Speaker 1: Hey everyone, It's Jay Schetty and I'm thrilled to announce
Speaker 1: my podcast tour for the first time ever. You can
Speaker 1: see my on Purpose podcast live and in person. Join
Speaker 1: me in a city near you for meaningful, insightful conversations
Speaker 1: with surprise guests. It could be a celebrity, top wellness expert,
Speaker 1: or a CEO or business leader. We'll dive into experiences
Speaker 1: designed to inspire growth, spark learning, and build real connections.
Speaker 1: I can't wait to see you there. Tickets are on
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Speaker 2: If you are doing a lot of side hustles, it's very,
Speaker 2: very difficult to be great at your main hustle. The
Speaker 2: only way you're going to build real wealth and economic
Speaker 2: security is to go all in on one thing that
Speaker 2: is greatness. Focus. None of this matters, None of them
Speaker 2: means a thing if you can have deep and meaningful relationships.
Speaker 2: Scott is a professor of marketing at NYU Stern School
Speaker 2: of Business. He's a best selling author.
Speaker 3: He has earned ail apps at following through lectures, podcast
Speaker 3: and YouTube channel.
Speaker 1: Scott Galloway, how do we rewire our relationship with money?
Speaker 1: Because most of us have a stressful relationship with money.
Speaker 2: I think we should have a class called adulting in
Speaker 2: your senior year of high school that says, my kid
Speaker 2: can do derivatives, but I just figured out he doesn't
Speaker 2: understand the interest rate on his credit card. You want
Speaker 2: to be good at money, put down the facade and
Speaker 2: start talking to people about their investments, how much money
Speaker 2: they make, what they do with their money, how they
Speaker 2: save money. Women are correctly and justifiably, especially young women,
Speaker 2: blowing by young men. They have more discipline, they have
Speaker 2: higher EQ. Quite frankly, they're just more mature. If you
Speaker 2: want to score above your weight class economically, romantically, get
Speaker 2: out a big spoon and get ready to eat shit.
Speaker 2: Life isn't about what happens to you. It's about how
Speaker 2: you respond to what happens to you. What I tell
Speaker 2: young people is you can have it all, you just
Speaker 2: can't have it all at once.
Speaker 1: You're actually getting into a committed relationship. How do we
Speaker 1: start having healthy and effective conversations about money.
Speaker 2: I think what really screws up relationships is not financial mishaps.
Speaker 2: It's the number one health and wellness podcast, Jay Seti
Speaker 2: J Shey.
Speaker 1: Hey everyone, welcome back. To On Purpose, the place you
Speaker 1: come to become the happier, healthier, and more healed. Today's
Speaker 1: guest is someone I've been really wanting to speak to,
Speaker 1: and I'm so excited because in the studio we have
Speaker 1: Scott Galloway, New York Times best selling author, entrepreneur, and
Speaker 1: professor at NYU. Known for his sharp insights on personal finance,
Speaker 1: success and discovering one's unique talents. He hosts the Professor
Speaker 1: G podcast The prof G Podcast, where he shares his
Speaker 1: honest and practical advice. In his book The Algebra of Wealth,
Speaker 1: A Simple Formula to Financial Security, Scott breaks down the
Speaker 1: path to financial success into four key principles focus, stoicism, time,
Speaker 1: and versification. His podcasting book work together to offer valuable
Speaker 1: guidance for those looking to improve their financial wellbeing and
Speaker 1: personal growth. Please welcome to On Purpose, Scott Galloway. Scott,
Speaker 1: so great to have you here.
Speaker 2: It's great to be here. Thanks for having me.
Speaker 1: J Yeah, thank you so much. I just found out
Speaker 1: that you're living in my hometown and I'm living in yours.
Speaker 2: That's right. We swapped.
Speaker 1: We swapped.
Speaker 2: I think you got the better end of it. My god,
Speaker 2: it's so beautiful here.
Speaker 1: I feel very lucky to be here, genuinely grateful to
Speaker 1: be here. Scott, There's so many things I want to
Speaker 1: talk to you. I'm a huge fan. Thanks, my team
Speaker 1: are huge fans. I'm going to have to ask you
Speaker 1: to sign too many books before you leave. But one
Speaker 1: of the first things I wanted to ask you and
Speaker 1: to start with, is that you talk about this. Why
Speaker 1: are thirty year olds today earning less than their parents
Speaker 1: at thirty and what are the challenges that that will
Speaker 1: create in the future.
Speaker 2: Sure, so, first off, that's the first time that's happened
Speaker 2: in our nation's history, and I think that is a
Speaker 2: fundamental breakdown in the social compact. If you were to
Speaker 2: reverse engineer to what is the incendiary port on e
Speaker 2: every social issue we face, which turns a small cut
Speaker 2: into an opportunistic infection, takes righteous movements but turns them
Speaker 2: more angry, more polarized. I think it's that the compact
Speaker 2: is broken down. If your kids, if you play by
Speaker 2: the rules, you work hard, get some luck. The basic
Speaker 2: goal is that our notion is that your kids will
Speaker 2: do better than you, And when your kids aren't doing
Speaker 2: better than you, it creates shame and rage all around
Speaker 2: the household. So I think this is really what if
Speaker 2: you will, it's kind of ground zero for what we
Speaker 2: need to fix in the United States. Now, why has
Speaker 2: it happen? The incumbents will say it's things like globalization
Speaker 2: or network effects, or income inequality with technology sort of.
Speaker 2: But I would argue it's been a concerted effort by
Speaker 2: the incumbents who ultimately understandably weaponize government and put in place,
Speaker 2: advocate for their own interests, and end up passing social
Speaker 2: and physical policies that essentially have transfer wealth from young
Speaker 2: people to old people. Let me give you some examples.
Speaker 2: The two biggest tax deductions are mortgage interest rate and
Speaker 2: capital gains. Who owns homes and stocks? People my age,
Speaker 2: who makes all of their money through earned income and rents?
Speaker 2: People your age or people your staff's age. COVID seven
Speaker 2: trillion dollars into the economy. Eighty five percent of it
Speaker 2: wasn't spent, and it was all debt fueled. So what
Speaker 2: did that do? Most of it ended up in the market,
Speaker 2: which sent housing prices and stock prices skyrocketing. It's great
Speaker 2: if you own a house, it's great. If you're an incumbent,
Speaker 2: it's great if you already have stocks, but if you're
Speaker 2: trying to get into the market, it just took up
Speaker 2: the price of everything. We need churn. When you bail
Speaker 2: out the baby boomer owner of a restaurant, all you're
Speaker 2: doing is robbing opportunity from the twenty six year old
Speaker 2: graduate of a culinary academy that wants her shot. The
Speaker 2: reason I'm I get to live the life I lead
Speaker 2: and I have economic security is that in two thousand
Speaker 2: and eight, we bailed out the banks, but we didn't
Speaker 2: bail out the economy. And Apple, Amazon and Netflix, we're
Speaker 2: trading it somewhere between eight and twelve bucks a share each,
Speaker 2: and I was coming into my prime income earning years
Speaker 2: I bought those stocks, and now there's somewhere between one
Speaker 2: hundred and eighty and seven hundred dollars a share. Where
Speaker 2: does a young person find disruption and churn? Because the
Speaker 2: general viewpoint now is that a virus killing a million
Speaker 2: people would be bad, but baby boomers getting less wealthy
Speaker 2: would be tragic. So we borrow the young person's credit card,
Speaker 2: We run it up, and we flush the market with
Speaker 2: capital liquidity and bail out the boomers. Also, we have
Speaker 2: a system that is the demo, and democratic is a
Speaker 2: little bit. Is part of the problem that old people
Speaker 2: keep voting themselves more money. Forty percent of all government
Speaker 2: spending goes to people over the age of sixty five.
Speaker 2: It's going to be over fifty percent right now. Currently,
Speaker 2: the average seven year old is seventy two percent wealthier
Speaker 2: than the average seven year old forty years ago. The
Speaker 2: average person under the age of forty is twenty four
Speaker 2: percent less wealthy. So there's this trope that young people
Speaker 2: are entitled. I believe they're entitled to be enraged, and
Speaker 2: that is pretty much every major fiscal policy is a
Speaker 2: transfer of wealth from young income earners to either older
Speaker 2: people or owners, so earners to owners, young to old,
Speaker 2: and as a result, it's working. It's champagne and cocaine
Speaker 2: for people in my generation. Not to say they don't
Speaker 2: have problems, but young people are really struggling. Education is
Speaker 2: more expensive, and i'll wrap up here, housing's more expensive.
Speaker 2: So the primary means of starting to form a household,
Speaker 2: the primary lubricant of upward mobility, education have exploded in cost.
Speaker 2: So I think they're right to be really upset, and
Speaker 2: I think it creates dissent and polarization and anger across
Speaker 2: our society.
Speaker 1: Looking at life as things we can control and things
Speaker 1: we can't control, and hearing that there's valid reasons to
Speaker 1: be upset, to be angry, sure to feel pain. What
Speaker 1: can an individual do today in order to transform that
Speaker 1: for themselves?
Speaker 2: Well, there's things on a macro level. I mean, the
Speaker 2: first isn't sound stupid, but vote right. Vote for people
Speaker 2: who are going to have some sort of physical responsibility.
Speaker 2: Vote for politicians who are going to do things like
Speaker 2: a child tax credit. Vote for people who are going
Speaker 2: to try and create more housing permits so there's more housing.
Speaker 2: If you're a graduate of an elite college that's grown
Speaker 2: its en downment fortyfold, Harvard, but it's only increased its
Speaker 2: freshman class four percent, realize that firm or that organization
Speaker 2: is no longer acting like a public servant. They're acting
Speaker 2: like a luxury brand. My industry is really guilty of this.
Speaker 2: When I applied to UCLA just down the street or
Speaker 2: down the hill, the admissions rate was seventy six percent.
Speaker 2: Now the admissions rate is nine percent. And people my
Speaker 2: age like that because it's taking the value of their
Speaker 2: degree up. But how many times say have you heard
Speaker 2: people say I wouldn't get into the college I applied
Speaker 2: to if I applied to now, well, that means your
Speaker 2: daughter's not getting in. So we need to do everything
Speaker 2: we can to try and counter this rejectionist LVMH exclusionary
Speaker 2: strategy that is benefited the incumbents. On an individual level,
Speaker 2: you still have as much or more agency in America
Speaker 2: as a young person than any young person anywhere in
Speaker 2: the world. You might argue, well, maybe someone with a
Speaker 2: good education in India with the kind of updraft of
Speaker 2: the growing economy there, But on average, you really wouldn't
Speaker 2: want to trade places with any other young person. And
Speaker 2: while things are maybe more difficult for young people than
Speaker 2: they were for my generation, especially my demographic, A wide
Speaker 2: heterosexual male born in California in the sixties kind of
Speaker 2: hit the lottery right. Free education came a vge sure
Speaker 2: on the Internet. But I do think young people in
Speaker 2: America have it better, or have more agency than almost
Speaker 2: any young person in the world. And you know what
Speaker 2: it is. It's about getting certification, It's about being kind,
Speaker 2: it's about making alliances with people, it's about workshopping your twenties,
Speaker 2: it's about trying to find something you're good at, could
Speaker 2: that you could be great at. It's a lot of
Speaker 2: hard work. It's putting aside certain myths around in my opinion,
Speaker 2: balance I can just tell there were ten or twenty
Speaker 2: years in your life. I'm guessing you did pretty much
Speaker 2: nothing but work. It's not easy in a competitive economy
Speaker 2: to be outstanding and then surround yourself with people who
Speaker 2: make you feel good about yourself, make sure that you
Speaker 2: always mentally fit, and then make small investments when you're young,
Speaker 2: both in terms of taking three five percent of your
Speaker 2: income when you're a young person, putting it out of
Speaker 2: your hands into low cost index funds such that when
Speaker 2: you're my age, even if you don't go double platinum
Speaker 2: or have a hit podcast, you're still economically secure. And
Speaker 2: also make those types of little investments in relationships. Because
Speaker 2: there's a trope or a myth that very successful, very
Speaker 2: wealthy people crawled over other people. This populous Bernie Sanders
Speaker 2: Elizabeth Warren argument. It's not the majority of very exceptionally
Speaker 2: successful and wealthy people are generally generally jay high character people.
Speaker 2: Because the best way to get ahead is to put
Speaker 2: yourself in a room of opportunities, even when you're not
Speaker 2: in that room physically. You want to be the guyrigal
Speaker 2: that people talk shit about positively behind your back, right.
Speaker 2: You want to be the person that thinks, oh, my
Speaker 2: firm is hiring, and I know Jay's looking for a job,
Speaker 2: and I liked you. I'm emotionally invested in his success.
Speaker 2: I'm going to put him in a room full of opportunities.
Speaker 2: So just as we talk a lot about the power
Speaker 2: of compound interest and how one thousand dollars at twenty
Speaker 2: two can grow to be eighty thousand when you're my age,
Speaker 2: small acts of kindness, looking out for people, trying to
Speaker 2: do them a solid, staying in touch, recognizing that they
Speaker 2: you know, are you all right? Yeah, I'm fine, No, really,
Speaker 2: are you all right? Those types of investments. I just
Speaker 2: went to a sixtieth birthday of two good friends with
Speaker 2: my roommates we met when we were seventeen and eighteen
Speaker 2: freshman ye UCLA. And just like the affection, the bonding,
Speaker 2: the joy we've registered over the last forty odd years,
Speaker 2: you know, it's just so incredibly rewarding. And I instinctively,
Speaker 2: not strategically, but instinctively made those types of investments when
Speaker 2: I was a young person.
Speaker 1: And also just now Scott for everyone who's listing or watching,
Speaker 1: Scott turned up of my house and saw Amazon deliveries
Speaker 1: outside and carried them into the home, talking about high
Speaker 1: character and being thoughtful and three. I was very touched
Speaker 1: by that. You know, you definitely didn't have to do
Speaker 1: that and went out of your way to pick them up,
Speaker 1: And so you definitely practice what you're preaching right now. No,
Speaker 1: of course, of course I genuinely recognized it. But I
Speaker 1: want to talk about both. I want to talk about
Speaker 1: the softer internal mindsets and habits that you're speaking about.
Speaker 1: I also want to talk about the more strategic, systematic
Speaker 1: focuses people can do. Let's start with the more tangible.
Speaker 1: I was talking to my team about this before you came,
Speaker 1: because I love getting into everyone's heads about what's everyone
Speaker 1: worried about, what's everyone struggling with, what are we thinking about?
Speaker 1: And one of the big things that came up was
Speaker 1: I don't know how to save. Like a lot of
Speaker 1: young people say this to me today, like I don't
Speaker 1: even know what saving means anymore. They've not been trained
Speaker 1: in it. The education system let them down. Maybe their
Speaker 1: parents keep saying save safe, safe, safe, save, But the
Speaker 1: consumption is high. If someone's thinking about saving today, how
Speaker 1: do they create a framework for healthy and realistic saving.
Speaker 2: Well, the first thing you have to have something to say.
Speaker 2: There's just no getting around it. You've got to be
Speaker 2: able to make money. And the best way to make
Speaker 2: a lot of money is by starting and making a
Speaker 2: little bit of money. I coach a lot of young men,
Speaker 2: and typically what I do on the first meeting is
Speaker 2: I tell them to unlock their phone and I say,
Speaker 2: I'm not going to judge you. You know, I'm on TikTok,
Speaker 2: I watch porn. I'm not easily offended here. And we're
Speaker 2: going to find eight to ten hours a week out
Speaker 2: of your phone. And it's ridiculously easy with young men
Speaker 2: to find eight or ten hours in their phone between Robinhood, Twitter,
Speaker 2: what have you, and we reinvest it. And the first
Speaker 2: thing is we got to figure out, Okay, for me,
Speaker 2: it's physical fitness right away, We're going to spend two
Speaker 2: to four hours a week getting strong. Especially I coach
Speaker 2: mostly young men, but I think one of the keys
Speaker 2: to mental health is feeling as if you're a young
Speaker 2: man that you could walk into any room and have
Speaker 2: shit out real kill and eat everybody or out run them.
Speaker 2: I think that should be your goal. I think it's instinctual.
Speaker 2: I think it make you feel strong. I think make
Speaker 2: it feel kinder. The people who break up fights at
Speaker 2: bars are usually big, strong men. The second thing, you
Speaker 2: have to start making some money. I don't care if
Speaker 2: it's flipping on your smartphone to be a lift driver
Speaker 2: or a task grab it going to CBS and stocking shelves.
Speaker 2: Even just a little bit of money gives you a
Speaker 2: taste for the flesh of money and gets you thinking
Speaker 2: about different ways to make money. And capital in a
Speaker 2: capitalist society is intoxicating. So we have to figure out
Speaker 2: a way to start making some money. Once we start
Speaker 2: making some money and we have a salary and we
Speaker 2: work at an organization, ninety eight percent of people will
Speaker 2: spend everything that comes through their hands, right. It just
Speaker 2: you live in a society where there are the most
Speaker 2: impressive people and the most impressive technology ever in the
Speaker 2: history of our planet. Have one mission, and that's to
Speaker 2: figure out a way to present you with the ultimate
Speaker 2: offer at exactly the right time. Oh, heading to Coppo
Speaker 2: for a girl's weekend wouldn't you like to upgrade from
Speaker 2: economy to Economy Comfort. Oh, only two of these rooms left.
Speaker 2: How about upgrade now to the special SPA package. Oh,
Speaker 2: you just bought a pair of on running shoes. What
Speaker 2: about these bomba socks. It is nearly impossible for a
Speaker 2: young person to save money if it comes through their hands,
Speaker 2: if they get their hands on it. You want to
Speaker 2: figure out a forced savings So everything from like the
Speaker 2: Acorns app that rounds up and puts the money automatically
Speaker 2: into a low cost index fund. Find out what government
Speaker 2: programs there are in your nation that where if you
Speaker 2: sign up, the money's taken out of your check, maybe
Speaker 2: it's matched by the government, maybe it's matched by your employer.
Speaker 2: Four oh one k Ira Roth. First thing you do,
Speaker 2: find someone smarter your company. Talk to your tax advisor,
Speaker 2: go on AI and say what force savings mechanisms our
Speaker 2: most tax advantage that I can participate in at an
Speaker 2: early age, because you really just need to take somewhere
Speaker 2: between call it three and five percent of your income
Speaker 2: if you start when you're in your twenties. And in
Speaker 2: the UK they round up from four thousand pounds a
Speaker 2: year to five thousand. There are tax deferred programs here
Speaker 2: such that you don't get clipped twenty thirty forty percent
Speaker 2: each year. So the first thing is I got to
Speaker 2: start making some money. The next thing is, I'm going
Speaker 2: to lean into my advantage, your advantage. When you're young.
Speaker 2: Everyone has capital. When you're young, you have more human capital.
Speaker 2: You have more time than financial capital. So I'm going
Speaker 2: to lean into that advantage. And if I can just
Speaker 2: figure out the discipline of getting one thousand, two thousand,
Speaker 2: five thousand bucks a year into one of these programs,
Speaker 2: I'm not going to touch it. I'm not going to
Speaker 2: think about it. I'm not going to trade. I'm going
Speaker 2: to focus on what I'm good at. By the time
Speaker 2: you're my age, you're going to be fine. But the
Speaker 2: easiest way to do that is a forced savings plan.
Speaker 2: You have agency make some money and immediately, I don't
Speaker 2: care if it's you start off making a couple grand
Speaker 2: a month as a task, gravit or whatever it might be.
Speaker 2: I'm going to take two or three percent of it
Speaker 2: and find a pros that's it. It never gets into
Speaker 2: my hands and goes into a low cost diversified index font.
Speaker 1: One of the things I love you talk about in
Speaker 1: the book The Algebra of Wealth is you talk about
Speaker 1: the challenge we have with our goals. The first is
Speaker 1: we set unrealistic goals, and then there's super long term
Speaker 1: so we say things to ourselves like, well, in the
Speaker 1: next twelve months, I'm going to save twelve thousand dollars,
Speaker 1: and it's like we've never even saved five hundred dollars.
Speaker 1: And you talk about this need to set a goal
Speaker 1: of like this is how much I'm going to save
Speaker 1: this month, Like this is where I'm going to start.
Speaker 1: And it's so interesting you talk about time and your
Speaker 1: work with young men, because I think time is so
Speaker 1: interesting because I think today most people would rather finish
Speaker 1: their work day and we'd love to just switch on
Speaker 1: a show or doom, scroll on TikTok, and so there
Speaker 1: is more time that could be engaged in creating other
Speaker 1: revenue streams, etc. But what is really blocking us from
Speaker 1: doing that. I think everyone knows they have time, they
Speaker 1: know they want to make more money, but there's something
Speaker 1: there that's just blocking us from getting activated. What have
Speaker 1: you found that is?
Speaker 2: So I can't speak for the whole population, but generally speaking,
Speaker 2: the lack of executive function is the part of the
Speaker 2: brain that controls that is the prefrontal cortex, the kind
Speaker 2: of gas on gas off, the part of the brain
Speaker 2: that says, stop playing video games and start studying, that
Speaker 2: is maturing later and later. In boys, it's somewhere between
Speaker 2: twelve and eighteen months behind young women. So in many ways,
Speaker 2: a senior in high school, a woman who's applying to college,
Speaker 2: and a young man who's applying to college senior in
Speaker 2: high school, the woman is competing against a sixteen and
Speaker 2: a half year old, and as a result, few and
Speaker 2: fewer men are going to college. And we're in an
Speaker 2: economy where forty years ago, one of three jobs needed
Speaker 2: a college degree, now it's two and three. Women are
Speaker 2: correctly and justifiably, especially young women, blowing by young men.
Speaker 2: They have more discipline, they have higher eq. Quite frankly,
Speaker 2: they're just more more mature. I say this in my
Speaker 2: own company. I have a lot of young people, disproportionate
Speaker 2: amount of young people in my organization. There's some very
Speaker 2: talented young men, but I would describe them kind of
Speaker 2: as dopey, almost a little boyish. I have some young
Speaker 2: women in my firm who could be the junior senator
Speaker 2: from Pennsylvania, women are just maturing earlier, So there's certain
Speaker 2: biological things that get in the way of men having
Speaker 2: executive function. I also think that there's so much temptation.
Speaker 2: I think there's a little bit of belief of kind
Speaker 2: of yolo, you know, this is it live for today.
Speaker 2: I also think it's harder for them to save, just
Speaker 2: because everything's so goddamn expensive, So it's discouraging for them.
Speaker 2: It's like, Okay, I'm working my ass off and I
Speaker 2: can barely pay for my barely pay for my rent.
Speaker 2: So this is a this is anecdotal evidence, but it
Speaker 2: largely represents the economy. When I got out of business school,
Speaker 2: the average salary was one hundred grand. You know, I
Speaker 2: went to quoteunquote lead business school. I went to the
Speaker 2: high school. The average house in San Francisco costs two
Speaker 2: hundred and eighty thousand dollars, so two point eight times
Speaker 2: the NBA salary. Now the kids at has still in
Speaker 2: a lead business goal incredible compensation average two hundred grand
Speaker 2: right out of business school, but the average home in
Speaker 2: San Francisco is two point one million. Why because as
Speaker 2: soon as you have a house, you become very concerned
Speaker 2: with traffic, and you start showing up to local review
Speaker 2: meetings and making sure no new housing is built, which
Speaker 2: is great if you already own a home, going back
Speaker 2: to the rejection of strategy, but it's almost impossible now.
Speaker 2: It's almost like saving for a home is out of
Speaker 2: my reach. The travel industry has boomed, and my thesis
Speaker 2: is that you have millions of young people who are
Speaker 2: going into their mating ears and decided, let's say four house.
Speaker 2: Let's say for a house then pre pandemic, a house
Speaker 2: is two hundred and ninety k. Post pandemic, it's four
Speaker 2: to twenty. Interest rates from from three percent to seven percent.
Speaker 2: Average mortgage went from eleven hundred to twenty two hundred.
Speaker 2: All of a sudden, the American dream has become a
Speaker 2: hallucination of fantasy. Fuck it, I'm getting a backpack and
Speaker 2: I'm going to do an Airbnb in Bangkok. And travel stocks,
Speaker 2: hotel stocks, airline stocks have all boomed because I think
Speaker 2: young people have given up on the American dream of
Speaker 2: owning a home. But circling back to your question, it's
Speaker 2: I think recognizing you have agency, realizing that this is hard,
Speaker 2: it's hard work. You're working in an economy, build a
Speaker 2: kitchen cabinet of people who can advise you. It's very
Speaker 2: hard to read the label from inside of the bottle.
Speaker 2: You gotta work hard. There's just no getting around it.
Speaker 2: I don't care how talented you are, Beyonce, works are
Speaker 2: ass off. I mean it just people who want to
Speaker 2: be successful and influential after work really hard. And then
Speaker 2: what I would also say is that forgive yourself. My
Speaker 2: first job out of college was investment banking. I hit
Speaker 2: the lottery. Everyone was super impressed. I hated it and
Speaker 2: I wasn't going to good at good at it, And
Speaker 2: within two and a half years I was back living
Speaker 2: at home with my mother, unemployed. That almost kind of
Speaker 2: devastated me. But my kind of success comes from my
Speaker 2: ability to endure rejection and move through it to morn
Speaker 2: and move on. So if you're in your twenties and
Speaker 2: you're thinking I'm not making a lot of money, I'm
Speaker 2: having trust like having a nice life. I'm not entirely
Speaker 2: sure what I want to do, then you are exactly
Speaker 2: where you should be. Your twenties are for workshopping. Forgive yourself,
Speaker 2: but keep trying. Reach out to people for help, show up,
Speaker 2: get the easy shit right, show up early, be courteous,
Speaker 2: be kind, you know, think about how do I get
Speaker 2: more certification? And then the moment you lock in on
Speaker 2: something that you're good at and could become great at,
Speaker 2: go all in on it. And I come from the
Speaker 2: attitude I'm assuming people want real economic security. Some people say, Scott,
Speaker 2: I'm not like you. I don't want to live to work.
Speaker 2: I want to work to live. Fine, but have an
Speaker 2: honest conversation with yourself around what you need to make
Speaker 2: to have a reasonable life. If you want to live
Speaker 2: in la and you want to have a nice lifestyle,
Speaker 2: you just have to make a shit ton of money.
Speaker 2: That's just the reality. But if you say I'm not
Speaker 2: all about work, then fine, do you want to move
Speaker 2: to Santa Clarita or do you want to move to
Speaker 2: the Inland Empire? Or do you want to move to
Speaker 2: somewhere in Oregon. Fine, but have a sober conversation with yourself.
Speaker 2: What are your expectations and realistically, what kind of commitment
Speaker 2: and trade off are you going to need to get there.
Speaker 2: What I tell young people is you can have it all,
Speaker 2: you just can't have it all at once. I have
Speaker 2: amazing balance right now, and looking around, I think you do.
Speaker 2: But that's because I had almost none in my twenties
Speaker 2: and thirties, and I don't you know this whole life.
Speaker 2: I don't know much about you, but the life I
Speaker 2: lead now when I'm in LA I didn't even know
Speaker 2: what existed in my twenties because I'm like, I need
Speaker 2: to make money and I'm not exceptionally talented. So the
Speaker 2: thing I can control is how hard I work, and
Speaker 2: there's no getting around it. It'll cost you some relationships.
Speaker 2: It cost me my hair, it cost me my first marriage.
Speaker 2: And this sounds crass, but it was worth it because
Speaker 2: now that I have kids, now that I'm older, I
Speaker 2: have a lot of balance. So it's a sober conversation.
Speaker 2: It's a kitchen cabinet. It's forgiving yourself. It's trying to
Speaker 2: find something you're good at. It's a lot of things,
Speaker 2: more than anything, More than anything, forgive yourself. If things
Speaker 2: aren't working out in your twenties, that's where you should be.
Speaker 2: Very rarely do people come right out of college and
Speaker 2: go like this, Yeah.
Speaker 1: So well said so much to unpack the scott and
Speaker 1: thank you for kind of giving us so many points
Speaker 1: to check with The first thing I want to ask
Speaker 1: you is should younger people today even aspire to own
Speaker 1: a home? Or is the American dream that version of
Speaker 1: it dead?
Speaker 2: It's situational. First off, keep in mind the term the
Speaker 2: American Dream was invented by the National Realtors Association and
Speaker 2: the real Estate Association that wants to keep pumping up
Speaker 2: the price and the commissions on homes. If you live
Speaker 2: in a place like Los Angeles, where I believe the
Speaker 2: quote unquote the yield, that is the ratio the cost
Speaker 2: to rent something relative to the price to buy it,
Speaker 2: it actually makes more financial sense for most people to
Speaker 2: rent here. It makes sense for most people in New
Speaker 2: York to rent. You're in Saint Louis, you're in Lansing, Michigan,
Speaker 2: it probably makes sense to try and save some money
Speaker 2: and buy and take advantage a first home buyer's credits.
Speaker 2: What have you?
Speaker 3: So?
Speaker 2: You want to find someone who cried frankly, if you're
Speaker 2: not good at math, is better at math than you,
Speaker 2: and say, does it make sense for me to buy
Speaker 2: a home because you might be better off. The co
Speaker 2: host of my podcast Raging Moderates is a very successful woman,
Speaker 2: Her Nam's Jessica Tarloff. She's the Democrat on the most
Speaker 2: popular cable news channel show called The Five Right. It's
Speaker 2: for Republicans and Jess and she makes really good money.
Speaker 2: Her husband makes really good money, and they've decided not
Speaker 2: to buy in New York because they think putting the
Speaker 2: money in the market will give them more financial security.
Speaker 2: So greatness and great decisions are in the agency of others.
Speaker 2: I would talk to people, but don't feel as if
Speaker 2: you're a failure if you don't own real estate, because
Speaker 2: real estate right now, as a percentage of GDP as
Speaker 2: a multiple on rents is at historic highs, meaning that
Speaker 2: you really don't want to be house poor. You really
Speaker 2: don't want to go all in because the National Realtors
Speaker 2: Association is telling you you're a failure if you don't
Speaker 2: own a home, because the last thing you want to
Speaker 2: do is just have no money for nothing else the
Speaker 2: market corrects and your house doesn't worth the debt on it.
Speaker 2: That is devastating emotionally and financially and from a credit standpoint,
Speaker 2: So it's situational. At the same time, there's no getting
Speaker 2: around the psychic There is some psychic income. I remember,
Speaker 2: you know, before I got married, I was thinking about
Speaker 2: I wanted to commit to somebody. You buy a house,
Speaker 2: you get a dog. It's sort of these emotional commitments.
Speaker 2: And also it's there is a certain pride of ownership.
Speaker 2: I think it's situational where you are in life, how
Speaker 2: much money you have, the city you're in. But buying
Speaker 2: a home is meant to be an enhancement to your life.
Speaker 2: It's not a suicide pact. And it may not be
Speaker 2: right for everybody.
Speaker 1: Yeah, I think what it gave people as a symbol
Speaker 1: was something to pursue. Right, we started talking about you
Speaker 1: go to college, you get a degree, you get a job,
Speaker 1: get married, you get a house, you have kids. Like
Speaker 1: it became one of those temppole things. And so now
Speaker 1: when you take it out, it's almost like what should
Speaker 1: people be pursuing? Right, If you got married, you got
Speaker 1: a good job, working, you're with your partner, It's almost
Speaker 1: like people think they have to pursue It's almost like
Speaker 1: the assumption that you have to have kids. It's the
Speaker 1: same assumption of oh, where we have to buy a house. Yeah,
Speaker 1: so what should people pursue instead? Financially, when it comes
Speaker 1: to financial security, the.
Speaker 2: Goal is what I'll call wealth. The goal is going
Speaker 2: to be rich. Rich is the things you see. Wealth
Speaker 2: is what you don't see. And your pursuit should be
Speaker 2: wealth or economic security. And this is what wealth is.
Speaker 2: Wealth is having passive income that's greater than your burn.
Speaker 2: Two examples. I have a buddy who runs M and
Speaker 2: A for a Bulgbrackt investment bank, makes between three and
Speaker 2: ten million dollars a year, dependent upon the market because
Speaker 2: it's all current incomany, pays fifty percent taxes between his
Speaker 2: ex wife, his home in the Hamptons, and his master
Speaker 2: the universe lifestyle that he feels he deserves. He hasn't
Speaker 2: saved a lot of money and he spends most of it.
Speaker 2: And I know that firsthand. He has a lot of
Speaker 2: sleepless nights wondering what happens if the music stops. He
Speaker 2: is not wealthy. My father, who is ninety four, between
Speaker 2: his pension from the Royal Navy social security and he
Speaker 2: owns six washer dryer machines and trailer parks where he
Speaker 2: goes and collects the money with his walker. He makes
Speaker 2: fifty two thousand dollars a year he spends forty eight,
Speaker 2: so he is saving money despite the fact that he's
Speaker 2: not working, so his passive income is greater than his burn.
Speaker 2: He is wealthy. So you want to put yourself on
Speaker 2: a track to being wealthy. You want to say, realistically,
Speaker 2: I can control how much I spent. I just I've
Speaker 2: been coaching this couple living in San Jose and they're
Speaker 2: in their late fifties. I talk a lot about young people,
Speaker 2: and they say, Scott, we're in our late fifties. What
Speaker 2: do we do. How much money do you have? What's
Speaker 2: your house? With? Da da da? And by the time
Speaker 2: they're sixty five, they're not going to have enough passive
Speaker 2: income to pay for their lifestyle. I said, well, let's
Speaker 2: lean into our strengths here. Why are you in San
Speaker 2: Jose And they said, well, we've always lived here. I'm like, well, okay,
Speaker 2: your kids are gone and you've just you go to
Speaker 2: Costa Rica twice here. Why wouldn't you try and cut
Speaker 2: your burn forty percent and move to Costa Rica and
Speaker 2: take that economic pressure away and sell your house here.
Speaker 2: I think your kids would love to come busit you
Speaker 2: in Costa Rica. So the question is put yourself on
Speaker 2: a path using basic math and what you really think
Speaker 2: you're going to need in terms of passive income such
Speaker 2: at at some point. Ideally it's by the time you're forty.
Speaker 2: It's usually not, but it needs to be by the
Speaker 2: time you're sixty five or seventy, because that release of
Speaker 2: economic anxiety freeze you up to focus on what is
Speaker 2: really important, and that is deep and meaningful relationships. So
Speaker 2: the reason why I am so much happier over the
Speaker 2: last ten years than I was kind of the first
Speaker 2: forty five years of my life is that economic stress
Speaker 2: was always there for me. I was raised by a
Speaker 2: single immigrant mother who lived and die of secretary. I
Speaker 2: felt like there was a ghost following us around, telling
Speaker 2: us we weren't worthy because we didn't have money. Between
Speaker 2: college student loans, the bomb crashed, and the Great Financial Recession,
Speaker 2: I just never had enough money to have passive income.
Speaker 2: Such that I was done, and a lot of people
Speaker 2: never get there. I got lucky, sold my last company
Speaker 2: about ten years ago for a lot of money. Now,
Speaker 2: unless I really screw up again, which I've done a
Speaker 2: couple times, I can focus on my relationships. The resting
Speaker 2: blood pressure of a child in a low income home
Speaker 2: is higher than the restling to solid blood pressure of
Speaker 2: a kid in a middle or upper income home. I
Speaker 2: think the majority of divorces are not a function of
Speaker 2: infidelity or a lack of shared values. It's those things.
Speaker 2: One or more of those things might happen, and then
Speaker 2: again the incendiary on it is financial stress. Two thirds
Speaker 2: plus of divorce filings are from women. And we don't
Speaker 2: like to say this because we like to assume all
Speaker 2: men are predators and all women are virtuous. But when
Speaker 2: a man is under financial stress us the reality is
Speaker 2: he becomes less attractive as a mate, and that can
Speaker 2: lead to real stress in the relationship. So what you
Speaker 2: want to pursue if you're not pursuing a home, you
Speaker 2: want to put yourself on a path. You want to
Speaker 2: get alignment with a partner. You want to track your
Speaker 2: spending and put yourself on a path to some level
Speaker 2: of economic security of wealth by say the time you're
Speaker 2: sixty five. And if you're young and you're killing it
Speaker 2: instead of buying a bigger flat screen or a bigger TV,
Speaker 2: or maybe a bigger house, well what if I started
Speaker 2: saving ten, fifteen, twenty thirty percent of my salary and
Speaker 2: I got wealth by the time I'm forty or forty five.
Speaker 2: Because to be in America, young and healthy and have
Speaker 2: passive income that's greater than your burn. You're just going
Speaker 2: to have a wonderful life. So it's not acquiring anything.
Speaker 2: It's getting to a point of economic security or wealth.
Speaker 2: And that's a function of two things. How much money
Speaker 2: you make such as you can save, key to wealth.
Speaker 2: It's not how much you make, it's how much you save.
Speaker 2: And also the thing you can control is your burn.
Speaker 2: You know, I have a friend who ran a hedge fund.
Speaker 2: It closed down. He makes good money, but not great
Speaker 2: money living in Tribeca with three kids, needed a million
Speaker 2: bucks a year to live that life. Moved to Portugal,
Speaker 2: lives an amazing life with a beautiful home, great food, childcare,
Speaker 2: great education on four hundred grand a year. I mean,
Speaker 2: these are problems of privilege, but that has taken the
Speaker 2: world of stress off his shoulders. He now needs to
Speaker 2: make a very good living, not an outrageous living. So
Speaker 2: but surround yourself with smart people who can help you
Speaker 2: make these decisions. But wealth is passive income that's greater
Speaker 2: than your burn.
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Speaker 1: use the code on purpose. When you bring up the
Speaker 1: word money, most of us kind of go blank faced.
Speaker 1: We want to reach for a stress ball. We kind
Speaker 1: of you can just sense that it's uncomfortable to talk
Speaker 1: about it because we're almost reminded of all the bills
Speaker 1: stacking up and all of our expenses and we spend
Speaker 1: too much on TikTok shop this week, and you know,
Speaker 1: the reality hits and we kind of don't want to
Speaker 1: talk about it. Don't bring it up. How do we
Speaker 1: get out of that stressful wir ring? And you talked
Speaker 1: about it even there with your background, Like I grew
Speaker 1: up in a family where we didn't have the healthiest
Speaker 1: relationship with money because we never had enough or we
Speaker 1: always had just enough and that was good enough, and
Speaker 1: that was always like you know, you're just looking at
Speaker 1: your back balance sitting at zero all the time, Like,
Speaker 1: how do we rewire our relationship with money because most
Speaker 1: of us have a stressful relationship with money.
Speaker 2: Well, when you think about how they help people who
Speaker 2: are depressed, it's a combination of talk therapy and if needed,
Speaker 2: some sort of you know, pharmaceugal intervention. I think mental
Speaker 2: illness or mental unwellness around money. I think we absolutely
Speaker 2: need to one have more financial literacy. I think we
Speaker 2: should have a class called adulting in your senior year
Speaker 2: of high school that says, my kid can do derivatives,
Speaker 2: but I just figured out he doesn't understand the interest
Speaker 2: rate on his credit card. So young people needs a
Speaker 2: certain level of financial literacy. Also, I encourage him to
Speaker 2: talk about money with their friends. It's especially hard for men.
Speaker 2: Women are disproportionately evaluated based on their aesthetics. Men are
Speaker 2: disproportionally evaluated based on their economic vitality. So for a
Speaker 2: guy to say, hey, do you you know I lost
Speaker 2: a shit ton of money in the market. Should I
Speaker 2: sell it? Do I get a tax shot off? That
Speaker 2: connotes weakness. They're worried that they're less attractive. There's actually
Speaker 2: something very British that you might relate to, and that
Speaker 2: is British people. The best great I understand in Britain
Speaker 2: that everyone wants is you get really high marks but
Speaker 2: really low effort scores. You're supposed to be accidentally rich.
Speaker 2: I'm so I'm such a baller and I'm so great
Speaker 2: at what I do that I just accidentally slipped and
Speaker 2: fell on a ton of money. No, it's work. You
Speaker 2: got to think about it. You got to talk about it.
Speaker 2: So I encourage people to talk to their friends and
Speaker 2: if you're comfortable, this is how much money I'm making, this,
Speaker 2: how much I'm saving? This is you know, taxation is
Speaker 2: really important? Well what if I moved to Florida? How
Speaker 2: much money would I save? You know, what if I
Speaker 2: buy a house? Now I heard there's something called ten
Speaker 2: thirty one exchange where I can roll into my next
Speaker 2: property tax free. Talk about money, get get really good
Speaker 2: at it. Roger Federer Do you think he never talks
Speaker 2: about Toennis talks about it all the goddamn time. You
Speaker 2: do you want to be great at money? Most people say, yeah,
Speaker 2: I want to be great at money? Is anybody great
Speaker 2: at anything? If I wanted to be an amazing evolutionary anthropologist?
Speaker 2: Would I never talk about it? Would I never bring
Speaker 2: it up in conversation? Would I never want to talk
Speaker 2: to other people about evolutionary anthropology? If you want to
Speaker 2: be good at money, put down the facade and start
Speaker 2: talking to people about their investments, how much money they make,
Speaker 2: what they do with their money, how they save money,
Speaker 2: what they do to try and limit their spending. I
Speaker 2: talk about stoicism. See if you can find a practice
Speaker 2: where you get reward or a dopa hit from exercise
Speaker 2: or relationships. Gamify saving money. My junior year at UCLA,
Speaker 2: I was in a fraternity with mostly wealthy Jewish kids
Speaker 2: from the valley, and there were five or six of
Speaker 2: us out of one hundred and twenty guys, and everybody
Speaker 2: in who we were. We didn't have any money. We're
Speaker 2: always laying on our house bills. Everyone knew, oh, those
Speaker 2: are the poor kids, right. And one summer we all
Speaker 2: lived in the same apartment building and we gamified saving money,
Speaker 2: and we had a whiteboard and we literally made a
Speaker 2: game out of it. In the summer of nineteen eighty five,
Speaker 2: I survived for twelve weeks on seventy eight bucks a
Speaker 2: week including rent, because if I didn't save three thousand
Speaker 2: bucks by the fall, I wasn't going back for my
Speaker 2: senior year and college because I didn't have wealthy parents.
Speaker 2: And if you can gamify saving money with a partner,
Speaker 2: especially a romantic partner, that you can be totally transparent
Speaker 2: with God. That's powerful. We're building something. We're gonna save
Speaker 2: a ton of money. Can we save five or seven
Speaker 2: thousand bucks this year together? And it's gonna be eight
Speaker 2: thousand next year, and then it's gonna be nine and
Speaker 2: with compounding and five or six years, which will go
Speaker 2: really fast. We have sixty eighty one hundred grand and
Speaker 2: having kids is I think the most rewarding thing it
Speaker 2: has been for me was I didn't plan to have kids,
Speaker 2: but it was having kids with someone else and raising
Speaker 2: what feel like pretty good citizens. But a close second
Speaker 2: was building economic security with someone else. We had total alignment. Right,
Speaker 2: We're gonna save We were transparent around our expenses. We
Speaker 2: were generous with each other. Oh no, you should do that.
Speaker 2: There's a very unhealthy dynamic sometimes in relationships, and this
Speaker 2: is sexist, but I found it to be true where
Speaker 2: the dude uses money to control his spouse and the
Speaker 2: spouse turns it into a game of how much money
Speaker 2: she can spend without him knowing. And fortunately that's getting
Speaker 2: flipped a little bit, or it's equalizing because women are
Speaker 2: doing so well. Women under the age of thirty are
Speaker 2: making more money, and urban centers. More single women own homes,
Speaker 2: but they're still in my generation. This very weird dynamic
Speaker 2: between the sexes and money. But going back to your
Speaker 2: original question, talk about it, understand it. If you want
Speaker 2: to be good at it, you got to get literate
Speaker 2: at it, and you want to bring it up with
Speaker 2: your friends and you can start learning. I spend four
Speaker 2: hours a week probably talking to other people about my
Speaker 2: economic well being, what tag loop holes there are where
Speaker 2: I should be investing. I have a lot of real
Speaker 2: estate when interest rates come down, At what point do
Speaker 2: interest rates get low enough where I should be pulling
Speaker 2: a second out and putting it in the market, knowing
Speaker 2: if I have a ten year mortgage, over ten years,
Speaker 2: the market's usually up about seven nine percent a year.
Speaker 2: Does that make sense right? Think about it all the time.
Speaker 2: You're the average of your five friends. You've seen that study,
Speaker 2: body mass, politics, sports teams. But what's more interesting is
Speaker 2: one of those five people will be more economically secure,
Speaker 2: much more economically secure than the other four, despite not
Speaker 2: making a lot more money. You want to know those
Speaker 2: behaviors and those characteristics, and you want to model that person.
Speaker 2: But this is something we all need to be more
Speaker 2: open about it doesn't make you less of a man.
Speaker 2: You're not supposed to have a lot of money when
Speaker 2: you're young. Everybody screws up. I've been broke twice in
Speaker 2: my forties. I was broke and that was really I
Speaker 2: was too ashamed to admit that to anybody else. It
Speaker 2: was like, well, you're supposed to be smart and great
Speaker 2: at what you do, right, So I think being a
Speaker 2: little bit more vulnerable, being open about it and getting
Speaker 2: tips and you know, kind of kind of rules of
Speaker 2: the road from other people talk about it.
Speaker 1: Yeah. One of the studies I looked at and you
Speaker 1: just broke brought up here was that in twenty twenty four,
Speaker 1: eighty eight percent of couples reported financial problems as the
Speaker 1: cause for divorce. And it's what you talked about there,
Speaker 1: of being able to talk to your partner about money.
Speaker 1: What's a healthy way to bring up the subject, to
Speaker 1: connect with someone about it, because, as you said, sometimes
Speaker 1: in the early dating phases, it's really uncomfortable to talk
Speaker 1: about it because people feel you're a gold digger. People
Speaker 1: feel that you're just after their money. People are concerned
Speaker 1: that they don't have enough of it to talk about it.
Speaker 1: But if you're actually getting into a committed relationship. How
Speaker 1: do we start having healthy and effective conversations about money.
Speaker 2: I would say transparency and a budget. You know, we
Speaker 2: kind of all have that one that sort of got away.
Speaker 2: I was deeply in love with this woman who was
Speaker 2: in her residency to be a surgeon, and I was
Speaker 2: very serious about her, and so I said, look, this
Speaker 2: is what I have, and I kind of went through
Speaker 2: my assets, how I plan to make money, what money
Speaker 2: I had, where I lost money, where I'd made money,
Speaker 2: And then she was very transparent and said, well, you know,
Speaker 2: my parents are wealthy, so when they passed, I'll get
Speaker 2: some money, but right now I'll have is a ton
Speaker 2: of debt. And I think it made us feel really
Speaker 2: much closer to each other, that kind of transparency. So
Speaker 2: one I would say it's transparency, and I would say
Speaker 2: it's regular check ins and a budget. I think what
Speaker 2: really screws up relationships is not financial mishaps. It surprises. Oh,
Speaker 2: you've been day trading and you've been going into some
Speaker 2: stock that your buddy at work said was good, and
Speaker 2: you lost. You lost twenty percent of our savings. But
Speaker 2: it happened a year ago, and you're telling me now.
Speaker 2: So I think it's a good idea on a regular
Speaker 2: basis not only sit down and talk about budget, but
Speaker 2: just say this is what's going on with us financially
Speaker 2: and go through kind of spending and just being very
Speaker 2: transparent with each other and also, you know, not hiding
Speaker 2: the ball, right. I think that sometimes people don't want
Speaker 2: to talk about a financial hit they've taken. Like I said,
Speaker 2: I think the thing that screws up marriages is not
Speaker 2: is not only financial stress, but it surprises about financial stress. Jesus,
Speaker 2: you've been spending this much money on this and you
Speaker 2: were trying to hide it from me. We lost thirty
Speaker 2: percent of our savings in this one stock and you
Speaker 2: didn't like. I check in with my partner and I say,
Speaker 2: this is this is where we are, this is what
Speaker 2: I'm thinking. I don't make a big investment without running
Speaker 2: it by her first. She always says yes, but I
Speaker 2: want her to know because that way when it if
Speaker 2: it doesn't go well, it was our it's our problem,
Speaker 2: it's our fault. So transparency talking about it and a
Speaker 2: budget that you review together. Yeah.
Speaker 1: Yeah, and that's that's great advice. And I think that
Speaker 1: transparency point is so huge because you're so right. Surprises
Speaker 1: in any way in relationships the biggest trust breaker, and
Speaker 1: you're so right that it's it's not even that that
Speaker 1: person had an issue with what you were doing, it's
Speaker 1: why you didn't tell them. That's what really breaks it down.
Speaker 1: You talk a lot about investing and focusing on your talents,
Speaker 1: not your passions. Yeah, I think for a long time
Speaker 1: we've kept hearing this language around find your passion, follow
Speaker 1: your passion, chase your passion, and yours is well no talent,
Speaker 1: talent talent A lot of First of all, let's talk
Speaker 1: about why talents over passions? And second of all, a
Speaker 1: lot of what I hear is, Jay, I don't even
Speaker 1: know what my passion's are and I don't know what
Speaker 1: my talents are.
Speaker 2: Yeah, where do I go? So?
Speaker 1: First thing, why talents over passions? And second what do
Speaker 1: I do if I don't know what my talents are? Yeah?
Speaker 2: We get two types of speakers at NYU, really accomplished
Speaker 2: impressive people and billionaires. We've just decided, once you have
Speaker 2: three comments around your net worth, you have insight into life.
Speaker 2: And they always end their speech, or most of the
Speaker 2: time end their speech with the following advice, which I
Speaker 2: think is just terrible advice for young people. Follow your passion.
Speaker 2: First off, recognize the majority of people telling you to
Speaker 2: follow your passion are already rich and they made their
Speaker 2: billions in iron ore smelting. This is your job. Your
Speaker 2: job is to find your talent such that you could
Speaker 2: be in the top ten percent within ten years and
Speaker 2: then maybe in the top one percent in fifteen or
Speaker 2: twenty years. And this is the hard part, or the
Speaker 2: important part in an industry that has a ninety plus
Speaker 2: percent employment rate, which by the way, is ninety plus
Speaker 2: percent of industries. Young people's passions are often conflated with
Speaker 2: their hobbies. I would have liked to have been quarterback
Speaker 2: for the Jets. I have a pretty decent arm, a
Speaker 2: good plane, good Field Division sixty three one ninety. I
Speaker 2: thought it was out of central casting to be the
Speaker 2: quarterback for the Jets. Once I got to UCLA, I
Speaker 2: was fortunate to know this is what real athletes look like,
Speaker 2: and you're not one of them. So the majority of
Speaker 2: people don't end up and what the quote unquote their
Speaker 2: passion is, because what they realize is that's a hobby.
Speaker 2: Art DJ modeling, athletics, nightlife, you know, designing a jewelry line.
Speaker 2: The passion industries attract so much human capital that it
Speaker 2: drives down the return on your human capital. There are
Speaker 2: one hundred and eighty thousand actors and actresses in Sagaftra.
Speaker 2: These are the most talent creatives in the world, and
Speaker 2: it's not easy to get a union card. Last year,
Speaker 2: eighty three percent of them didn't qualify for health insurance
Speaker 2: because they didn't make twenty three thousand dollars. So recognize
Speaker 2: that if you're able to find something you're really good
Speaker 2: at and it's in an industry with the ninety plus
Speaker 2: employment rate, this is what's going to happen. Passion comes
Speaker 2: from mastery and the economic accouterments of mastery of an industry.
Speaker 2: Now no one grows up thinking I'd like to be
Speaker 2: I'm passionate about tax law. But if you have the
Speaker 2: skills and the discipline to get a lot degree and
Speaker 2: you understand the intersection between the law and economics, and
Speaker 2: you know how to handle clients, the best tax lawyers
Speaker 2: fly private and have a larger selection set of mates
Speaker 2: than they deserve. In the top ten or twenty percent
Speaker 2: to have those sorts of accouterments. In a vanity industry,
Speaker 2: you have to be in the point one percent. So
Speaker 2: I don't want to crush anyone's dreams if you want
Speaker 2: to be a DJ or you want to be an athlete,
Speaker 2: but ring fence it and say, unless I get flashing
Speaker 2: green lights that I'm definitely in the top one percent.
Speaker 2: And you'll know if you're the next messy people are
Speaker 2: going to tell you. You'll know if all of a sudden
Speaker 2: you start getting invited to Vegas to DJ and people
Speaker 2: are willing to pay you to DJ, you'll know. You'll
Speaker 2: know pretty fast. But if you don't get those green
Speaker 2: lines saying you're going to be in the one percent
Speaker 2: really fast, maybe workshops something else that's not in the
Speaker 2: romance industry and try and become good, slash great at it.
Speaker 2: The guy who's installing my soapstone counter is the kind
Speaker 2: of the marble guy or the granite guy in Marlebone.
Speaker 2: This is a racky immigrant. We got to know each other.
Speaker 2: He told me about what he does. Knows everything about marble,
Speaker 2: knows everything about it, goes to the quarries, can talk
Speaker 2: about the veining and everything. Immigrated from Iraq about eighteen
Speaker 2: years ago. Started working for a guy got super into it.
Speaker 2: He makes two point three million pounds a year top line.
Speaker 2: He himself makes eight hundred thousand pounds a year as
Speaker 2: the soapstone marble guy. And he's become passionate about it.
Speaker 2: The relevance, the accouterments, the economic security. And this is
Speaker 2: what you become passionate about. Jay. You become passionate about
Speaker 2: ten carre of kids, You become passionate about helping your
Speaker 2: parents out, You become passionate about taking really nice vacations
Speaker 2: with your partner. Anything that provides you with that stuff,
Speaker 2: you're going to become passionate about. So what I would
Speaker 2: suggest is passion comes from mastery, artisanship, ninja like command
Speaker 2: of something, and also something that provides you with the
Speaker 2: economic security. Then a capitalist society affords you an amazing life.
Speaker 2: So find your talent. That's your job. If you're good
Speaker 2: at something, you can become great at it in an
Speaker 2: industry with a high employment rate. Trust me, Trust me,
Speaker 2: you're going to find passion.
Speaker 1: And for those people who are sitting there going well,
Speaker 1: I don't know what I'm talented at, Like I don't
Speaker 1: even know what my talent is. I don't really have
Speaker 1: anything that anyone's have a validated notice, recognized them pretty
Speaker 1: average everything. Where did they stop?
Speaker 2: I think you want to build a kitchen cabinet of
Speaker 2: people who you can see down at any job. First off,
Speaker 2: don't let perfect be the enemy of good. Just start.
Speaker 2: When I was eighteen, I thought I was going to
Speaker 2: be a pediatrician. Chemistry disallowed me that thought. It was
Speaker 2: going to be an athlete. When I was fifteen, UCLA
Speaker 2: disallowed me of that thought. I was going to be
Speaker 2: investment banker. At twenty two disabused me of that thought.
Speaker 2: I was going to be a healthcare consultant. When I
Speaker 2: was in business school, and then I thought I don't
Speaker 2: know if I'd be any good at this. I ended
Speaker 2: up in strategy and then analytics. I didn't know what
Speaker 2: strategy and analytics were. So try stuff. Be honest with yourself.
Speaker 2: If don't give up at the first time, if I
Speaker 2: don't like it, well that just might be work. But
Speaker 2: you'll start to get feedback on what you're good at
Speaker 2: and what you're not good at, and workshop. But keep investing.
Speaker 2: Recognize it's hard to be great at anything, but you'll
Speaker 2: probably get a feel I mean at some point you
Speaker 2: recognized you're a good storyteller, you have a nice voice,
Speaker 2: you're good at this, right, And I imagine there was
Speaker 2: some things along the way you recognize, I'm not that
Speaker 2: good at this. I'm trying hard, and I'm not that good.
Speaker 2: I tried really hard to be a good investment banker.
Speaker 2: I had no natural skills at it. I just wasn't
Speaker 2: good at it. And then when I got into consulting
Speaker 2: and I took data and could frame it into a
Speaker 2: story where CEOs and cmos would listen to me and say,
Speaker 2: you know, bring in that. I started a strategy form
Speaker 2: called profit bringing them see what they think. I'm like, Wow,
Speaker 2: we're good at this, maybe even we can them great
Speaker 2: at it. So another again, group of kitchen cabinet, people
Speaker 2: who can talk to you, people who can advise you.
Speaker 2: Get started workshop. Okay, it's not the perfect job. I'm
Speaker 2: not sure I'll be passionate about it. No, no, no,
Speaker 2: if you can find something better, great. Until then, get
Speaker 2: in the game, see what the opportunities are, and you'll
Speaker 2: start getting market feedback on what you're good at or
Speaker 2: not good at, and you'll start to click in, Wow,
Speaker 2: I really I'm pretty good at this and ask people
Speaker 2: around you ask for reviews. The compensation I think I
Speaker 2: provide my younger employees with. I'd like to think I'm
Speaker 2: good at this. Maybe I could be better as I
Speaker 2: talk about it. It's not only monetary. What young people
Speaker 2: need is feedback. If you are in a position as
Speaker 2: a boss to say, you know what, you're great with
Speaker 2: new employees. You make them feel welcome. Well, should I
Speaker 2: consider a career in recruiting or HR? You're great with clients?
Speaker 2: Jesus Christ, can you sell? You like to drink? You're
Speaker 2: ridiculously obnoxious in a funny way. People want to go
Speaker 2: out with you when they're in town. Boss, you should
Speaker 2: be in sales. You should be selling and you got
Speaker 2: a decent iq. You should be selling database software for
Speaker 2: Oracle or CRM software for Salesforce, because you're going to
Speaker 2: make a half a million bucks by the time you're thirty.
Speaker 2: Taking people out in establishing relationships, get feedback, workshop stuff,
Speaker 2: but you'll start to absorb stuff. But you're never going
Speaker 2: to find out you're good at cricket unless you pick
Speaker 2: up them out. You know you're just not going to
Speaker 2: find out, So try as many things as possible. Surround
Speaker 2: yourself with people and give you an honest feedback, and
Speaker 2: keep workshopping stuff. Don't be afraid, don't you know, again,
Speaker 2: forgive yourself. If you're not a good investment banker, you're
Speaker 2: not cut out to be a doctor, you're not going
Speaker 2: to be an athlete. That's it's okay, it's out there.
Speaker 2: Just keep showing up, keep showing up, keep trying, and
Speaker 2: you will hopefully find that thing. I don't want to
Speaker 2: say it's a guarantee. I think some people never find
Speaker 2: anything they're great at. But in this economy, you should
Speaker 2: be able to find something you're at least good at.
Speaker 1: Yeah. I appreciate what you were sharing about the diverse
Speaker 1: roles you've had and again your mantra forgive yourself. And
Speaker 1: I look back at life as thinking that it would
Speaker 1: be about finding or discovering the thing, and I realized
Speaker 1: it was so much more about collecting and connecting.
Speaker 2: That's right, right.
Speaker 1: It was like collecting ideas, collecting skills, and then at
Speaker 1: one point they all seem to connect. Even though you know,
Speaker 1: in the famous words of Steve Jobs, you can't connect
Speaker 1: the dots looking forward, you and you can looking backwards.
Speaker 1: And so now when I look back at my life,
Speaker 1: I'm like, oh, yeah, I remember doing work experience when
Speaker 1: I was like fifteen years old and I was told
Speaker 1: to cold call three hundred companies and I had no
Speaker 1: idea what a cold call was or what we were selling.
Speaker 1: I was trained to do it, and it gave me
Speaker 1: an amazing experience to deal with rejection. And out of
Speaker 1: the three hundred companies I called, I think two hundred
Speaker 1: and ninety seven said no, but the three that said
Speaker 1: yes just gave me this exhilarating feeling. And then I
Speaker 1: worked at Morrison's stacking shelves and doing extra database management
Speaker 1: work in the warehouse, and I remember what overtime felt like,
Speaker 1: and I knew I got paid one point five times
Speaker 1: as much when I worked at Extra, and I was like, oh, okay,
Speaker 1: that's what overtime feels like. And then I remember working
Speaker 1: in retail and I knew if I could sell a
Speaker 1: card to the customer to collect points, then I would
Speaker 1: get ten pounds extra on every card. And it was
Speaker 1: just fascinating to me that all of those experiences. And
Speaker 1: then I worked as a consultant at Accenture too, and
Speaker 1: again I don't think I was that great a consultant
Speaker 1: by their definition. Even though I did very well inside
Speaker 1: the organization, I picked up so many skills when it
Speaker 1: came to negotiation, presentation, deck building, understanding the needs, interesting
Speaker 1: concerns of our clients and what they were trying to achieve.
Speaker 1: And none of that was my purpose. Yeah, and none
Speaker 1: of that was my field of excellence. I was not
Speaker 1: great to any of those things, but all of those
Speaker 1: skills have become so valuable today.
Speaker 2: I love the way you say that, because when I
Speaker 2: look back on investment banking, it wasn't a failed experiment
Speaker 2: because it had taught me attention to detail. It taught
Speaker 2: me to get up early and put on a tie.
Speaker 2: It taught me sort of how to read a room.
Speaker 2: It taught me how to write a proposal. It taught
Speaker 2: me a little bit about the credit markets because I
Speaker 2: was in fixed income. What you said about being in
Speaker 2: the services industry are working jobs at Morrisons. That is
Speaker 2: really important because it gives you a sense. For one,
Speaker 2: no one owes you a living, showing up work and hard,
Speaker 2: getting along with people, developing a sense of grit. The
Speaker 2: job you were talking about, the sales job. I think
Speaker 2: everyone should be in a job where they endure it.
Speaker 2: They deal with the public because they realize that a
Speaker 2: lot of people aren't nice and you have to navigate that,
Speaker 2: or they're just not having a bad day where there's
Speaker 2: not having a good day. But also, and this is
Speaker 2: the key to my success, is my ability to endure rejection.
Speaker 2: You know, if you want to score above your weight
Speaker 2: class economically, a romantically, get out a big spoon and
Speaker 2: get ready to eat shit. Because I applied to nine
Speaker 2: business schools, I got into two. I have. In high school,
Speaker 2: I ran for sophomore, junior, and senior class president. I
Speaker 2: lost all three times, and based on my track record,
Speaker 2: I decided to run for student body president, where I
Speaker 2: went on to wait for it, lose. I have had
Speaker 2: a lot of women tell me they're not interested in
Speaker 2: dating me. I have sent out thousands of emails to
Speaker 2: potential clients for my strategy firm. I have pitched hundreds
Speaker 2: of venture capitalists on my way to raising money. And
Speaker 2: the reason why I am wealthier than your average bear
Speaker 2: and get to spend my life with someone who, on
Speaker 2: a risk adjusted scorecard, is exceptionally higher character and much
Speaker 2: more attractive than me, is because I was never afraid
Speaker 2: to endure rejection. I always had the ability to endure
Speaker 2: rejection more and move on. So if you aren't willing
Speaker 2: to endure rejection, if you aren't willing to take those
Speaker 2: types of risks. My current partner I met at the
Speaker 2: Raleigh Hotel in South Beach. She was there with a
Speaker 2: friend and another guy, and I promised myself I was
Speaker 2: going to speak to her. I was very drawn to her.
Speaker 2: Before I left, went out to get my car at
Speaker 2: the valet, got angry at myself, went back, walked right
Speaker 2: up to them and said, Hi, I'm Scott. Where are
Speaker 2: you guys from? And now our oldest son's middle name
Speaker 2: is Raleigh. You gotta be willing to endure rejection. And
Speaker 2: here's the thing most people aren't. Most people will never
Speaker 2: invest in their own company. They're too scared to lose money.
Speaker 2: Most people will not go up and speak to a stranger.
Speaker 2: This is something I forced my boys to do when
Speaker 2: we're out. I'm like, you gotta speak to at least
Speaker 2: one stranger. My oldest one has no problem with that.
Speaker 2: My youngest has a little bit more of a difficult time.
Speaker 2: But the ability to open, the ability to call somebody
Speaker 2: when you were calling don't call me again. So what
Speaker 2: I think you're saying is I should check back in
Speaker 2: two weeks, right, I mean, I can't imagine how much
Speaker 2: shit you must have eaten started a podcast, right, I mean,
Speaker 2: it's not I got to start one with a co
Speaker 2: host who already had a following. Here's some kid out
Speaker 2: of accentsure starting a podcast, right, I mean it's just
Speaker 2: a lot of rejection. Yeah.
Speaker 1: We sent personalized letters and videos to one hundred people
Speaker 1: that we've really wanted on the show, and every single
Speaker 1: one of them said no in year one, and over
Speaker 1: the last five years, every single one of them have
Speaker 1: been on the show, bar three maybe. And it just
Speaker 1: showed me that there was such a need to just
Speaker 1: be okay. I mean, I have a list of everyone
Speaker 1: was asking me who's your ideal podcast guest? And I'm
Speaker 1: a big soccer fan. We were talking about football earlier
Speaker 1: and I've supported Manchester Nights since I was a kid
Speaker 1: in Christiano Ronaldo is my go And you know, I
Speaker 1: have a list of a history of dms to Christiano
Speaker 1: Ronaldo that he has never seen lear and responded to,
Speaker 1: and I can't wait for the day he sees them.
Speaker 2: You're just following the wrong club Ukaya Soker or Cole Palmer.
Speaker 2: I think they would come up this show you gotta
Speaker 2: go Arsenal or Chelsea. That's your fault.
Speaker 1: Yeah, that's my fault. That's my fault. It's the pain.
Speaker 1: I'm asking for the pain. But no, I couldn't agree
Speaker 1: with you more. And I love this mantra that you
Speaker 1: keep repeating forgive yourself, and it's such a powerful one.
Speaker 1: And you are going to make mistakes, you are going
Speaker 1: to break things, you are going to get wrong. Maybe
Speaker 1: even one of those clients is never going to want
Speaker 1: to work with you again, and that's all going to happen.
Speaker 1: And I think we live in this protective space of like,
Speaker 1: I never want to get anything wrong. I never want
Speaker 1: that person to ever say, oh I was too pushy
Speaker 1: or too nudgy. And it's like, well they might and
Speaker 1: they probably will anyway, someone will. And is that worth
Speaker 1: letting go of this amazing life that you envision and
Speaker 1: what you want to create.
Speaker 2: The only thing you can or the only thing I
Speaker 2: feel like I can guarantee, is a certain amount of
Speaker 2: joy and a certain amount of tragedy in their life.
Speaker 2: And the ratio of the two is a function of
Speaker 2: a lot of things, mostly when and where you're born.
Speaker 2: But what you want to do is try and set
Speaker 2: yourself up for so many deep and meaningful relationships that
Speaker 2: those ratios of joy to tragedy or are much greater.
Speaker 2: So forgive yourself. But there's some great research. My colleague
Speaker 2: at NYU Adam Altru as a joint appointment at the
Speaker 2: business school and at the in the psychology department, He's
Speaker 2: done a ton of great research on end of life.
Speaker 2: He goes into palliative care facilities and he interviews people
Speaker 2: on their biggest regrets, and people get a lot of
Speaker 2: perspective at the end. They're never going to walk on
Speaker 2: the beach again. They're never going to hang out with
Speaker 2: their you know, really spend time with their loved ones.
Speaker 2: They're never going to work again, never go to go
Speaker 2: to a sporting match, what have you. Never you know,
Speaker 2: take their dogs for a walk again. So they don't
Speaker 2: have a lot to lose a lot of perspective, and
Speaker 2: their biggest regrets kind of come down to three things
Speaker 2: in reverse order. Number three, they wish they spend more
Speaker 2: time with their friends. Number two, they wish they'd led
Speaker 2: the life they wanted to lead, not the life their
Speaker 2: church or their family wanted to lead, or society was
Speaker 2: telling them to actsert in a way. But their number
Speaker 2: one regret is they wish they'd been less hard on themselves.
Speaker 2: They wish they'd been kinder than themselves. Because when you
Speaker 2: look back on your failures, made a bad investment, this
Speaker 2: person didn't love me back as much as I love them.
Speaker 2: I got fired, I had a business fail. When you
Speaker 2: look back at the end and you have real perspective,
Speaker 2: you're going to be more upset about the way you
Speaker 2: responded than what actually happened to you. Life isn't about
Speaker 2: what happens to you. It's about how you respond to
Speaker 2: what happens to you. And recognize that emotion, the present
Speaker 2: value of emotion is enormous. In the moment your disappointment,
Speaker 2: you're going to look back and think, the only you're
Speaker 2: gonna be upset about is how upset you were at it.
Speaker 2: On the flip side, when things are going really well,
Speaker 2: all also recognize a lot of that is in your fault.
Speaker 2: You got lucky. You're in the right place at the
Speaker 2: right time. You had someone take an interest in you
Speaker 2: and work and promote you. You had a stock skyrocket.
Speaker 2: Are you a great investor? No, you're lucky, and you're
Speaker 2: never more prone to a big mistake professionally or personally
Speaker 2: than after a big win, because you start believing it's
Speaker 2: you and the time when you have a great investment,
Speaker 2: you have great relationships. What you want to do is
Speaker 2: try and pull in your horns a little bit and
Speaker 2: be a little bit humble and as grateful as you
Speaker 2: can be, recognizing luck has been on your side. And
Speaker 2: like I said, if you want to lose a lot
Speaker 2: of money, start believing that your great year in the
Speaker 2: market is because you're just really good at investing and
Speaker 2: you should lever up because you're that smart. No, you're
Speaker 2: sticking your chin out.
Speaker 1: I love that advice, especially the humility part, and it's
Speaker 1: so interesting. Yeah, I remember reading a study that said
Speaker 1: that most founders who exit, they make their worst startup
Speaker 1: investments for the next two years that follows or exit.
Speaker 1: And it's that same feeling if you start thinking it's you,
Speaker 1: I wanted to ask you. A lot of people right
Speaker 1: now are trying to decide between whether they double down
Speaker 1: on their career at the company they're at or the
Speaker 1: organization they're at, or have multiple revenue streams or side
Speaker 1: hustles and things on the side, How would you encourage
Speaker 1: people to evaluate where they put their efforts.
Speaker 2: So another thing I've gotten shited on TikTok or i
Speaker 2: hate side hustles. So if you're in a side hustle,
Speaker 2: that means a side hustle is a temporary means of
Speaker 2: investigating something else should become your main hustle. The way
Speaker 2: you get wealthy and economic security is you find a
Speaker 2: professional activity that you're good at, that you become great at,
Speaker 2: and you go all in on it. Because the difference
Speaker 2: success is in the last ten percent. So the guy
Speaker 2: or gal that applies ninety percent versus the guy or
Speaker 2: gal that applies one hundred percent, the latter is going
Speaker 2: to get promoted faster, get options, awards, just make more money,
Speaker 2: have recruiters calling them success is that extra oomph. If
Speaker 2: you're doing a lot of side hustles, it's very, very
Speaker 2: difficult to be great at your main hustle. So fine,
Speaker 2: if you don't like your main hustle, but you need
Speaker 2: it for health insurance, you need it for a base,
Speaker 2: and you want to investigate other stuff, but recognize the
Speaker 2: only way you're going to build real wealth and economic
Speaker 2: security is to go all in on one thing, and
Speaker 2: I've never been successful. I have two kind of let's
Speaker 2: say complexions professionally. The first is I have balance. I'm
Speaker 2: working forty hours a week, decent lifestyle that for me
Speaker 2: is called losing money. I've never been able to aggregate
Speaker 2: wealth kind of having balance in my life. And then
Speaker 2: there's a point in my life and I'm not proud
Speaker 2: of this, but especially in my earliers, where stressed out,
Speaker 2: working all the time, heard on my fitness, hard on
Speaker 2: my relationships. That's when I'm usually making money. The marketplace
Speaker 2: is competitive, it demands a tremendous amount of you, but
Speaker 2: it's just it's I think it's more or less say hey,
Speaker 2: how do I have a sober conversation with myself? How
Speaker 2: do I get forward fast? The best companies in the world,
Speaker 2: I find are the most aspirational companies are the ones
Speaker 2: that let you go flat out, that say to you,
Speaker 2: Accentri says to you the following, go flat out here,
Speaker 2: go just I mean, okay, have a hobby, have a relationship, fine,
Speaker 2: but go flat out here and we're going to give
Speaker 2: you your parents' life at the age of thirty or
Speaker 2: thirty five. Those are generally the best companies in the world.
Speaker 2: Some people decide they don't want that and they want
Speaker 2: to do something they're excited about, fine or passionate about.
Speaker 2: I get it. But if you're that guy or gal
Speaker 2: with three or four different side hustles, you aren't going
Speaker 2: to be wealthy. That's a temporary means of finding your
Speaker 2: main hustle. That means your main hustle isn't working. But
Speaker 2: one hundred and ten percent on anyone, you know, Bill
Speaker 2: Gates didn't have a side hustle, My Angelou didn't have
Speaker 2: a side hustle. Maybe they needed a maybe my Angelu
Speaker 2: needed a side job to pay for But at some
Speaker 2: point you went all in on poetry and writing and oration.
Speaker 2: That is greatness focus.
Speaker 1: Yeah, I think that's such a great reminder. And I
Speaker 1: remember looking at something a few years back which was saying,
Speaker 1: if someone was going to invest, let's say me and
Speaker 1: you were going to invest one hundred hours into someone's development,
Speaker 1: how would they split it between what they're good at,
Speaker 1: what they're average at, and what they're bad at. And
Speaker 1: the majority of people will say thirty thirty thirty, right,
Speaker 1: like thirty three, thirty three, thirty three, and some people
Speaker 1: will say, oh, well, maybe I'll put twenty into what
Speaker 1: i'm good at, twenty into what I'm bad at, and
Speaker 1: then the rest into what i'm average at, sixty in
Speaker 1: the middle, and going back to your point, the most
Speaker 1: successful people in the world will say one hundred zero
Speaker 1: zero or eighty ten ten because they know that if
Speaker 1: they invest that much energy in something they're bad at,
Speaker 1: they'll only ever be average at it, And if they
Speaker 1: invest in something they're average out, they'll only ever be
Speaker 1: okay at it. But if you invest in what you're
Speaker 1: good at, you will become great. And I think we've lost, well,
Speaker 1: not lost, I don't think we've ever had that focus
Speaker 1: because you graduate at twenty one, you know, from a
Speaker 1: regular degree, and then you never think you have to
Speaker 1: learn again. I think there is a sense if we
Speaker 1: don't realize what good to great looks like, because you
Speaker 1: never ever have to grow again according to the way
Speaker 1: the education system set up in the belief system, at least,
Speaker 1: what have you noticed about people who in an organization,
Speaker 1: in a company go all right, I'm going to be
Speaker 1: great here. What do they do differently? What do they
Speaker 1: build mindset wise and also physically.
Speaker 2: So we had at L two, which is the business
Speaker 2: intelligence firm US sold twenty seventeen. We tracked everyone in
Speaker 2: a lot of data and we found so and this
Speaker 2: isn't the hallmark version of HR, but I found generally speaking,
Speaker 2: you have five or ten employees that at one hundred
Speaker 2: and twenty percent of the value and everyone else is
Speaker 2: negative twenty. That's not to say they're not important, but
Speaker 2: they require a lot of management, a lot of attention.
Speaker 2: They're good, not great. You can't just scale with great
Speaker 2: players because great people know they're great, and they demand
Speaker 2: a lot of equity and compensation. But when we identified
Speaker 2: that quote that a dozen superstars, we said, what do
Speaker 2: these people have in common? And the three things we
Speaker 2: found in common were one, they had gone to elite
Speaker 2: universities and I hate saying that, but they had generally
Speaker 2: gone to really fantastic schools. Two, they had athletics in
Speaker 2: their background, competitive athletics. And three and I didn't write
Speaker 2: this down anywhere, they were almost always women. So a
Speaker 2: female from Yale who was on who was a gymnast
Speaker 2: there or a diver that was not amount of her.
Speaker 2: I'm not saying we didn't hire someone unless you had sports,
Speaker 2: but we generally looked for people at two of the three.
Speaker 2: We also hired men, but those were the three things.
Speaker 2: We found. People who had had some sort of competitive
Speaker 2: sport in the background, or had come from enough adversity
Speaker 2: that they had to show a certain amount of grit
Speaker 2: and willingness to break through hard things. People who who
Speaker 2: had pushed themselves really hard. You know. I wrote Crew
Speaker 2: in college, and crew is basically who was willing to
Speaker 2: endure more pain? And when I have my first job
Speaker 2: at Morgan Stanley, I realized I wasn't as skilled. I
Speaker 2: did poorly academically and I wasn't as skilled as my peers.
Speaker 2: So I thought, Okay, what can I control? Every Tuesday morning,
Speaker 2: I'd come into work at nine am and I wouldn't
Speaker 2: leave till Wednesday night at five or six pm. I
Speaker 2: was twenty three, I was super fit, super strong. I
Speaker 2: didn't have a relationship, I didn't have dogs. I'm like, yeah,
Speaker 2: I can work thirty six hours straight and I could
Speaker 2: control that. And now is that healthy? Do you want
Speaker 2: to be doing that when you're thirty three or forty three,
Speaker 2: when you have kids? Know? But I could do that
Speaker 2: when I was young, that grit, that perseverance. So I
Speaker 2: look for people who have overcome obstacles, and also you
Speaker 2: want them to act like owners, and you'll get a
Speaker 2: sense for that. And that's why kind of the Silicon
Speaker 2: Valley mentality has worked in the sense that they give
Speaker 2: everyone equity, but people and you notice it. People who
Speaker 2: see a wrapper on the ground and they pick it up.
Speaker 2: People who are thinking about clients, people are trying to
Speaker 2: sell stuff, people who are at a social event and
Speaker 2: know someone who's good and recruit that person and then
Speaker 2: come up and say, Jay, this guy's the best video
Speaker 2: editor in the world, and he's just world clad. He's
Speaker 2: a great athlete. I don't care what we put him
Speaker 2: to work on. She's just going to be amazing. People
Speaker 2: who act like owners, and then when you identify those people,
Speaker 2: your job as a manager is to sit them down
Speaker 2: and say, Okay, this is my path for you. I've
Speaker 2: started a business intelligence firm. I'm very capitalist about it.
Speaker 2: I used to sit these twelve people down and say
Speaker 2: the following I've started this business intelligence firm. I'm going
Speaker 2: to build it to twenty million in revenues. These firms
Speaker 2: go for between six and ten times revenues. That's somewhere
Speaker 2: between one hundred and twenty and two hundred million. I'm
Speaker 2: giving you one percent of the company. You're going to
Speaker 2: be here four years. You're going to work your ass
Speaker 2: off between if we have this liquidity event, you're going
Speaker 2: to be make between a half a million and two
Speaker 2: million a year in equity. Don't go anywhere. If I
Speaker 2: do well, you're going to do well. And I would
Speaker 2: literally try and paint that accurate a picture. I wanted
Speaker 2: to make sure that the twelve best people are the
Speaker 2: kind of the top were sort of nailed to the floor.
Speaker 2: They just couldn't leave. They're like, oh, this is like
Speaker 2: I can't this. The opportunity here is just too too good.
Speaker 2: But in a bit of a word's out. They demonstrate grit,
Speaker 2: they act like owners and also generally speaking, want to
Speaker 2: help other people. Good culture carriers. You know, there are
Speaker 2: some people that are so good then they're competitive. I've
Speaker 2: had a little bit companies that are sort of the
Speaker 2: island of misfit toys, people who are unusual or some
Speaker 2: quite frankly sometimes have some mental health issues. I'm like, yeah,
Speaker 2: if they had it all, they'd be a Google We're
Speaker 2: going to figure it out for them because they're that talented,
Speaker 2: but act like owners, good to other people, and have
Speaker 2: demonstrated something in their background that shows grit.
Speaker 1: Yeah, yeah, I love those. It took me a while
Speaker 1: as I was developing my team, and I really feel
Speaker 1: like the people I have right now embody a lot
Speaker 1: of those characteristics that you mentioning, and I had to
Speaker 1: grow as a leader in order to attract those individuals too.
Speaker 1: And it wasn't something that it was like, oh, you're
Speaker 1: just not finding the right peace people. There was work
Speaker 1: I had to do in who I had to become,
Speaker 1: not just characterized, but quality and ability wise in order
Speaker 1: to attract that and also being able to nurture that
Speaker 1: effectively as well. And so I think as much as
Speaker 1: so much of what we've been sharing today is about
Speaker 1: the person who's trying to work their way up, so
Speaker 1: much of this is for leaders as well in order
Speaker 1: to how to adapt and be different. I wanted to
Speaker 1: Scott focus on what you were mentioning a couple of
Speaker 1: moments ago about the palliative care and you know, people
Speaker 1: coming to the end of their life, and you know
Speaker 1: a lot of people do feel at the end of
Speaker 1: their life. I wish it didn't work that hard, you know,
Speaker 1: I shouldn't have put too much energy into work. And
Speaker 1: almost sometimes I feel like that's a really easy thing
Speaker 1: to say at that time because it almost doesn't matter anymore,
Speaker 1: whereas when you're living it kind of does matter. It
Speaker 1: comes back to what you said earlier. I remember saying
Speaker 1: to myself, and it goes back to what was that
Speaker 1: language you used by having a sober and conversation with
Speaker 1: your own sober conversation with yourself. I remember many sober
Speaker 1: conversations with myself, and one of them was like, I
Speaker 1: can eat feel like I'll have the myth of balance
Speaker 1: for the next ten years, or I can work my
Speaker 1: absolute socks off for the next three years and then
Speaker 1: be able to make more sense of everything. And I
Speaker 1: chose the latter one, and that three years probably look
Speaker 1: like more like six years or whatever it was. But
Speaker 1: that sober conversation was so powerful for me because I
Speaker 1: had to give up that myth of this perfect balance.
Speaker 1: And you've kind of alluded to that in a lot
Speaker 1: of this conversation. Today, someone could be listening to both
Speaker 1: of us and just be like, yeah, well, I don't
Speaker 1: want to be that successful. I don't want to be
Speaker 1: that competitive. I don't want it to be that way.
Speaker 1: I just want to have a good life. I want
Speaker 1: to have a simple life. How does that work with
Speaker 1: your philosophy and thoughts?
Speaker 2: Look, this is my way, it's not the right way.
Speaker 2: With the advice I'm giving is there's some proximity bias.
Speaker 2: I teach it an elite business school. And when I
Speaker 2: survey these kids and I asked them what they expect
Speaker 2: me making in five to ten years, they all expect
Speaker 2: me in the top eighty percent of them, expecting me
Speaker 2: the top one percent of income earning households by the
Speaker 2: time of thirty five. I'm like, Okay, unless you're a
Speaker 2: genius and crazy talented, you're just gonna have to work
Speaker 2: your ass off. And then when they use words like balance,
Speaker 2: I'm like, come on now. Having said that, some people
Speaker 2: don't want to live to work, they want to work
Speaker 2: to live. That's fine, God love you. Some people say,
Speaker 2: and I get these people on my podcast, got or
Speaker 2: they call in I just want to be a good citizen,
Speaker 2: work a decent amount, have a good relationship with my spouse,
Speaker 2: and coach little league, and have a nice life and
Speaker 2: be an active member of my church. I'm like, great,
Speaker 2: you can do that in America. That's not going to
Speaker 2: work in La or New York or I mean, you
Speaker 2: got to move to a lower cost neighborhood. And there's
Speaker 2: nothing wrong with that. There's a lot of really happy people.
Speaker 1: Know.
Speaker 2: The average household income now is sixty eight or seventy
Speaker 2: grand and I bet a lot of those households are
Speaker 2: very happy. They find strength and reward other places. That's
Speaker 2: absolutely there's nothing wrong with that. The majority of the
Speaker 2: young people I speak to to be making a lot
Speaker 2: of money or so, you know, I don't need to
Speaker 2: make a ton of money. I just want to live
Speaker 2: in New York, have a nice place, be able to
Speaker 2: have a couple of kids. I'm like, okay, that's a
Speaker 2: million bucks a year. I'm not talking about the way
Speaker 2: the world should be. I'm talking about the way the
Speaker 2: world is. And if you expect to live in an
Speaker 2: American city and be able to send your kids, you know,
Speaker 2: ensure you can absorb a health shock, give your kids
Speaker 2: the kind of life you want, take nice vacations. It's
Speaker 2: just a lot of money. The reality is, it's just
Speaker 2: a crazy amount of money. And you can control. You
Speaker 2: want to lowyer burn, move to a place for the
Speaker 2: lower cost of housing, lower cost of living, more power
Speaker 2: to you. But the majority of the people I know
Speaker 2: in their twenties and thirties, and again this is proximity bias,
Speaker 2: because the people I hang out with expect to have
Speaker 2: a lot of influence and a lot of economic security.
Speaker 2: And we all know that guy or gal who is
Speaker 2: in great shape, great relationship with their parents. It just
Speaker 2: seems to rain money on them as fit as a
Speaker 2: food blog donates time at the ASPCA. Assume you are
Speaker 2: not that person, right, Assume that you probably have to
Speaker 2: go all in on something if you wanna, I mean,
Speaker 2: la living in New York. You're just going to have
Speaker 2: to be relatively successful to stay here. You don't have
Speaker 2: a birthright to live in Los Angeles or New York
Speaker 2: or London. And again it comes back to that sober conversation,
Speaker 2: are you really willing to make the trade offs? If not,
Speaker 2: you can be happy in Lubbock, Texas. Most people can,
Speaker 2: and maybe you should be thinking about that that these
Speaker 2: people who expect to have a reasonable life in these
Speaker 2: big cities. Okay, let's be honest about what that's going
Speaker 2: to take.
Speaker 1: Scott, thank you for being so transparent and honest today.
Speaker 1: This has been so useful, insightful, and I really appreciate
Speaker 1: your candor and honesty with so much of this because
Speaker 1: I think you are right that we can have really
Speaker 1: unhealthy false expectations and they can be reaffirmed and we
Speaker 1: can be on a wild goose chase for the rest
Speaker 1: of our lives, or we can get what you're doing,
Speaker 1: which is just straight talking, really simple, insightful advice that
Speaker 1: hopefully gets people having that sobering, honest conversation with themselves.
Speaker 1: It's really refreshing. I think that it's very exciting to
Speaker 1: tell people to go chase stuff and do things, and
Speaker 1: then helping people actually self reflect and figure out whether
Speaker 1: they're ready for that and what that means and what
Speaker 1: that looks like is so important. And I wanted to
Speaker 1: we end every episode of On Purpose with a final five,
Speaker 1: and these questions have to be answered in one word
Speaker 1: to one sentence maximum, although I will probably break my
Speaker 1: own rule, so Scott Galloway, these are your final five.
Speaker 1: The first question is what is the best wealth advice
Speaker 1: you've ever heard.
Speaker 2: Or received or given find your talent?
Speaker 1: Second question, what is the worst wealth advice you've ever
Speaker 1: heard or received?
Speaker 2: Follow your passion?
Speaker 1: Question number three, how would you define your current purpose.
Speaker 2: To raise loving, patriotic men beautiful?
Speaker 1: Question number four? Is it possible or how is it possible?
Speaker 1: To create peace with money?
Speaker 2: Money is the means. The ends is deep and meaningful relationships,
Speaker 2: and money should just provide an absence from the stress
Speaker 2: that can get in the way of forming and nourishing
Speaker 2: deep and meaningful relationships. It's the means, not the ends.
Speaker 1: I want to unpack the last two answers because I
Speaker 1: think there's some really interesting material there. So it's so strange,
Speaker 1: isn't it. So I'm sure you've heard this story that.
Speaker 1: I mean, it's been told for years about the fishermen
Speaker 1: and the businessman. Yeah, yeah, right, You've heard the story
Speaker 1: a million times. It's like the fisherman goes to the businessman,
Speaker 1: and the businessman looks at the fishermen and goes, what
Speaker 1: do you do all day? And the fisherman says, well,
Speaker 1: you know, in the morning, I go fishing, and then
Speaker 1: the afternoon I have a c st end and I
Speaker 1: hang out with my family and my friends, and I
Speaker 1: drink a little and then I go to sleep and
Speaker 1: do it all over again, and the businessman saying, like,
Speaker 1: that's what I want to get to. It's just that
Speaker 1: I build this business and then sold in did this
Speaker 1: and now I'm trying to come around like it's a
Speaker 1: cute story, but in reality it's I don't know whether
Speaker 1: it stacks up. But there's this idea that people have
Speaker 1: that if I just want to spend time with people,
Speaker 1: why would I work so hard? But you just said, actually,
Speaker 1: sometimes if you don't have money, it can actually block
Speaker 1: our relationships. In what ways does scarcity or a lack
Speaker 1: of financial wealth create issues in our relationships?
Speaker 2: Well, one, if you're a man, women aren't going to
Speaker 2: be that attracted to you. Women are attracted to men
Speaker 2: for three reasons. Number three kindness, Number two intellect, and
Speaker 2: the fastest way to communicate intellect is humor. But the
Speaker 2: number one source of attractiveness and men is the ability
Speaker 2: to signal resources. You don't even have to have resource point,
Speaker 2: but you have to demonstrate a plan that you're smart,
Speaker 2: you're hard working, and you have a plan. But there,
Speaker 2: let me ask you a question. Do you have a
Speaker 2: number where you're like, Okay, this is my number and
Speaker 2: that's when i'm That's when I'm aiming towards. Okay, So
Speaker 2: I did have a number, and I actually think it's
Speaker 2: sort of healthy because what I became addicted to was
Speaker 2: relevance and money. And when I sold my last company,
Speaker 2: I sold my last company for one hundred and sixty
Speaker 2: million bucks, and I thought, I'm going to go raise
Speaker 2: three to four hundred million dollars, start a private equity fund,
Speaker 2: raise funds two and three. I have the contacts. I'm
Speaker 2: in the sweet spot because I'd like to be a billionaire.
Speaker 2: Scott Gallery billionaire just had a nice ring to it
Speaker 2: for me. And then I had a friend passed away
Speaker 2: at a very young age, and it kind of sent
Speaker 2: me into a little bit of introspection and I thought,
Speaker 2: all right, I've hit my number. Unless I really screw
Speaker 2: up again. If I get four to six percent on
Speaker 2: the money I have, I can live the life I want.
Speaker 2: And I'm like, well, okay, why do I need more money.
Speaker 2: I'm on this hamster where I've decided my worth as
Speaker 2: a man is a function of having more in what
Speaker 2: you realize, and it's hard to get off this hamster wheel.
Speaker 2: The money's just sinking your pen and it can help
Speaker 2: you write new chapters. It can make certain chapters burn brighter,
Speaker 2: but it's not your story. And this is a really
Speaker 2: good problem to have. But I think we have a
Speaker 2: virus in this nation amongst the super wealthy of hoarding
Speaker 2: money where they decide to keep. They want more money,
Speaker 2: they want more money. I don't. What Daniel Kahneman, the
Speaker 2: economic historian, teaches us is that above a certain amount,
Speaker 2: you get no incremental game for money. You don't get less.
Speaker 2: Billionaires are no less happy than millionaires, but they're no happier.
Speaker 2: And what I've decided is once I hit my number,
Speaker 2: you know, I love data. Every year I look at
Speaker 2: how much money I made and I either spend it
Speaker 2: all or I give it away. And I want to
Speaker 2: be clear, I'm not a virtuous person. I love hanging
Speaker 2: out of the Beverlys Hotel. I love taking my friends
Speaker 2: to ask and I spend a shit. I spend money
Speaker 2: like I'm a gangster in the fifties, just diagnosed with
Speaker 2: ass cancer. I love spending money and if that sounds obnoxious,
Speaker 2: it is. And then anything above that, I give it away.
Speaker 2: And I don't do it to be a good person.
Speaker 2: I do it because it makes me feel masculine, it
Speaker 2: makes me feel patriotic, it makes me feel important, and
Speaker 2: I just enjoyed. I didn't give away a dollar until
Speaker 2: I was forty, and now I'm trying to catch up,
Speaker 2: and I really enjoyed. It's almost like consumption for me.
Speaker 2: But having a number is really powerful because you can
Speaker 2: say what's required to get to that number, and then,
Speaker 2: just as importantly, once you get to that number, get
Speaker 2: off the hamster wheel. Because this is the fear, and
Speaker 2: this is what I was headed towards. I'm an atheist.
Speaker 2: I think at some point I'm going to look into
Speaker 2: my kid's eyes and know that our relationship is coming
Speaker 2: to an end. But it's empowering for me. It makes
Speaker 2: me think about what I want at the end, and
Speaker 2: what I was barreling towards was the following having a
Speaker 2: lot of money, having a decent amount of influence, but
Speaker 2: never having really been in the moment or have the
Speaker 2: depth and meaning that I could have had amongst my partner,
Speaker 2: my sons, and my friends. And that all of a sudden,
Speaker 2: I thought, you know, when my friend passed, I thought,
Speaker 2: at the end, you know, you could just tell his
Speaker 2: relationships where everything the money meant fucking nothing. It was
Speaker 2: all about the relationship. My thad. Okay, the money has
Speaker 2: to be a means to the ends, and that is deep,
Speaker 2: meaningful relationships. But be careful. It can turn into a
Speaker 2: suicide pack. It can turn on you and you become
Speaker 2: so focused on the affirmation of strangers, which I'm addicted to,
Speaker 2: become addicted to money, that you spend way too much
Speaker 2: time thinking about additional money, success, relevance, and it comes
Speaker 2: to the cost of your relationships. I know so many
Speaker 2: incredibly impressive, successful people who don't get along with their kids,
Speaker 2: have a shitty relationship with their partner, and say, well,
Speaker 2: what's the point of all this? So I think it's
Speaker 2: healthy to have a number and then to be very disciplined.
Speaker 2: Once I have that number, I'm going to enjoy the
Speaker 2: money or I'm going to give it away. You don't
Speaker 2: need to be a billionaire. You're not going to be
Speaker 2: any happier.
Speaker 1: Beautiful answer. Before we go to the fifth and final question,
Speaker 1: I want to unpack the answer from before about you
Speaker 1: mentoring young men. I feel like a lot of young
Speaker 1: men that I speak to, listen to read comments from,
Speaker 1: hear from you. You see a lot of pressure. A
Speaker 1: lot of men these days feel a lot of pressure
Speaker 1: and a lot of stress, and some of them feel
Speaker 1: left behind, forgotten, confused, this to their place in society
Speaker 1: based on so many other things. At the same time,
Speaker 1: you're coming at from the angle that they need to
Speaker 1: take responsibility. There needs to be disciplined, there needs to
Speaker 1: be accountability. How do you what would you say to
Speaker 1: any young men who are listening right now, watching right now,
Speaker 1: who feel a lot of pressure, who feel a lot
Speaker 1: of stress, how would you address that?
Speaker 2: Well? First off, just the reality of the situation. Globally,
Speaker 2: no group is ascended faster than women. In the last
Speaker 2: thirty years. More women are seeking tertiary education globally now
Speaker 2: than men. And when you look at some nations that
Speaker 2: don't like women seeking a tertiarycagement, it really says something
Speaker 2: three women graduating from college for every two over the
Speaker 2: next five years. No group has fallen further faster in
Speaker 2: America than young men four times is likely to kill themselves. Jay,
Speaker 2: you're in a morgue with five people who have died
Speaker 2: by suicide, four of them are men, three times more
Speaker 2: likely to be addicted, twelve times more likely to be incarcerated.
Speaker 2: We don't have a homeless problem. We have a male
Speaker 2: homeless problem. We don't have an incarceration problem. We have
Speaker 2: a male incarcerat We don't have an opioid epidemic. We
Speaker 2: have a male opiate epidemic. A lot of the jobs
Speaker 2: that they relied on with a lot of college education,
Speaker 2: have been outsourced. The maturing later. There's a general sense
Speaker 2: that there's a lack of empathy for young men. If
Speaker 2: you had any special interest, gript killing themselves at four
Speaker 2: times the rate is the control group, you'd move in
Speaker 2: with programs. But because the advantage I received, my father received,
Speaker 2: there's a lack of empathy. So the first is to
Speaker 2: recognize I think that it is tough out there for
Speaker 2: young men, and to forgive yourself what I tell young
Speaker 2: men when I go back to the thing about the phone,
Speaker 2: Start getting into fitness, to start making some money. And
Speaker 2: the third thing we didn't talk about. You have to
Speaker 2: get out of the house every day and be in
Speaker 2: the company of strangers building something bigger than yourself. I
Speaker 2: don't care if it's work, I don't care if it's church,
Speaker 2: the sports league, a nonprofit. You have to be in
Speaker 2: the company of strangers. Because here's the risk and what's
Speaker 2: happening to young men. We have a new species developing
Speaker 2: of human, specifically young men who are sequestering from society.
Speaker 2: They're asocial, they're more prone to conspiracy theory, and they
Speaker 2: are essentially becoming totally isolated, almost like a new form
Speaker 2: of asexual homo sapien. And you can see how it's
Speaker 2: happening because the most talented, well resourced people in the
Speaker 2: world are trying to convince young men that they don't
Speaker 2: need friends. They can go on Reddit or discord. They
Speaker 2: don't need to put on a tie or go through
Speaker 2: the rejection of interviewing. They can trade stocks or crypto
Speaker 2: on Robinhood or on coinbase. They don't need to get
Speaker 2: in shape, show humor, endure rejection, go out, have a plan,
Speaker 2: shower for God's sakes, approach strange women, be persistent, show manners, affection,
Speaker 2: follow up because you got you porn. So we have
Speaker 2: a group of men who've been convinced they have can
Speaker 2: have a reasonable fact simile of life on a screen
Speaker 2: in an algorithm, and we're producing millions of these men.
Speaker 2: How many women have you met or how many times
Speaker 2: have you heard I know all these great women who
Speaker 2: are attractive, high character, professionally shit together, and they can't
Speaker 2: find men. No, they can, They just can't find any
Speaker 2: men they want a date. One in three men under
Speaker 2: the age of thirty has a girlfriend, two and three
Speaker 2: women has a boyfriend. Why Because women are dating older
Speaker 2: because they want someone who's more economically and emotionally viable.
Speaker 2: So I really think this is a crisis. I think
Speaker 2: there's variety things we need to do around education reform
Speaker 2: that rewards more what I call boyish behavior and attributes.
Speaker 2: I think we need more freshman seats at universities. I'd
Speaker 2: like to see national service. I was just in Israel
Speaker 2: at the Nova Festival Memorial. I talked to a battalion
Speaker 2: of IDF soldiers one hundred and eighty like young, beautiful, strong,
Speaker 2: thin people handling semiotic weapons, learning a skill in the
Speaker 2: company of each other, learning, meeting mentors, meeting friends, meeting
Speaker 2: makes some of the lowest levels of young adult depression
Speaker 2: in a nation that has existential threats all around it.
Speaker 2: And I think it's because they for two to three
Speaker 2: years serving the agency of something bigger than themselves. I'd
Speaker 2: love to see national service. We need to shove more
Speaker 2: money in their pockets. Minimum wage of twenty five dollars
Speaker 2: an hour, child tax credit, more housing so they can
Speaker 2: afford a house, more vocational programming for men. Did would
Speaker 2: metal and autoshop go? So there are a lot of
Speaker 2: things we can do. But what I would tell the
Speaker 2: young men is it, let's be honest, it's difficult out
Speaker 2: there right now for you. Forgive yourself. It is hard
Speaker 2: for you. You need to start making some money. You
Speaker 2: need to get strong, and you need to start getting
Speaker 2: out every day out of the house. Home is seven
Speaker 2: hours a day, maybe eight for sleep. And you need
Speaker 2: to take your strong, young, incredible person out and start
Speaker 2: hunting lions, finding shit, making friends, finding mates and during rejection.
Speaker 2: Because you are a strong young man and you can
Speaker 2: handle it, but you need to get out of the house.
Speaker 2: You need to get out of the house.
Speaker 1: Great advice, Great advice. Lovelet'score. Fifth and final question. If
Speaker 1: you could create one law that everyone in the world
Speaker 1: had to follow, what would it be.
Speaker 2: No economic policy can ever get in the way of love.
Speaker 2: You can't have family law court that ends up where
Speaker 2: dads one in three dads have no contact with their
Speaker 2: kids in six years. All right, that We need to
Speaker 2: reconfigure the law. We can't have people work forty hours
Speaker 2: a week and be in poverty, Like, how can they
Speaker 2: How can they be good dads right or good moms?
Speaker 2: How can they have a loving relationship with their spouse
Speaker 2: when they're in poverty working forty hours. Anything that gets
Speaker 2: in the way of deep and meaningful relationships has to
Speaker 2: be done away with or reconfigured. This is the whole
Speaker 2: shooting match. None of this matters growth AI GDP growth.
Speaker 2: None of it means a fucking thing If you can't
Speaker 2: have deep and meaningful relationships. Anything that gets in the
Speaker 2: way of that. The parent child relationship, stresses marriages, results
Speaker 2: in teens engaging in self harm. We need new laws,
Speaker 2: new laws. Nothing can get in the way of that.
Speaker 1: Scott Galloway Everyone in. The book is called The Algebra
Speaker 1: of Wealth, a Simple Formula for financial security. The podcast
Speaker 1: is called The prof g Podcast. Subscribe if you haven't already. Scott,
Speaker 1: thank you for your work, honestly, thank you for thank
Speaker 1: you taking the time to be here today. I hope
Speaker 1: this is the first of many conversations. I really hope
Speaker 1: I get to know you better and I appreciate it.
Speaker 1: I can add you to my kitchen cabinet. I would
Speaker 1: be true honor, and honestly I love the work you're doing.
Speaker 1: I'm a big fan and if I can ever be
Speaker 1: helpful and supportive in any way, then then I'm right here.
Speaker 1: So please know that.
Speaker 2: I appreciate that. And congrats on all your success.
Speaker 1: Thank you so much, Thank you, Scott, Thank you so
Speaker 1: much for listening to this conversation. If you enjoyed it,
Speaker 1: you'll love my chat with Adam Grant on why discomfort
Speaker 1: is the key to growth and the strategies for unlocking
Speaker 1: your hidden potential. If you know you want to be
Speaker 1: more and achieve more this year, go check it out
Speaker 1: right now.
Speaker 3: You set a goal today, you achieve it in six months,
Speaker 3: and then by the time it happens, it's almost a relief.
Speaker 3: There's no sense of meaning and purpose. You sort of
Speaker 3: expected it, and you would have been disappointed if it
Speaker 3: didn't happen.