Scott’s Personal Finance | Prof G Markets

In a sweeping conversation, Scott shares the source of his anxieties around money, how he thinks about money and marriage, his approach to spending, and his financial plan for his death. Finally, he answers one big question: is wealth worth the work?
Timestamps:
00:00 - Number of the Week
01:22: What do you consider your greatest strength and weakness as an investor?
15:10 - From a purely financial perspective - how should you approach marriage?
20:18 - When did you first feel financially secure?
25:38 - Have you ever taken on debt?
27:42 - When did you buy your first house?
28:19 - Should young people buy homes?
32:35 - How do you view alternative investments?
38:23 - How did you get to a position where you have access to high-return investments?
44:41 - What is your approach to spending?
51:43 - How do you think about planning for your death?
54:49 - Has being rich lived up to your expectations?
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Пікірлер: 175

  • @d1ffer
    @d1ffer8 ай бұрын

    The thing i love most with Scott is how humble he is, and how honest he is with his mistakes.

  • @platoscavealum902

    @platoscavealum902

    8 ай бұрын

    I agree

  • @Username_CC_

    @Username_CC_

    7 ай бұрын

    Having 9 figures negates that I'm sorry

  • @ViktorFerenczi

    @ViktorFerenczi

    7 ай бұрын

    Yeah, humbe-brag

  • @scottgould

    @scottgould

    5 ай бұрын

    He's frightfully arrogant

  • @AjayPoriya
    @AjayPoriya6 ай бұрын

    Scott's unfiltered insights on money, marriage, and wealth are a must-watch!

  • @aaronrey2658
    @aaronrey26588 ай бұрын

    Ed, thank you for a fantastic interview! Your other career should be interviews... This is one of the greatest personal interviews on the value of time, investing, honesty Ive ever watched or listened to.. Thank you Scott ...Go Bruins! Go Qs bar Mafia..

  • @abbyready5481
    @abbyready54816 ай бұрын

    One of my favorite Prof G shows to date. Thanks for sharing, Scott.

  • @farbodba
    @farbodba8 ай бұрын

    I love and appreciate how honestly Scott was answering every question with no politics and no bullshit around it. Respect!

  • @justinewert2166
    @justinewert21668 ай бұрын

    I really appreciate the open and honest information you provide in this interview Scott. Thank you both for working on these podcasts. A good source of learning for me personally.

  • @thejudgeholden
    @thejudgeholden8 ай бұрын

    It takes balls of steel to be this vulnerable for the good of the public and talking about issues once faced so openly, offering great advice and being a role model. I always see Scott as he's become the father he never had and I'm happy that he's living the shit out of life and shares what he learned so openly.

  • @mikert89
    @mikert898 ай бұрын

    This is the best episode I’ve ever heard from Scott

  • @mauriciojimenez1979
    @mauriciojimenez19798 ай бұрын

    I never take the time to comment on anything- good or bad- but this was too good to not take the time to do so. It’s without a doubt the best episode yet. Looking forward to reading your next book.

  • @vreneli79
    @vreneli798 ай бұрын

    This is Scott's greatest work! What a service to humanity. Thank you for your candor and insight.

  • @philopapos
    @philopapos7 ай бұрын

    This is a goldmine of an interview! Tnx for being direct, candid and informative!

  • @ZoffPhx
    @ZoffPhx8 ай бұрын

    Fantastic interview. I feel like at age 54 I have made so many mistakes that it be tough to recover from before I go to the other side. Scott I enjoy your insights they motivate me to be better and work my out of this hole I created. My father always said life isnt a dress rehearsal. So you better live it in my eyes

  • @realdeal139
    @realdeal1398 ай бұрын

    Scott is the best!

  • @drmkiwi
    @drmkiwi8 ай бұрын

    Thank you for great episodes every week and this one topped the lot. Essential listening for late teens and early twenty somethings. Cheers, David

  • @sarasas5631
    @sarasas56318 ай бұрын

    Great episode and quests team! Scott thanks for sharing!

  • @gsershhs
    @gsershhs7 ай бұрын

    This is so informative. Thank you, everyone behind the show.

  • @JoalexerIsrael
    @JoalexerIsrael8 ай бұрын

    Really quality answers for how to handle personal finances

  • @rezam87
    @rezam878 ай бұрын

    I deeply enjoyed this talk! Thanks for sharing! 🙏

  • @kenmurray2765
    @kenmurray27658 ай бұрын

    so glad this link got posted on Reddit! Great 1 hr.. so worth it!

  • @MrWetube87
    @MrWetube878 ай бұрын

    Glad I found this channel. Great interview.

  • @fabianalangdemattos7110
    @fabianalangdemattos71107 ай бұрын

    Great interview!! Scott, I love the way you think and how honest you are at yourself.

  • @erik8186
    @erik81868 ай бұрын

    Appreciate the candor. Helpful.

  • @DaveCadoff
    @DaveCadoff8 ай бұрын

    Well done, gentlemen. Well done.

  • @vvolfbelorven7084
    @vvolfbelorven70847 ай бұрын

    I love this. What Scott is doing is bringing down the knowledge to the rest of us - common folk at the moment. The best part is 38:30 and 44:48: "Elbow your way into the position"

  • @amylee9
    @amylee98 ай бұрын

    Loved this interview.

  • @nickalonso1227
    @nickalonso12277 ай бұрын

    Just refound you today on KZread was a avid watcher of your L2 content, glad I found you again your advice in your recent videos couldn’t have come during a more relevant time, thanks Scott

  • @hopefully2224
    @hopefully22248 ай бұрын

    Prenup should be required. I hate how men always say they were financially ruined. It should not be that way. However the true monetary value of a womans contribution, if she stays at home, needs to be acknowledged when they still love each other.

  • @-Gramps
    @-Gramps6 ай бұрын

    Thanks for being so open & honest about your personal knowledge and experience! I, too, realized I needed to get serious about investing after my first child was born. Unfortunately, I grew up with a father that had absolutely no impulse control with spending & gambling. Consequently, I had absolutely no role model regarding money management. I wish your information had been available 40 years ago.

  • @mrjvc
    @mrjvc8 ай бұрын

    Wow, this was one of the best ones. Thanks

  • @gordonsteen8415
    @gordonsteen84158 ай бұрын

    Great questions.

  • @77magicbus
    @77magicbus7 ай бұрын

    Love this interview. Great questions and great answers and honest conversation with Scott being very honest and forthright about his mistakes and the consequences of those mistakes. Lots of wisdom here. thanks

  • @chukkaemmanuel

    @chukkaemmanuel

    7 ай бұрын

    Usually not a fan of videos over 20mins but this got me hooked especially being young though not too young but just fresh out of uni. A lot of wisdom in this interview really

  • @ZeeWatcher1000
    @ZeeWatcher10008 ай бұрын

    I love this content. I was so heartbroken when the L2 episodes stopped.

  • @dhpdaedalusStudio
    @dhpdaedalusStudio8 ай бұрын

    Wow, amazing episode. Thanks!

  • @MattHayek
    @MattHayek8 ай бұрын

    Great video, definitely sending this to some friends.

  • @JP-om3ou
    @JP-om3ou8 ай бұрын

    Great content and insight. Love the honesty; love the generosity

  • @eliphino12
    @eliphino128 ай бұрын

    Love hearing the nitty gritty from Scott. A question about charitable giving- How do you select good causes to give to? I know there are services like charity navigator but these seem to be orgs that just give a rating based on how good the charity is at paperwork and admin tasks, not necessarily correlated to impact. How does Scott make this selection?

  • @ReasonableHuman1
    @ReasonableHuman18 ай бұрын

    Great interview

  • @kapdolkim1914
    @kapdolkim19148 ай бұрын

    This one was great. I am a similar age and a lot hits home.

  • @stockplan
    @stockplan7 ай бұрын

    Scott thank yo for your advice and giving me financial hope, not doing good$$, you give me hope , thank you

  • @sammysway1765
    @sammysway17658 ай бұрын

    Great pod 👌

  • @pullups2759
    @pullups27597 ай бұрын

    Great interview and great interviewer

  • @mattwooddc
    @mattwooddc8 ай бұрын

    stopping by to say that this episode was really good. thanks, @ed, thanks, @scott

  • @JazzyBee12
    @JazzyBee125 ай бұрын

    I love this guy man, he gets it. Shit ain’t easy out here and you need to put in the work to get results. But make sure you take care of #1.

  • @leevesterthemolester7889
    @leevesterthemolester78898 ай бұрын

    Great content

  • @steveng8727
    @steveng87278 ай бұрын

    Awesome interview, appreciate the thoughtful conversation, hello from the Philippines.

  • @11FBA11
    @11FBA118 ай бұрын

    great show. lots of insight.

  • @jeriboxx4331
    @jeriboxx43318 ай бұрын

    Great one! Who ever pitched this gets a gold star for the week! ⭐️

  • @nigelhsenior
    @nigelhsenior8 ай бұрын

    Love the brutal honesty :)

  • @bobbyb7568

    @bobbyb7568

    8 ай бұрын

    yet he will tell you to cut emissions and go green while he drinks Champagne from diamonds and flies private all over the world!?

  • @Orange949
    @Orange9498 ай бұрын

    I recently came across your content and unbelievable how much valuable information you provide for free. Thank you Sir!

  • @jessetrott2549
    @jessetrott25498 ай бұрын

    Wow guys. This episode is so good. Great interview.

  • @mrb6309
    @mrb63098 ай бұрын

    Can't believe this kind of content only has 140K subscribers. This is GOLD

  • @DanieleO.
    @DanieleO.8 ай бұрын

    What I admire of you, is that with your money you bought such a freedom that you can say whatever you think it is worth saying, and often even aginst your same interests in stake.

  • @flavingp
    @flavingp8 ай бұрын

    Thanks for being transparent Scott, you will help a lot of peeps!

  • @aaronrey2658
    @aaronrey26588 ай бұрын

    I do think if someone has enough wealth in their lifetime that creating intergenerational wealth in a family across time matters. Building trusts that have rules for support, success. So that the next generation can start off solid but still needs to work for success. Example: Trust that has following support rules,, For Kids, grandkids, great, great-great grand kids.. For Kids 0-15 yrs old supporting their life basics+, being a good kid, thoughtful, good to others, sports, scouts, lifeguard etc.. 16-26 yrs old Focus on schools, work, trade skills, military or public service, basic used car, performance driven outcomes for them 27-35 yrs old getting life organized, basic home, career launch, becoming a good steward of the trust & basic+ support for the next set of kids.. rinse, repeat..

  • @user-dm7xb7ji1h
    @user-dm7xb7ji1h8 ай бұрын

    Prof G, Great financial advice. You clearly know how to make money and your teaching and experience is much appreciated. And very helpful true-life stories to make the points. I also appreciate the transparency about your personal life.The advice about how money allows you to solidify relationships is clearly not expert advice. Maybe I'm wrong. I'd love to hear specifically how you use money to solidify your relationships. I think an expert would say that using money to solidify relationships is akin to putting all of your financial assets in a single, very risky investment. I don't think it's a very healthy (or true) message. I particularly felt a little bad for your young co-host. I say that respectfully. Love, which is what all good relationships are built on, transcends money by orders of magnitude. They barely belong in the same conversation, except maybe in a very narrow scope. I don't want to take away from all of the good stuff and good intentions in this episode. Just thought it important to challenge the part about solidifying relationships with money. It doesn't work.

  • @Freakagomy
    @Freakagomy8 ай бұрын

    This guy is a national treasure and massively inspirational. Thank you both so for this content.

  • @sparrowhk
    @sparrowhk6 ай бұрын

    SG: I passed 9 figures a long time ago, and to this day I still have huge financial anxiety Me: Ok you're ill

  • @jamesd6717
    @jamesd67178 ай бұрын

    Truth bombs all over that first 10 mins! Great

  • @kjetilwasteson6204
    @kjetilwasteson62048 ай бұрын

    Great episode, thank you! One thing tho; Does he ever smile?😅

  • @ZatWarrior
    @ZatWarrior8 ай бұрын

    I’ve been watching your videos, Scott, since I was 16, about 7 years ago with Gartner L2. Between the podcast, interviews, book ‘The Four’ (I bought it but it is in my closet mostly unread) I’d like to say, thank you. I don’t agree with you on everything, but I appreciate you striving to make engaging and valuable content for the masses.

  • @may-maytanymaytany_s3417
    @may-maytanymaytany_s34178 ай бұрын

    Wow, subscribe.he’s super kind and super honest. Got so much from listening to his life experiences and investing journey.🙏

  • @tecala1
    @tecala18 ай бұрын

    This was an excellent session. Great questions from aspirational relative youth to middle age success.

  • @dosesandmimoses
    @dosesandmimoses7 ай бұрын

    This is sound financial advice.. it can even be as easy as $250.00/mo beginning at 24.. with a little luck with timing and recognizing certain market patterns with the help of an advisor.. you can at least use the advantages of time and dollar cost averaging upon reinvesting returns.

  • @BodyByBenSLC
    @BodyByBenSLC8 ай бұрын

    16:00 I worked at a ritzy gym, it was for upper and upper middle class people. 11am gym was packed with stay at home moms, some were my clients. I was shocked at what I was told and/or overhead, they would give each other tips on how to hind and steal money from husbands. One woman I was training told me she had stopped taking birth control and did not tell husband because she needed his money for another 18 years. Money changes people and not for the best.

  • @BodyByBenSLC

    @BodyByBenSLC

    8 ай бұрын

    Love is for teenagers, poor people and gay dudes.

  • @abcdefghijklmmm930
    @abcdefghijklmmm9307 ай бұрын

    What do you think of the concept techno feudalism teem used by yanis Varufakis

  • @robdogglbc
    @robdogglbc8 ай бұрын

    Incredible, the last about 8 mins is some of the best advise I've heard

  • @paulbernard2094
    @paulbernard20948 ай бұрын

    Great show today.

  • @jackiechan8840
    @jackiechan88408 ай бұрын

    This is like therapy for us all.

  • @HOWARD963_
    @HOWARD963_8 ай бұрын

    57:00 ♥️

  • @mmm-cake
    @mmm-cake2 ай бұрын

    👏👏

  • @ericwood3709
    @ericwood37098 ай бұрын

    I wish I had known about this channel before I started playing around with investing, but I'm glad I know about it now :) I have been learning the hard way of the value of being diversified and investing in safer instruments. The Vanguard index funds look great, for example. Now I'm going for a nice mix of those and government treasury bills, bond/treasury-based ETFs, and a selection of companies that seem like either a safe bet or something worth gambling a little on based on various factors. It is also a challenge learning not to panic-sell and not to buy into hype. I don't recall if he said it here or in another video, but the good professor did mention that once you're hearing about it, it's probably too late.

  • @lightgatha
    @lightgatha8 ай бұрын

    The young guy looks like the unbroken version of Prof G

  • @jasn010
    @jasn0108 ай бұрын

    47:30. When you have worked so hard your whole life and saved like crazy, now you just want to finally enjoy it. You deserve it Scott

  • @Username_CC_

    @Username_CC_

    7 ай бұрын

    Bro he has 9 figures thats insane

  • @DS-nv8bi
    @DS-nv8bi6 ай бұрын

    how much for jab injuries

  • @mykatton
    @mykatton8 ай бұрын

    Exceptionally great video. I think it is important not to downplay passive index investing. $100k x 50yrs x15% per year is $100,000,000. - Granted that is at the high end of the return range - (the S&P 500 is about 10% per year). But please remember $0.02c (two pennies), doubled every day for the month of August returns $10 million on the first day of September. Use, covered calls and +25% leverage, judiciously along the way as you decide.

  • @platoscavealum902
    @platoscavealum9028 ай бұрын

    👍

  • @GasMart623
    @GasMart6234 ай бұрын

    De-risk by selling early. Exactly act like an adult!

  • @joeaaronsen
    @joeaaronsen8 ай бұрын

    Spending money is not the road to happiness.

  • @johnhogan5766
    @johnhogan57667 ай бұрын

    This guy must be fun at parties

  • @barriehep1759
    @barriehep17598 ай бұрын

    It’s incredibly generous of you Scott to tell folks all this. Because I’d heard to do it before, I’ve tried to copy you in explaining to others some of the stuff that people just never explain to you. (Like you get wealthy from assets, not from your salary….) I hope I do it as humbly* as you do here (*not a word normally associated with Prog G 😂)

  • @Username_CC_

    @Username_CC_

    7 ай бұрын

    He has 100 mil and you think his words are generous lmao fool

  • @LolaCabaya
    @LolaCabaya8 ай бұрын

    This EPISODE is 🫰🏽💜 - I’m listening to Prof G talk about divorcing at 33 years old and had to stop to say that.

  • @dollarette
    @dollarette8 ай бұрын

    From the standpoint of an impoverished Canadian, Prof G's complaint of only making 300K US per year is a slap in any toothless Canadian's face. The compounding wealth of the US is just astonishing relative to hinterland countries like Canada and Mexico. Our currency alone automatically gives us a 30% kneecapping.

  • @TravisRiver

    @TravisRiver

    7 ай бұрын

    It's actually a slap in any NY'ers face in 2023 as wel. He's talking about levels of wealth (like they're attainable) that only 1% will see. In reality, capitalism has us all believing we're a bunch of temporarily embarrassed millionaires.

  • @craigcruz8206

    @craigcruz8206

    7 ай бұрын

    If the exchange rate is Canada’s knee capping then private healthcare in America is their gang beating. In Canada we make life-saving choices in America they make life savings choices. Further, there is less disparity between the haves, and have nots.

  • @henrikwakman7776

    @henrikwakman7776

    6 ай бұрын

    Complaining keeps you poor. Think upwards, don't relish bad circumstances.

  • @oldschoolpanels

    @oldschoolpanels

    4 ай бұрын

    Then move.

  • @iancoleman5555
    @iancoleman55558 ай бұрын

    Please speak to some climate scientists, you're living in a totally different world to them

  • @casual_designer
    @casual_designer8 ай бұрын

    4 mil investment. I see. Let me take a note of that!

  • @David-xb1ji
    @David-xb1ji7 ай бұрын

    Holy shit. 9 figures and still not feeling financially secure

  • @jackjack4412

    @jackjack4412

    7 ай бұрын

    He's full of it.

  • @kenklak
    @kenklak8 ай бұрын

    "you're in the top 1% of whatever you are, 14-year-olds, " ... Ed didn't even flinch. I love this show.

  • @nocareernofear
    @nocareernofear8 ай бұрын

    If 5% of this advice becomes relevant to me, I'll be doing much better than I am now

  • @claymelton
    @claymelton8 ай бұрын

    The divorce comments are caught in my filter of things to ignore. I think that is a dangerous filter we all carry! We should listen to your advice!

  • @mrplatink
    @mrplatink8 ай бұрын

    What are some of the amazing things the world offers? Could you write a book on the ways you've spent sh*** tons of money?

  • @polish2x91
    @polish2x918 ай бұрын

    How to buy a home in Brooklyn: step one, move out of Brooklyn. Step two if you work remotely: move to Ohio.

  • @willowgarth
    @willowgarth8 ай бұрын

    Spending $400k a month is some going, even by Prof G standards!

  • @GasMart623
    @GasMart6234 ай бұрын

    Gail force winds (Lucky)

  • @browser703
    @browser7038 ай бұрын

    Your watery eyes are proof that you are sincere about what you say Scott, thanks.

  • @jjohnson2912
    @jjohnson291216 күн бұрын

    I’m very curious as to the advice that would be given to those not born white male with gale force winds at their backs? Because they’re already at a disadvantage according to this point.

  • @manzo31
    @manzo318 ай бұрын

    How old is Ed?

  • @thomas6502
    @thomas65028 ай бұрын

    Wow, ignore Scott's advice on not being in the room when your children are born. ;-) (Learned nothing... makes me wonder about the other stuff. Sigh.) That said, really appreciate the discussion. Thanks Ed (and co.) for the great questions, and thank you professor for the candid talk.

  • @GasMart623
    @GasMart6234 ай бұрын

    Wow - "Need a million a year."

  • @GasMart623
    @GasMart6234 ай бұрын

    Stoic emotionally? Really?

  • @gotgear01
    @gotgear018 ай бұрын

    can i be your friend?

  • @lokingbob
    @lokingbob8 ай бұрын

    Yay, I get my daily dad joke!

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