The Ultimate Strategy For Young People To Build Wealth - Scott Galloway

Chris and Scott Galloway discuss how young people can get wealthy in the current economy. How does Scott Galloway define wealth? How does Scott Galloway deal with negative factors outside his control? What does Scott Galloway recommend all people do to get wealthy?
Get a Free Sample Pack of all LMNT Flavours with your first box at www.drinklmnt.com/modernwisdom (automatically applied at checkout)
Get access to every episode 10 hours before KZbin by subscribing for free on Spotify - spoti.fi/2LSimPn or Apple Podcasts - apple.co/2MNqIgw
Get my free Reading List of 100 life-changing books here - chriswillx.com/books/
Try my productivity energy drink Neutonic here - neutonic.com/modernwisdom
-
Get in touch in the comments below or head to...
Instagram: / chriswillx
Twitter: / chriswillx
Email: chriswillx.com/contact/

[@ChrisWillx]

Hello you savages. Watch the full episode with Scott here - kzbin.info/www/bejne/nYuYfGefh8qIpKc Get a Free Sample Pack of all LMNT Flavours with your first box at www.drinklmnt.com/modernwisdom

[@ev6402]

College use to introduce you to a same family level spouse

[@GillerHeston]

Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.

[@rogerwheelers4322]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@joshbarney114]

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

[@FabioOdelega876]

I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

[@joshbarney114]

Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@FabioOdelega876]

Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing..

[@theyanzhu1105]

1. Definition of Wealth: Scott Galloway defines being "rich" as having passive income that exceeds your expenses. This concept emphasizes financial security and the ability to live without financial stress. 2. Focus on Main Hustle: Galloway advises against prolonged side hustles, suggesting that dedicating extra effort to a primary job can yield greater returns. Importance of Time: He highlights the power of compound interest and urges young people to invest early, emphasizing that time is a significant advantage. 3. Control Spending: Galloway stresses the importance of controlling spending and being disciplined about saving and investing in low-cost ETFs and index funds. 4. Diversification: He underscores the necessity of diversification to protect against market dynamics and reduce financial and emotional risks, recommending not to invest more than 3% of net worth in any single investment. Thanks for the amazing video. I've been collecting wisdom like this in my channel as well!

[@nKarje]

So basically get a job, which most people do anyway out of necessity - and control your spending? Wow, genius level amazing advice man. Thanks for providing this summary, I won't watch this useless video with a hyperbolic title

[@Zabiru-]

@@nKarje Just because you supposedly understand all of this already that doesn't mean everyone else does. Keep acting superior if that makes you feel good, but don't feel the need to bitch about other people explaining it in a way that teaches others. To be clear, the investment tips is by no means something EVERYONE knows already. You just had a half-decent education on the topic.

[@jacobparker1105]

@@nKarjeexactly the principles of Dave Ramsey baby steps. It seems simple cause… well it is. And it works.

[@Threecharacterhandle]

@@nKarje There’s a saying that goes something like “All the most important financial advice can fit on the back of a post card”. Nevertheless everybody needs a bit of financial advisory at least sometimes.

[@matturner8]

I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

[@ScottArmstrong12]

Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.

[@ritalorrigan]

Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.

[@KevinClarke9]

I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?

[@ritalorrigan]

Finding financial advisors like Carol Vivian Constable who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@KevinClarke9]

Thanks for sharing, I just liquidated some of my funds to invest in the stock market, I will need every help I can get.

[@dilara4130]

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.

[@Victory63219]

Thanks Mate, the sad truth is that no one has a clue, we all react to what happens as it happens and try to analyse it but can’t predict an iota of what is going to unfold in the markets… content creators are like amplifiers, when times are good they affirm it and try to tell you why it’s good and that it’s looking bullish but then all of a sudden the market turns bearish and everyone affirms it again and try to analyse why… it’s so sad that many are so powerless and it's not about guessing the market's next move; it's about playing it smart and steady during trading...managed to grow a nest egg of around 23k to a decent 119k$ in the space of a few months... I'm especially grateful to Abby Joseph Cohen Service, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[@annemoore4461]

How do I reach out to her, if you don't mind me asking?

[@Victory63219]

@aydin6219 Her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@glenn9196]

Been debt free for two years thanks to Abby Joseph Cohen Services. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.

[@TatomWyett]

Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I'm stoked because I'm heading into retirement with almost a million bucks in my portfolio.

[@soothingrelaxationandmedit68]

from a personal angle I'm aware continuing to invest in periods of higher volatility is a Smart way to build wealth.

[@soothingrelaxationandmedit68]

the problem is that most don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high in these challenging conditions.

[@camela8445]

No doubt making smart plans and setting up diversified investment portfolios is quite essential.

[@camela8445]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional in order to navigate this recession and achieve potential high yields and taxation

[@V.stones]

Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes, that's why I leverage aid in my investments.

[@V.stones]

It's crucial for individuals to diversify their portfolios, seek professional financial advice, and stay informed about market trends to navigate these challenges effectively.

[@geekspeak1066]

My 40 year old self wishes I had this 10 years ago. The full is gold. There are many ways to achieve financial freedom but if u focus on the big rocks he outlines you’ll be happy when u get there. I am killing it now in all areas of life.

[@Khanh.Nguyen369]

The simple thing about life is that 1% listen and actually do what those who have lived it and don’t. All these facts he’s spoken will not be done by 99%. And it’s this 99% that will cry and complain until their grave why they never made it.

[@Jaapst]

Your likelihood to be one of the 99% is 99%

[@tone3560]

Older you get the less you should want....pay all your shit off and enjoy building a bank account and be content with WHAT YOU HAVE. Focus on the congruency and net positive of your physical health, mental health and improving your relationships. Money is a catalyst not the main goal of success.

[@robertobomfin3787]

So much wisdom compressed here. About managing what you need to live, the downside is that I doubt someone could learn this kind of stuff from someone else talking.

[@atomicgeisha]

I invest 20% of my income in dividen paying stocks. I am a security guard at a hospital. I have a side hustle that I'm hoping I can take full time when I retire.

[@carlyndolphin]

If you’re in wealth building stage it’s better to avoid dividends paying stocks and focus on growth index funds

[@shroomer3867]

@@carlyndolphin This. Invest into a bit more risky funds since time allows you to go through some losses at the beginning and then when you're close to retiring transition into dividend stocks or just have a good lump sum from the other method and withdraw from it periodically. Not financial advise, solely my opinion and you should either go to a qualified financial advisor since you situation would be different from mine and or do your own research on the topic.

[@aussiewanderer6304]

​@@carlyndolphinthe risk of investing in no dividend stocks is that if they go under due to poor management you've got nothing. At least with dividends you'll have been paid something.

[@iainbrewin]

I was doing this but realized my investment horizon was way to long for this. I switched to growth (low cost) etfs now. Dividend paying stocks are good closer to retirement but get into growth and contribute for the long term in tax efficient accounts.

[@TheFlyingE]

Galloway is seriously such a refreshing and self aware person to listen

[@stephenkeogh9123]

None of these productivity folks seems to grasp its 2500 quid to rent an apartment in Dublin or London. We are fucked because the generation before us pulled the ladder up behind them. An Average salary doesnt get you an average house in 2024. You need a great salary to get a shit house.

[@mizzo_1]

Start small, live healthier improve your mindset and remove victim mentality ❤👊🏾

[@StartledNewt]

Exactly - also applies to most of the South East of England, places like Cambridge, Oxford, coastal Cornwall. Diabolical just how bad the housing situation is in the UK and Ireland especially, but also the Western world at large.

[@mizzo_1]

@@StartledNewt i am too young to even understand roughly what it takes to own a property let alone in a high income city

[@stephenkeogh9123]

@@mizzo_1 hahahah. get up out of that.

[@revelationmd]

I hear you, but as a member of “the generation before”, all I can say is we bought the “things can only get better bullshit” of Blair. Yes we saw house prices spike as the newly arriving demand massively outstripped the supply of houses. Yes we further tipped the balance by buying houses as retirement vehicles after brown wrecked the pension system. And yes all sorts of new and weird family dynamics were encouraged resulting in a flood of broken homes, which further ramped up demand. Suddenly parents with a child needed 2x2 bedroom homes. So sure, blame us if you want… but let’s see if your generation don’t vote for Blair without the flair and green light the continuation of open border, broken family, UK disinvestment welfarism that started the whole ball rolling.

[@christophertaylor9230]

This is possibly the best video I’ve seen in a decade. I wish I was taught this wisdom at school 20 years ago. If only I could hit a rewind button….

[@liquidsnake72chaos]

The fact is we all had heard something in these lines years ago when we were in our 20s but we weren't equipped with a fully formed brain which could fathom such words and we decided to take what we wanted to hear at that point in life.

[@goldbrick2751]

Another awesome talks, guys, keep it up. I love Scott Galloway, he is so pragmatic and real.

[@dudleycarl0]

"Greatness and wealth is in the agency of others". So true

[@devinsimmonz]

I am certain that the topics in this video are more relevant to me than to the average person, but regardless, I wrote almost 2,000 words of notes on this 15-minute clip alone. The amount of wisdom and good advice shared in this video is unbelievable! We are so lucky to have Scott Galloway.

[@michaelholmes8848]

So what makes you different to the average person?

[@rameeznafees9041]

This is one of the best pieces of advice I heard in a long time better than any finance book on life and investing!

[@SPLIFFZPUFFZ]

Fantastic material and incredibly distilled knowledge. I’ll have to return to this to stay sharp on the material.

[@nicolasgirard2808]

Getting rich is easy. Just buy call options on SPY as long the government keeps deficit spending

[@shroomer3867]

Of course, because SPY always goes up and nothing ever happens to the economy ever, stock must go up. Yes, since S&P500's inception it has only ever gone up when you look at it in terms of years historically. When you look at it on a day to day basis, there's times where it goes down, goes up, stays where it is, etc. So, it depends on how you do it, it's risky and usually more complicated than you think it is, I personally would probably just buy a fund which mimics S&P 500 and invest a % into it each month but I'm not a financial advisor so that's only my opinion.

[@nicolasgirard2808]

@@shroomer3867 as long as the government keeps up this insane deficit spending, the economy will keep booming and SPY will keep going up.

[@brianpendez5340]

yeah but options you can lose money even if the direction is correct. You need sharp moves in either direction to make money on options. Otherwise you can be right and still lose, options I don’t recommend. They’re instruments for investors who own shares, they’re not designed to be speculated on.

[@bvanderford]

Don’t conflate wealth with having a lot of money. Financial security is a must but family, friends, a healthy lifestyle and a true joy if living is true wealth.

[@Movingcompanyhustle]

If your main hustle is working a dead end job put more time and focus into your side hustle. Great talk fellas!

[@RD-tl7nx]

Great clip, ive been emphasising the benefits of time to my 16 year old and putting money away young. Ive sent him this clip.

[@Aliens-Are-Our-Friends2027]

Saving money in a bank is for fools because inflation FAR outpaces the interest rate. It must be invested aggressively. For example, putting $15K on Trump to win presidency will win you $10K. THAT'S investing.

[@flaringroy]

I understand that income vs. spend is a useful stat, but the quality of life of his friend making $3M-$14M isn't even in the same universe as most. Regardless of stress about not saving money I can't imagine that any aspect of his life falls short. Plus if he decides to start saving at 55...60...65...he'll still be better off than 99% while having spent an ungodly amount of money in his life. Love Scott, but don't understand this comparison.

[@AlexMcDaniels]

For sure, but hedonistic adaptation is also real AF so for him it doesn’t necessarily mean a lot.

[@user-ee1fn4vt8b]

"Plus if he decides to start" The point of the comparison is he wasn't doing so, and was stressed about money as a result. What is there to not get? Obviously if you change the situation the comparison doesn't make sense anymore...

[@flaringroy]

​@@user-ee1fn4vt8b Since it's Scott defining rich as that, there's nothing wrong with it. And if it's solely a "he feels stressed about the spending habits so he's not really rich no matter how much he makes", you're completely right. However, high income just correlates to so many amazing things (e.g. life expectancy, success of children, happiness, etc.), I just feel like it's insincere to say this dude is going to be more "stressed" about debt while sipping on vintage whiskey in the Hamptons than someone who is making more than they spend. Just my two cents.

[@flaringroy]

@@AlexMcDanielsAbsolutely fair. But he can also afford to go on a full spiritual journey to fix that mindset and probably not end up on the street. I'd imagine it's probably a lot more difficult to pull someone out of poverty or into a higher income bracket, but who knows, fixing one's mental state is a journey too.

[@cheflev9884]

Wow dudes in this comment thread don’t get it. Yes, Scott’s principle applies regardless of income bracket. If you spend more than you make you are mathematically broke and should be stressed about money. We get it. What the OG commentator is saying is within that principle income brackets are not analogous. Focusing on the balanced book between someone making $75k and 3.5 million misses the difference in lived experience, spending power, quality of life, opportunity, access, leverage, medical care, move-ability, and much much more. Hell, the millionaire also has many outlets through buying power to pay someone else to solve their problems via lawyers, accountants, financial advisors etc while the person making $75k has to solve all those problems themselves and within their family. Don’t don’t get lost in the principle folks. You can learn the lesson without missing the forest from the trees, especially since most of you are probably NOT millionaires.

[@EdwinBoettcher]

I realized that the secret to making a million is making better investment. I bought my 1st home at 21 for 87k sold for 197k, 2nd home 170k and sold for 320k, 3rd 300k and sold for 589k and buyers paid all closing costs expenses etc Not making up to a million before retirement is unfulfilled retirement.!!

[@Vhvjdow0ajsbcdhcuei3o22-om4sm]

Guess I should have bought a home before I was born 😂

[@rodbryant1928]

Excellent wise advice

[@christians131]

I love what he said at 13:05. The wealthiest people I’ve come across historically have been kindest to me

[@thedog5k]

Are they kind when they refuse to match your check with inflation?

[@christians131]

@@thedog5k I work for the government currently and no they did not. I’ve had my car broken into and vandalized a few times though living in low income areas. Sometimes they didn’t even bother to steal anything. Just wanted to break a window for fun. Can’t say that’s ever happened to me in a nice area. Ask any real estate investor if the tenants in their low income homes treat the property the same way as tenants in higher income homes

[@thedog5k]

@@christians131 Rich people not being ooga booga's doesn't mean they are good or even fair. Big difference.

[@christians131]

@@thedog5k Are you implying that people who earn lower incomes are traditionally “good” or “fair?” On a number of occasions I’ve seen poorer tenants skipping rent, payments, childcare costs, etc but they always had money for pot, alcohol, fast food, nice clothes, etc. Doesn’t seem very good or fair to break a contract and neglect your child just for meaningless instant gratification

[@00mazone]

This is the one thing he said that I disagree with. They may be nice to people in person but most if not all billionaires absolutely got there off the backs of others. Even Warren Buffet scared whole industries and ruined many lives to make a shit ton of money and he is one of the nicest people around. My opinion is you may be able to be very well off but if you are fair on the way up you will never be a billionaire.

[@scotty7572]

this had a ton of great information, thank you

[@JC-dt7rn]

Thanks … this perspective changed my mindset 😊

[@KeenyNewton]

Absolute gold right here from Scott 2:20

[@ps-dn7ce]

This is amazing

[@claudiapaula9226]

Liberating…makes perfect sense, I couldn’t agree more!

[@jeffotoole4509]

Absolutely excellent advice.

[@bobcobb158]

Get a job that makes way more money than you need to live (100k+) invest as much as you possibly can in an S&P 500 mutual fund.. and then just wait. There's no realistic 'get rich quick' scheme.. but this is the way to realistically build wealth over time.

[@lokidarkbeard2647]

Mutual funds barely keep up with inflation. It is better to invest in tangibles like precious metals.

[@tommo_m]

Ya one minute now and I'll just go to the nearest job center and pick myself up a 100k per year job

[@michaelholmes8848]

Invest in Tesla & Bitcoin.

[@lokidarkbeard2647]

@@michaelholmes8848 nah, bitcoin is dead due to regulation. Tesla is also dead until they allow nuclear batteries

[@africaninvestor7032]

So out of touch,u dont just get a 100k job like that buddy come back to earth

[@Gr8whitemonster]

The only discrepancy in Scott’s thinking: diversification is key, but side-hustles are a waste of time when you could invest that effort into your sole main career.

[@jackw3068]

The difference between each claim is that he is referring to two separate phases of life. The first is making money, the second is keeping the money you made. His claim is that you need to be laser focused on one high value thing that you're really good at. Then diversify that wealth once you've made it, because it's not likely that your skill will remain valuable for your entire lifetime.

[@aussiewanderer6304]

Except you'll never know what will take off. I spoke to a guy who did about 5 different things, some just purely out of interest (not a lot of money). Four years later and his top earning activities were completely different from what he started with, and he'd never expected the hobby side-hustle to grow the way it did to become his main earner. Now following the "focus on one big one" method would have seen him at risk when his main earning activity dropped off after a few years. He could have changed lanes when he saw the changing market, but we all know that early players in any game make the lions share when times get good, and late-comers will be lucky to make bank.

[@dontfighttheriptide4091]

All good stuff, but I believe wealth definition should be passive income (PI) > (burn rate (BR) plus savings rate (SR) ) - put yourself in position for opportunities AND/OR desire for greater future burn rate

[@nraghu99]

Outstanding wisdom

[@WtfReal]

When is your drink coming back in stock brooo

[@43learoy]

If rich people own businesses that depend on other people to make them rich and they don’t handsomely pay their staff and workers that keeps them rich they can not also be “good and high moral’d high character” people. Taking care of the people who make you rich is either written into the business model or not and if share holder annual increases is the bottom line that cannot by definition be a good thing. You seem like you got rich a different way, I don’t think a lot of millionaires do it the way you did but it seems to me a lot of billionaires absolutely need to step on peoples faces on the way up. You are one of my favorite people to listen to on the internet and you’re very honest but you seem to not be 100% honest when speaking on rich peoples characters.

[@mementomori8465]

"One thing you should do is like: your coworkers kid is having a wedding I really should go". Imagine thinking a wedding would be impacted by your absence when you don't even know the person being married. A coworkers kid? I doubt they give one fuck if you are there. If you were friends you wouldn't refer to them as a coworker

[@nickdambrosia2304]

Focus and don’t do side hustles, but diversify. A bit conflicting no?

[@brendanbutterfield5758]

with the way no one is saving people who simply put away 10-20% consistently are gonna be very rich. an epidemic of no one retiring is gonna pop up in 20-30 years

[@JAY6OLDEN]

Great advice.

[@CapitalismInspired]

The income vs spend is exactly how I’ve articulated it for years. The average profit per equity partner in my firm is GBP 2.8 million and you’d be surprised how close some of these guys are to everything falling apart. If they stopped working at this level, lives would collapse.

[@tareqislam1434]

Loved loved loved this interview.

[@petearsenault]

If Scott is worth hundreds of millions of $ why is his father rolling quarters on his bed for $52k? Because this American style of family is unique in the annuals of history

[@Mr.Cash66]

Your link didn’t show up in your last bit fyi

[@Aliens-Are-Our-Friends2027]

Saving money in a bank is for fools because inflation FAR outpaces the interest rate.

[@mrb152]

If my parents fudned a retirement account with my education costs, I just learned that I would have had about $30 million when I retire.

[@kylejohnhaley]

Circle the economy like a vulture while W2 100K? I’m on it.

[@mississippiapple1078]

This scott guy is everywhere now! Still don't know what makes him stand out tho

[@kylebroflovsky6015]

Nothing. In clip form his remarks seem ok. But in a long form like this you see him for what he is. Not terribly impressive.

[@yz125ryder]

So buy the s&p

[@mattanderson6672]

Vote Reform Thank you both

[@fl0ridaman123]

concentration makes you rich, diversification keeps you rich

[@dubsdolby9437]

Buy assets that provide income, then buy your liabilities . Buy stocks that pay dividends buy properties that provide income. You need the income!

[@Davidstowe872]

Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.

[@KarlGrabe955]

Sincerely it's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.

[@Aarrenrhonda3]

Since the outbreak of 2020, which significantly affected the market, I've been consulting an investment coach before making any investment decisions because their entire philosophy is built around employing a high-profit orientated plan while simultaneously trading long and short, as well as decreasing risk exposure as a hedge against inevitable downtrends. When coupled with their access to odd data and analysis, underperformance is virtually impossible.

[@Jamesbrown1126]

Would you mind suggesting a professional with a range of financial possibilities? This is highly unusual, so please respond as soon as possibl

[@Aarrenrhonda3]

The advisor that guides me is Amber Dawn Brummit, most likely the internet is where to find her basic info, just search her name. She's established.

[@Jamesbrown1126]

My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.

[@paulgrandy1670]

Setup your Seven Streams of Income. Spend less than you earn. Invest your leftover weekly, even if some streams are crashing. Overall, you will be set for life. Seriously! It is boring but easy!

[@cheehiong]

Haha, that's the main reason I didn't double down on Nvidia as it kept growing, it became too big of a % of the total portfolio.

[@businessworldafrica9164]

The diversification his talking about is the same reason people do side hustle (that he preaches against) for long

[@LC-wv7tz]

I moved all my money out of Index Funds back in February. Was really nervous at the constant all time highs, no dips. I put it into a High Yield Savings at 5.3% APY thinking there would be a downturn in the next 6 months I could take advantage of. I missed out on a lot of gains from the market since February. But at this point I am just going to wait. I think it would be a fallacy to buy back in now at yet another all time market ceiling. For me, the risk is too high. I think I am just going to wait until the next major dip and then try to swoop in.

[@rafidrahman8654]

Dollar Cost Average into Funds you buy man, buy no matter if it’s high or low, your cost basis will still be low.

[@bhaalgorn]

Time in the market beats timing the market, always.

[@aaronsellz3895]

The sooner you put the money in the better stop trying to time the market there are people on the sidelines still waiting to buy in since 2008

[@raymondrico7498]

You HAVE to do Joe Rogan?

[@EdwinDearborn]

Passive income greater than your burn = rich

[@fuzz9547]

"Passive Income" Where does one get this passive income from? If i invest the market dumps. If i save i get hammered by inflation. I've tried 4 side hustles and none have flipped to profitable. My primary job pays well but I can't increase my earning fast enough to outpace taxes and increased cost of living.

[@MelonadeFX]

The fact that BTC isn't discussed as the most optimal tool for wealth preservation for the current young adult generation is a bit mind boggling, even the S&P doesn't fight inflation as you're paying for the companies that are underporfming but are hugely inflated by government contracts and subsidies.

[@Aliens-Are-Our-Friends2027]

pump and dump

[@STAYRELAXEDWITHMAX]

The magic ✨ are you looking for is in a work you, r avoiding

[@robzombie5928]

Most people only have enough to scrape by and there not wasting the money they have they just barely get by. They dont have savings and love paycheck to paycheck.

[@NYBalbowa]

Can we just recognize that this guy thinks current 25 year olds are probably going to live to 105?

[@JC-dt7rn]

Would like the casino to be my side hustle

[@TheMasacure1234]

it does not feel like an instance. you put 30k into a highly volatile asset better be ok with being up and down 10k or even more

[@michaelholmes8848]

This guy never smiles, he seems angry and bitter. Not sure how much I’d listen to him.

[@uberboiz]

Not sure why you'd decide to listen to someone based on whether he seems angry or bitter, instead of based on whether his points are valid or not.

[@matthewsawczyn6592]

The real shock in this video was FIFTY TWO percent tax in Connecticut 😳🤮

[@mehulyadav223]

Right

[@maverickjones9418]

Declining population and national debt crisis may cause a couple lost decades where stocks produce 0% going forward.

[@James-wy6qu]

Sounds like the should bucket is full of selfless responsibilities. Which are what make you psrt of a community. Not sure that it's right to chuck that away.

[@dogeofamp6037]

I’m 22 is it too late for me to buy a Supra mk5 house and have a good life

[@x_Artius_x]

Hell no bro you are young as hell haha

[@donotoliver]

it is over for you

[@robertweber8936]

Diversifying at 3% max means 33x different investments

[@liammateo287]

This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!

[@Ashermicheal6341]

Don’t be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you’re investing in great companies. kudos to kiana rachel

[@Lucas75332]

I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading.

[@liammateo287]

How can someone know a professional broker when legit once are hard to find this days

[@Ashermicheal6341]

She's recognized as 'Mrs Kiana rachel . One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

[@DivineChibueze-od8py]

I agree. Based on personal experience working with an investment advisor, I currently have $1m in a well diversified portfolio, that has experienced exponential growth. It is not about having money to invest in stocks,but also you need to be knowledgeable, persistent, and have strong hands to back it up.

[@carmineglitch]

Invest, and not in ETFs or indexes. I went from 1k to seven figs in less than 5 years, i grew up raised by a single mother, its possible

[@marcacee220]

how can you apply this to hourly blue collar workers

[@plasmapanasonic4741]

Don't smoke and no beers after work. bring your own lunch. Get more tickets

[@ScottDCS]

Prioritize paying off debt

[@michellemabelle6531]

You don't. You save it.. they rate it [everything you use daily)

[@uberboiz]

same principle, spend less than you make, invest the difference wisely, don't borrow more money than you can afford.

[@michellemabelle6531]

@uberboiz in theory but the costs adding up

[@jackb5640]

Would love to know the fund where $20k turns into $3.1m as when i do the maths it would take on average nearly 50 years.

[@S54VR6]

Just get some bitcoin into cold storage. Wait 4 years to the next halving.

[@ptkettlehatsandthegang]

8:20 I love your channel and your audience, I'm gonna comment on ALL your videos for years until I reach your level of subscribers.

[@astreakaito5625]

Just become the top 1% bro, it's easy.

[@hannw7]

Making 14 million a year and being poor is wild.

[@gabrielafolabi3327]

c-19 fiasco has humbled my guy

[@LearnValkey]

So true. Back in 2019 I started a job in Abu Dhabi. I made $108,000 base annual but spent only $2500. Every year I saved up enough money for the next 4 years.

[@dirtydan3016]

Do you have any tips on how to save? I’m 25 and want to start building wealth for my future, but I’m not too sure how to do it

[@LearnValkey]

You need to work on increasing your income. More you earn, more you save. I took me 8 years to reach six-figure salary.

[@gzfashions]

So he has about 33 investments with 3% or less than his net-worth in each investment?

[@zainazhar5477]

Nvidia will not get cut my 90%

[@TravisTraps]

Idk how one gets rich with no concentration past 3%

[@mouisehay930]

That is not the definition of wealth. Wealth is stored value, i.e. bars of gold in your safe, farmland, machinery, etc. Income is what you get in exchange for producing value.

[@o_VDawg]

This is amazing advice from Mr. Galloway, more people need to hear conversations like these

[@Zuranthus]

just save 3 million dollars in the worst economic years of the US ever bro

[@chipcook5346]

The dark side of compound interest is what a lot of people live. I'm not sure there is any in between.

[@stephenkeogh9123]

can you explain this? Im not sure I follow...

[@ES-zx9ld]

⁠@@stephenkeogh9123debt, such as credit cards. The interest compounds on those too, which is why minimum payments don’t make a dent in what you owe with any significant balance.

[@shroomer3867]

@@stephenkeogh9123 I think what OP meant is compound interest on debts and loans.

[@diegovillacrez8349]

Wrong so many people... life expectancy was only ever 35 because infant mortality was so high in the past. If people survived childhood most people always lived to their 70s

[@brendanbutterfield5758]

everyone in these comments whining about inflation, market destroys inflation most years. we’ve been in disinflation since 2022 and it’s back to normal rate. put away 15% of your income for 40 years, you’ll be just fine lol

[@2amBreakfast]

Some good stuff in here but I would question the advice about investing the money instead of sending your kids to the best school you can, then giving them the money if it turns out you've ruined their career prospects. Giving your children a large amount of money (or 'things' bought with a large amount of money) that they didn't earn themselves will fuck them up. We don't value things that we don't have to work for. The spoiled children of rich parents are always among the worst people in society and it's hilarious when those types of parents can't understand why. They treat their children like a financial investment, thinking 'they'll surely do well if I chuck a lot of capital at them.' But children need parents, not venture capitalists, to develop into good people and positive contributors to society.

[@JC-dt7rn]

Time to short NVDA … way overpriced now

[@goldencatpat]

scott seems sad. and ever so slightly bitter

[@michaelholmes8848]

Yep never smiles

[@JP-om3ou]

This is normal. He’s open about his depression

[@Coral_dude]

Invite him back in to come up with an entirely different strategy in absence of the Petro dollar. I am not joking.

[@michellemabelle6531]

Facts

[@TheBswan]

Highly unlikely that KZbin commenters have any understanding of this (yes, I appreciate the irony). Everyone thinks "this time is different". Tell us your positions or GTFO. In the meantime I'll become modestly rich investing $50k+ annually in S&P 500 and not overthinking it.

[@michellemabelle6531]

@TheBswan May I humbly ask what you do for a living that allows you to invest so much annually after taxes?

[@user-gg1uz1qk6g]

I appreciate your message but a lot of the ideas being said here do not apply to the majority of people living day to day. Hand to mouth is real and all you talk about is discretionary spending problems for the minority

[@MeatVessel]

If you wanna be rich just make a lot of money. I don’t understand what the problem is.