Scott Galloway: The ONLY Savings Strategy You Need To Get Rich In A Broken Economy

Galloway says fiscal policy such as mortgage and capital gains deductions, COVID spending, and age-weighted government spending has moved wealth from young earners to older owners, so young people have reason to be enraged.

He says 98% of people spend whatever comes through their hands, so he recommends automatic mechanisms like 401(k)s, IRAs, or round-up apps that put 3 to 5 percent of income into low-cost diversified index funds.

Galloway defines wealth as passive income greater than your burn, illustrating it with his 94-year-old father, who is wealthy, versus a high-earning banker friend who is not. He adds that lowering your costs, for example by relocating, is something you can control.

He argues passion industries attract so much talent that returns on your human capital get driven down. Passion tends to follow mastery and the economic security it provides in an industry with high employment.

Galloway says he hates side hustles and views them as a temporary way to find your main hustle, because success lies in the last 10 percent of effort. He admits that balance came only after he had almost none in his 20s and 30s.