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My First MillionMy First Million

17 Brutal Lessons If You Want Financial Freedom

Get our business idea database here ➡️ https://clickhubspot.com/gh2 Episode 581: Sam Parr ( https://twitter.com/theSamParr ) and Shaan Puri ( https://twitter.com/ShaanVP ) talk to Scott Galloway about his Get-Rich formula they won’t teach you in school and the hard-to-hear but essential advice every 20-year old should hear. — Show Notes: (0:00) Don't follow your passion (3:08) Reverse engineering $160M exit (7:30) How to keep top talent in your company (11:12) "I'm not your friend" (13:41) Scott's best and worst hedge fund deals (16:20) Losing $10M every day (18:14) Handle triumph and disasters the same way (20:54) If you can't fix it, you have to stand it (24:28) Lessons about happiness from the dying (25:51) Statute of limitations on suffering (28:57) Where Scott steals his powerful phrases (33:09) Shaan opens his notes app of funny phrases (34:52) Scott's anti-excited list (37:33) “Go live in a city” (39:50) Opportunity in America v Europe (42:30) The fallacy of hard work over time (46:56) Money does buy happiness (52:20) The Algebra of Wealth (55:33) If you have a side hustle you need a better main hustle — Links: • The Algebra of Wealth - https://tinyurl.com/44yw3h6k — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire global talent (like Shaan does) and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than their US equivalents. — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth 💰 Pitch your startup for a shot at a $1M investment with Sam Parr as the MC https://clickhubspot.com/pitch My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

Scott GallowayguestShaan PurihostSam Parrhost
May 6, 20241h 0mWatch on YouTube ↗

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At a glance

WHAT IT’S REALLY ABOUT

Scott Galloway on Talent, Stoicism, Saving, and Building Real Wealth

  1. Galloway argues people should follow their talent rather than their passion, favoring unsexy industries with high returns and building mastery that eventually creates passion.
  2. He describes engineering his company L2 around traits of high-multiple exits, selling it for $160 million at eight times revenue, and explains how he now runs a small company focused on retention and friendships at work.
  3. He recounts a string of career failures, including being kicked off a board, a failed proxy fight, and heavy losses as an activist investor, and uses them to promote humility in wins and a statute of limitations on suffering.
  4. He pushes back on work-life balance for the ambitious, says money does buy happiness up to a point, and urges people to spend time with loved ones once they have security.
  5. He lays out the Algebra of Wealth as focus plus stoicism, multiplied by time and diversification, stressing saving early, spending less than you earn, and being patient.

IDEAS WORTH REMEMBERING

5 ideas

The sexier the business, the lower the return on investment.

Galloway cites SAG-AFTRA data, where 87% of members don't qualify for health insurance, and says to pursue a boring field and do the glamorous thing on weekends.

Mastery creates passion, not the other way around.

He says if you become great at something with solid employment, the economic rewards, camaraderie, and joy of mastery will make you passionate about it.

Having a friend at work drives retention.

Galloway cites a study saying friendship at work, not pay or culture, is the top retention lever, and he funds group outings when four employees get together.

Be humble in wins and forgiving in failures.

He says you're most prone to a big mistake right after a big win, and he regrets not forgiving himself more; he also advises putting a time limit on mourning setbacks.

Density of success elevates your game.

He advises ambitious young people to move to a major city and surround themselves with high-character, successful people, since two-thirds of economic growth will happen in twenty cities.

WORDS WORTH SAVING

5 quotes

The key is finding, not finding your, your passion, but finding your talent, and then committing to developing mastery.

— Scott Galloway

You can have it all. You just can't have it all at once.

— Scott Galloway

If you have a side hustle, you need to find a different main hustle.

— Scott Galloway

The US is still the best place to make money. Europe's the best place to spend it.

— Scott Galloway

You are never more prone to a really big mistake than right after a big win.

— Scott Galloway

Follow talent, not passionReverse-engineering a high-multiple exitEmployee retention and workplace friendshipsActivist investing failuresStoicism and statute of limitations on sufferingCities and US versus Europe opportunityMyth of balance and money's link to happiness

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