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Jay Shetty Podcast

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

Financial expert, Scott Galloway breaks down the uncomfortable truth about what's really happening with wealth in America, and reveals the surprising strategy that could change your financial future.

Scott GallowayguestGreat Minds Jay ShettyhostJay Shettyhost

Feb 17, 20251h 29mWatch on YouTube

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CHAPTERS

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Chapter summaries

Why 30-Year-Olds Earn Less Than Their Parents
Jay Shetty asks why today's 30-year-olds earn less than their parents did at 30. Scott Galloway calls it a breakdown of the social compact and argues that policy has transferred wealth from young earners to older owners.
- •Galloway says this is the first time in the nation's history that 30-year-olds earn less than their parents did
- •He argues incumbents have used government to protect their own interests rather than blaming globalization alone
- •The biggest tax deductions (mortgage interest and capital gains) favor older homeowners and stockholders
- •Pandemic spending and the 2008 bailouts inflated asset prices and rewarded incumbents
- •Housing and education costs have exploded, which he says makes young people's anger justified
What Individuals Can Do: Vote, Build Skills, Invest in Relationships
Asked what an individual can do, Galloway starts with voting and countering exclusionary institutions. He says young Americans still have agency and should get certified, be kind, and make small investments in index funds and in people.
- •Vote for fiscal responsibility, child tax credits and more housing permits
- •Elite universities act like luxury brands by restricting admissions
- •Put 3-5% of income into low-cost index funds early
- •Successful people are generally high-character, and small acts of kindness compound like interest
- •Jay thanks Scott for carrying in his Amazon deliveries as an example of practicing what he preaches
How to Save: Forced Savings and Making Money First
Responding to Jay's question about young people not knowing how to save, Galloway says you first need income to save. He describes reclaiming phone time, earning some money, and using automatic forced-savings mechanisms.
- •Find eight to ten hours a week on your phone and reinvest them, starting with fitness
- •Start making money, even through small gigs like Lyft or TaskRabbit
- •Most people spend whatever passes through their hands, so use automatic savings like Acorns, 401(k)s, IRAs and Roths
- •Lean into the advantage of time when you're young
- •Take 2-5% of income into a low-cost diversified index fund
What Blocks Us: Executive Function, Costs, and Forgiving Yourself
Jay asks what blocks people from using their time to make more money. Galloway points to later-maturing executive function in young men, temptation, and unaffordable housing, then urges hard work, a kitchen cabinet of advisers, and forgiving yourself in your 20s.
- •Boys' prefrontal cortex matures 12-18 months later than girls', and fewer men are going to college
- •Housing costs have outpaced MBA salaries, and he says young people have given up on the American dream and turned to travel
- •Build a kitchen cabinet of advisers because it's hard to read the label from inside the bottle
- •Your 20s are for workshopping, and you can have it all, just not all at once
- •He has a sober conversation about trade-offs in lifestyle and location
Should Young People Still Aspire to Own a Home?
Jay asks whether the American Dream of home ownership is dead. Galloway says it is situational, depending on local rent-versus-buy math, and that a home should enhance life rather than become a suicide pact.
- •Galloway says the term "American Dream" was invented by the real estate industry
- •Renting often makes more financial sense in places like Los Angeles and New York
- •Real estate is at historic highs as a percentage of GDP and as a multiple of rents
- •Don't get house poor, and ask someone better at math
- •There is some psychic income and pride in ownership
Wealth vs. Rich: Passive Income Greater Than Your Burn
Asked what people should pursue instead of a home, Galloway defines wealth as passive income exceeding your burn rate. He contrasts a high-earning banker with his father, and explains why economic security frees you to focus on relationships.
- •Rich is what you see; wealth is what you don't see
- •His father makes $52,000 a year in passive income and spends $48,000, so he is wealthy
- •Cutting your burn, for example by relocating, can be as powerful as earning more
- •Financial stress strains relationships and marriages
- •The key to wealth is how much you save, not how much you make
Rewiring Your Relationship With Money by Talking About It
Jay asks how to rewire the stressful relationship most people have with money. Galloway recommends financial literacy, open conversations with friends, gamifying saving, and being vulnerable about mistakes.
- •A high school class on "adulting" would teach basics like credit card interest
- •Men especially avoid talking about money, so get good at it by discussing it like Roger Federer discusses tennis
- •Gamifying saving helped him live on $78 a week in the summer of 1985
- •Saving with a partner builds alignment, and models the habits of the most economically secure friend
- •He was broke twice in his 40s and was ashamed to admit it
Talking About Money in Relationships: Transparency and Budgets
Citing a statistic that 38% of couples named financial problems as a cause of divorce, Jay asks how to raise money in a committed relationship. Galloway advises transparency, regular check-ins, and a shared budget, since surprises do the damage.
- •Share your assets, losses and plans openly, as he did with a past girlfriend
- •Surprises, not mishaps, are what hurt relationships
- •Review spending and budget regularly together
- •Run big investments by your partner first so any loss is shared
- •Jay adds that hiding something breaks trust more than the act itself
Talent Over Passion and How to Find Your Talent
Jay asks why talent matters more than passion and what to do if you don't know your talents. Galloway says passion industries are saturated and passion comes from mastery, and advises trying many things, seeking feedback, and getting in the game.
- •Billionaires telling people to follow their passion are already rich; the goal is top 10% in ten years
- •Passion industries like acting, DJing and athletics attract so much talent that returns fall
- •Passion comes from mastery and its economic rewards, as with his Iraqi marble installer
- •Don't let perfect be the enemy of good: try stuff and workshop it
- •Ask bosses and peers for feedback to discover what you're good at
Every Experience Adds a Skill and the Power of Enduring Rejection
Jay says life is about collecting and connecting skills, sharing his early jobs, and Galloway agrees that even failed jobs taught him lasting skills. Galloway credits his success to his willingness to endure rejection, and Jay shares his own early podcast rejections.
- •Jay's early cold-calling, retail and consulting jobs each built useful skills
- •Galloway says investment banking taught him attention to detail and reading a room
- •Service jobs teach that no one owes you a living and build grit
- •He lost four school elections and was rejected by many clients, investors and women
- •Jay sent letters to 100 desired guests who all declined in year one
Forgive Yourself: Regrets of the Dying and Staying Humble
Galloway discusses research by his NYU colleague Adam Alter on the top regrets of people at the end of life. He also warns that big wins make you most prone to mistakes because you start believing it's all you.
- •Life guarantees a mix of joy and tragedy, and relationships improve the ratio
- •The top three regrets are not spending time with friends, not living the life you wanted, and being too hard on yourself
- •Life is about how you respond to what happens to you
- •Stay humble after wins, since luck plays a big role
- •Jay notes that founders often make their worst investments after an exit
Side Hustles vs. Going All In on One Thing
Asked how to evaluate where to put their efforts, Galloway says he hates side hustles and argues that building wealth requires going all in on one professional pursuit. Jay adds a framework about investing time in your strengths.
- •A side hustle is a temporary means of finding your main hustle
- •Success lies in the last 10% of effort
- •Balance, for Galloway, has meant losing money, while his focused periods built wealth
- •Gates and Angelou are examples of single-minded focus
- •Jay says top performers put most of their development time into what they are good at
What Great Employees Have in Common
Jay asks what people who decide to be great in an organization do differently. Galloway describes the traits of top performers at his firm L2 and how he retained them, and Jay reflects on growing as a leader.
- •A handful of superstars added most of the value at L2
- •Top performers often had elite schooling, competitive athletics, and were often women
- •They show grit, act like owners, and help others
- •He gave top people equity and painted a concrete picture of their payoff
- •Jay says he had to grow as a leader to attract such people
The Sober Conversation: Ambition, Balance, and Cost of Living
Jay asks how this philosophy applies to someone who just wants a simple life. Galloway says his way is not the only way, but that expecting a good life in expensive cities requires honesty about what it costs.
- •Jay describes choosing a few years of intense work over a ten-year myth of balance
- •Galloway admits proximity bias from teaching at an elite business school
- •Working to live is fine, but it may mean moving somewhere cheaper
- •Living in New York or LA with kids can take a very large income
- •Assume you are not the person to whom success comes effortlessly
Final Five: Money as a Means, Young Men, and One Law
In Jay's closing Final Five questions, Galloway gives his best and worst wealth advice and his purpose. He explains why having a number matters and why money serves relationships, discusses the crisis facing young men, and names his one law: no economic policy should get in the way of love.
- •Best wealth advice is to find your talent; worst is to follow your passion
- •Money is the means and deep relationships are the end; having a number lets you get off the hamster wheel
- •He now spends or gives away what he earns each year
- •Young men should get strong, make money, and go out every day among strangers
- •His law: nothing, including economic policy, should get in the way of deep and meaningful relationships

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