into major unsustainable debt like drunken sailors too. This is important, because our inflation right now is just a "hidden tax" from govt printing largely, combined with corps not slowing down their greediness they have had for decades one bit when the consumer is drowning in govt inflation at the same time.
You're not really THAT ashamed. I mean, come on. You've got it good and it's painfully clear Boomers aren't about to give up their fortunes for the sustainability of the nation
@Pens4Life85 This is a fine example of how the generations who've grown up with social media quickly --judge-- without critical thinking or further quering. I have spent over 33 years aiding the poorest people on earth, less than $2/day in income, in Pacific Asia, Africa, Central Am. and Southeast Asia leading development projects.. And, as a Black American, I take pride being a unicorn breaking into the US food industry, lifting Black farmers into once prohibitive markets beyond the bigotry of centuries old systems. What might have you done to uplift the lives of the marginalized? You should not so quickly denounce those who are older who are allies to the cause; you're going to need all the help you can get.
@@mikebrown-ic3ge I had a whole response typed out, but when I kept thinking about you capitalizing 'black' I knew I had zero interest getting wrapped up into a dialogue. I'm just simply not your audience for it.
@@Pens4Life85nah, you were a random doucher. L
"Try to be really promiscuous with your positive emotion" is a life changing mantra I live by and cannot recomend enough for anyone reading this! It works!
Awesome! Do you remember the rough timestamp of this quote? :D
@@jascha9033 27:34
@@jascha9033 27:35
@@jascha9033 27:35
@@jascha9033 27:35
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.
Do you vote for Democrats?
its not really greed in the upper levels of this conspiracy kzhead.info/sun/eMqHfdiPhWSidps/bejne.html
I am in a similar situation. Turning 30 and the poorest I have ever been.
@@DanielRodriguez-gm1ih Everyone is poorer under Biden.
With all due respect, none of the macro actually matters to your personal truth. Spend too much attention on what everyone else is doing, and that’s time you lost; time you could have spent bettering yourself. Turn off that social media faucet, put some blinders on, and put that energy into bettering yourself and your situation to the exclusion of everything else that won’t be with you up until the moment that your life is over.
The most appealing part of Scott Galloway is how much humility he has. Fellow men, please take notes
I’m sure that’s taken a lot of time.
It’s refreshing hearing a successful person list their failures. He’s not convinced he’s this higher being!
Dude I don’t even know you and you over here telling me to take notes??? 📝 😂
I love this guy. He's intelligent, witty, funny, wise, sincere, humble and honest. 😂 hard when he just so casually said "i had my fairshare of alcohol and drugs" thats the kind of honesty and display of imperfection that we need more of in all of humanity. We are all people and we all have and had problems. Its not all sunshine and rainbows all the time.
He is ignorant and arrogant and out of touch
@@user-ql4ud9zr7mI’m curious what gave you that impression?
@@user-ql4ud9zr7mI agree. His statement about not paying enough taxes is just stupid. Nothing prevents him from writing a larger check to the government anytime he wants. Also, his statement about young women are “killing it” because they are all going to college and getting the best jobs. Fast forward 20 years and we are going to have an epidemic of unhappy crazy cat ladies upset at the world because they were sold the bill of goods than feminism would solve all their problems. Young men really do have it the worst. Society has basically shit on them for the past 20 years or so and told them they were unnecessary. Here’s my advice to you young men- instead of spending your 20s doing drugs or alcohol or being depressed, go work on yourself- get a job, learn a trade/ new skills, get in the gym regularly. Live beneath your means. When you start earning more money start a Roth IRA and contribute every month (time is your friend here). The key is to work on becoming the best possible version of yourself. Surround yourself with other goal-oriented individuals. Remember- Comparing yourself to others is worthless as we are all on a different journey. If you do this you will be surprised at how many positive changes happen in your life. There is no short-cut to success. One must do the hard work to get it. Stop whining about how life isn’t fair (it isn’t), embrace the suck and get on with creating a life you will love and be proud of.
@@CamEats123 because the boomer pushed the clot-shot and "global warming" narrative on young people
@@CamEats123his skin color. 🧌
I was not prepared for this much real talk all in one place, holy shit. I definitely need to hear more from you and Scott. Thank you.
My last name is McGrath too. What's up, Uncle.
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.
But you see how half of these are motivational cliches that don't promise anything specifically, right? "Build the discipline to work hard." Well, no shtt. Most of the people he presumes to advise did that in school. Tell me how it worked out for them. They walked into a job market fucked by his generational cohort.
@@matthewcaldwell8100you were screwed over by bankers, corporations and government. The same people who tell you to blame your grandparents
@@matthewcaldwell8100 not reading that essay. Congrats, or sorry to hear that.
That rant was the best economic state summation I’ve heard to date
Seriously. I can't describe the relief I feel hearing somebody with the means to preach the truth reciprocating how I feel. We've been getting gaslighted by talking figureheads for far too long so this is very refreshing.
I came from poverty, being raised by a single dad. I became religious at 15 and church culture helped me learn to not gossip and be generous, etc. The strict rules around being loving and caring and at least outwardly pleasant has served me well. I've since left religion behind but I have benefited so much in my life by being encouraging and kind and helpful to others. Some of that is personality - it is natural to be kind and not speak badly about others. I think this, more than my intelligence or work ethic, has contributed to opportunities I've had more than anything else. Being the kind of person people feel safe with is an incredibly helpful asset because people are willing to share their ideas and resources to help you. People want to see a nice person win and some people will even help you along your way.
I have found this to be so true. I agree 300% with you.
Few ever write this. It’s a book in itself that good start an incredible movement. Thank you.
Cool story bro
@@Pens4Life85thanks
@@Pens4Life85 thanks
Scott I listened to your Ted talk, and now KZhead wanted me to watch this video and it did not disappoint. Great questions Kyla, and great answers by Scott.
"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.
I'm personally trying to do both. Day job is working hard in a well paying field (but no after hours work) and night job is studying up on investing and using the size advantage of being a singular person to find inefficiently priced small cap companies to buy.
👍🏾.
This is kind of sad but true... I've kind of known this since I was young that this was almost inevitable with the influence of the internet and coming A.I. It feels like there's no point anymore other than gluttonous consumerism to make you happy unless you're attempting to be the first person to travel to Mars. Then you might be able to afford a house.
If you took passion out of that equation, the rest becomes a bit more manageable and realistic, but still...😊
Such a cynical world view, but so true and rational in the current era of late-stage capitalism.
As someone who is under 40, and ELECTED to local government. You are 100% correct about the cost of permits and the barriers to housing. There is constant push for us to "preserve our neighborhood character" by embalming it with regulations. Whenever more property restrictions are proposed, it is marketed that "the developer" will pay the costs, rather than the existing taxpayers. So the next generation is burdened with the costs and barriers, and the "grey tsunami" that pushes for it don't have to pay for it? I don't think the solution to this problem (local government permits) is more diverse taxation at the local level, but to reduce the amount of permits that are required to pursue economic development on their own property.
Are there any particular types you take issue with? We should be able to shape our towns and cities to prevent harm to others and support infrastructure that works best for everyone without all this personal greed affecting the process, so I’m curious if your thoughts
Regulations and fees have added an unnecessary burden to the cost of homes that first time buyers can afford.
@@pervasivedoubt150 SFH. Nimby stop building in the game of keeping the character. This stops new people from moving in and make property values go up for existing people
@@Theaverageazn247would you rather as a young person be able to buy a home with a backyard for yourself to enjoy, future children and maybe a dog, or live in a unit?
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.
I have to say I fundamentally disagree with you. Respectfully. Billionaires don't "deserve" wealth if it comes at the expense and exploitation of like 140,000,000 people. Come on. We need to have a moral middle ground economically that's sustainable for everyone.
@@Pens4Life85 I also think no one can really "deserve"that much wealth, the point is though its not about whether they are good people or not but rather the impact on the rest of society.
@Pens4Life85 wealth doesn't mean exploitation. I would agree with anything that protects against exploitation, but getting into deciding what people deserve is such a gray area and extremely dangerous.
@@clayton4336 what people "deserve" is certainly nothing to do with fiat currency. People "deserve" human rights, dignity, respect, and certain inalienable freedoms. If I work 8hrs/day and make $85,000/yr, how many hours a day do billionaires work exactly? 1500? 2500? 10,000 hours per day? The current capitalism running and being promoted around the world is entirely immoral and unsustainable. Nobody ever gets wealthy all by their lonesome, that's a load of BS.
Its the fiat shit show, those closest to the money printers reap the benefits from the monopoly money and then they are incentivized to get closer to policy to keep printing the fake money! If money was backed by gold still thus crap wouldn’t be the same
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.
Just look at the leadership of the two parties. All in their 70s and 80s. Any wonder why they don't look out for our generation's interests?
You really NEED to leave the popular areas to live. My hometown was Denver, CO, but it became insane starting around 10yrs ago as people kept moving in droves like they are now in TN. When we sold our teeny 832sqft single family starter home we bought in 2008 in 2017, there were a bunch of offers on the table hours after the house went on the market. We weren't able to stay in Denver because we had the same bid war issues, and it was just too pricey for comfort even with the equity we gained on our first house. All we had to do was move 2hrs away from Denver to an area in Colorao that is a bit less populated that isn't considered "trendy", and we didn't have the bidding war issues, and the cost of housing is quite literally 1/3 of Denver's!! We have the same wages we made in Denver as the wages are state wide for many companies, but our house is much larger, much cheaper, and we pay so much less living here. There are lots of decent little towns all over the USA that are WAY more affordable simply because they aren't "trendy". BTW where I live now is actually nicer than Denver, esp what Denver has become...lol...the irony of it all! Go off the beaten path to find a home!
@@kty3727 It's way more complex than that. Who says anyone cares about you and your wellbeing?
There's a third party candidate. Maybe it's times to look at other options if you're brave enough.
@@tuckerbugeaterI believe we are all in this together. You sound like one of those "every man for himself" kind of guys. In prehistoric times, you would have been banished from the tribe, just like the sociopaths.
As far as building character for success I think the most important things I've found are: 1. Creating value for the people I meet (There is always a way to create value) 2. Then I tend to that relationship like a garden where the relationship starts as a seed but eventually blossoms when I need help later 3. The fuel to help that garden grow is by creating positive emotion like Scott said, so that every time someone thinks of you they remember how you made them feel (I avoid negative emotion at all costs) It's not about what you know, but much more about who you know nowadays. I literally have job hopped to larger and more successful companies just by networking. That networking is only possible by building and tending to relationships. Also just throwing as much money as I can into the S&P 500
This is interesting - can you expand on creating value on people you meet?
@@NateDohDoubleGee that's a great question and I had the same one when my mentor first taught me this haha. Basically look at it like this: Every single person whether they're young, old, rich, poor, black, white, (you name it) has day to day issues they're struggling with. To put it simply, everyone has problems. Where you come in is you can offer to help those problems even if it's doing something really small. For example, a friend of mine I met at my last job was laid off. I, by chance, had also been looking for a new job and had a list of resources I already compiled for myself. I asked her if she had any interest in seeing my list and sure enough she did. Costs me nothing and I know I get to make her day better. Maybe even one day when I'm in need she will return the favor. Does that help?
@@moons_mindthank you
nah, just build something that is value-able for others. You're way over thinking it
@@NateDohDoubleGee nah, just build something that is value-able for others. You're way over thinking it
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.
There won't be retirement for gen Z at this point whatever you do.
@@Bai_Su_Zhen Retirement isn't even a thing for most middle-aged people right now. Nobody can imagine actually retiring and living off their savings for like 10+ years unless they were in a government service job.
Thank you for this applicable wisdom.
Very profound truths. Thank you.
Probably the most eloquent description of the problems of today I’ve ever heard. Bravo.
The KZhead algo brought me to this episode. This is the first video interview that I have listened to with you hosting Kyla and I thought this was fantastic. You have brilliant questions and let the interviewee talk about their topic. At such a young age, you have great potential. Keep up the great content.
“You don’t need to find the needle in the haystack… just buy the whole haystack” that’s great
If you liked that one liner -- look into the "Boglehead" method of investing. It's named after Jack Bogle, the inventor of Vanguard, who is also credited with the popularization of the low cost index fund
I'd say that point just was not true though, like... statistically or mathematically. It just sounded good. You do need to put some thought into what you're investing in. Yes, don't put all your eggs in one basket, but don't have... a thousand baskets for a thousand eggs?... if that makes sense? Unless you want to get only like 3% back on average
@@Erico9001 I mean it is true. The VTI (vanguard total market index) beat most traders last year
hes also talking about dollar-cost averaging when he mentioned his buddy at 10:00, so you get an ETF, you feed it monthly, it grows over 30 years... you never have to think about what, when or how to trade. you just need a strong savings muscle outta curiosity i did the math, $2k initial investment, $200/month, 30 years, 14% average annual growth = $1Millon ($75k was from deposits, the rest from interest)
"WEALTH is a Whole person project" - nice line, that!
Thank you for sharing. To be honest, it is genuinely wonderful to hear people recognize problems but then approach some solutions with a focus on positivity and hope. Really hope this gets traction and spreads. Truly a trend the world around us could use right now.
New faces and voices.
This was your best interview yet. Loved it
Scott is definitely right about us having the hard part figured out. The US is exceptionally wealthy and many countries around the world struggle incredibly hard to reach the same level of development. Yet, we are stabbing ourselves in the foot through simply bad policy choices where we already know what would fix the problems. From wealth inequality to healthcare to the housing crisis we already have known solutions to these issues. The problem is that we have a broken political system that is simply not implementing them.
I'm in Canada and no joke...just due to our healthcare and welfare...life is so easy for everyone. We have nobody truly suffering like i see when i go into the usa. Even the poorest can find a home and eat...and healthcare is always the same deal birth to death.
Thing is, we don't have the hard part figured out. I don't think technological progress is hard. It's actually incredibly easy if you don't care whatsoever about anything else. Which is the situation we find ourselves in. We have an economic system that allows the rich to get richer. We have an economic system that prioritizes rich companies getting richer. That makes technological progress easy. The hard part is making sure the success that comes from that is distributed properly.
Loved Scott's older videos, strong points being made we need to solve the housing dilemma
Literally no one wants any development or home construction to take place once THEY have their shopping and housing situation settled. The absence of self-awareness and plain old selfishness is appalling.
Great interview, thank you!
At 11 minutes. That pause. I have so much deep respect for Professor Galloway. He didn't bullshit her. He is being honest.
He's honest but pro big govt. More govt means less freedom. If you open the markets to competition you give the people choices and it'll naturally weed out the bad actors bc ppl won't use those services that are too expensive
@@romoore2094 We had that, it's called the beginning of the industrial revolution through the early 20th century, and it categorically sucked. What happens is every industry gets a monopoly, which then suppresses competition and abuses the populace. It's only "more government" that prevents this from happening by breaking up companies when they get too large. Also OSHA for safety regulations so you don't die in an avoidable industrial accident, modern building codes so you don't burn alive, unemployment and retirement benefits so you don't literally starve to death in old age, environmental regulations so your water is safe to drink and food regulation so your food is safe to eat. You would hate the world you describe, and the only reason you yearn for it is because you haven't experienced it and probably avoid studying economic history because it's "boring". Read up on Company Towns in 1800s West Virginia, that's what you're advocating for, and the coal miners literally went to war over it at the Battle of Blair Mountain.
@@irishScott2 Large corporations disproportionately influenced the government in 1900 like they do today. Back then when American workers striked for better conditions, the "job-creators" convinced their government friends to send in military forces to break up strikes. The fight for unionization in America was brutal, and the government had the corporations' backs until Teddy Roosevelt became President. Backdoor government deals for competition-killing laws and subsidies only fuel monopolies. Monopolies seem inevitable in a competitive environment, but breaking them up doesn't change much either. What's the difference between John Rockefeller owning one large oil company worth X dollars, as opposed to him owning 34 small oil companies totaling the same X dollars? I'm personally grateful for things like work safety regulations and building codes, but ultimately it should be recognized that government is the worst kind of monopoly: a monopoly for legalized violence. If we must have a monopoly for legal violence (and I'm not sure that we do), do you want it to be big or small?
@@irishScott2 Large corporations disproportionately influenced the government in 1900 like they do today. When American workers striked for better conditions, the "job-creators" convinced their government friends to send in military forces to crush strikes. The battle for unionization in the US was brutal, and the government had the corporations' backs until Teddy Roosevelt became President. Cigar room-backdoor government deals for competition-killing laws and subsidies only fuel monopolies. Monopolies seem inevitable in a competitive environment, but breaking them up doesn't change much either. What's the difference between John Rockefeller owning one large oil company worth X dollars, as opposed to him owning 34 smaller oil companies worth the same total X dollars? I'm personally grateful for work safety regulations and building codes, but it should recognized that government is the worst kind of monopoly: a monopoly for legalized violence. If we must have a monopoly for legal violence (and I'm not sure that we do), do you want it to be big or small?
@@irishScott2 Large corporations disproportionately influenced the government in 1900 like they do today. When American workers striked for better conditions, the "job-creators" convinced their government friends to send in military forces to break up strikes. The battle for unionization in the US was brutal, and the government had the corporations' backs until Teddy Roosevelt became President. Cigar room-backdoor government deals for competition-killing laws and subsidies only fuel monopolies. Monopolies seem inevitable in a competitive environment, but breaking them up doesn't change much either. What's the difference between John Rockefeller owning one large oil company worth X dollars, as opposed to him owning 34 smaller oil companies worth the same total X dollars? I'm personally grateful for work safety regulations and building codes, but it should recognized that government is the worst kind of monopoly: a monopoly for legalized violence. If we must have a monopoly for legal violence (and I'm not sure that we do), do you want it to be big or small?
What I'm taking from this interview is: 1) wealth reflects virtue (and implicitly poverty reflects vice) and 2) government redistribution of income is bad.
I took #1 as well. Yikes!
Yeah, I don’t know if I can listen to all he said. I agree, you became a billionaire by taking a portion of someone else’s labor value.
Right, it's business theology larded in with conservative brainrot.
I love this guy, such a breath of fresh air 👍
Kyla, Scott, thank you for this refreshing reminder! Straightforward dialogue of what is going on! “Gamify your savings”, definitely going to give this a shot! ❤
This guy is very sound. I like when he said don't talk bad about anyone. Positive emotions.
Its smart cause you can see how nasty people you think you can trust get when they talk shit about others
One of the most informative and to the point dudes I’ve seen lately. I’ll buy the book 👍 Thank you. Great interview
This young lady is amazing....sending this to my nieces and nephew's immediately
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. 💡
Thanks for all this. Unfortunately I don't see anything changing. Broken governments are trying to fix broken economies by breaking them further
They are not trying to fix anything, they are catering to boomers and gen X
its a takeover kzhead.info/sun/eMqHfdiPhWSidps/bejne.html
Income disparity is a precursor to all societal collapses so far, so... it'll bite them in the butt one day or another... maybe when they have nobody left to deliver their amazon packages because nobody wants to brave the droughts produced from their carbon emissions
The concerns are real. But nobody talks about how much more aware we've become about depression, education and how to develope wealth and how it all ties into the present economic situation. The results are further separation between the wealthy and the lower classes. As it has always been the case, life is about haves and have-nots. Education is still king to a better future.
Education isn't the answer. Economic opportunity is. And some may be born to have access to neither even in America which is completely fucked
Education has become a mind control scheme run by the leaders of our govt thru funding teachers unions. We need to separate those entities
@Matanumi so true. That's why so many wealthy ppl are not graduates of university
Life isn’t about haves and have nots, it’s about choices. How are poor Asian immigrants who work hard, save money and prize education and learning for their kids about to rise from the lower to the upper class within a generation? Choices matter folks. More than anything else.
I love these two humans individually and am so happy to see them in a discussion together
Yes I’m 62 and have felt the impact of what he talks about here for most of my life. Only began figuring some things out in the past 10 years
your life was easy mode
Try being a 20 or 30 year old today. You had it easy bud
The best part of Scott's message is his emphasis on ending the weaponization of law at local, state, and federal levels against younger people and newer businesses. This means retracting government reach rather than adding programs to supposedly encourage. Unfortunately, for one thing, the young are up against sixty years of treating houses as investments rather than expensive consumer goods. The country has three generations for whom the house is the primary investment. Compound interest is a lovely thing -- unless you are on the other side of it.
Well it's a good thing entire generations aren't saddled with nondischargeable debt that compounds OH WAIT
Not sure what I was expecting but this was a great interview. We need more straight, honest conversations like this.
I love this guy......he speaks the truth
From the UK, what an excellent interview, thank you both!
What wisdom and a much needed reality check. Eloquently and honestly put. Thank you Scott Galloway. - from a 23 year old
I hope this reaches someone that's smarter than I am that can look into this, but you can see this exact extreme where I used to live. In Tyler TX its is almost a retiree city, where all the wealth is sequestered by 50-80 year olds who have old money, a time when inflation was Lower, and have moved to from places like California to TX because of low taxes. So the out of state elderly raise taxes for young people born in the state to a raised cost of living (Let alone buying a house or renting a apartment just to feel some sense of freedom). Since young people have no money they have to get loans, going into dept, then after they have a degree there are no high paying opportunities in Low tax Tyler. Making them have to go high tax states to find jobs that will technically be paying, the young person with the degree, less. I not that smart, so there might a huge mistake with everything i just said so please let me know but, this is just how I feel from living it. I feel hopeless that "HardWork" even matters, in my experience its always been, "Oh, you know Joe?! When can you start?" idk this may sound bleak but I feel like it would take a new war, to create a new of generation of baby boomers because I feel like having kids would be a financial suicide for me and my child.
I'm in the front of the wave Boomer. I couldn't agree more about the straits our young people are in. My several post-high school grandchildren are doing O, but not super. The wealthy own the K Street lobbyists and Congress. Every attempt to tax some of that wealth has gone nowhere for decades.
To be successful you need to bring “certain amount of forgiveness, generosity, and love to your relationships”
The part he left out was ... with your peers. You also need to be willing to exploit people for more than you pay them too. There's not a single seriously successful company (I'm talking the kind that makes a Bezos) in the US not exploiting someone in their direct employ or in their supply chain. Not one.
If only it were this easy
@@merrytunes8697 what makes it so hard?
This man speaks wisdom. I’m getting his book. 👍
I watch all his videos on his channel. You should also check out Peter Zeihan's videos. Zeihan is less about stocks than Scott is. Zeihan is about demographics, global trade, and the Russia-Ukraine war.
@@stevechance150Zeihan makes some good observations on demographics but he face-palms a lot. Watch Sal Mercogliano debunk Zeihan's Jones Act video if you want proof.
Great Organic moral talk at the end❤..well said
This was a much-needed conversation and Scott needs to be on the biggest platform possible to amplify his reach. Very intelligent, and I constantly walk away with more food for thought. Next up on the Joe Rogan podcast 🤞
What Scott said about helping youth (paraphrasing) to become economically successful and how we’re not doing that is not only true it’s an epidemic. I’m on the oldest end of Millennials. I have kids in private school not because I’m rich, but because I’m doing my utmost to invest in their future because as parents we want our kids to be both better than us, and more financially sound than us. If we’re not doing that then you’re looking at the “Four Evils Campaign” where (in this case) wealth is eradicated for the youth, and it goes on to cause severe strain for the rest of the population.
Can’t get enough of listening to Scott. His wisdom acquired over a lifetime is masterful.
Speaking of giving a compliment, this was an excellent convo and going to share with my siblings who have preteens
Crazy that I haven’t heard anyone say all this in one place, and with compassion more so than with anger. Great stuff.
Surprisingly deep dive into building a good life with wealth as a nice side effect. I’m a few years younger than Scott, but I do see a lot of the issues we’re contributing to.
Love this Scott. Keep it up. I wish this could change. Thanks Kyla.
I work in high net worth insurance and see the yachts, multiple homes, and lifestyle these people can afford. I'd say the majority are over 60 and have unbelievable wealth.
Imagine the horror of those people having no yacht and only two homes so that others might have a home of their own. What a disgusting concentration of wealth.
So articulately explained the current crisis
Enjoyed this!
An interview that truly tickles the mind. Thanks! Still wondering what Jennifer Connelly is doing in finance all of a sudden.
Very articulate
I appreciate the focus on SOLUTIONS 👏🏼
Lots of wisdom here, thanks so much!
My parents bought a house 30 years ago for $170k in a nice neighborhood. Now the average cost in that neighborhood is $1 million. These houses are built in 1950. I am now 40 and can’t afford any of those houses. I am consider middle class income. I am now saving retirement money for my daughter who isn’t even 2 yet because I worry about what you said for her future,
He's deep. Good shit.
And straight to the point.
language!
He is completely out of touch
@@user-ql4ud9zr7m maybe only a little bit but what he says has merit
@@user-ql4ud9zr7mbot
This is a great interview and discussion - thank you
Great observations on our younger generations and the challenges the boomers (myself) have placed on our youth. Thank you. It does not bode well for our future.
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 😂
Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard 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.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Marisa Breton Dollard up and send her a message. You've truly motivated me. God's blessings on you.
greta listen. got me taking a step back to think harder about it.
great points - agreed - when one is young, one has the energy and health to produce, and those are years to do it - to set yourself up for your later years, because as you get older, it gets much harder.
Being nice and speaking positively, functionally, inevitably means not externalizing a problem which might require cooperation to prevent or correct. You're effectively saying "shut up about your problems. You attract more bees with honey" which isn't false but it's not righteous and is largely the cause of our problems in the system YOU can't manage to figure out. Sure it's right for YOU individually but collectively or even in your local municipality acting in your own interests cause inner alignment errors in policy and communication. A great deal of statements interpreted as criticism, are listeners projecting their involvement with something as negative or as blame. Just because you're part of the solution proposed, or were complicit in the problem described, doesn't mean the provoking party has any negative sentiment towards you. Never the less, people will consistently and constantly take it that way. It's just a matter of fact, as Scott even points out in the video, people get defensive. Before anyone comments, "you can communicate problems while being positive with tact" You'll need to actually try fixing these cooperative or institutional problems yourself not just delegating or commanding other people to. Coercion isn't consensus. Confidence isn't competence. Bribery isn't personality.
You are not responsible for "fixing" institutions, you are accountable to fix yourself.... which absolutely will be made much easier by not whining about external circumstances and being an optimist.
@@spartakos3178 I have no trouble doing anything myself. It’s easy to think your outlook and discipline are the solution when you’re short sighted and narrow minded.
@@nathancourtney94 in the most repressive regime imaginable.... your outlook and discipline matter more to your future than systems. In the most equitable of systems.... a shitty outlook and poor discipline will keep you down. No matter what hand you are dealt it always matters more how you play it.
@@spartakos3178 duh. Are you going to keep complaining about peoples attitudes because it’s throwing off your vibe or are you going to engage in constructive dialogue? If you’re only positive in action while positive in countenance, you’re useless when it matters. This isn’t license or excuse to be needlessly negative but rather, if you ACTUALLY intend on correcting things you need to get used to dirty language. You’re not going to correct this while forcing people to stay positive. Engage with the negativity as exhausting as it may be. If you cannot do that, then be quiet and get out of the way.
A few comments - when older people were young: - nearly $1T was not spent on the war industry annually, a complete waste and corrupt transfer of wealth from young and poor taxpayers to war industry execs - the US had not sold out their manufacturing base- the young actually had stable jobs to build a family (writing code for social apps doesn't make stuff) -there were morals and mores and faith - whether true or not, they create stability. Watch a sports add now: alcohol, gambling, and as of late, weed-centered talk show ads (a country with loser mentality).
Yeah. By moving industry elsewhere, its a psychology way of saying “we don’t want to be responsible for the future” culture. Two generations later, there are way too many broken ladders from a system where the entire foundation is sinking and cracking.
Yup well said. Also not nearly as large a chunk of their wages went to welfare programs to help others feed their families while you can't even start one. America was pretty much always smoke and mirrors but I distinctly remember everything getting a lot trashier in the late 90's and early 00's (getting worse every year since).
Yeah, was in high school in the early 00’s, trashiness did ramp up back then. If it wasn’t Girls Gone Wild ads and MTV Spring Break with Brazilian string bikinis-amongst others Jerry Springer tier television and early “reality TV”, it was Iraq and WMD’s, boners and bombs. It was almost all boners and bombs. Maybe the occasional, “was it really the Middle East that did 9/11?” But for the most part it was all media silenced stuff on anything of truth, at least until Katrina and then the Great Recession. Mid/Old Millennials trying to rationalize being poor by being hipsters thrifting, pretending we weren’t absolutely fucked as a group…
Only someone who didn’t live through the Cold War or any of the previous wars could say we didn’t waste money on the war industry annually. The $1 trillion you quote is inflated, just like the value of your grandparents house.
Morals? Mm do more research about the 60s-80s my friend.. and yet wealth still grew exponentially regardless 😌💯
I started with $0 at 27 and retired at 38 using Galloway's plan in the 90's-2000's well before Galloway wrote this... it works. But for many it is boring, no smoking, no drinking, no car, nothing fancy, living between rental properties, no furniture, no cars. Etc.
you also had more disposable income at the time. wages adjusted for inflation have gone down consistently since 1981. and that rate is growing faster. that being said... stocks are amazing and im also doing that and im doing way better than most people in my demographic... but in the 80s it would get you a yacht, in the 2000s it would help pay off your mortgage, and today... saving like crazy will get you a 5 digit lump of cash you cant do much with besides buy a depreciating BMW
How much did you retire on?
How did you go from 27 to 38 and retire within the space of 11 years. That’s nuts
I simply don’t believe that you started with absolutely nothing and in just a decade had the ability to retire. You’re leaving out some key information here.
I’ve been recently weaning myself off social media and screen time in general and I feel my attention span improving. I struggled to watch anything past 10-15 mins without losing focus but I enjoyed watching and digesting this video!
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.
Thank you Scott
Old man has really balanced perspective on finance and life in general. ❤️
This guy is all over the place.
People are too beaten down and anxious to challenge him since he can speaker confidently since he can live on passive income and wishful thinking
There is no "we". I hear this continuously in conversation but this is the problem. Understand that individuals make choices.
I love being able to learn from this and hear the older generation speak on it. Now how the hell to we bring this into action. seriously. It’s about time.
That’s the problem. Wanting to get wealthy at everyone else’s expense. This needs to be restricted, regulated, and punished. Instead, cooperation, community and accountability need to be pushed and rewarded.
Less government will get you most of the way rather than trying to further restrict markets.
Our economic system rewards psychopathy and sociopathy. If you want to change these incentives you need to replace the people currently setting them.
I agree with him to a point: -young people are making poor college choices and going to colleges that are way too expensive but they are buying a big name, plush facilities and sports teams instead of just an education. -young people don’t have a bunch of roommates like in the past. I lived with 5 guys. It was cheap and fun as hell. -buying outlandish cars instead of a beater. -homes that are big and have a lot of amenities. Since the 1950s houses have gone from 1500 sq ft to 2500 sq ft. -additional services that weren’t there before ie phone cable etc yes many of these are necessary today but Netflix isn’t. -getting married later or not at all. Now you are paying for housing by yourself instead of splitting it with a spouse. Plus you’re getting taxed at a higher rate. These factors need to be included as well.
@@martinlutherkingjr.5582 You are always talking our of your ass parroting the dumbest conservative talking points.
We are really shitty at cutting up the pie - because the rich cut up the pie! Please keep preaching - we need an advocate!
Your comment is very ironic as I bought a pie last night, ate too much..and feel sick this morning.
Although he covered most of the aspects affecting young people I’m left with the knowledge that unless our nations monetary policy changes there’s little hope for a better future. All of the issues he discussed should have already been examined with these kids @ home and @ high school.
Nice talk. I agree with so much and also disagree with plenty.
Kayla Scanlon is SO BRIGHT. Amazing interview, congrats!
Didn't know I was going to get this knowledge dump on this gloomy rainy Sunday morning and I'd tell you that the 32+ mins flew by like I was just listening to an uncle talk. Algebra of wealth mixed with wisdom of how young men today should take care of their bodes, wallets and hearts. Brilliant
I love this guy.
24:00 in. So we’ll said!! “If you don’t bring a certain amount of generosity, compassion and love to your personal and professional relationships..
"How to get wealthy" is exactly not the question to ask. "How to build a comfortable life" is a better question. We are partially in this position because of greed to begin with. People wanting to be "wealthy" has always been synonymous with them taking advantage of others. And that is why we are where we are today. War. Crime. Hate. Because nobody wants fairness. They just want selfishness.
Exactly. I ask myself what things work for me, get quality, don’t need more. Good air, water, home-25k mobile, quality food (not processed), good people & Nature.
My thoughts too. Tuned out of this after first few mins. Just more of the same soulless approach to life.
micro-economics always trumps macro-economics - this is why we have Taxes, use them to fix the individual, selfish focus.
Your retirement number is based on ‘when ya gonna die?’. As a former financial advisor…I was asked all the time ‘How much do i need in order to retire?’ I would ask the above or rephrase ‘How long ya ginna live?’ Money ya have + money coming each yr divided by the years ya got left = how much ya can spend each year!
An amazing and insightful video.
People that are wealthy can also have that better character as he describes because they aren't worried about living paycheck to paycheck. If most people didn't have to worry about working so hard to get by, they would probably spend more time with friends, read more, volunteer, etc. A lot of people do things "out of character" because they are just trying to get by and will do anything they can to provide for their family. So they could do things we don't find reputable but if they were comfortable, they would never do those things.
I think there are studies showing that the stress of being poor actually lowers your iq...
So what is the solution? Is anyone going to do anything about it?
Over the past decade or so there has been some of the worst financial advice ever out there on the internet. One of the worst I saw was telling people to rent a home instead of buy one as it’s cheaper in the long run. If you took that advice and rented, you are now in a situation where your rent has jumped by 30% in 2 years and you are potentially locked out of the housing market forever
That’s a lie. Hyping up the lie is wrong saying people will be priced out of real estate forever. Even real estate investors are preaching that non sense. Look if real estate really always goes up that would mean real estate in Cairo would be far more expensive then anything in New York City, Tokyo etc. But real estate doesn’t just go straight up forever. Real estate is up in the U.S. cause the federal reserve that’s privatelyowned bought 2.7 trillion in mortgages and kept rates low for 40 years especially artificially low the last two decades. No freaking way do we have free markets when government bonds have negative interest rates or yields like we saw the past decade. Eventually bubbles will pop they always do and assets will adjust in price.
@@koltoncrane3099 The housing market changed the minute equity funds decided they wanted to go into the rental market. They have such deep pockets that it’s very possible that current home prices are the new floor of the market. If there becomes a wave of foreclosures, they will be right there buying up tons of inventory and outbidding everyone else. Add in the possibility of interest rates staying even around 5%, and home prices don’t need to go up more to keep them out of reach of normal people, they just need to stay where they are which is what they are doing. The current problem with the market is lack of supply. The most construction that has been going on is for permanent rentals. I don’t see anything happening to give us a large increase in supply of homes anytime soon. Do you?
Insurance and taxes also been going up, not arguing your wrong just thought you missed that point also maintenance cost hits fast and hard when you least expect it
@koltoncrane3099 while I agree with your evaluation that we are in a real estate bubble, for many young people that bubble and their low salaries (relative thereto) will surpass their lifetime. Just as the earth constantly erodes soils, the exponential rate of improvement of technology will continue to levelize the worldwide equivalent salaries of low to medium skill workers. Comparing salary to home price ratios from decades ago to today have proven that it is close to impossible for 20 to 30 year olds to buy a home. Agreed....when the bubble bursts we should have a significant home price reduction in some markets but the bottom line is real estate is an asset and priced in US$. As the government continues the acceleration of dollar deterioration...homes will only get more expensive in US$ value. I don't expect business owners will be abke to boost salaries enough to compensate. While McDonalds can be forced to pay $20 per hour, typical, graduating non IT engineers, with massive school loans are not being paid much more than burger flippers. I have recommended to the young, to group together and buy a home together to get a portion of that asset and gain some protection from the government's redistribution of wealth to the ultra wealthy. A close second is to buy physical gold and silver. And if you're savvy enough...open a brokerage account and learn by paper trading, for the days coming to buy puts on the market indexes. We're not there yet but will be soon enough (just waiting for that first cut in interest rates).
The Canadian elderly retired couple. The wife is Tina. When they advised selling your home and renting like they did was insane!
Great words!