Scott Galloway: Build Wealth or Die Trying
Ойын-сауық
Join Michael Batnick and Downtown Josh Brown for a wide-ranging conversation with Professor Scott Galloway, author of the new book The Algebra of Wealth.
Read Scott's Blog: www.profgalloway.com/
Buy Scott's Book: www.amazon.com/gp/product/059...
► 00:00 - Intro
► 00:51 - Scott's New Book
► 02:20 - Money Mistakes
► 03:56 - How Your Relationship with Money Changes Throughout Life
► 07:12 - Experiencing Rock Bottom
► 09:30 - The Worst Advice Young People Get
► 14:58 - Advice for People in their 20s
► 18:01 - Finding Your Retirement Number
► 23:23 - How to You Keep Your Kids Grounded and Motivated
► 26:23 - The Best Skill for Young People
► 29:50 - The Billionaire Class
► 31:19 - Income Inequality (and why young men are falling behind)
► 34:12 - Writing a Book
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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
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Пікірлер: 236
I wish I had KZread back when I was in my 20’s so much wisdom is free for the taking now.
@robertmurphy926
2 ай бұрын
I could not agree more
@davidashcroft5602
2 ай бұрын
i was thinking this a while ago.. but the truth is i wasn't ready to listen
@dinosaurdude5668
2 ай бұрын
@@davidashcroft5602 you know, I also could see the younger ‘me’ thinking I knew it all.
@JimMcNutty
2 ай бұрын
Takes some people longer. Like myself until I was 30
@prettybird8942
2 ай бұрын
Hoping to get stopped on the street by a YT representative asking how YT shaped my life. - Profoundly
We were in tough financial shape at 30. Now at 40 we are comfortably wealthy and our kids future is provided for. It’s amazing what you can achieve in a decade.
@aaronward6466
Ай бұрын
Yes agree - people dont realise what they can accomplish in what is literally a short period of time. In 10 years, my wife and I have gone from owning literally nothing but a car to being debt free, a home, a small business, 3 kids, 3x cars (Including a classic) and 2x FT jobs + investments. 15 years we have been together, and it all comes down to smart decisions, living within your means, and not consuming crap and buying useless items. 🎉
I was never a Type A guy. I grew up with health problems and learned fast I am not going to easily compete. I took the slow balanced risk approach to life. I didn’t pick any fights, I earned two black belts. I didn’t leave school to be a hard charger, I earned a Ph.D. I never leveraged debt, I owe NOBODY. When I started stacking cash, I put 20% into retirement and own the whole market with a slant toward value. Ironically, my risk aversion has put my family in a position to truly compete and succeed. Don’t confuse your overconfidence with merit. Society is full of losers who thought they had a special fast lane to success. Only the gradual principled way will get you where you want to go and it isn’t easy for anyone.
@Toymachine2207
Ай бұрын
says the person who has them ability to go to higher ed and get a phd and land a high salary job to stack cash.
Every time I listen to Scott Galloway, it feels like a eureka moment for me. One of the most resonant episode of The Compound. Thank you
Professor Galloway!!!! Nicely done guys! Always hear myself in his words. I cashed in my 401K in my 20's. Threw on a backpack and travelled the world...and met the world. It was the greatest time of my life! Fiscal responsibility came in my 30's. It's never too late.
Wow! My favorite compound ever. Kudos to Josh and Michael for limiting the banter, asking great questions, getting vulnerable, and making this an incredibly valuable 40 mins of my time. I’ve already sent it to many people, including the younger men in my life. Scott truly is one of the few public male figures that models the healthy masculinity I strive for. He’s vulnerable, compassionate, kind, yet disciplined, ambitious, accountable, resilient and wise. I’ll be buying his books after listening to this.
Every young man under 30 should watch this! Great episode, love Scott Galloway!
This was one of the best podcasts I've ever heard- not just from the Compound and Josh and Michael, but anywhere. So thought-provoking, in fact, I will listen again with a legal pad and pen handy and take copious notes. Thanks Josh, Michael and especially Dr. Galloway
@TheCompoundNews
2 ай бұрын
Love to hear it! Appreciate the feedback!
Our daughter was born in the summer of 2009 also. I had to cancel our health insurance right afterwards, money was beyond tight. I'm so glad the banks got their bailout though...
Starting over & rebuilding @ 40 so this convo def reminds me it’s possible 🙏🏼
Wow! Huge get with Dr. G. Nice job Compund.
Amazing podcast. Things I liked 1. Importance of telling people about trade-offs. That little league coach example was spot on. 2. Acknowledging the luck portion 3. Focus on stoicism 4. I really liked the comment by the host where he mentioned that its the parents who would have guided the children away from nvidia and towards GM. It tells you how important is to make your own decisions 5. The importance of money. I think the value optionality provides in today's world is priceless. It can save you from ruining your life due to divorce/mental breakdown/accidents etc.
"My heart rejoices at the sight of all the things I do not need."
@moogoogaipan3089
2 ай бұрын
bc other people are buying it and helping my stocks
@lurkingcaro
2 ай бұрын
@@moogoogaipan3089 yes, it is my philosophy selling things on eBay as well 😁
@robveltre8897
2 ай бұрын
That’s an awesome quote! Could you tell me who wrote it?
@lurkingcaro
2 ай бұрын
@@robveltre8897 Arenius, a man from the 5th century.
@robveltre8897
2 ай бұрын
Thanks so much. I’ll add him to my research list.
This one dropped at the right time. Thanks fellas! Shout out from Queens, NY!
Scott is such a candid and genuine person, the fact he’ll do a bigger show like this or channels with like 3k subscribers is a real testament to his character
This is hands down one of the best episodes The Compound has ever done. We have added a link to this video in our knowledgebase. Every person under 25 needs to watch this video and we will be buying the book.
@TheCompoundNews
2 ай бұрын
Thank you!!
Scott Galloway offers great insights. I listen to him all the time.
I spend hours a day consuming financial content and I can’t remember the last time I was this motivated.
One of my favorite Compound interviews you’ve ever done. Bravo to all involved.
One of my favorite guests so far. Big fan of this guy
@TheCompoundNews
2 ай бұрын
Thanks for watching!
His reference around inequality really resonated with me. I had the option to go to Amazon after b-school eight years ago. I didn’t pick it and went to do consulting - I am not hurting for money but my classmates who went to Amazon or the other FAANGs absolutely killed it and are atleast 1-2M ahead net worth wise over these 8 years.
Two halves of my podcast life colliding. Looking forward to watching/listening. Thanks for all you do, Compound team!
Really like Prof G even though hes kind of full of himself he still self depricates to offset the smarm. Great job boys 🎉
@danboruchowitz9803
2 ай бұрын
Always full of himself.
Arguably, the best 40 minutes I've spent listening to a podcast. I'm new to Scott, but man oh man, talk about the amount of value on a per word basis. Just wow!!!
FANTASTIC interview. Great podcast as usual.
Two of my favorite podcasts collide to make one great episode. I listen to Galloway twice weekly on Pivot. Another killer episode, boys!
Loved the episode! Just wish more young people are aware of these key facts. It always seems like people are learning of these tips 10-15 years too late
This was really inspiring for me as a 30 something year old man who feels like I got serious about life late in life, this video gave me a feeling of relief reminding me that I have time... I may have to work harder longer or go the extra mile but it's not too late
Please, please, please, if you're a young person looking for direction, listen to this guy. His experiences are genuine and his advice practicle. I think he's at his best when he describes things you should and shouldn't be doing in your 20's.
@randconfig8626
Ай бұрын
He has a lot of good points, but he's pretty disconnected from the struggles of poor people.
Scott makes the perfect Buffet cases: 1) against inter-generational wealth transfers; and 2) for high estate taxes. Without citing it, Scott's reasoning with his kids, shows why family wealth dies by the 3d generation - the spoilt brats lost motivation and the knowledge gained from hard knocks.
Wow, great episode. Josh & Michael had great questions and Scott Galloway was awesome.
This is one of the best KZread/podcast videos I’ve ever seen And I would say it’s in the top three of the ones you made if not, the number one best video podcast you guys have done Thank you, Josh and Michael😊
All these Monday surprises are awesome. Keep it going!
This was an excellent show! Professor Galloway's comments and observations were very interesting (and spot-on). Thanks, Josh and Michael, for this very special conversation with Professor Galloway. Great stuff!
Scott sounds more like a sociologist than a business Professor... thanks guys. Great show
I relate so much with this interview. Only son here, fortunately I can take care of my kids and parents. Started investing at 22 and am 42 currently, from Portugal. For me it's all about low beta , factors and diversification.
Best part of this podcast is Galloway's advice on moving on. My financial advisor in the 90s who represented a large Investment Bank sold bonds sold our Apple stock etcetera put it all in WorldCom our family lost everything. We took on the role of being victims , all our money lost constantly whining about our investment advisor and Wall Street. Eventually I got a divorce. After a year of wallowing in self-pity I decided to move on build another house for myself and the kids. Started investing in 2013. 10 years of good market returns I no longer have to worry about money. I have a nice girlfriend my three kids live nearby and I have a nice puppy my ex-wife recently told my kids: "it was easy for your dad to move on, for me it was very hard"
Galloway starts right off with interesting content!!!
I’ve been waiting for Prof G to show up @ the Compound. Dream come true! 🥳
That was a FANTASTIC interview. Loved it. 👍
Love watching Galloway’s videos 🙌
Big fan of Scott for years but I think he left out something important about reaching financial security. Moved out at 17, I was fuck poor in my 20's and worked my ass off to become fairly "rich" and able to give my daughter a fabulous education, great vacations and an Ivy League education I paid for in cash as a single Mom. BUT-my secret for preserving wealth is to LIVE BELOW MY MEANS and really evaluate the VALUE of everything.. Like Scott, in my mind I am always one step away from "poor" (you never shake that) so I value and care for every single thing I have, and the feel the richest when I walk into any dept. store and walk out with NOTHING. Not because I can't afford it anything I want. But because I don't really WANT because I don't really NEED.. That's what young people have to internalize. Know when enough is good enough and be grateful. Not spending is SAVING.
@scmah174
2 ай бұрын
Heavy old-school truth 🙌🏼
Nice to see a place still exists where we can have intelligent conversation. Great interview.
A fantastic interview. I agree with EVERYTHING Scott said. I was born in the 50"s and as a woman nothing was handed to or expected of me. Right now. I am in my beautiful village in France which I have owned for over 30 years where everyone knows me and we all volunteer to keep it wonderful. Meanwhile, I also have a house in Naples Florida. I had a wonderful career. and traveled the world in part because I had a good public school education. I am not rich, but am financially secure and consider myself fortunate and happy. Be grateful, be hopeful and build from there.
Great interview guys! Just ordered 2 books for my 24 & 25 year old sons.
A mash up of 3 of my favorite podcasters! Thank you
This was incredibly value-packed. Thank you for this!
Wisdom at its finest!
► 14:58 - Advice for People in their 20s Every high school senior in American should hear this. I wish I did.
@midwestcannabis
2 ай бұрын
Party On! 🥳🥳🥳🥳
@nicolesamss
2 ай бұрын
!!!!!!!!!!!
Love seeing more content from Downtown Josh Brown
BRAVO CW/F REALLY GREAT GUEST, TY.
Love this - pride myself on not being a super high income earner but living by these standards and living a life with more financial freedom regardless of income
This one hit home! Thanks fellas ❤
Great Podcast! We were a mess as young man. Sometimes it's just about who you know and working hard.
Great guest!
Scott is the best
Great show guys, loved this one
Thoughly enjoyed that, as usual, Josh is miles above others.
Everyone is trying to separate you from your money. Be prudent and save for a healthy, wealthy better future.
Very informative episode fellas. Different than usual but enjoy the thought and conversation.
Great episode! Well done guys!
Loved it, nice work
Best finance podcast in the world and its not even close. One thing I would love to ask the Professor: he talks passionately about how unfair the current environment is for young people and other specific groups and the impact that has on their ability to succeed. He rattles off stats to show how significantly these groups are struggling. But he never mentions anything about accountability. He seems to come up with a list of greivances of why young people cant succeed but fails to even mention the role of accountability. Stoicism - which he references - is all about life NOT being about what happens TO you, but how you respond. For him to only discuss how unfair things are and not discuss the responsibility of individuals to take ownership and focus on what they can control (their response, their attitude, their character) and not those things beyond their control just seemed like a huge miss.
One avenue to wealth not mentioned is both spouses working to achieve financial security and independence. Two professional earners combining forces can produce substantial income and build wealth very effectively.
Just pre ordered the book.
Finally!!!
These 3 guys dominate my podcast feed.
Awesome !!!
Amazing episode!
no fucking way!!!! finally scott is on the compound!!!!’ WOOOOO BEST DAY EVER
@TheCompoundNews
2 ай бұрын
Glad you enjoyed, Scott was great!
Absolute great video..
How to become wealthy: live in the USA, save money and invest, and most importantly, don't get divorced.
Awesome interview ! 🙌
@TheCompoundNews
2 ай бұрын
Thank you!
This was a great episode.
love this!
Great interview -
Excellent show!
@TheCompoundNews
2 ай бұрын
Glad you enjoyed it!
So glad I'm a minimalist.
Really good stuff
26:57 the only thing I’m truly good at and why I went to law school 😆 Now after years of litigation and trial work I’m looking to pivot to a more client facing position to capitalize further 👊
💯 Great content
Let’s go
Great Interview!! Keep the high quality content coming.
Great conversation
Great conversation!
Great episode 😊
Prof G on the Compound? Awesome!
@TheCompoundNews
2 ай бұрын
You know it!
@troyhebert5837
2 ай бұрын
Super legit. Congrats on that.
Book purchased.
Great advice
How did I miss this live???!!! 😮😮😮😮😮😮😮😮😮
Great stuff! Didn’t realize you guys had a KZread channel.
LFG!
OMG Scott Galloway!! Great seeing you all together.
DownTownJoshBrown is The Best Money Manager in The Universe🦄🦄🦄🦄🦄🦄
I like most of what he’s saying. I’m not a fan of Harvard and its policies.
🥳🥳🥳 Party On With The Compound 🥳🥳🥳
The best crossover since the Avengers.
@TheCompoundNews
2 ай бұрын
Thank you!
Fathers tell your daughters: find someone who loves you as much as Scott Galloway loves the sound of his own voice.
great video
Is this going on Spotify