Scott Galloway: We’re Raising The Most Unhappy Generation In History! Hard Work Doesn't Build Wealth

Let's be honest, it's the boring (censored) that makes you rich. And the most unbelievable way for generating wealth and long-term economic security is... And then, once you do that, you can become a super tax avoider. (laughs) That sounded awful. (laughs)

Scott Galloway, one of the world's leading voices in business and finance is back. His mission is to help millions of people build incredible wealth and live a life of economic security.

If you're trying to build wealth, you wanna lean into your advantages. Your advantages in your 20s are flexibility and time. So take risks, find your talent, not your passion, it has a 90+% employment rate. Or become an owner, not an earner, and develop an army of capital that goes out and kills for you at night, and then invest it.

What if you're not young?

Focus on the things you can control. One thing that is within your control is spending. But 98% of us will spend everything we get our hands on. It is very hard to have the discipline to take money that is within your grasp and invest it. And we don't appreciate the power of investing and compound interest.

My team brought a bucket of sand to illuminate the power of compounding interest. This is investing £1,000 a month over the course of 12 months, starting at the age of 25. If you left it and kept investing at that rate, by the age of 65, it would look like this.

And the young man who says, "I have £500. I gotta wait till I have a million before I start investing." The way you get a million pounds is by investing that 500. And this notion that it's too late for me, I'm in my 40s, I'm gonna ignore finances, ah, bull (censored) .

So what is the set of steps?

Let me make it easy. First thing...

Congratulations, Diary of a CEO gang, we've made some progress. 63% of you that listen to this podcast regularly don't subscribe, which is down from 69%. Our goal is 50%. So if you've ever liked any of the videos we've posted, if you like this channel, can you do me a quick favor and hit the subscribe button? It helps this channel more than you know. And the bigger the channel gets, as you've seen, the bigger the guests get. Thank you, and enjoy this episode. Scott, you've written a book on wealth, money, finance. Why? And why does it, why does it matter?

Uh, this is kind of a memo to my 25-year-old self. I've been rich three times. And the first two times I lost it. And I didn't grow up with a lot of money. It's been very important to me. I think America, and mostly in Europe, but especially America, America becomes more like itself every day, in that is it's a generous, loving place if you have money. It's a rapacious, violent place if you don't. I think economic security is really important. And I think there's a series of habits and character traits that, uh, can help you get to economic security. You know that study that you become the average of your five closest friends? Same body mass index, same politics, same sports team, same neighborhood. Uh, what they don't talk about is that amongst those five people, even if they're all making about the same amount of money, one will end up much more economically well-off than the other four. And I'm trying to understand the behaviors of that one person who becomes economically secure by the time they're my age without making a lot more money than their colleagues.