ALGEBRA OF WEALTH: Scott Galloway’s Formula for Financial Success

The Next Big Idea

Next Big Idea Club

Self-improvement, Arts, Books, Society & Culture, Education

4.5 • 1.3K Ratings

🗓️ 2 May 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Scott Galloway is a podcaster, bestselling author, and professor of marketing at NYU. He's irreverent, cocky, brutally honest, and surprisingly humble. He's also wildly successful — and he doesn't care who knows it. In fact, he thinks more rich people should talk about their success. That's why he wrote his new book, "The Algebra of Wealth." "It's almost like a letter to myself when I was younger," he tells Rufus in today's episode, which was recorded live in New York City, "the mistakes I made, some of the things I did right, some of the things I did wrong." Tune in to learn how to build your savings muscle, why you should avoid stock picking, Scott's favorite ETF, whether it's better to be an entrepreneur or a company man, and more.

Transcript

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0:00.0	LinkedIn presents.
0:05.0	I'm Rufus Griskam and this is the next big idea.
0:10.0	Today, financial advice from the one and only Scott Galloway. I have always been drawn to subjects that people lie about.
0:37.0	Subjects that make people shift in their seats, look at the corners of the ceiling,
0:42.0	maybe even blush.
0:43.0	I've always been a bit of a conversational mad scientist
0:46.0	drawn to forbidden zones.
0:50.0	Why?
0:52.0	I'm not entirely sure. Curiosity, a pinch of boyish rebellion, and perhaps that I think that we
0:58.6	humans are most interesting when we're vulnerable, when we're trying to figure things out.
1:04.0	So what do we lie about?
1:06.0	We lie about sex.
1:08.0	We lie about parenting, the topics I focused on in the first 20 years of my career.
1:12.0	And we also lie about money.
1:16.6	Talking about money is tacky.
1:19.7	If we have a lot of it, talking about it is unattractively self-congratulatory. Not enough? Unattractively
1:28.0	desperate. It's only when we are around friends at a similar financial situation that we sometimes open up and share our
1:35.0	anxieties and aspirations. The result? A lot of useful advice young people need to
1:41.7	hear is kept close to the best and we repeat
1:44.7	cliches that may do more harm than good. Follow your passion. If somebody tells you
1:50.5	to follow your passion it means they're already rich and the guy telling you to follow your passion, it means they're already rich.
1:53.9	And the guy telling you to follow your passion made his billions in iron ore smelting.
	...

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