How to become wealthy | ft. Prof. Scott Galloway

Prof. Scott Galloway is a teacher at the NYU Sterns school of business and breaks down how to become wealthy in this episode of Behind the Brand.
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[@bismarkwyatt3285]

“Find your talent” is such a simple powerful call to action.

[@denispop6984]

And how do you find it?

[@texasflood1295]

@@denispop6984 Be open-minded, raise your hand when someone asks if anyone wants to participate, talk to successful people, be curious, educate yourself (don’t wait for others to educate you).

[@ELDTAdventures-tp9jy]

@@denispop6984 You are able to do a job without any monetary compensation, yet you enjoy doing it. It becomes your mission in life . . .

[@craigjames499]

Everyone has a talent but lots never find it I'm 40 and still looking for mine

[@ELDTAdventures-tp9jy]

@@craigjames499 Be sure to check out Dr. Jordan Peterson's Self-Authoring Course . . . All the best, my friend.

[@idiocracyishere4531]

Einstein said compounding interest is the most powerful force in the universe.

[@superbros1690]

I heard that quote is not official

[@decadentanciennebourgeoisie]

Just read The richest man in Babylon; it was initially a pamphlet issued and distributed by US banks and insurance companies in the 20s for a selective few on how to get richer.

[@Mr_Case_Time]

Graduate high school, stay employed, don’t have kids before marriage. These three things will at least get you on the right track.

[@gagnepaingilly]

For me, the ultimate goal of wealth is freedom. In my perspective, 5 million is the magic figure that will let me to be worry-free at 65 years old. Is it preferable for me to save money or allocate a significant amount of my salary to stocks in order to accomplish this goal?

[@blaquopaque]

Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.

[@velayuthman]

SPY etf gives average of %10 return

[@kashkat987]

Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $5 million and to FIRE!

[@greekbarrios]

Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.

[@Curbalnk]

@greekbarrios bravo! i'm 46, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?

[@QuestioningYourSanity]

Simple solid advise.

[@sedohrj87]

I like this sentiment. He's not wrong but I'd like to add the simple fact we have a way to increase and optimize our time on earth. Exercise, delegate time to run and lift weights, good V02 max, strong muscles, strong bones, you'll not only add valuable resourceful time to your body but also your mind.

[@drachenmarke]

Oh....and everything is free? We can just take the day off, lay around the gym?

[@sedohrj87]

@@drachenmarke It doesn't take more then 1 hour a day to have an efficient work out and improve your health. If you can't pull this off then I'm sorry, I don't know what to tell you.

[@saintseymour]

i think that's the first thing he does with his mentees from another video i watched. he asks them to take 4 hrs of their phone time per week and turn that into time working on their physical fitness instead.

[@matthewminors236]

Any smart person who tried to day trade realises it’s gambling and moves on to true investing rather than speculation. I hate all the trading gurus that are tricking people into giving away their money these days

[@dsoprano13]

This guy oversimplified attaining wealth. The best advice I can give is to avoid debt. It's like quicksand.

[@nba_fan7214]

He says to save more than you spend which is essentially avoiding debt

[@Savvynomad225]

Avoid frivolous consumer debt. Some debt, like a low interest mortgage, is productive. Buying a 30’ travel trailer with a 240 month 8% interest loan isn’t productive.

[@michaelbryant2071]

I think l will listen to him. You might want to quit trying to simplify judging him superficially. He has a great track record

[@dsoprano13]

@@michaelbryant2071 I've listened to him speak on other topics and I think he is out of touch. He can spit a lot of stats but his interpretation and understanding of said data seems to be off.

[@John-J-Preston]

Wrong, the best advice is to leverage debt. Avoiding debt would lead someone to pay off a low interest student loan as quickly as possible and be debt free versus someone who paid the minimum payment and invested the rest which increased their net worth over time. If you can't understand how this works then your money management skills are not as good as you've deluded yourself into believing by thinking "debt free" is an end goal. The end goal is always "net worth"....

[@tshepo7122]

This episode is amazing

[@jeffreychongsathien]

The best way to get rich is inherit.

[@Drby_]

worthless comment

[@tobberfutooagain2628]

Spoken like a true lazy liberal idiot….

[@matthewbradysmith]

With that mindset you’re definitely not going to get rich. Change it up

[@josenavarro3816]

In general playing your cards right and not succumbing to the many vices when having large amount of money, unfortunately it happens a lot and too many times.

[@amariner5]

Rich girls need loving too.

[@MeenaAdnani]

Becoming wealthy involves a combination of strategic financial planning, disciplined saving and investing, and continuously seeking opportunities for growth.😊

[@bmay282]

How does anyone find their talent anymore when so many of us are stuck in trash jobs without resources??

[@kseniasmith6628]

yea people making $15/hr ($7.25 in some places like WTF?!) are barely scraping by, talking about investments is adding insult to injury. You need to earn more than your bare necessities, and that's not reality for many people.

[@polydex108]

We need a solution that works for the majority of people or the average person.

[@sturrrdy]

Most precious capital~ time

[@CarlWong5]

Suppose someone is making $38,440 per year for his entire life. Starting at age 20, this person contributed a percentage of his salary to a fund with a 10% return. When he turned 65, he had $1 million in his fund. What percentage of his annual income did he have to contribute every year in order to reach the million dollars? Answer: 3.47%, or $1,300 per year.

[@novola1972]

Where did you get a 10% return? More like 3% and then you lose all of your money

[@franwex]

@@novola1972where did you get 3% return? How would you lose all your money? It is mathematically impossible.

[@inquisitorofthegodemperor8434]

Show those 10% returns during covid xD this also doesn't take into account if you get sick and can't work, or your business goes bankrupt (which happened to lots of people during that time) - everyone simplifies this compounding process into a smooth steady 40 year journey, not taking into account just the last 20 years alone so far we've had the War on Terror, GFC, Covid, Russia/Israel wars, and the market being reshifted multiple times during this period - this steady and upwards compounding doesn't exist, it's a pipe dream for the poor majority.

[@franwex]

@@inquisitorofthegodemperor8434 sure. The stock market returned over that. I simply Googled S and P 500 average return 10 years and it’s 12.68%. So that’s more than 10%during, before and after COVID. During COVID it returned 6%. I mean…you could just buy into an index fund and that’s about it. If you cannot work for a year or two, your savings still grow. It seems that you’re trying to make a case not to invest, which is a bit counter productive. But the data is there that backs up investing over a long time is better than not.

[@shacktime]

This depends entirely on where you live. Median annual rents in modest income neighborhoods would cost this entire amount, often more. Your advice would have been sound in the 70’s through the 90’s but that’s going on three decades ago now.

[@trent1984]

The worst mistake I made was helping my mom, she took full advantage of me at a time when I could have made something of myself, I was a fool to be so easily manipulated, though she was very good at it, getting others to threaten my well being if I didn't give all my money to her, which would have never worked if I was full white or full black, but being mixed she could turn both against me for different racially biased reasons, a true hero to feminists and modern university liberals alike

[@stoneneils]

Count youself lucky. My mother screwed my brother for 40k and he died of a heart attack that very same night at 44..no health problems. She killed him. I don't talk to either parent or any family anymore as they give her a pass. I do not. She's done that to me in the past but it was more like promiisng money to get me to do something - then not delivering. I never lost money to her scams.

[@mediumstudio]

Wealth is being happy with what you have

[@offthegrid1695]

Cope

[@hashtagselfie]

No it’s not lol

[@Deedruh.]

Sounds good, but you can't really pay the rent with feelings

[@carlyndolphin]

If you’re 25 years old and need 100,000 per annum, that means you need approximately 3.3 million invested if you were to retire today. If you plan to retire at 55, adjusted for inflation you’re going to need 6.6m invested. 200,000 per annum when you’re 55. Multiply 200,000 by 33 (3% withdrawal rate) = 6.6 million.

[@BuffaloRangers]

Absolutely!,

[@offthegrid1695]

Invest don’t save. Then you’ll see the power of compound interest

[@JMAGvids]

Don't day trade Bitcoin, but definitely save in Bitcoin. Just hold it.

[@watamatafoyu]

How do people living paycheck to paycheck save more than they spend? That doesn't make sense. Most people nowadays don't have that kind of income opportunity.

[@rogerm3708]

Almost everybody can save but few will make the attempt to

[@stevefrench3564]

Hard to save when wages stay stagnant for 40yrs. Most people live paycheck to paycheck. Easier sid than done

[@maxrice6990]

Yeah, if getting rich was easy, everyone would do it! But like physical health, there are only some people with 6 pack abs and in finance there are only some people who are wealthy.

[@bajojohn]

Saving can be done, but it is difficult. Sometimes it’s not just doing without, it’s figuring out how to lower your cost of living. That may mean moving, or living with family or roommates. It’s so easy to get in debt, especially in times of plenty. It is crushing in lean times. To makes things worse, we all feel like everyone else has more than us, even when we realize they are all in debt and just barely staying above water.

[@ELDTAdventures-tp9jy]

That's not Scottie's problem. He has made out like a bandit from taxpayer's money . . .

[@sovietsandvich8443]

The problem is excessive government spending and debt. Taxes are already extremely high and we still have huge deficits. People think government programs will save them when really it’ll just create more inflation

[@TC-en7vi]

The problem is the monetary system… Jaque Fresco was right. We need a resource based economy.

[@R9dyhQ.RDPD99yF0gDmSZqC]

Full videos link?

[@borisharhaji6870]

In 2014, I invetsed my first $1 into index funds. In 2024 - my wife and I now have over $1M in our retirment funds at age 36 and 32. Its all about compounding interest. I expect we'll have at least $10M when we retire (in today's money)

[@justducky8508]

What’s wrong with calculated speculation? As long as it’s not a large percentage of my overall savings. Genuine curiosity.

[@MrJaspett]

Nothing. Nothing wrong with betting on the horses, playing poker, blackjack etc. either. But you have to accept you'll mostly lose to people who are doing it all day, every day and have more experience and information than you do.

[@houchi69]

Saving in a High Yield Savings account is the only one that matters. Most banks give you less than 1% interest, pratically useless.

[@Diashi1267]

There’s nothing complicated to building wealth. The problem is that the vast majority of people are trapped living paycheck to paycheck. They never even get the opportunity to try to build wealth

[@MrJaspett]

How to get wealthy...spend less than you make, invest and wait until you're fucking old. Incredible advice.

[@prismovalentino]

Start investing $1,000/month at age 22. By age 46, you’ll have 1 million. Marry someone who did the same and you’ll have joint 2 million in your mid 40s. If you picked a good career you could easily double that.

[@MrJaspett]

@prismovalentino Have $1000 a month spare at 22. Marry rich. Hope the stock exchange continues to go gangbusters for 25 years. More great advice.

[@LironBerisha]

@@MrJaspett plus forget about the inflation (if inflation from 2000 to 2024 stays the same , the million will be worth half of it by the time you have it).

[@prismovalentino]

@@LironBerisha Lol always someone with this comment. I'd rather have 2 million in 20 years than 0 in 40 years.

[@prismovalentino]

@@MrJaspett 1. You don't even need to invest $1,000 of your own money - invest about $750/mo and get an employer match on your 401k, and you're up to $1k/mo. 2. You don't even need a GREAT career, just a DECENT career - electrician, accountant, HR, etc. making $60k/yr living outside of the most expensive cities can easily afford to invest $750+ each month. Do even better and get an in-demand STEM degree, and you could be starting out at $60-70k and quickly work your way up to $100k+. 3. Marrying someone in their 20s-30s who went to school for a decent career, makes $60k, and invests like 10% of their salary from their job each month is HARDLY marrying rich - that basically describes the middle class. 4. The S&P 500 has returned an average of 10% over the last hundred years. Expecting it to continue doing the same thing it has "*average*"d for the past 100 years is hardly "going gangbusters." Now, the one thing is - the Boomer generation and even some Gen X could basically afford to make a bunch of mistakes, and they could still come out successful in the end just by having a strong work ethic. I know that's definitely not the case for young people today. These days, there is no margin for error. You absolutely have to perfectly plan every step of the way starting from your late teens and not make any mistakes...AND work hard too. If you make one mistake in your life plan, you fall so far behind that you are totally screwed, and it's almost impossible to "hard work" your way back from that. But all I'm saying is if you make good decisions, it's absolutely within reach to get to a couple million in your 40s.

[@billj.5440]

Save? What?

[@charletfoster8917]

Invest is the word for retirement

[@BehindtheBrand]

yep

[@shyft09]

compound interest sure, but $100 a month for 10-20 years will not simultaneously pay off your student debt and for a deposit on a house

[@igneouswatchman]

He said save more than you spend and I think taking out a loan is spending... like maxing a credit card out

[@henryg9059]

Just be born with enough money to do that. Easy

[@Mr.DMZ.]

$100 is a starting point. Obviously you need to save more

[@KurtI2525]

He means put a % proportionate to your income, which should increase as you build a career.

[@wilsc54]

It’s about building those critical habits and learning to live below your means.

[@codybertram6122]

Scott Galloway 2024

[@circulationsolutions9149]

Saving isn't investing! When receiving money, invest immediately.

[@WillowEtain]

Now days no one is getting rich without exploiting someone

[@ZacharySkipworth]

He’s legitimately just repeating Aristotle and Socrates. These are concepts that have been around for over 2000 years but just applied to the capitalist system.

[@yearight1205]

"find something you're good at"..... Yea, that requires competency. Most people today lack competency, so as a result some people aren't good at anything work related. Even the things they are "good at" they aren't great at. I really think that until we figure out a game plan for people who really aren't good at anything work related, we will continue to see a lot of poor people.

[@disgracetodiscuss9410]

So just do life

[@BehindtheBrand]

;)

[@offthegrid1695]

Cope

[@windygail5702]

Oh yes and inherited wealth, property and stocks. Just be born wealthy and you will be good 🙄

[@rickteasley2237]

You should chase your dream and live with the results, if that means you're selling flowers at a freeway offramp @ 60 so be it, sac up be a man then find a wealthy widow......the end

[@BlakeTedKord]

Wait what? Dont day trade or crypto?

[@ADobbin1]

what if your talent is something you can't afford to do?

[@robertcalamusso4218]

We like Scott. ☮️🇺🇸🦇🦇🦇🦇

[@freashswagg1]

Who is “we”?

[@davidjsouth231]

I’m trying to instill that in my Dutch bros, Starbucks drinking daughters.

[@Suburp212]

Have rich parents. Done.

[@cliftonodom3059]

First of all wealth is wasted on the old. If you get rich at 60 you no longer look good sitting on your yatch. Get rich while you're young. The 3 rules of money. Buy assets. What assets? 1)Don't lose money. Buy under valued assets. That gives you instant gain. 2) it must cashflow. You need money to buy hamburgers 3) You can't get rich slow. Get rich quick so you learn how to drive red sports cars and look good at the nude beach.

[@Griot-Guild]

Lmao tell us how

[@c-train3630]

Easier said than done

[@BehindtheBrand]

always is

[@realdrtommurray]

Yet. His tedtalk he said that tax on capital gains should be higher than earned income tax. Makes no sense. I’ve lived and sacrificed to live beneath my means so I can invest and eventually live off of the investments.

[@A91367]

Dollar Bill from billions has spoken.

[@jimmyray2358]

He isn't saying anything different than what's been the case for the last several thousand years. Like...tens of thousands of years. We keep complicating simple.

[@alexjackson1106]

money is false stability

[@amariner5]

"Find your talent" Well, that was my first mistake. Save money?

[@dealinwithdbass]

Don't day trade bitcoin. DCA it.

[@GhostSamaritan]

Fuck it, I have to go 2x platinum no features

[@adambrown3918]

If you're already old and struggling; this advice doesn't apply. If you're young; in this economy and you can inherit from your parents who hopefully saved something; good luck. 👍

[@SpyTrader1988]

Ironic. My talent is to day trade, lmao. Made 2k Friday

[@James-qz2sd]

Mutual Index Funds

[@jcantonelli1]

Good advice about daytrading - but what does this guy know about Bitcoin?

[@JaguarDave54]

Rule of 72

[@Deedruh.]

Who else was watching Prof shorts and this one came up 😅

[@andrewmuccillo]

As a fellow wsb subreddit enjoyer, I feel targeted

[@briancoover6590]

Lol Save? We're barely able to keep our stomach's from growling and he wants us to save money. What would you have me do? Starve?

[@carwoman43]

The smartest kids would save the $100/mo. and go baller with the rest.

[@JohnB-nq4js]

Spend all your time on your rhymes, and all your cash on shoes and jewelry. If you can throw a ball thru a hoop - even better.

[@Najur.]

Can everyone become wealthy? If not.... What are the odds that us become poor? Answer : No, Everyone cannot become wealthy in a free market. And it's very common to end up being poor, because l, if very few people become very rich, then very large portion of population should be poor, or working poor.

[@progdrumman]

People who make fun of this advice are simply ignorant of how the math works. Assume an 18 year old sets aside about $13 per day and invests in a total market index fund each month until they retire. Assume the real (inflation-adjusted) returns are 5%, which is somewhat conservative. That person will have over $1 million dollars of today's buying power at age 67. That 5% is also a very conservative guess for real market returns. If we see 7% real returns (in line with history), an 18 year old needs to save about $6.50 per day to reach a million in buying power at age 67.

[@BigSnipp]

What 18 year old has an extra $390 a month? lol My take home pay was $660 a month.

[@progdrumman]

@@BigSnipp Remember this is a very conservative estimate for returns. If the market grows ~7% after inflation (historic #), you only have to set aside $7 per day to reach that million in spending power. Most people who aren't in poverty could probably come up with something close to that. Heck even setting aside $3 per day will lead to almost $500k in today's spending power by the time you retire at 67. $3 dollars per day for 49 years. Think about how little that is over the course of an entire career...

[@BigSnipp]

@@progdrumman Only $7 per day is an extra $210 per month. Not doable.

[@MrFrankEast]

@@progdrumman You guys are really dopeing thinking everyone has free money to go to college and is makig 65k a year at age 21 lmao that isn't the normal at ALL. Even at MY pay 2200 a month after rent insurance car payment gas and taking out that 390 thats 70 dollars PER WEEK I have to myself. Your guys advice DOESNT WORK I don't have student loans but im locked out of getting those nice 50-60k jobs now.

[@progdrumman]

@@MrFrankEast Every dollar you save in your early years should be worth like 32x the value when you are in your 60s if you invest it properly in a total market index fund. Even saving $1 a day is a start. You could do that. As you grow professionally you can increase the amount. The point is to start saving now. I would encourage everyone to look into frugal living, the financial independence movement, and minimalism. The only way to get ahead in the current environment is to be different from everyone else around you. Don't buy into the conventional wisdom. The game sucks, but we are all stuck playing it anyway right now. Find a way to win.

[@joes7028]

Steal from the rich

[@start662]

"b...b..but Andrew tate said day trading works to make m..money!! I'm not like the rest!"

[@stoneneils]

Save more than you spend hahahah omg DO NOT take that advice unless you are a REALLY boring person. God forbid I saved more than I spent I'd be so depressed about it.

[@johnpettiford6547]

I lost so much money daytrading

[@terradyne1969]

This is stupid. Buy assets and ride inflation.

[@peterkleynhans8056]

Contradict everything he says and you will become financially free. You don't need to like what you do as long as it pays well. Pump as much as you can into Bitcoin which will average 100% per year. Become rich as fast as possible. If you do it slowly you are in the trouble with dollar loosing value plus inflation. These Boomers still think its the 60s. What they say will get you into huge problems.

[@johnvincent4048]

I bet this guy hangs out with John Podesta.

[@JSway_33]

Overrated human scammer❤

[@peterkleynhans8056]

Buy Bitcoin. This is terrible advice with dollar being devalued so much.

[@michaelbryant2071]

I am 70, no more time.

[@NovemberTheHacker]

Jewish nepotism in Prof G's case

[@shoutatthesky]

Wasn't he bankrupt at 40 though?

[@danh5637]

Surely it’s better to take advice from someone who’s rich rather than a professor or tenure with a podcast.

[@BehindtheBrand]

Wealth doesn't always mean you know the most.

[@danh5637]

@@BehindtheBrand no but I’d rather take swimming advice from someone who has demonstrated they can swim a lap than someone who’s never got in the water.

[@BehindtheBrand]

@@danh5637 Scott G. has a net worth of $40 million, you can Google it. He teaches at NYU...has published several bestselling books...regularly appears on major network TV to give his opinions etc. Seems like a safe bet to consider his words.

[@danh5637]

@@BehindtheBrand oh it says so on Google! Then it must be true.

[@aliciacole8677]

Yiiiiikes. We're in a silent depression. I know many who can't save $100 because bills take it all. No amount of cutting lifestyle costs accounts for low income. We just need more income now to even stay afloat. This is horribly tone deaf 😢

[@SJSharkByte]

I save like 30% of my GROSS income on $60k a year in california. I have 4 more trips planned, been on 2 already. My partner makes $60k as well. Idk, we live within our means. Sounds like a skill issue to me

[@nikkolyn1122]

Not everyone is blessed to have another healthy adult earning partner with which to split living expenses. ?

[@nikkolyn1122]

Lmguess tho. Tech? Y The City? N.

[@FuegoJaguar]

turns out you can put away tens of thousands from the time you're 20 and still not have enough for a house when you turn 40.

[@raoultesla2292]

"Be born into established liquid" Ffs, left out the only one that repels statistical probability. What happened to you Galloway?

[@ahm7944]

write a book and lie about young people. Compound interest is a lie too. For decades interest were zero or negative

[@BehindtheBrand]

Stock market average is 8% ROI

[@ahm7944]

@@BehindtheBrand that is not compounded interest

[@freashswagg1]

😂😂😂😂 believe anything

[@VIETNAM4PALESTINE]

Let’s make 90% of the US millionaires. No one will be special without having poor people to compare to.

[@willsully]

This is nonsensical mumbo jumbo. Why does KZbin keep recommending such poor financial advice?

[@nofancypants]

Why is it poor advice?

[@andersonst.claire5119]

So spend every second of my life searching for a talent that I may or may not have. But not just any talent, one that can be monetized. Hmmmmmmmm……..but my talent is blinking - how do I make money with that! If only I didn’t waste my time watching my screen, and listening to your advice, but then I wouldn’t have learned about your secret to wealth and would not have even realized that I had to have a talent - damn it I feel like a time loop has eaten my life away. Well here’s hoping one day I can be a money obsessed, shallow one dimensional looser who has centralized wealth as the only metric that I use to measure my actual human value and place in society!

[@christopherglenn5599]

Loser

[@TheHandsomeTrader]

Horrible advice

[@stevens-d2m]

Crook or politician fact