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My First MillionMy First Million

If I Could Start Over Again, This Is What I’d Do To Get Rich - Scott Galloway

No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd - Episode 511: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) are talking to Scott Galloway a.k.a Prof G. In this episode Scott opens up about his scarcity mindset despite a $100M net worth and the best way for young people to get rich slowly. — Show Notes: (0:00) Intro (3:00) Surviving rejection (5:00) Scott Galloway’s net worth (9:00) How Sam made $20M in 6 months (12:00) Scott gives Sam financial advice (16:00) Get Rich Slow Strategy: Seller-financed boomer businesses (19:00) Get Rich Slow Strategy: Go work for a big company (20:00) Trillion-dollar carcass: AI for Healthcare (22:00) Prediction: GLP - 1 will be bigger than GPT-4 (28:00) Second order effects of Ozempic (31:00) The economics of obesity (33:20) The drug that changed Scott's life (35:00) Inverse Galloway Index (40:00) Is Putin cyber-bullying Scott Galloway? (44:00) $5M/year to speak — Links: • No Mercy / No Malice - https://www.profgalloway.com/ • Inverse Galloway Index - https://inversegallowayindex.com/ • Adrift - https://tinyurl.com/5ajwcy35 • The Prof G Pod - https://tinyurl.com/5dfdbywx • Prof G Media - https://profgmedia.com/ — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com/ Check Out Shaan's Stuff: • Try Shepherd Out - https://www.supportshepherd.com/ • Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant • Power Writing Course - https://maven.com/generalist/writing • Small Boy Newsletter - https://smallboy.co/ • Daily Newsletter - https://www.shaanpuri.com/ For more quality videos subscribe here → https://tinyurl.com/46rjnckx 🔔 Turn on notifications to stay updated with new uploads Like || Share || Subscribe

Scott GallowayguestShaan PurihostSam Parrhost
Oct 24, 202349mWatch on YouTube ↗

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At a glance

WHAT IT’S REALLY ABOUT

Scott Galloway Shares Wealth Lessons, Startup Paths, and Ozempic Bets

  1. Galloway describes his business history of small exits, a collapse at Red Envelope, and a $158 million sale of L2, and says he still feels financially anxious.
  2. He says his path depends on the situation: buy a boomer-owned small business with seller financing if uncredentialed, or join a large company if credentialed.
  3. For credentialed entrepreneurs who can raise money, he points to AI in US healthcare as a bloated, disruptable multi-trillion-dollar market.
  4. He calls GLP-1 drugs like Ozempic potentially bigger than GPT-4 and discusses their second-order effects on food, hospitals, vaccines, and behavior.
  5. He also addresses the Inverse Galloway Index, his suspicion that Putin-linked accounts attack him online, and his lucrative speaking business averaging $112,000 per engagement.

IDEAS WORTH REMEMBERING

5 ideas

Resilience after rejection is Galloway's self-described core skill

He says the key to his success is enduring rejection and moving on without losing enthusiasm, and that he could restart after losses because he never carried debt and lived below his means.

Financial security is built through steady investing and cash flow

Galloway says his real wealth came from investing, even small monthly amounts in diversified, tax-efficient vehicles. Sam adds that regular cash flow eases his own anxiety, and Galloway agrees.

Advice depends on your situation

Galloway rejects one-size-fits-all hustle culture. Without credentials he would buy a boomer-owned business with seller financing; with credentials he would join a large company and get rich slowly.

Large companies are underrated wealth vehicles

He argues the largest-market-cap companies have outperformed the rest by a wide margin, and that entrepreneurship is over-romanticized for those who can get into places like Google or McKinsey.

US healthcare is a ripe target for AI disruption

He cites roughly $13,000 per person in spending versus about $6,500 in the UK with worse outcomes, and sees AI moving healthcare from defensive to proactive, while admitting his own investment in 98.6 is down 80%.

WORDS WORTH SAVING

5 quotes

There's never been a business, there's never been a carcass so tempting, so bloated, swimming so slowly as US-based healthcare.

— Scott Galloway

We over-romanticize entrepreneurship. If you have the ability to get into the greatest wealth-creating vehicle in history, and that is the US corporation, do it.

— Scott Galloway

You don't need the needle in a haystack, you just need to buy the whole haystack 'cause you've got enough capital.

— Scott Galloway

I do think there is an algorithm for happiness, though, a pretty good one, and that is to be rich but anonymous.

— Scott Galloway

Greatness is in the agency of others.

— Scott Galloway

Surviving rejection and business failureFinancial anxiety despite wealthSeller-financed boomer businessesWorking for big corporationsAI in US healthcareGLP-1 drugs and second-order effectsSpeaking business and Inverse Galloway Index

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