How to Achieve Economic Security | Scott Galloway's Ultimate Guide to Financial Well-Being

In this engaging dialogue on the James Altucher Show, Scott Galloway, author of 'The Algebra of Wealth', shares invaluable insights on achieving success through strategic investments, personal growth, and embracing the power of networking. Highlighting key themes from his book and personal experiences, Galloway discusses his transition to London, investment strategies focusing on low-cost index funds for steady returns, and the profound impact of high-quality associations and smart life choices on long-term financial security. The conversation also explores overcoming failures, the significance of hard work, and the allure of New York City as an enduring icon, while cautioning against the risks of day trading and the pursuit of quick wins in the stock market. Galloway's narrative is a comprehensive guide on cultivating wealth, wisdom, and winning strategies in both personal and financial realms.
00:00 Unlocking Opportunities: The Power of Networking and Character
00:16 Introducing The James Altucher Show: A Dive into Wealth and Strategy
00:29 Scott's Life Update: From NYU to London
02:56 The Algebra of Wealth: Strategies for Financial Success
05:40 City Life vs. Opportunity: Navigating Economic Growth and Personal Success
09:56 The Realities of New York Living: Challenges for the Young and Ambitious
11:16 Finding Your Path: The Intersection of Talent, Passion, and Opportunity
29:12 The Entrepreneurial Journey: Embracing Rejection and Learning from Failure
34:13 The Power of Networking and Wealth Building
35:59 Maximizing Opportunities: From Mentorship to Employment
37:44 Strategies for Career Advancement and Financial Success
47:45 The Importance of Saving and Investing Wisely
55:18 Navigating Career and Financial Challenges
58:20 Achieving Financial Security: Strategies and Real-Life Insights
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[@ismaelhall3990]

Mr. Galloway is a true teacher.

[@ELDTAdventures-tp9jy]

who gave $100k to AOC . . .

[@Matanumi]

You know James I've heard of Scott on your pod many times before. I think this is the first one where you have more of a KZbin presence. And look at how many more comments this episode has versus an average one. Scott's message and speaking is clearly moving a lot of people men and women alike. Interesting

[@TheJamesAltucherShow]

Thank you!

[@jmac1813]

Phenomenal interview. Should be taught in schools and spoken of every high school graduation. Thank you

[@jutman17761]

There is a reason it won’t be…

[@TheJamesAltucherShow]

Maybe one day...

[@DelroyGill]

This is one of THE BEST pods I’ve heard EVER!

[@TheJamesAltucherShow]

Thank you so much!

[@icinghappens]

I love that the algorithm fed me this. Great pod 🧡

[@TheJamesAltucherShow]

Thank you!

[@rishiocity]

Wow! This was such an insightful conversation. Thank YOU James/Scott! 🙌🏻

[@TheJamesAltucherShow]

Thank you so much!

[@jamesleung0]

27:36 When you grow up with very little money, you tend to hyper-focus on economic security. Kids, who never struggled with the looming threat of poverty, will probably never develop the deep desire to over achieve or take risks for upward mobility.

[@RadicalNuance]

James you’re a great business podcast host, IMO cause you’ve got a wide range of real world entrepreneurial experiences + you’re a writer + a chess player meaning you’re able to mix various intellectual bottles which make for a fine conversational cocktail! 👍

[@TheJamesAltucherShow]

Thank you! Glad you enjoyed the show!

[@xNobleSavagex]

I think Galloway is a unique teacher. His advice is interesting and different. But he ain't talking to guys like me. Despite coming from a single mother household (like me), he described his 20s in very...VERY waspish terms. He had a super smart mom and had tons of mentors and upwardly mobile people around him. My parents had nothing to teach. I was marginally employed, no mentors, and mostly homeless for 20 years until I got my shit together. Saving and investing money, although smart, would have been a complete fantasy for me. Upper-middle class kids, listen to this guy and take notes. For you knockaround guys like me, find someone dumber to motivate you.

[@mikefatah]

This is extremely useful conversation. Thank you Scott Galloway and Mr. Altucher!

[@TheJamesAltucherShow]

Our pleasure!

[@BodyByBenSLC]

21:00 my parents kicked me out. Let me sleep in my car for a season. I got a job and started making better choices.

[@KiKi-te9yd]

Wish Id been able to listen to. This guy in my 20s. I've made similar mistakes.

[@adamcalhoun6683]

Some jobs the top 10% make exactly the same as the bottom 90%. Union meat cutters make the same, unless you move to a different state. You’ll have to own your own business to make more than what the union rate is.

[@EcomCarl]

Scott's insights on 'The Algebra of Wealth' emphasize the profound impact of building networks with high-quality individuals. It's a powerful reminder that our connections can significantly enhance our 'luck' surface area and open up new pathways to success.

[@TheJamesAltucherShow]

Thank you so much!

[@janiecel]

Kids change everything. You think you know until you're holding a soul who is completely dependent upon you.

[@TheJamesAltucherShow]

Yes, kids are wonderful too.

[@duje618]

6 or 8 percent yearly interest on deposits or dividend funds, how much after tax?

[@benwintermute2804]

What is the iron melting business? That sounds fun!

[@bhilbert11]

He said he emailed the alumni of Tao? What is that?

[@MTtroutfisher406]

22:36 Scott’s advice is for people who are already mostly successful. He struggles to address the every man type person. He’ll admit he was lucky with his trajectory and doesn’t know how to repeat it or how it actually happened. Great discussion though.

[@MartymcFly-zz2pg]

Hes in club med.

[@SenorJuan2023]

First!

[@str1cklybizn3ss67]

3 subway stops into brooklyn is still high priced yo.. get with the times XD

[@oldschoolpanels]

I am the key master

[@MeJonTheDon]

Family from New York, all left as soon as they could. Absolutely would never consider living in NYC ever.. Agree that NY might have greater opportunities, but perhaps counterintuitively, thus goes to show those outside of that place that have less opportunities and are successful are probably better at translating opportunity into actual success. Not trying to compete to live in an area subsidized by the kids of Chinese billionaires

[@awdheshpriyadarshi8037]

Stockholm

[@TAGraham]

yea james three hundred a month?? twenty four years ago?

[@TheJamesAltucherShow]

Yes, it's hard to believe right?

[@TAGraham]

@@TheJamesAltucherShow wild, 2.5 decades and 800-1000%

[@JesseBerst]

Good interview and thoughtful questions. However, I stopped about halfway through because I was so tired of looking at the top of your head. I suggest you imitate Scott and look straight into the camera.

[@EricBoston1992]

I usually just listen while doing dishes/chores, driving, DoorDashing, working, etc. Because there’s not much visual value to discussions/interviews like this that I listen-to/watch: usually on topics like personal dev, economics, investing, crypto, history, politics, philosophy, etc. - I can either sit on my butt & stare at a guys face & shoulders, or just listen while I’m doing other productive things.

[@devp895]

lol 😂

[@Merritt_Life]

Don’t watch just listen then dummy

[@matthewcaldwell8100]

Nothing this man says amounts to much ore than "be born before my generation destroyed the world." Oh, and index funds.

[@rafalrocks]

Huge opportunities in trades jobs? Spoken like a filthy rich New Yorker. I live in a working class burb of Chicago. Most of the guys I know are in trades. Tough way to bread on the table. Yeah, maybe 1 in 10 has his own business and makes a decent living but nothing like what Scott made a killing at. Give me a break

[@Matanumi]

Yeah.... totally depends on the city and the trade. Union or not etc. As someone who works on the industry I see it all- broke TFWs doing labour (or women even) and the richest bosses flaunting their formen lunches. Its all over the place on who makes money and who doesn't

[@kambasuvereroberson-vc7yf]

Scott the man!🎉

[@kambasuvereroberson-vc7yf]

Scott the man!🎉

[@kaligirl1980]

In the SF Bay Area, HVAC professionals and electricians can make six figures after they get the commercial experience. I guess it really comes down to where folks in trades live and work.

[@rafalrocks]

@@kaligirl1980 sure ofc. This is realistic. Also, you’re not breaking the bank making that in SF

[@thru_and_thru]

Not everybody moves to NYC with the sole intention of getting rich. Had NYC only attracted those types of people over the past few decades, the city would never have built the name it now has. The arts are what made this city cool let’s not forget….not the finance bros who worked at Morgan Stanley. The problem is not the arts have pretty much left as they can no longer exists in this city so what we have is a lot of people who are already rich, and a lot of people trying to join the club. Nothing wrong with trying to get rich of course but the sole has been stripped from the city as a result.

[@DelroyGill]

But you have to be “richer” than 90% of places in the USA even to attempt to live here

[@thru_and_thru]

@@DelroyGill yep that is how it is today. The days of moving to NYC for artist (who are not supported by their parents) are pretty much over.

[@DrLusEnglish]

You cannot achieve your personal financial success while your country achieves financial default

[@thecloudtechguy]

As a white guy I think these folks are a bit delusional. I do really well but the reality is not everything people do fro work is rewarding. If you want to make money by "financial gimmicks" then I agree NY is your place. On the other hand if you do real work like the trades, teaching, Info Tech, legal, medical at the worker level you will never be rewarded significanly nor will be wealthy most of the time. I did a long tech stint at Bloomberg. I always laugh about the "5 people you know..." theory, its always spoken by people that make their money running financial gimmicks, You know stock, hedge funds, real estate, tech start ups founders, etc.Love to what the top 10% of HVAC professionals, Teachers, Firefighters make in NYC.... Sure that will get you far. Lastly, they want everyone to believe that life is a zero sum game, its not...for most of the world.

[@danieldpa8484]

Western arrogance to think London & Amsterdam only worth it cities in Europe - Vienna, Prague, Budapest, Warsaw - these cities are top notch

[@MegaMOUNDS]

It's not arrogance, it's from experience. There's also nothing 'western' about it.

[@danieldpa8484]

@@MegaMOUNDS “experience” staying in your own bubble is no experience at all, it’s arrogance

[@MegaMOUNDS]

@@danieldpa8484 Warsaw can't hold a candle to London's finance industry or opportunity, champ.

[@tertainment414]

I think you're being arrogant here. He's not talking about the cities which are "worth it". There are plenty of great cities that are worth living. What he is talking about is living in the hyper commercial cities of the world like New York City, London, Hong Kong, Tokyo etc.

[@johnnymartinARTIST]

just like topic he chooses mr. G goes out of focus....

[@2000dpdpdp]

This dude only cares about Kids in New York lol

[@mobdroitchmobdrovitch9633]

These guys are broke and giving financial advice Wow seriously !!!

[@angelique935]

You can't truly possess real sustenance, wealth, and wisdom without living according to the Holy Torah - the Tree of Life reality.