What Are You Willing to Sacrifice to be Wealthy? with Scott Galloway

Moneywise

Hampton

Business, Entrepreneurship, Investing

4.8 • 674 Ratings

🗓️ 2 July 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Young people these days talk about wanting balance in their lives. Well according to Scott Galloway, that means you don’t want to be rich. Building wealth is no easy feat. It requires determination, hard work and sacrifice. But luck plays a huge role too. Scott shares stories with us that he’s rarely talked about publicly. He dives into the strategies that helped him build his fortune. He’s also got loads of lessons learned from his biggest failures. He went from being worth around 30 million to a negative net worth during the dot com crash. He clawed his way back over the next few years to over 10 million or so, only to lose it all again. He tells us what those failures and successes were like for his mental health, and what it taught him about keeping his ego in check. Scott thinks it’s important to talk about money even when it makes you feel like a douchebag. Not talking about money keeps the poor down. He shares his key tips and advice for diversification and why it’s so important in building wealth. This is Moneywise, a podcast where host Sam Parr is joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits. Who is Sam Parr? Sam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022. This podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups. Chapters: Scott’s Background (03:36) Early Success and Sacrifice (06:24) The Power of Luck, Diversification and Failure (10:29) Strategy and Entrepreneurship (19:42) The Hoarding Money Virus of America (26:46) Why Talking About Money is Important (32:25) Final Thoughts and Advice (40:57) This podcast was produced in partnership with Lower Street and distributed by Morning Brew.

Transcript

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0:00.0	I can tell you going from whatever it was, 15 or 20 million to zero or negative three,
0:10.1	was a lot more painful than the joy of going 10 to 100, which I've also done.
0:15.0	My friend Scott Galloway is an endless well of advice.
0:18.1	And the reason being is he's started many companies.
0:20.5	He've sold a few for hundreds of millions of dollars. He's started many companies. He's sold a few for
0:21.6	hundreds of millions of dollars. He's made fortunes. He's lost fortunes. He's been divorced. He's been
0:25.9	happily married. He's got all types of crazy life stories. And because of this, the advice that
0:30.7	he gives me whenever I ask him for advice, he's never repeating things that he's heard for others
0:35.5	or speculating. He gives advice because he's lived
0:38.7	through it all. In this episode of MoneyWise, he's going to share all the wisdom that he's picked up.
0:43.6	Scott Galloway is a popular guy. He has his own podcast and he's a guest on a lot of other podcasts.
0:48.4	And on this episode of MoneyWise, my goal was to ask him questions and to dig deep on things
0:53.5	that he has rarely talked about publicly.
0:56.3	Frankly, I think a lot of the questions that we talked about maybe made him a little bit
1:00.4	uncomfortable at times.
1:01.9	You know, I hear my words coming out of my mouth.
1:03.8	I'm like, I feel like such a fucking doucheback.
1:06.6	I like, I want to take a shower after talking about my wealth.
1:10.5	But don't worry, Scott is completely on board with the purpose of this podcast.
1:14.8	Not talking about money, it's kind of a zeitgeist or a cultural norm that the rich
1:19.1	use to keep the poor down.
1:20.8	Along with the classic, here's what you should do type of tips.
	...

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