Scott Galloway Urges Shift From Earned Income to Asset Ownership

Scott Galloway呼吁从劳动收入转向资产持有 积累持久财富需要借助企业平台与低成本指数基金，实现从高税率劳动力向资本所有者的转变。 Scott Galloway与主持人Steven Bartlett深入探讨了现代经济中塑造财富、职业成功与心理健康的系统性与个人动态因素。Galloway概述了实现财务独立的具体策略，包括陌生拓展准则、低成本指数基金投资、如QSBS等税收减免技巧，以及从高额W-2收入向资产所有权的转型。此外，他还探讨了更广泛的社会危机，如Z世代面临的心理健康挑战与社交孤立，并详述了故事讲述能力与人际关系建立所带来的杠杆效应。 集中投资极具毁灭性风险，Scott Galloway 分享其在2008年因未做资产分散导致净资产从1200万美元暴跌至负200万美元的惨痛教训；他建议严格恪守单笔投资不超过净资产3%的纪律，通过被动指数基金构筑资产护城河。 (14:54) 真正的职业热情往往源于对技能的极致精通，而非盲目追逐‘梦想工作’。83%的演员工会成员年收入未达到2.3万美元的医保门槛，年轻人应优先在就业率超90%的行业中打磨至顶尖1%，进而赢得财务安全与自主权。 (23:27) 真正的富有是被动收入持续大于个人消耗，而非物质排场。未来30年全球三分之二的经济增长将集中在20个‘超级城市’，主动迁徙至高景气、高密度竞争的核心枢纽，能显著拉升个人的财富基准线。 (33:29) 拓展人脉时切忌直接要求对方‘做我的导师’，这种过高的承诺门槛容易遭到拒绝；正确的做法是发送简短的冷邮件，点明共同纽带，并提出如10至15分钟电话咨询等低摩擦的具体诉求。 (47:03) 社交媒体上不切实际的‘虚假成功’正在催生历史上最焦虑的一代，目前30岁以下男性仅有三分之一拥有伴侣；年轻人必须放下屏幕、走出房门，在真实的物理空间与直面拒绝的社交尝试中建立坚实的人际资本。 (53:03)

Scott Galloway argues that lasting economic security stems not from grinding in high-salary jobs or following creative passions, but from transitioning into an asset owner through disciplined diversification, geographic leverage, and relational compounding. Shifting from High Earning to Asset Ownership (98:47) Galloway asserts that high active income is an inefficient path to wealth because W-2 earners face top marginal tax rates exceeding 50%, while capital gains and tax-advantaged business structures provide significant wealth retention. Highlighting strategies like Qualified Small Business Stock (QSBS Section 1202) and borrowing against appreciated portfolios ('buy, borrow, die'), he emphasizes that the ultimate goal is generating passive income that covers living expenses. For everyday wealth creation, Galloway advises avoiding day trading, where he notes 80% to 95% of retail participants lose money. Instead, he advocates automating savings through low-cost index funds like the S&P 500 and leveraging real estate with its structural 4-to-1 borrowing power and capital gains exclusions, converting earned income directly into compounding assets. Mitigating Catastrophic Risk Through Diversification (14:54) Reflecting on losing his wealth twice—including an overnight net worth drop from $10–12 million to negative $2 million following the 2008 collapse of his company, Red Envelope—Galloway warns against cultural narratives that urge founders and workers to go 'all in.' While asset concentration occasionally creates wealth, he argues that diversification across uncorrelated investments is the sole mechanism for preserving it. Risk profiles must also match life stages. Younger professionals in their 20s have the time flexibility to absorb fast failure, move locations, and pursue high-upside ventures. Conversely, individuals in their 40s face significant family responsibilities and must cap exposure, with Galloway maintaining a personal rule to never commit more than 3% of his net worth to any single high-risk venture. Prioritizing Market Mastery Over Chasing Passion (23:27) Galloway challenges the advice to 'follow your passion,' cautioning that creative industries often mask extreme economic instability, citing SAG-AFTRA data where 83% of members fail to earn the $23,000 required for health insurance. Instead, he argues that passion naturally follows economic mastery, illustrated by a specialized stone installer who earns £1.3 million annually by dominating an unglamorous niche. To maximize earnings, workers must align with structural tailwinds: obtaining accredited education and relocating to one of the 20 global 'super cities' projected to capture two-thirds of worldwide economic growth. Furthermore, he contends that on a risk-adjusted basis, the established corporation is the most reliable wealth-generation engine, while entrepreneurship should be reserved for those forced into it or possessing an unusually high appetite for failure. Compounding Alliances and Countering Modern Isolation (63:39) Galloway views professional success as a whole-person endeavor fueled by accumulating allies rather than behaving ruthlessly, pointing to Google hiring patterns where 80% of accepted candidates had an internal advocate. Similarly, he frames a committed marriage as an economic multiplier that pools overhead and enhances focus, while noting that divorce typically erodes 50% to 70% of personal net worth. Contrasting relational investment with modern societal trends, Galloway references Jonathan Haidt's work on the 'anxious generation,' noting that widespread social isolation and algorithmically inflated depictions of luxury have generated pervasive inadequacy among young adults. To reverse this, he urges young people to build low-friction advisory networks and develop storytelling skills, which he defines as the essential competence for business leadership and influence. Galloway’s framework emphasizes capital preservation and structural optimization within Western market systems, but its prescriptions depend heavily on having investable surplus, geographic mobility, and access to corporate credentialing networks that may not be universally available to lower-wage workers.

Scott Galloway 认为，真正的经济安全并非来自盲目拼搏或单次暴富，而是建立在专注、克制、时间复利与资产分散的底层逻辑之上。他指出，现代年轻人必须认清经济现实，从追求虚幻激情的“劳动者”转变为持有资产与善用税制的“所有者”，并借助人际盟友与家庭协作抵御系统性风险。 财富代数：集中创造与分散保全 (14:54) Galloway 提出“财富代数”的核心支柱在于专注、坚毅克制、时间复利与资产分散。他回顾自身经历指出，他曾两度建立数千万美元财富又彻底归零——特别是在 2008 年金融危机与旗下公司 Red Envelope 破产期间，因将净资产全数押注于单只股票并加杠杆，其身家在三周内从 1000 万至 1200 万美元骤降至负 200 万美元。这一惨痛教训表明，过度集中是毁灭个人财务的隐患；全情投入或许能偶尔催生暴富，但唯有分散投资才能保全资产。他如今严格恪守单笔投资风险绝不超过净资产 3% 的底线，将分散配置视作抵御市场波动的心理防线。 对于大众，Galloway 极力反对日内交易，指出 80% 至 95% 的短线投机者均以亏损告终，华尔街各类另类投资在扣除高额管理费后也普遍跑输标普 500 指数。他建议年轻投资者将资金持续投入低费率指数基金（ETF），并利用房贷或定投等强制储蓄机制抵御消费冲动。他测算指出，21 岁时投资的 500 美元到退休时可复合增至 1 万美元；若要安全退休，通常需要储备相当于年支出 15 至 25 倍的本金（例如 12 万美元年开销对应约 240 万美元储备）。在 20 岁阶段，年轻人的优势在于时间与地理灵活性，可低成本试错；40 岁后则应转向清晰的开支规划与资产保全。 职业破局：技能精通与战略叙事能力 (23:27) 在职业路径上，Galloway 批驳了盲目鼓吹“追随激情”的流行口号，主张“激情往往源于精通”。他援引美国演艺工会（SAG-AFTRA）数据说明，即便在该工会 18 万名专业演员中，也有 83% 的人年收入未能达到获得医保所需的 2.3 万美元门槛；而一名在伦敦安装肥皂石台面的伊拉克移民凭借顶尖专业技术，年收入高达 130 万英镑。他直言，多数人误将业余爱好当作职业激情，唯有在具备高就业率与利润的行业将技能打磨至前 1%，其带来的体面生活与经济回报才会真正激发对工作的热情。 同时，Galloway 告诫年轻人不要轻易盲目创业。他认为按风险调整后的回报率衡量，成熟的大型企业才是普通人积累经济安全最可靠的平台。若要在商业与个人发展中建立高杠杆，他认为本世纪最核心的复合能力是叙事能力（Storytelling），而非技术编码。无论是贝索斯 1997 年经典的亚马逊致股东信，还是黄仁勋在百倍市盈率下维系市场信心的愿景演说，都证明了向公众传达共情与价值的叙事力量远胜单纯的数据。在数字化内容时代，聚焦垂直细分领域并保持高频迭代，是个人跨越阶层的重要武器。 税收逻辑：从超级劳动者到超级所有者 (94:59) Galloway 指出，真正拉开阶层差距的制度根源在于税收规则对“劳动收入”（Earners）与“资产所有权”（Owners）的差别对待。在高税收地区，双高薪专业人士面临高达 45% 至 52% 的边际所得税率，沦为高负荷运转的“劳动力苦力”；但如果将业务转化为资产整体出售，其资本利得税率将大幅降低。美国前 25 位超级富豪的实际有效联邦税率仅为 6% 至 8%，核心在于美国税法已扩充至 4000 多页，其中充满了为资本所有者量身定制的合法避税路径。 富豪阶层的核心玩法被 Galloway 概括为“买入、借贷、身故”（Buy, Borrow, Die）：长期持有升值资产而不变现，转而以资产质押借取低息免税贷款维持日常开支；待身故后资产转入信托，继承人享有计税成本基础重置待遇，从而在全周期内规避资本利得税。此外，他还提及合格小型企业股票（QSBS 1202 条款）等红利，允许符合条件的公司在持有 5 年以上出售时享有前 1000 万美元利得免税。在房地产方面，尽管扣除维护成本后房产收益率并未超越股市，但其提供的 4:1 财务杠杆、房贷利息抵税及自住房免税额度，使其成为普通人转化为“所有者”的强力杠杆。 关系资产：盟友复利与青年孤立危机 (60:13) Galloway 驳斥了富豪纯靠冷酷无情发家的刻板印象，坚称财富积累是一项依赖盟友的“全人格工程”。他引用谷歌的招聘数据指出，在竞争激烈的岗位竞争中，最终获聘者中有 80% 拥有企业内部的支持者。早年在人际交往中付出的小额情感关怀，会在数十年后复合转化为巨大的社会资本。与此对应，建立人脉时不应唐突地要求对方“做我的导师”，而应通过简短具体的冷邮件逐步建立信任，并在重大决策时借助外部智囊团进行“慢思考”——他曾因未咨询顾问而拒绝了对自身咨询公司高达 5500 万美元的收购要约，随后在互联网泡沫破裂中蒙受重创。 在个人生活层面，Galloway 坚决肯定稳定婚姻的财务倍增价值。除了避免离婚带来的 50% 至 70% 净资产毁灭性缩水，家庭更是一个分担开销、整合现金流与协同分工的经济团队。针对当下年轻一代，他结合纽约大学学者 Jonathan Haidt 的研究警告：社交媒体算法每日数百次推送虚幻的富足生活，催生了历史上最焦虑与抑郁的一代；30 岁以下男性中有三分之二缺乏恋爱伴侣。年轻人必须戒除屏幕依赖，勇于在现实中承受被拒绝的不适感，通过结盟、组建家庭与现实社交重建心理韧性，以对抗现代消费主义制造的心理匮乏。 Galloway 的核心主张在于，在资本极具优势但对无资产者极为残酷的社会中，实现经济自由的根本目的是消除恐惧并庇护所爱之人。然而，其论述高度依附于美国成熟资本市场与特定税法结构；对于面临生活成本高企、平均房价涨至 42 万美元且按揭月供翻倍的当代年轻人而言，在缺乏初始资本的前提下如何完成向“资产所有者”的阶层跨越，依然是其框架中充满现实阻力的未竟课题。

## Background 该视频由知名访谈播客频道《The Diary Of A CEO》（主持人史蒂芬·巴特利特，Steven Bartlett）于 2024 年 7 月 11 日发布在 YouTube 平台。节目特邀纽约大学斯特恩商学院市场营销学教授兼畅销书作家斯科特·加洛韦（Scott Galloway），围绕其新书《财富代数》（The Algebra of Wealth）展开深度对话，剖析现代年轻人的精神困境、资本积累的底层规律以及建立长期经济安全感的实操法则。 ## TL;DR 加洛韦在访谈中打破了“盲目追随激情”和“勤奋即可致富”的传统神话，指出真正的财富源于在就业率高的领域追求技能精通、保持极度自律的生活开销，并及早借助指数基金享受复利。他结合自身两度破产的人生教训，力主通过严格分散投资（单项标的不超过净资产 3%）构筑防弹衣，并强调从“薪资劳动者”向“资产所有者”跨越以享受税收制度红利。同时，加洛韦深入探讨了现代年轻一代面临的社交孤立与焦虑危机，提出通过迁徙至超级城市、建立内阁智囊团、敢于承受被拒绝的钝感力以及长线投资亲密关系，来构建全维度的财富与幸福人生。 ## Atmosphere & style 整场对话充满张力且极富感染力，既有商学院教授一针见血的辛辣洞察与黑色幽默，又不乏中年父亲面对年轻一代困境时的深切悲悯与真情流露。加洛韦在自我剖析时毫无保留，从大儿子出生当天的破产绝望，到为了融入家庭而主动爱上足球，其坦率自嘲迅速拉近了与观众的距离。现场借助“一桶沙子”等道具具象化拆解复利，使抽象的财务理论变得触手可及；在巴特利特敏锐克制的追问下，两人的互动兼具思想交锋的机智幽默与直面人生虚无时的向死而生，让听众在冰冷残酷的资本主义真相中感受到坚实笃定的行动力量。 ## Bulletin - [00:00](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=0s) 斯科特·加洛韦指出，积累长期经济安全感的核心不在于投机或追逐热点，而在于踏实发挥自身优势、建立‘被动收入大于日常开支’的资产系统，并完成从‘薪资劳动者’向‘资产所有者’的跨越。 - [32:41](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1961s) 未来30年全球三分之二的经济增长将高度集中在20座超级城市中，年轻人的核心优势是地理流动性，身处旧金山或伦敦等高势能都市的普通表现往往能跑赢平庸经济体中的顶尖成就。 - [16:01](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=961s) 投资的核心原则在于极致分散与低费率指数基金（如标普500），应将单一高风险标的严格限制在个人净资产的3%以内，规避个股集中押注与日内交易带来的归零风险。 - [01:20:41](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4841s) 抵御消费诱惑的关键在于建立‘强制储蓄’与自动化投资机制，包括充分利用公司配比养老金与免税储蓄账户，在现金触手可及之前锁定复利飞轮。 ## Key takeaways - [03:15](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=195s) 破除谈钱的羞耻感：信息不对称永远只对掌握信息的一方有利，职场中禁止讨论薪资只会加剧不平等，公开透明讨论财务是精通金钱运作的第一步。 - [09:04](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=544s) 承受被拒绝的钝感力是核心竞争力：无论搭讪、融资还是求职，敢于走出屏幕并在现实中承担尴尬与挫折的人，能享有最高的市场与人际溢价。 - [16:01](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=961s) 3%分散投资法则是资产配置的防弹衣：加洛韦曾因孤注一掷与高杠杆在2008年陷入身负巨债的绝境，如今将单一投资上限死锁在净资产的3%以内以确保永不穿仓。 - [23:27](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1407s) 破除‘追随激情’的神话：文娱等极高风险行业失业率极高，真正的热爱往往来源于对某项技能精通（Mastery）后所带来的生活掌控感与经济尊严。 - [30:54](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1854s) ‘富有’与‘财富’的本质区别：富有是挥霍物质博取艳羡，而真正的财富是被动收入大于日常消耗（Burn Rate），从而获得对时间的绝对掌控权。 - [39:15](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2355s) 警惕副业陷阱并专注主战场：副业通常意味着主业的失败，应将全部精力聚焦于就业率超90%且自己有潜力进入前10%的主业领域以实现价值最大化。 - [45:29](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2729s) 建立人生的‘厨房内阁’（Kitchen Cabinet）：切忌突兀询问他人能否做自己的导师，而应通过简炼沟通、具体请教与定期复盘逐步建立起深层的情感投资纽带。 - [56:58](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3418s) 重大决策分流与慢思考：日常生活中的琐碎选择应尽量外包或惯例化以降低认知损耗，重大人生决策必须至少征询3位信任人士的意见以打破自负盲点。 - [01:00:42](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3642s) 婚姻是长期的财富协作利器：富裕阶层普遍维系长期稳定的单配偶婚姻，二人团队在资产配置与开销分摊上具备显著复利优势，而仓促离婚可能折损个人大半净资产。 - [01:06:17](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3977s) 大企业平台优于盲目创业：绝大多数人不具备承担毁灭性风险与顶级推销能力的创业者特质，从风险调整后收益来看，成熟大企业是普通人跨越阶层最可靠的跳板。 - [01:08:11](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4091s) 叙事与讲故事（Storytelling）是贯穿终身的核心技能：无论是创业融资、产品营销还是亲密关系建立，懂得在特定媒介上刻意打磨叙事能力是实现越级破圈的超级杠杆。 - [01:30:42](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=5442s) 房产投资的双刃剑：房产具备普通人难得接触的4倍制度化杠杆与自住房资本利得免税红利，但月供开支决不能超过收入的40%，且需做好持有7年以上的准备以避免沦为‘房奴’。 - [01:41:37](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=6097s) 合法避税是富人的隐形护城河：高薪打工群体承担着最沉重的边际个人所得税，而超级富豪则通过‘买入、资产抵押借贷、传承离世’等工具规避变现税，实现资本复利。 ## Detailed walkthrough ### [00:00](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=0s) 财富的无聊真相与复利的力量 真正能让人变富有的，往往是那些最枯燥、最无聊的事情。斯科特·加洛韦（Scott Galloway）再次做客节目，直言不讳地指出，积累长期经济安全感的核心不在于投机或追逐热点，而在于踏踏实实地发挥自身优势。在二十多岁时，年轻人最大的资本是时间和灵活性：应当勇于承担风险，寻找自己擅长且就业率超过90%的领域，而不是盲目追随所谓的热情；更重要的是学会成为“资产所有者”（owner）而非单纯的“劳动挣钱者”（earner），打造一支即便在深夜也能为你冲锋陷阵的“资本军队”。 对于不再年轻的人群，加洛韦建议将精力集中在完全可控的事情上——尤其是控制支出。现实中有98%的人一拿到钱就会挥霍一空，克制消费并将握在手里的钱拿去投资需要极大的自律。很多人无法直观理解复利的恐怖威力：节目现场展示了一桶沙子，若从25岁开始每月坚持投资1000英镑，到65岁时，这笔资金在时间的沉淀下将膨胀为一座惊人的沙山。加洛韦痛斥那些以“我现在只有500英镑，等攒到100万再投资”或者“我都40多岁了已经太晚了”为借口彻底放弃财务规划的人：“你获得100万英镑的唯一途径，就是先把手里的这500英镑投出去。” 主持人史蒂芬·巴特利特（Steven Bartlett）随后插播了一则频道动态：经常收听节目的听众中，未订阅用户的比例已从69%下降至63%，频道的目标是降至50%，呼吁认可节目价值的观众随手点击订阅，以便邀请到更多重磅嘉宾。 ```mermaid flowchart TD accTitle: 财富积累的核心逻辑 accDescr: 展示从年轻阶段的资本构建到复利最终形成长期财务安全的流动路径 subgraph YoungAdvantage["20岁阶段：利用天然优势"] A["时间与灵活性"] --> B["承担风险与定位高就业率专长"] B --> C["从薪资收入者转向资产所有者"] end subgraph DisciplinePhase["执行与控制阶段"] C --> D["严格克制消费支出<br/>(避开98%的挥霍陷阱)"] D --> E["从小额资本起步持续定投"] end subgraph LongTermResult["时间发酵阶段"] E --> F["复利效应长期滚雪球"] F --> G["建立经济安全感与被动现金流"] end ``` --- ### [02:00](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=120s) 为25岁的自己写信：五人平均法则与贫富分水岭 在谈及撰写新书《财富代数》（The Algebra of Wealth）的初衷时，加洛韦表示这相当于写给自己25岁时的一份备忘录。他坦陈自己人生中曾三次成为富人，但前两次都把财富挥霍殆尽。加洛韦在并不富裕的环境中长大，对金钱的重要性有着切身体会。在他看来，西方社会——尤其是美国——正在变得越来越极端：“如果你有钱，这里是一个慷慨、充满爱意的地方；但如果你没钱，它就是一个贪婪而暴力的修罗场。”因此，经济安全感是一切尊严的基石。 社会学中有一个广为人知的规律：一个人会成为身边最亲密的五个朋友的平均值，拥有相近的身体质量指数（BMI）、政治立场、支持的主队甚至是居住社区。但人们往往忽视了一个残酷的现实：即便这五个人在职场生涯中的薪水待遇大致相同，随着时间推移，其中必定会有一人的财富状况远远甩开其余四人。加洛韦写这本书的核心目的，正是为了拆解那名在收入并不显著高于同龄人的情况下、到了中年却能率先实现财务自由的人，究竟做对了哪些行为与习惯。 - 加洛韦人生中曾“三度致富、两度返贫”，书中的建议均来自惨痛教训与经验沉淀。 - 经济安全感不仅关乎数字，更决定了个人在社会体系中所面对的是善意还是残酷剥削。 - 同等收入水平的同侪群体中，最终财富的分化取决于微小的长期财务决策与性格特质。 --- ### [03:15](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=195s) 破除谈钱的羞耻感：信息不对称与财务透明 加洛韦指出，富人阶层从来不会回避谈论金钱，相反，金钱在劳工阶层、中产阶级以及女性群体中却长期被视为禁忌话题。社会文化中弥漫着一种陈旧观念，认为公开讨论金钱就如同谈论色情内容一样粗俗低劣。这种“谈钱可耻”的社会风气实际上直接导致了严重的信息不对称，而“信息不对称永远只对掌握信息的一方有利”。在职场中，老板掌握所有员工的薪资明细，却明令禁止私下讨论收入，其唯一目的就是防止员工发现同工不同酬——例如丽莎可能会发现做着完全相同工作的鲍勃薪水比她高出30%。 加洛韦打了个生动的比方：“罗杰·费德勒（Roger Federer）整天都在谈论网球；如果你想精通某件事，你就必须谈论它。”绝大多数人都渴望获得财富，但如果闭口不谈，就根本无法掌握其运作逻辑。男性群体在这一问题上面临着额外的文化枷锁：传统男性叙事要求男人表现得仿佛天生就该腰缠万贯，任何坦白自己面临财务困境的举动，都会被看作是不够成功、不够有男子气概的失败象征。加洛韦主张必须及早打破这种虚伪的自尊心，主动与身边的朋友探讨房贷利率、实际收入、资产配置乃至亏损教训，建立健康、透明的财务对话机制。 --- ### [04:49](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=289s) 运气的馈赠：时代红利、匮乏的幽灵与华尔街启蒙 主持人巴特利特分享了自身经历中“运气”的成分：自己大学辍学创业，而哥哥恰好在伦敦做了11年的投资银行家；在巴特利特完成公司首次套现退出后，哥哥辞去投行工作全职帮他打理资产，成为他人生中最大的助力。加洛韦对此深表共鸣，并坦白自己一生中做过最聪明的决定，其实是“在1960年代作为一名白人异性恋男性出生在加州”。这一出生背景带来了近乎不公的巨大特权：当年他申请加州大学洛杉矶分校（UCLA）时的录取率高达76%（如今仅为9%），几乎享受了免费的高等教育；在90年代互联网爆发期步入职场时，所有掌控资本的风投大佬都与他有着相同的性别、肤色和文化背景。 然而，加洛韦的精神驱动力却源于底层的匮乏与自卑。他由一位从事秘书工作的单亲移民母亲抚养长大，家境贫寒。加洛韦形容那种贫困就像一个游荡在他和母亲身后的幽灵，不断在耳边低语：“你不配，你妈妈把生活搞砸了，这意味着你也是个没有价值的人。”这种深入骨髓的不安全感，让他在0到45岁之间的唯一目标就是赚钱获得安全感，而非追求拯救鲸鱼或扮演好人。 这段少年经历中最重要的金钱启蒙，来自母亲交往了7年的男友特里（Terry）。特里是一个有妇之夫，加洛韦和母亲实际上是他的“秘密地下家庭”，但特里对年幼的加洛韦格外慷慨友善。在加洛韦13岁那年询问“什么是股票”时，特里直接掏出两张崭新的百元美钞扔给他，立下规矩：必须在下周一之前步行去西木区（Westwood Village）的高档股票经纪行买下一只股票，否则就把钱收回。 加洛韦揣着200美元走进美林证券（Merrill Lynch），在大厅里遭到冷遇，惶恐不安地退了出来；随后他穿过马路走进迪恩·威特·雷诺兹经纪行（Dean Witter Reynolds）。 ### [09:04](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=544s) 走出舒适圈的主动冒险：在无神论视角下克服拒绝与羞耻 斯科特·加洛韦（Scott Galloway）分享了一段改变他人生的真实经历：当年他在罗利酒店（Raleigh Hotel）的泳池边，注意到一位极具吸引力的陌生女士。在光天化日之下且没有酒精壮胆的情况下，走向一位身边还有其他男女同伴的陌生人搭讪绝非易事。他本来已经走到车旁准备离开，但内心暗暗下定决心绝不能退缩，于是折返回去主动打招呼：“嗨，我是斯科特，你们是从哪儿来的？”这次略显局促的主动搭话促成了一段姻缘，18个月后他们的第一个儿子出生，中间名正是“罗利”（Raleigh）。斯科特借此指出，人生中如果没有承担极端不适、甚至可能在公众面前遭遇失败的风险，任何奇迹都绝不可能降临。 对斯科特而言，打破恐惧的终极思想武器其实是“无神论”带给他的有限生命观。他清晰地意识到生命的短暂与不可逆，三十或四十年之后，所有你曾担心其评价和眼光的人都会归于尘土，包括自己。一想到终有一天他会凝视孩子的眼睛并意识到这段陪伴即将走向终点，他就变得更加敢于坦露情感，也更有勇气去承担那些让人心惊肉跳的风险。不论是给潜在投资人打电话筹款、在酒吧向心仪的女士做自我介绍，还是试图挖来一位看似遥不可及的优秀员工，他都不再害怕被拒绝或被公开羞辱。 斯科特感叹，绝大多数人因为害怕尴尬而拒绝冒险：向人表达好感被拒很尴尬，创业失败或融资被拒同样令人难堪。然而，企业家之所以能够斩获超额回报，核心就在于他们愿意忍受常人无法承受的拒绝。他在公司治理中观察到，任何组织里薪酬最高且最让人“眼红”的群体往往是销售人员，但这并不是因为他们比工程师更聪明或更努力，而是因为他们愿意每天硬着头皮“咽下屈辱”，即使对方怒斥“别再给我打电话”，销售依然能厚着脸皮回复“好的，那意思是两周后我可以再跟进对吧？”这种对拒绝的钝感力，正是99%的人所缺乏的。 - **罗利酒店的邂逅**：克服日间清醒搭讪的恐惧，促成美满婚姻，长子的中间名即取自该酒店。 - **无神论带来的心理释怀**：深刻认识到生命的有限性——数十年后评判你的人都会死去，因此没必要活在对羞耻的恐惧中。 - **销售人员的超额溢价**：由于大众普遍极度规避被拒风险，愿意直面被拒并承担心理压力的人能够获得最高的市场溢价。 --- ### [11:58](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=718s) 坚韧的被拒耐受力与年轻一代的行动力危机 谈及面对失败的心态，斯科特自嘲了高中时期的竞选经历：他曾先后竞选高一、高二和高三的班长，结果连输三次；随后凭借这“辉煌的败绩”，他又毅然决定竞选全校学生会主席，结果毫无悬念地再次惨败。然而，接二连三的落败从未动摇过他的自信。他认为，人生的成败在很大程度上取决于你承受拒绝的能力，而当前的年轻一代（尤其是年轻男性）却在很大程度上丧失了这种“能动性”（Agency）。 现在的社会环境常告诫年轻人不要过于激进，在两性交往中更是如履薄冰。斯科特直言，如果一个人分不清“礼貌表达好感邀请喝咖啡”与“性骚扰”的区别，那说明他有更根本的认知问题；但现实是许多年轻男性感到体制被操控、个人无能为力，因而彻底放弃了尝试。更为致命的是，许多人将大把时间消耗在室内的屏幕前。斯科特断言：“我几乎可以百分之百保证，任何真正美好的事情，都绝不可能发生在你家里的屏幕上。” 主持人史蒂文·巴特利特（Steven Bartlett）对此深有共鸣。他回忆自己18岁刚从大学退学时的境遇：只上了一节课就退学，身背四张刷爆的信用卡、欠下约1,000英镑，父母也断绝了联系。在曼彻斯特租住着负担不起的房间，一无所有、孤立无援。然而，正因为当时处于绝对的人生谷底，“每一颗掷出的骰子都代表潜在的转机”，他没有房贷、没有家庭牵绊，因而可以不知疲倦地持续下注。 ```mermaid flowchart LR accTitle: 现代人行动力匮乏与突破路径 accDescr: 阐述从困守室内屏幕转向现实世界承担风险并承受拒绝的路径转化机制 subgraph Trap["困境：逃避与钝化"] A["沉溺室内屏幕"] --> B["丧失行动能动性"] B --> C["过度恐惧拒绝与羞辱"] end subgraph Action["突破：主动置身险地"] D["走向现实外部世界"] --> E["主动发起联结与下注"] E --> F["忍受高频拒绝与挫败"] end subgraph Outcome["跃升：非对称回报"] F --> G["建立强大心理韧性"] G --> H["捕捉超额成功与良机"] end C -.->|"观念转变：向死而生"| D ``` - **四连败的竞选经历**：连续三次竞选班长失败后依然竞选全校学生会主席，体现了极高的抗挫力。 - **走出屏幕的铁律**：人生中的关键奇遇、事业转折与浪漫关系几乎全部发生在现实物理世界中。 - **年轻时的绝对下行保护**：身处谷底且毫无家庭负担时，试错成本接近于零，持续“掷骰子”是胜率最高的策略。 --- ### [13:55](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=835s) 孤注一掷的惨痛教训：初为人父时的破产至暗时刻 针对史蒂文提出的疑问——对于一位47岁、背负房贷和养育三个孩子的中年人而言，是否还能像18岁时那样毫无顾忌地押注？斯科特坦言，一旦有了孩子，人生的风险承受能力会发生根本性转变。他向听众剖白了自己除失去母亲之外的人生最黑暗时刻，而那一刻本该是他最幸福的瞬间：大儿子的降生。 许多人认为迎来新生儿时伴随的应该是天使歌唱与神圣光环，但斯科特当时感受到的却是深入骨髓的羞耻、恐惧与挫败感。彼时，他创立的电商公司 Red Envelope 早在2002年就已成功上市，风险投资行业灌输给他的信条是“如果你才华横溢，就必须全力以赴、孤注一掷”。斯科特自信满满地把自己赚到的每一分闲钱都持续投回这家公司，甚至愚蠢地质押股票借入杠杆来购买更多股票。 然而，现实给了他毁灭性的打击。码头工人罢工、软件系统故障叠加2008年全球信贷危机，Red Envelope 的股价在短短三周内从每股7美元暴跌至申请破产保护（Chapter 11）。斯科特的身价瞬间从千万美元缩水为负200万美元。正是在身负巨债的绝境中，他的第一个儿子降生了。看着襁褓中的婴儿，斯科特脑海中涌现出的第一个念头竟然是：“我辜负了作为男人最核心的责任——抚养和保护我的骨肉。” - **投资神话的破灭**：笃信“孤注一掷”能够创造奇迹，结果遭遇外生冲击导致全盘皆输。 - **致命的财务杠杆**：通过抵押自有股票借贷加仓，导致资产在三周内从正资产（1,000万至1,200万美元）骤降为净负债（-200万美元）。 - **初为人父的心理重创**：在孩子降生当天背负负资产，面临精神与财务的双重破产。 --- ### [16:01](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=961s) 资产配置的终极铠甲：分散投资与慢慢变富 斯科特从这场倾家荡产的惨败中总结出了他在新书《财富的代数》（*The Algebra of Wealth*）中强调的核心法则：**彻底的分散投资（Diversification）**。市场大势永远会无情碾压个人的主观努力。就在不久前，他极为看好的一家医疗科技初创公司宣布彻底清盘关闭——该项目拥有顶尖的CEO和一线风投机构背书，斯科特甚至费了很大力气才挤进该轮融资并投入了500万美元。然而，即便上周得知这500万美元彻底归零，他也仅仅沮丧了一个小时便重拾从容。 能够保持这份坦然的原因在于，他如今立下了一条铁律：**任何单一标的的投资金额绝不超过个人净资产的3%**。分散投资就像一件贴身的“防弹衣（Kevlar）”，虽然中枪时依然会感到剧烈撞击并被击倒，但由于没有伤及内脏，拍拍灰尘就能立即站立起来，而不至于彻底丧命。 斯科特痛批了风险投资界和华尔街宣扬的极端集中下注理念。像比尔·阿克曼（Bill Ackman）这类对冲基金大佬喜欢捶胸鼓吹“这不叫集中，这叫信念”，但在现实中，世界上最富有的人一旦完成早期资本积累，就会立刻以极快的速度进行全面资产分散。对于普通投资者而言，完全没有必要在草堆里大海捞针去寻找单一神股，直接“买下整个草堆”才是最稳妥的策略。标普500（S&P 500）和纳斯达克（NASDAQ）指数本身就是极佳的自清洁机制，能够自动剔除掉柯达（Kodak）这类落伍企业，吸纳赛富时（Salesforce）等优质新生力量。 | 投资策略类型 | 核心操作逻辑 | 面对黑天鹅事件的表现 | 心理与财务结果 | |:--- |:--- |:--- |:--- | | **孤注一掷（Concentration）** | 将资本高度押注于单一公司或行业，辅以高杠杆以追求极致回报 | 供应链中断、系统故障或宏观危机可导致资产几周内归零甚至穿仓 | 精神承受极端痛苦与羞辱，抗风险容错率为零 | | **分散配置（Diversification）** | 单一标的投资上限控制在净资产的3%以内，大盘指数化配置 | 承受单点失败（如500万美元归零），但整体资产组合安然无恙 | 心理上迅速恢复，资产长期随着经济上行实现“慢慢变富” | - **3%安全红线法则**：严格限制单一高风险投资的净资产占比，将不可预测的归零风险限制在局部皮肉伤范畴。 - **指数基金的自我更新机制**：标普500和纳斯达克具有动态换血机制，自动完成去弱留强，战胜绝大多数主动择时。 - **识破富豪的言行不一**：富豪公开宣扬“全仓押注与坚定信念”，私下却在第一时间将财富广泛分散到指数基金、房地产与债券中规避风险。 ### [18:02](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1082s) 人生的时间优势与中年财务逆向规划 人生飞逝，从来没有人会感叹“日子过得真慢”。针对那些到了 40 岁或 45 岁的人，斯科特·加洛韦（Scott Galloway）强调，他们大概率还能活 40 年，并且还要继续工作 30 年左右。每个年龄段都有其独特的杠杆与优势： - **20 多岁的最大优势是“时间与灵活性”**：你可以尝试各种职业原型（workshop careers），发掘自己的天分而非盲目跟风“热爱”。同时，年轻人最需要锻炼的是“储蓄肌肉”。年轻时存下的一笔小钱，因复利效应，到了年老时会变成巨款。哪怕每个月只存 100 美元、1,000 美元，如果能做到每月存 2,500 美元，就算你未来没有在商界大富大贵或出书大卖，你的“B 计划”也已经坚不可摧。 - **40 多岁的最大优势是“路径清晰与成熟规划”**：步入中年，通常已经有了稳定的伴侣，双方能够在消费与收入等财务目标上达成共识。此时跑道的尽头清晰可见，可以做逆向倒推（Working Backwards）： ```mermaid flowchart TD accTitle: 中年退休财务倒推模型 accDescr: 展示如何根据年支出倒推所需资产总额及应对策略 subgraph Goal["确定退休目标"] A["评估当前年支出：约 12 万美元"] --> B["计算安全储备倍数：15 至 25 倍支出"] B --> C["目标储备金：约 240 万美元"] end subgraph Action["逆向推导与策略调整"] C --> D["按 30 年期限与 8% 年化收益倒推储蓄额"] D --> E{"能否达成目标？"} E -- 是 --> F["坚持执行既定投资与储蓄"] E -- 否 --> G["调整生活开支降本增效<br/>例如搬迁至低成本城市"] end ``` 加洛韦算了一笔账：如果退休需要准备 15 到 25 倍的年开销，假设一年开销是 12 万美元，那么 20 倍就是 240 万美元。按 30 年退休期、假设年化收益率 8% 倒推，就能精确算出每个月必须存多少钱。如果发现目前供孩子读大学存不够，那么在孩子毕业后，是否可以通过搬到墨西哥城、哥斯达黎加或圣路易斯，将年开支压缩至 8 万美元？加洛韦直言，很多人在 40 多岁时误以为人生已经定局、进而选择忽视财务问题，这完全是自暴自弃；事实上他们可能活过 100 岁，还有 30 年的赚钱期，中年人必须学会和自己展开一场清醒而成熟的对话。 --- ### [20:21](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1221s) 年轻激进 vs 中年风控：防范“缓慢的失败” 主持人史蒂芬·巴特利特（Steven Bartlett）提问：年轻时一无所有，是否应该全力押注（Risk On）；而到了中年成家立业、有了房贷孩子后，是否就必须转向避险分散（Risk Off）？ 加洛韦完全赞同这一逻辑： - **年轻时跌倒容易爬起**：年轻时没有孩子和宠物的负担，就算冒险失败了，凭着年轻讨人喜欢，借睡朋友家沙发也能撑上两年；正如加洛韦自己当年在纽约和室友合租，创业时甚至靠女友帮忙付房租，“年轻时你可以在雨点之间穿梭跳舞”。 - **步入中年必须隔离风险（Ring-fence）**：一旦跨过 30、40 岁，绝不能在任何单一事物上押上全部身家（All In）。如果要创业，一定要用别人的资金，并为投入设置硬性隔离线——最多不超过个人资产的 10% 到 20%，给自己设定 2 年的时间限制。 - **商界中最可怕的是“缓慢失败”**： - **最好的情况**是迅速成功； - **次好的情况**是快速失败（Fast Failure）。例如加洛韦曾在纽约创办一家获得高盛（Goldman Sachs）、Maveron 和摩根大通（JPMorgan）投资的电商孵化器，因互联网泡沫破裂在 8 个月内倒闭，长痛不如短痛，这是因祸得福； - **最糟糕的梦魇**是缓慢失败（Slow Failure）。以他知名的红信封（RedEnvelope）项目为例，这家公司在长达 11 年的时间里缓慢走向失败。那种持续释放微弱的“绿色信号”、诱使创业者不断投入更多时间与资金的模式，会彻底吸干中年人的黄金期。 - **地理灵活性**：20 多岁时如果在一个领域毫无进展、演戏拿不到角色，不如利用年轻的流动性换个环境。在当下的迪拜赚钱，比在加拉加斯容易得多，“与其在一个平庸的经济体里出类拔萃，不如在一个伟大的经济体里做到普通良好”。 --- ### [23:27](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1407s) 破除“追随激情”的神话：从精通中获得热情 史蒂芬问加洛韦：如果他的两个儿子跑来找他说想当演员或音乐家，他会怎么做？加洛韦幽默回应：“就我所知的两个儿子。”他表示自己绝不会去一棒子打碎年轻人的梦想，但必须用冰冷残酷的经济现实给他们上课： - **文娱行业的极端残酷性**：演员和音乐人行业的失业率高达 99%。全球最顶尖的专业演员属于演员工会 SAG-AFTRA，拿到工会卡就像职业高尔夫球手拿到 PGA 巡回赛卡一样艰难，代表着全球约 18 万名顶级创意人才之一。然而在去年，由于年收入未能达到 23,000 美元的门槛，**83% 的工会成员甚至无法获得工会提供的健康保险**。这意味着你不仅要排进前 17% 才能享有医保，要过上体面生活甚至需要跻身前 1%。许多在屏幕上让人脸熟的优秀配角演员，收入其实平平无奇；如果他们在其他普通行业达到同样的卓越水准，早就能买下两套豪宅、在伊比萨岛度假了。 - **设定止损边界（Guardrails）**：可以支持去闯荡 2 到 3 年，但必须设定标准。如果 2 到 3 年内连房租都挣不出来，父亲就会停止补贴，他们必须开始尝试探索其他职业。 - **激情源于精通（Passion comes from mastery）**：年轻人常常错把“业余爱好”当作“人生激情”。实际上，对事业的热爱源于你在该领域成为无可替代的“忍者”专家。 - **皂石工人的真实案例**：加洛韦在装修房子时认识了一位负责安装皂石（Soapstone）的工人。这位伊拉克移民高中辍学，却彻底精通皂石的一切，能如数家珍地剖析不同采石场的纹理特点。加洛韦与他深入交流后发现，这位工匠去年靠安装皂石净赚了 **130 万英镑**。加洛韦调侃道：“他小时候肯定梦想着代表伊拉克踢世界杯，绝不可能在 17 岁时梦想着未来在伦敦马里波恩（Marylebone）给美国混蛋装石头。”但他能给父母养老、抚养孩子、带妻子享受奢华度假，这种对自己生活的掌控与回馈，反过来让他对皂石充满了无比的热情。 - **职业建议底线**：去追逐时尚设计或艺术没问题，但若在 2 年内无法自付房租、5 年内无法赚到足以组建家庭的收入，就必须果断转向，寻找真正能带来经济尊严与技能精通的实际职业。 ### [27:11](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1631s) 资本主义现实：当顶级税务律师还是切尔西球员？ 在当今由 Instagram 和 TikTok 主导社交认同的时代，年轻人往往渴望在聚光灯下闪耀。斯考特·加洛韦（Scott Galloway）风趣地指出，如果你在 Instagram 上宣布自己未来十年要做一名税务律师，这根本不是什么吸睛的社交资本，大概也不会帮你增加谈恋爱的机会；但如果你宣称自己进入了切尔西足球俱乐部（Chelsea FC）的青训学院，或者正在创办一家科技公司，你接下来的异性缘可能会大幅提升。然而，这背后有一个极为残酷的概率差：要想替切尔西踢球，你必须是当年全世界最顶尖的十名足球天才之一，哪怕你是塞内加尔全国最出色的球员，进入世界级俱乐部也需要近乎“神级的天赋”。 ```mermaid flowchart LR accTitle: 职业路径门槛与回报对比 accDescr: 对比成为世界顶尖足球运动员与成为顶尖税务律师的难度与经济安全回报 subgraph Sports["职业足球通道（极窄）"] A["全球顶级天才"] --> B["切尔西等顶级俱乐部"] B --> C["极少数人获得名气与财富"] end subgraph Profession["专业技能通道（可复制）"] D["扎实专业训练"] --> E["前 10% 税务律师<br/>(数以万计)"] E --> F["搭乘私人飞机<br/>强大的经济安全感"] end ``` 相比之下，在专业领域成为顶尖的门槛要现实得多。加洛韦分析道，只要跻身税务律师界的前 10%——那也是数以万计的庞大人群——你就能拥有极高的收入，足以乘坐私人飞机，甚至能为你爱的人提供极为优渥的生活。“我并不是说世界理应如此，而是现实世界就是如此运作的，”加洛韦直言不讳地指出，在资本主义社会中，经济安全感会为你带来各种生活体验、高质量人际关系和浪漫机遇，“无论从事什么领域，只要做到卓越并借此建立经济安全感，这种能力本身就是极度性感的。” --- ### [28:36](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1716s) 财富的真正价值：消除焦虑与赡养至亲 谈到金钱对个人幸福感的深层影响，加洛韦坦言，自己年轻时也曾极度恐惧无力抚养家庭，但如今真正带来充实感和幸福感的，不是身处光鲜名利场中的虚荣，而是摆脱了财务恐惧后对至亲的守护。他回忆起大儿子刚出生时内心的恐慌，而如今他可以全心投入与两个儿子的关系，完全不必被经济压力所裹挟。 更大的宽慰来自于赡养老人的底气。加洛韦的父亲即将年满 94 岁，目前住在一个极具品质的住所中，配有全职看护人员。照顾父亲每年的开销高达约 25 万美元税后资金（折合税前收入约 40 万美元，且没有税收减免）。加洛韦的姐姐负责日常后勤照料，而他负责出资，这种默契的合作让他感到心安：“能在承担这笔开销的同时不把它视作生活压力的来源，知道父亲得到了最好的照料，这种踏实感在人到中年之后远胜过当年想当球星的虚荣。” 加洛韦强调，金钱只是手段，幸福才是终点，但在资本主义社会中，背负经济压力极难感到快乐： - **贫困对儿童的生理影响**：低收入家庭孩子的静息血压普遍高于中产及以上家庭的孩子，因为孩子能敏锐地感知父母身上的财务焦虑。 - **贫困带来的心理阴影**：加洛韦回忆自己在八年级时弄丢了一件价值 33 美元的夹克衫，一整天都在极度的恐惧与自责中度过，害怕回家向母亲坦白。 - **财富的终极目的**：赚取财富不是为了囤积，而是为了摆脱焦虑，换取自由与时间，去经营“深厚且有意义的人际关系”。加洛韦透露自己目前将绝大多数资金用于与家人、朋友的旅行和共同体验，“一旦达到了我的数字，我花了巨额的金钱在体验上，而且我乐在其中”。 --- ### [30:54](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1854s) “富有”与“财富”的区别：设定属于你的数字 当主持人史蒂文·巴特利特（Steven Bartlett）询问加洛韦自己的“目标数字”是多少时，加洛韦透露是 **1 亿美元**。但他补充道，这个数字是随着人生阶段和通胀欲望不断演变的： - **大学刚毕业时**：以为拥有 100 万美元就足够了。 - **30 多岁时**：认为只要有 1000 万美元就可以彻底“退休上岸”。 - **40 岁之后**：随着生活成本上升和欲望增长，最终锚定了 1 亿美元（并在约 7 年前达成了这一目标）。 加洛韦详细区分了“富有”（Rich）与“财富”（Wealth）的本质区别： - **富有（Rich）**：拥有成堆的物质奢侈品，四处炫耀以博取朋友的艳羡。 - **财富（Wealth）**：股票增值、股息红利或房租等**被动收入大于你的日常消耗（Burn Rate）**。在这一状态下，你工作完全是出于热爱或自由选择，而不是被迫求生。 加洛韦解释了倒推财务数字的算法逻辑：如果你希望每年有 300 万美元的支配资金来维持想要的生活水准，按照 4% 的安全取现回报率计算，就需要拥有约 7500 万美元的本金，四舍五入便锚定在了 1 亿美元。加洛韦谦逊地表示，自己在 2008 年金融危机时（42至43岁左右）曾彻底破产，如今的境遇很大程度上归功于随后的 16 年大牛市、在正确的时间地点创办了公司，以及绝佳的运气。“但每个人都应该有一个属于自己的数字。一旦达到了那个临界点，就该停下来好好享受，并开始回馈社会。” --- ### [32:41](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1961s) 赚到九位数的底层策略：学历背书与超级城市 巴特利特回忆起自己早年在呼叫中心打工的经历，当时自己毫无财务纪律，发薪日拿到 500 英镑的收入，就会头脑发热花 400 英镑买一台巨大到盖过整面墙的平板电视。他向加洛韦发问：对于那些离九位数极其遥远、身陷底层的年轻人，到底需要怎样的心智模型和步骤才能翻身？ 加洛韦首先承认了不可抗力的地理与运气因素：“我做过最聪明的一件事，就是出生在加利福尼亚。”他直言，欧洲对创业失败的容忍度极低，如果自己生在欧洲很难赚到九位数；而如果生在某些缺乏法治保障的环境，甚至可能身陷囹圄。对于立志在资本主义世界中追求极致财富的年轻人，加洛韦给出了两条核心路径： #### 1. 获取顶级文凭背书（Credentialing） 我们身处一个由“领英（LinkedIn）算法”主导的背书经济时代。数据显示，拥有大学学位的人一生平均收入比没有学位的人高出 50% 到 100%。更为现实的是，没有名校文凭，许多核心行业甚至不会对你开放大门。加洛韦回忆自己早年应聘摩根士丹利（Morgan Stanley）时，公司不仅严格要求本科学历，更直接将招聘范围锁死在**全美仅有的 8 所顶尖大学**之内。 #### 2. 迁徙至全球前 20 大“超级城市”（Super Cities） 加洛韦指出，**未来 30 年内，全球三分之二的经济增长将集中在 20 座超级城市之中**。如果一个野心勃勃的年轻人身处意大利南部阿马尔菲海岸的小镇，哪怕做一名烘焙师年入 5.5 万欧元的生活很怡人，但若想获得巨大的财富跃迁，就必须立刻搬去米兰；随后争取前往伦敦、慕尼黑；在具备完全的地理流动性时，哪怕美国移民政策复杂，也应尽可能进入纽约或旧金山。 > “在旧金山做一个普通优秀的人，其经济回报远超在斯图加特做到极致卓越。” 加洛韦用冲浪和滑雪作了生动的类比：他自嘲自己只是个水平平庸的冲浪者和滑雪者，但年轻时在夏威夷面对近乎完美的大浪，或者在阿斯彭（Aspen）迎着刚落下的极品粉雪，他甚至会错觉自己是个运动大师。“事实上根本不是你有多强，而是那里的浪和雪太不可思议了！任何人站在那种雪道上都能滑得很好。你必须把自己扔到‘浪最好、雪最厚’的地方去——那就是大城市。”在年轻时，哪怕挤在 400 平方英尺（约 37 平方米）的逼仄单间里整天奔波，超级城市所汇聚的资本和机遇也能让你在雨滴之间穿行致富。 ### [36:26](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2186s) 城市的高水准竞争与超级城市的造富浪潮 Scott Galloway 打了个网球的比方：如果你和一个水平远高于你的人打球，你的技术也会被带着提升。置身于大城市，就相当于每天都在和塞雷娜·威廉姆斯（Serena Williams）同场竞技——这里的人聪明、体面、拼命工作且敢于冒险。身边环绕着极度成功的人，你每天都会与各种职业与个人层面的机缘发生碰撞。Galloway 极力告诫年轻人，一定要在年轻时奔赴大城市；一旦到了三十多岁，像他那样开始养狗、生孩子，纽约的生活成本就会高到难以承受，他当时不得不举家迁往佛罗里达州的德尔雷海滩（Delray Beach）。尽管在那里的生活很惬意，但德尔雷海滩对二三十岁年轻人的机会根本无法与大城市相比。当时 Galloway 已经具备了一定的职业势能，但他依然每周日至周四晚上往返通勤于纽约，因为“所有行动与机会都在那里”。因此，人生早期第一要建立背书（credentialing），第二必须前往全球 20 个超级城市之一。 面对主持人关于 AI 是否应该主导个人地理选择的提问，Galloway 指出很难完全依据 AI 来规划地理位置，但趋势已经明明白白摆在那里：他在纽约大学（NYU）任教，班上三分之一的毕业生在拿到毕业证的当天就会坐上飞往旧金山的航班。在旧金山国际机场方圆 7 英里的范围内，过去 6 个月创造的财富甚至超过了整个德国在过去十年创造的总和。英伟达（Nvidia）一家公司的市值就超过了整个英国股市的总和。英伟达制造驱动当前所有人工智能的 GPU 芯片，全世界都在争相抢购；其 3 万名员工中，可能有一到两万人身家已达到 1000 万美元以上。因为全员持有股票期权，当一家公司从 3000 亿美元暴涨至 3 万亿美元时，意味着每个人都在变得富有。这种财富神话在德国的多特蒙德绝不可能发生，在英戈尔施塔特（Ingolstadt）长大，你大概率只能去奥迪（Audi）上班。虽然生活稳定无虞，但如果年轻时想要迎上最大的浪潮、拥有顺风借力的势头，就必须前往少数几个最具活力的核心都市。 - **大城市的同侪效应**：每天与顶尖高手交锋，密度带来更多偶然性的职业与社交碰撞。 - **旧金山湾区的造富神话**：仅机场周边 7 英里内近 6 个月新增财富超过德国过去十年；英伟达市值超越英国股市，其 3 万名员工中预估有 1 万至 1.5 万人因期权涨幅而资产千万。 - **地理灵活性是年轻人的特权**：年轻人拥有无牵无挂的机动性（agility geographically），应该尽早将肉身放置在势头正猛的超级都市中。 --- ### [39:15](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2355s) 财富代数的核心：聚焦与主副业的本质 Galloway 接着拆解他在《财富代数》（*The Algebra of Wealth*）一书中提炼的几大核心要素，首先是“聚焦”（Focus）。在 20 多岁时，年轻人应该像在工作坊打磨手艺一样不断试错探索；一旦找到自己真正擅长、有潜力进入前 1% 的领域，并且该领域具备 90% 以上的就业率（实际上 90% 的行业都满足这个条件），就要全力以赴投入其中。只要能在就业率 90% 以上的行业里做到前 10%，就必然能赚到非常可观的收入。 关于当下流行的“副业”（side hustle），Galloway 给出了极其一针见血的批判：尽全力不要搞副业。“如果你有副业，说明你的主业做得很失败。”副业唯一的合理作用，是作为一个试验场去试探下一份潜在的主业；一旦找到了真正擅长的主战场，就必须全情投入。 ```mermaid flowchart TD accTitle: 职业专注与价值变现路径 accDescr: 展示从年轻试错到聚焦高就业率高位再到摒弃副业的完整逻辑 subgraph Phase1["二十岁试错期 (Workshop Phase)"] A["多方尝试不同技能"] --> B["寻找能进入前 1% 的强项"] end subgraph Phase2["赛道匹配与深耕 (Focus Phase)"] B --> C["筛选具备 90%+ 就业率的行业"] C --> D["做到该行业前 10% 的水准"] end subgraph Phase3["财富产出 (Outcome Phase)"] D --> E["主业产生丰厚回报"] E --> F["摒弃副业，全神贯注主业"] end ``` --- ### [40:02](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2402s) 底层破局与基层工作的尊严 主持人提出了一个现实困惑：许多来自英格兰西南部（如普利茅斯）或其他底层的年轻人，没有上过大学，面临着巨大的信息真空，第一份工作往往只能在麦当劳或汉堡王（Burger King）当收银员。一个在快餐店柜台打工的年轻人，该如何跳出这一困境？ Galloway 直言，社会过度宣扬“能者多劳、唯才是举”（meritocracy）存在严重负面效应。盲目鼓吹“在任何人都能成就任何事”的毒鸡汤，导致那些没有成功的人承受着巨大的愤怒与耻辱，误以为一切全怪自己没本事。实际上，所有劳动都具有尊严。以他曾担任董事的 Panera Bread（快餐连锁，行业内更倾向称为 QSR，即快餐服务餐厅）为例：一个勤勉认真、每天准时上班、与同事通力协作、表现得“像这里的店主一样”（acting like an owner）的人，大概两年内就能晋升为店长，年薪可达 6 万至 8 万美元；在 In-N-Out 汉堡，店长年薪甚至在 11 万美元左右，并享有利润分红。 面对很多眼高手低、宣称“我绝不去 CVS 或麦当劳打工”的年轻男性，Galloway 的建议非常直接：赶紧去上班。“你必须尝到血腥味（a taste for flesh）。赚大钱的最佳途径，就是先从赚小钱开始。”基层工作是一块跳板：你可以计划成为助理店长、攒够重返校园的学费、攒下参加一年制电工学徒培训的学费，或是攒够搬去伦敦、迪拜等高薪城市的启动资金。 - **拒斥虚妄的绝对精英论**：承认环境限制，摆脱“没成功都是自己无能”的盲目羞耻感。 - **把基层工作作为杠杆**：在快餐店展现主人翁意识，2 年内有望晋升店长（年薪达 6 万至 8 万美元，In-N-Out 可达 11 万美元并享分红）。 - **小钱启动大钱**：不要空等，通过第一份流水收入解决账单，积累技能与迁移资金。 --- ### [42:39](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2559s) 评估工作环境的四个维度与“厨房内阁” 针对如何在基层工作中甄别“好地方”与“坏地方”，Galloway 认为关键在于环境能否提供增长红利与个人赋能，并总结出评估工作质量的几个核心标准： 1. **业务是否处于高速增长**：“增长能解决一切问题”。沃尔玛现任 CEO 董明伦（Doug McMillon）最初只是在装卸码头搬运货物的工人，但他所在的沃尔玛是历史上增长最快的零售巨头。过去 20 年里，在谷歌表现平平的人所获得的回报，远比在通用汽车（GM）表现卓越的人要高得多，其根源就在于企业本身是否顺风而行。 2. **是否存在高级别的情感投资（Senior Sponsorship）**：直属领导是否看好你、是否愿意培养你，并在隔壁分店出现助理店长空缺时极力举荐你。 3. **是否处于高强度的学习与挑战之中**：工作充满压力、让人感到手忙脚乱反而是好事。如果追求完全无压力，大可以去停车场当保安，但代价是零上升空间。市场的定价机制非常公平：高压力、快节奏往往意味着你在飞速吸收技能，未来能够赚更多钱。 4. **是否存在人流涌动（Flow）**：工作场所必须有优质、有趣的人脉流动。这不仅关乎合伙创业的潜在伙伴，更是建立深层人际关系的土壤。Galloway 特别指出，三分之一的伴侣关系始于职场，且绝大多数都是健康平等的相遇，职场本就是年轻人接触外部世界与建立伴侣连接的关键生态。 最后，Galloway 强调了一套比盲目跳槽更为关键的个人决策支持系统：年轻人必须建立自己的“厨房内阁”（kitchen cabinet）。物色 3 到 4 个真正懂你、你完全信任且能够坦诚相待的人。面对他们，你可以毫无保留地公开自己的真实收入、职业瓶颈、优势与短板，并寻求实质性的人生规划建议。在主持人问及这些人是否必须是人生旅途中远领先于自己的前辈时，Galloway 提醒道：第一要务就是千万别直接冲到别人面前突兀地问“你愿不愿意当我的导师”。 ### [45:29](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2729s) 打造自己的“厨房内阁”与从旁观者视角看清自己 Scott Galloway 强调，在人生面临重大抉择时，绝不要孤军奋战、闭门造车，而应该主动去寻找身边值得信赖的人组成自己的“厨房内阁”（Kitchen Cabinet）。他用了一个生动形象的比喻：“身在瓶子里面，是极难看清瓶身标签上的字的。”（"It is really hard to read the label from inside of the bottle."）人需要外界的视角来保护自己免受自身盲点的伤害。 这群提供建议的人并不需要是呼风唤雨的超级富豪，只要是过着正直生活、聪明善良、具有良好判断力的人即可。哪怕一个年轻女孩在汉堡王（Burger King）打工，只要身边有同事做事井井有条、头脑清晰，都可以走上前去虚心求教。Scott 指出，所有工作都享有平等的尊严，哪怕是被很多人视为底层的快餐行业，由于员工流动率极高，企业内部其实极度渴望有才华的人一路晋升。因此，制定计划、勇于调整，并建立一个能在关键节点拉自己一把的智囊团，是迈向成功的基石。 - **身在局中不知局**：一个人很难在深陷自身情绪与处境时看清全局，向外界征求常识性建议能避免做出灾难性的职业或生活决定。 - **工作的尊严**：任何行业和岗位都具备上升通道，尤其在人员流动频繁的行业，展现出判断力与责任心的人更容易脱颖而出。 --- ### [46:59](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2819s) 永远不要直接问“你能做我的导师吗？” Steven Bartlett 提到，自己每周都会收到好几条请求他担任导师的私信，但 Scott 却明确指出“请求他人当导师”是完全错误的方法。对此，Scott 打了一个极其辛辣幽默的比方：“你绝不可能直接走到一个陌生人面前问：‘你想跟我上床吗？’你一定会先问：‘你想聊聊天吗？要不要再喝一杯？要不要一起去喝杯咖啡、看场电影？’” 直接让人当导师会带来极大的心理压力。对方脑海中立刻会浮现出沉重的承诺枷锁：“我是不是在接下来的五年里每个月都得跟这个人见一次？如果不合拍，我是不是还得跟他提‘分手’？”Scott 直言，自己连辅导自己都快忙不过来了，绝不可能答应这种没有边界的沉重承诺。建立导师关系的正确方式是“循序渐进”，从极小、极具体的事情切入： ```mermaid flowchart TD accTitle: 建立导师关系的渐进路径 accDescr: 展示从具体小请求逐步演变为真正导师关系的流程图 subgraph Step1 ["第一阶段：轻量化破冰"] A["具体明确的请教<br/>（10-15分钟轻量沟通）"] end subgraph Step2 ["第二阶段：建立情感共鸣"] B["展现真实处境与脆弱面"] C["前辈提供常识性建议"] B --> C end subgraph Step3 ["第三阶段：自然缔结羁绊"] D["后续主动反馈进展<br/>（形成情感投资）"] E["演化为长期的导师关系"] D --> E end A --> B C --> D ``` 当求助者只请求 10 到 15 分钟的通话，并在交流中透露真实的困境与背景（例如同样由单亲母亲抚养长大、亲人患病、面临创业还是保留稳定工作的抉择），前辈就会凭借经验给出理性的常识建议。而一旦前辈给出了建议，并在一个月后收到后者的进展汇报，前辈就会对这个年轻人的成功产生“情感投资”（emotionally invested），一段稳固的导师纽带便水到渠成。 --- ### [49:10](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2950s) 破冰求助的心理学公式与“开口索取”的力量 谈到如何在海量求助信息中脱颖而出，Scott Galloway 总结了一套能打动大忙人的沟通公式。Steven Bartlett 对此深表赞同，并指出如果能教会年轻人“如何得体地向他人开口索取”（How to ask for things in life），其对人生轨迹的影响将极其深远。人的一生中可能会提出上万次请求，哪怕只将成功率提高 10%，人生终局就会彻底改变；你发出的十封邮件里，往往只需要一个人回复“愿意投资”，就能改变一切。 Scott 拆解的高效沟通法则包括： 1. **极其简炼（Brevity）**：不要在邮件里写长篇小说，越冗长越容易被直接划过。 2. **建立个人联结（Personal Connection）**：提及彼此的交集，例如毕业于同一所大学（如 UC Berkeley）、在某场活动（如戛纳创意节）见过面、有共同朋友，或是拥有相似的成长背景。 3. **诉求干净利落（Crisp Ask）**：直奔主题，清晰说明目的是求教某一个特定问题、寻求引荐，还是应聘某个具体岗位（例如 Property Media 的执行主编）。 4. **礼貌且坚持不懈地跟进（Persistence）**：忙碌人士经常在心里想着“这个年轻人不错，我应该回复”，随即就被涌入的几十封新邮件淹没。过几天客气地跟进一句“只是把邮件顶到您的收件箱上方，知道您很忙，若能占用您10分钟将不胜感激”，往往能促成沟通；即使没有回应，也绝不要玻璃心。 --- ### [52:15](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3135s) 承受被拒的钝感力与走出社交孤立 Scott 举了一个最近在戛纳碰到的例子：一个年轻人在路上跑来找他拍合影，耗时不过 10 秒；第二天这名年轻人就发来邮件，正文附上了两人的合照，真诚坦白了自己当下遭遇的挣扎与困惑，并请求通一次 10 到 15 分钟的电话。面对一张带有自己笑脸的合照与真诚的求助，Scott 感叹道：“我怎么可能狠下心拒绝？” 这一切的核心都在于“承担不适风险的意愿”（willingness to take an uncomfortable risk）。Scott 直言，自己能够组建家庭、拥有财富，全因敢于主动接触陌生人。他观察到当下的年轻人，尤其是年轻男性，正越来越深地陷入自我封闭与社交隔离之中，丧失了在现实中建立人际联结的能力。 为了对抗这种退化，Scott 在生活中对自己的两个儿子进行脱敏训练：只要踏出家门，就必须尝试与陌生人交谈。大儿子毫无障碍，而性格内向的小儿子则十分抗拒；有一次 Scott 陪他在门外硬生生坐了 10 分钟，直到儿子鼓起勇气走上前去询问一位路人“请问您的狗是什么品种”。Scott 建议年轻人： - 在排队买咖啡或等候时，试着主动与排在自己前面或后面的人搭话。 - 习惯直视他人的眼睛，习惯展露善意并开启一段闲聊。 - 在日常微小的互动中建立承受被拒绝的钝感力，以此唤醒与人建立深度个人和职业连接的能力。 ### [54:00](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3240s) 陷入危机的年轻一代与倾注爱意的人生阶段 主持人注意到，斯科特在谈起昨天收到的一封年轻人来信时，脸上流露出了极其真挚的情感波动。斯科特坦言，作为人类，最美好的回报莫过于体会特定情感的流动。他之所以极易对当下的年轻男性产生共鸣，是因为他自己年轻时也曾深陷泥潭。在生命的早期，人们渴望拥有一群在情感上全心投入并支持自己成功的人；而当步入中年甚至更年长时，最令人满足的体验则反转过来——变成了别人愿意接受你对他们成功的关怀与投入。正如他对两个儿子的感情一样，他渴望儿子爱自己，但最让他感动的，是孩子们愿意让他去毫无保留地倾注爱意。那封信来自一个极具天赋、聪明且手握光鲜高薪工作的优秀青年，但他却在暗地里与成瘾、自残和严重的抑郁症苦苦抗争。这种反差令斯科特深感揪心，也让他意识到年轻一代当下所承受的困境是多么真实而沉重。 斯科特提及他的纽约大学同事乔纳森·海特（Jonathan Haidt）所著的畅销书《焦虑的一代》（*The Anxious Generation*），并感叹这是所有学者都渴望写出的一本里程碑式的著作。海特指出了一个令人心碎的事实：尽管美国社会整体财富充盈，但我们却正在培养出历史上最焦虑、最抑郁、最肥胖、也最容易成瘾的一代人。年轻人们失去了父辈曾拥有的阶层流动机遇，却要每天两百多次打开手机，被迫看着社交网络上别人炫耀着伪造的成功——仿佛只要没有押中英伟达（Nvidia）狂赚百万、没在圣特罗佩（Saint-Tropez）的游艇上狂欢，自己就是一个彻头彻尾的失败者。在职业与恋爱领域，年轻人的机会正在急剧萎缩：恋爱率跌入低谷，30岁以下的男性中只有三分之一拥有稳定的伴侣。斯科特感慨，若非当年几次幸运的抉择和几封偶得的邮件，自己的人生轨迹可能完全不同，因此他对这些挣扎中的年轻人始终抱有深切的悲悯。 - 乔纳森·海特的《焦虑的一代》揭示了当代年轻人在高度物质繁荣下普遍面临的精神心理危机。 - 社交媒体制造了极端的同辈压力与比较焦虑，年轻人每天多达200余次目睹他人展示浮夸的生活方式。 - 情感关系的全面退缩：目前30岁以下的年轻男性中，仅有约三分之一拥有女朋友。 --- ### [56:58](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3418s) 决策的算法：借助他人智慧与外包无关琐事 针对年轻人在人生重大拐点上“如何做好长期决策”的提问，斯科特给出的核心准则是：“伟大存在于借助他人的力量之中”（Greatness is in the agency of others）。年轻时的斯科特曾误以为领导力就是迅速评估局势、快速拍板，并不顾一切地推行自己的主张，当时他更在乎证明自己是对的、让别人顺从自己，而不是追求实际效果或正确的决策本身。如今他深刻意识到，真正卓越的决策需要放慢节奏，融合快思考与慢思考，并充分吸纳外界的专业视角。现在的他面对任何重大决策，在没有至少征求三位值得信赖的人的意见之前，绝不轻易拍板。 面对日常生活和商业中铺天盖地的抉择，斯科特主张将决策机制分流：一方面，果断过滤并外包无关紧要的低价值琐事。例如他如今去餐厅从不自己点餐，而是交由服务员推荐；日常工作穿着固定风格的“制服”而不花心思挑衣服；行政杂务全权授权团队代理，从而将心力严格集中在自己能带来巨大增量价值的核心事项上。另一方面，对于尚无条件外包琐事的年轻人，建立自己的“内阁智囊团”（Kitchen Cabinet）至关重要。当年斯科特26岁创立战略咨询公司 Prophet，到33岁时公司年营收约300万美元，两家机构 Sapient 和 Scient 曾向他抛出高达5500万美元的收购要约。彼时持有公司六七成股份的斯科特如果套现便可直接财务自由，然而沉浸在互联网泡沫狂热中的他坚信公司未来能值10亿美元，断然拒绝了收购。他事后痛定思痛：如果当年自己有一个董事会或哪怕几个清醒的导师，对方一定会当头棒喝：“你疯了吗？一家年入300万的小咨询公司，别人出18倍市销率，你竟然不卖？” ```mermaid flowchart TD accTitle: 决策分流与智囊协同机制 accDescr: 展示如何将日常琐事与重大决策区分处理，并通过内阁智囊团优化重大决策。 subgraph TrivialDecisions ["低价值琐碎决策"] A["日常选择<br>(穿衣/点餐/行政)"] --> B["完全外包或惯例化<br>(降低认知损耗)"] end subgraph MajorDecisions ["重大人生与商业决策"] C["重大机遇 / 关键分岔点"] --> D["放慢节奏 (慢思考)"] D --> E["咨询内阁智囊团<br>(至少征询3位信任人士)"] E --> F{"审视盲点与估值理性<br>(打破自负陷阱)"} F --> G["做出兼顾长远收益的正确决策"] end ``` - 决策认知的蜕变：从追求“显得自己正确并强迫他人服从”，转向“探寻兼顾各方最大利益的正确结果”。 - 认知减负策略：通过固定穿着、餐厅外包点餐、授权日常行政决策，保存脑力用于关键攻坚。 - 经典的商业教训： Prophet 公司当年在年营收300万美元时拒绝了5500万美元的高估值收购邀约，折射出缺乏外部顾问制衡时的盲目自大。 --- ### [01:00:42](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3642s) 婚姻、财富累积与伙伴关系的复利价值 当话题延伸到人际交往与婚姻决策时，斯科特指出，年轻男性在亲密关系受挫时，往往容易高估自己的付出，同时低估伴侣的贡献。长久的情感关系绝不可能始终保持绝对的平衡或和谐，在一方陷入赤字或低谷的阶段，必须主动注入慷慨、宽恕与耐心，否则任何婚姻都难逃解体。从现实的财务账本来看，离婚代价惨重：除了平分资产、承担高昂的律师费外，当事人往往被迫在极度糟糕的市场节点抛售房产变现，最终往往会损失个人净资产的60%甚至70%。 针对社交网络上将婚姻斥为“过时落后技术”的流行论调，斯科特给出了坚定的反驳：婚姻是极佳的财富积累利器。统计数据显示，绝大多数真正的富豪都维系着长期稳定的单配偶婚姻，二人协同作战的团队效应在财富构建上具有无可比拟的优势。对于离婚率看似高达50%的担忧，斯科特澄清该数据极具误导性，因为婚姻正逐渐沦为一种“奢侈品”。过去富人阶层的结婚率约为95%，中产及底层约85%；而如今底层贫困群体的结婚率已腰斩至不足一半。残酷的现实在于，几乎没有人愿意选择贫困男性作为配偶，而高净值人群则更具吸引力，并且富人更倾向于维持稳定的婚姻契约。虽然媒体热衷于八卦极少数超级富豪换伴侣乘游艇的新闻，但整体而言，拥有一份受婚前协议（Prenup）保护、彼此赋能的成熟婚姻，依然是打造长期财富最强大的护城河之一。 - 资产分割的惨痛成本：仓促离婚往往伴随强制清算资产与高额诉讼开销，通常会导致当事人折损60%至70%的个人净资产。 - 婚姻阶层分化现象：富裕阶层的结婚率与婚姻稳定性依然居高不下，而经济弱势群体的结婚率已跌破50%。 - 团队复利效应：长期单配偶婚姻构成了强大的资产管理与协作单位，是绝大多数高净值人群积累财富的基础底座。 ### [01:03:02](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3782s) 团队效应与人际复利：财富是一项“全人工程” 斯科特·加洛韦（Scott Galloway）强调，无论是在家庭还是在职业中，团队的力量永远远胜于孤军奋战的个体。伴侣双方共同努力工作、共同创造收入并分摊一份生活开支，或者一方专心处理家庭后勤而另一方在外全力打拼，都能形成极具韧性的财务合力。虽然他并非鼓吹“所有人盲目结婚”或“无论如何都不能离婚”，但数据表明，富裕人群通常都会对亲密关系倾注大量投资。加洛韦一针见血地指出：“财富是一项全人工程（Wealth is a whole person project）。” 加洛韦进而打破了社会上对于富人的普遍偏见——如伊丽莎白·沃伦（Elizabeth Warren）或伯尼·桑德斯（Bernie Sanders）所描绘的那样，认为所有亿万富翁都是踩着别人的尸体爬上去的冷酷恶霸。他驳斥了如同《辛普森一家》中蒙哥马利·伯恩斯（Mr. Burns）用百元美钞点雪茄、向河流倾倒核废料般的脸谱化“卡通形象”。在现实中，绝大多数白手起家的富人反而非常善良、慷慨且极具公民意识。人际关系同样具有极其强大的“复利效应”：在年轻时对处于困境的人施以援手、逢年过节发一条真诚的问候、在朋友失业时热心帮其推荐工作，这些看似不起眼的善意在二三十年的岁月里会不断累积。到了五十岁时，你便会发现自己坐拥数以百万计的“人际资本”，身边环绕着互相信任的坚实盟友。 这种人际网络在现实职场中具有直接的决定性作用。加洛韦援引了谷歌（Google）的一项招聘调研：当谷歌发布一个产品经理（PM）职位时，短短数小时内就会涌入约 200 份简历，筛选后仅有 20 人能获得面试资格；而最终拿到 Offer 的人中，有高达 80% 的候选人在公司内部拥有为其背书的“倡导者与盟友（Evangelist/Advocate）”。加洛韦告诫年轻人，想在职场上取得成功，首先必须在个人做人上取得成功——主动成为那个在关键时刻为朋友穿针引线、提供引荐的人，在没有任何利益企图时去帮助他人，这样才能确保自己在不在场的时候，名字依然能够出现在充满机遇的决策房间里。 ```mermaid flowchart TD accTitle: 人际关系复利与职场机遇转化链 accDescr: 展示从青年期的微小善意投资，经过长期复利积累，最终在关键时刻转化为职场与商业背书的逻辑链条。 subgraph RelationalCapital["初期人际资本投资"] A["真诚待人与微小善意<br/>（定期问候、求职引荐、无功利援助）"] --> B["二三十年的时间沉淀与复利"] end subgraph Advantage["职场与商业壁垒"] B --> C["建立坚实的人际盟友网络"] C --> D["成为'不在场'时依然有人背书的人"] D --> E["内部推荐与关键机遇倾斜<br/>（如谷歌80%的录取来自内部倡导者）"] end ``` --- ### [01:06:17](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3977s) 创业并非人人适宜：大企业平台与创业者的底层特质 面对史蒂芬·巴特利特（Steven Bartlett）提出的问题——“任何人都能创立公司或成为成功的创业者吗？”，加洛韦毫不犹豫地给出了否定回答：“绝对不行（Oh, no）。”他指出，绝大多数人根本不具备成为创业者所需的两项核心特质： 1. **极度激进的风险承受力（Risk-aggressive）与坦然面对失败的意愿**； 2. **极具感染力的顶级推销能力（Salesmanship）**，不仅能说服投资人掏钱、客户买单，更能让团队发自内心相信你的愿景，相信跟着你成功自己也能成功。 加洛韦常常遇到一些年轻人对他说：“我打算先去谷歌或摩根大通（JPMorgan Chase）干几年，攒够信誉再出来创业。”加洛韦总会直接泼冷水：“那你根本不是创业的料。”他指出，在美国有约 70% 的创业者是移民，而他们之所以创业，往往是因为他们根本拿不到进入英美大型企业体制的门票，除了去开洗衣店、办石材厂维生之外别无选择。 作为纽约大学斯特恩商学院（NYU Stern）的教授，许多学生在答疑时间跑来咨询职业规划：“教授，我手头拿到了摩根大通或谷歌的 Offer，但我又想自己创业，我知道您创办过很多公司，您觉得我该去创业吗？”学生们总以为他会鼓励大家勇敢追梦，但加洛韦的回答往往极为直白甚至粗暴：“别犯傻了（Don't be a fucking idiot），赶紧去谷歌上班。”加洛韦强调，从风险调整后收益（Risk-adjusted basis）的角度来看，美国大企业是人类历史上创造财富、实现长期经济安全与跨越阶级最不可思议的平台。在大企业体系内，财富虽然往往积累得更慢，但确定性极高，而在科技巨头里甚至能快速积累。除非一个人极度痛恨大企业且能力完全不匹配，否则进入大企业平台才是最理智的选择。 --- ### [01:08:11](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4091s) 贯穿终身的核心技能：讲故事与叙事构筑的能力 加洛韦被问及如果有一项可以传承给孩子的终身核心技能，那会是什么。他直言不讳地批评了精英学校里的教育风潮：很多贵族高中热衷于开设中文课或计算机科学课，但这往往是短视的。加洛韦认为，用计算机编程取代传统的人文历史与公民教育（Civics），最终培养出的是马克·扎克伯格（Mark Zuckerberg）这样拥有巨额财富却丝毫不关心社会整体健康福祉的“虚伪之徒”。 加洛韦坚信，真正能够经受时间考验、赋予人深远影响力和经济安全感的核心能力，唯有**叙事与讲故事的能力（Storytelling）**： - **商业与资本号召力**：创业者绝不能只干瘪地说“我要做一家软件公司”，而是要将技术、市场痛点、社会需求与团队的独特优势编织成一个扣人心弦的故事。杰夫·贝佐斯（Jeff Bezos）在 1997 年撰写的亚马逊第一封致股东信，其叙事水平足以让读者不论股票估值多高都忍不住立刻买入；英伟达（NVIDIA）CEO 黄仁勋（Jensen Huang）在向大众描绘 AI、生物学和医疗的未来图景时，哪怕股票市盈率高达 110 倍，听众依然心驰神往。 - **生活与亲密关系维系**：加洛韦风趣地指出，讲故事的能力同样是一个人在恋爱中“越级打怪（Scoring above your weight class）”的关键所在——懂得如何清晰表达未来规划、传递善良与同理心、恰到好处地展现幽默感，本质上都是叙事的艺术。无论身份是诗人玛雅·安吉罗（Maya Angelou）、政客里希·苏纳克（Rishi Sunak）还是商业巨头，顶尖成就者的核心底色无一例外都是极强的叙事大师。 --- ### [01:10:01](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4201s) 刻意练习：如何将叙事能力打磨至前 1% 巴特利特提出了普通人的普遍困惑：对于那些既非大学教授、没有讲台可用，又没有几百万人收听的播客频道的普通大众，该如何锻炼这种至关重要的叙事技能？ 加洛韦分享了他给 NYU 学生的实战作业方案： - **锁定单一媒介**：不要试图面面俱到，选择一个最适合自己的载体，无论是 Instagram、X（前 Twitter）、Threads、LinkedIn、公众演讲、电台广播还是播客。 - **瞄准前 1% 的行业标杆**：调研并明确该媒介上前 1% 的顶尖叙事者是什么标准（例如 Instagram 上要进入前 1% 需要多少关注量、何种输出水准），并设立目标在一个学期内将自己打造为该媒介上前 1% 的叙事者。 - **认清自身特质与扬长避短**：加洛韦以自己为例进行了犀利的自嘲，坦言自己极度清楚自己的优势与缺陷。他在面对万人大场演讲时游刃有余，在播客和写作上不断精进；但他非常不擅长打电话，在一对一交流时更是“一团糟”——“我常常在表现得冷漠疏离的同时又显得毫无安全感，这其实是很难同时做到的”。因此，他从不强迫自己在劣势媒介上硬拼，而是每天都在自己擅长的媒介（写作、演讲、播客）上高强度刻意练习。 对于身处移动互联网时代的年轻人，加洛韦指出现在拥有前所未有的丰富工具。只要拿起一台智能手机，打开 iMovie 剪辑软件，每天在 TikTok 或其他平台上持续发布、微调迭代，只要日复一日地将自己投入到“成为伟大叙事者”的刻意练习中，这种能力就必然会成为改变个人命运的杠杆。 ### [01:11:51](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4311s) 创作者经济与好莱坞的困境 Scott Galloway 指出，现代数字媒体、宏观经济以及新兴技术带来了一项巨大红利：任何人无论身处何地、背景如何，都有机会成为顶尖的故事讲述者（Storyteller）。这并不意味着所有人的起跑线或机遇完全均等，但它彻底重构了行业格局。例如，好莱坞之所以陷入深度挣扎、好莱坞编剧工会即使罢工长达 4 个月最终也仅争取到 5% 的加薪，其底层逻辑正是创作者供应的井喷——TikTok 拥有 17 亿用户，其中 8.5 亿人是创作者（本质上都是讲故事的人）。即便这当中只有 1% 堪称出类拔萃，也意味着全球市场上瞬间涌现出 850 万名顶级讲述者。相比之下，洛杉矶那 50 万名自视甚高、认为自己作品“无比宝贵”的传统影视从业者，正在遭遇惨烈的降维打击；那些新一代创作者从不要求“宠物丧假”或配有精致餐饮的专属房车。 ```mermaid flowchart LR accTitle: 创作者规模对比 accDescr: 对比传统好莱坞影视人才与全球新兴创作者规模 subgraph S1["传统好莱坞编剧"] A["洛杉矶从业者<br/>约 50 万人"] --> B["诉求高待遇/附加福利<br/>行业陷入衰退"] end subgraph S2["TikTok / 全球创作者"] C["8.5 亿内容创作者"] --> D["前 1% 顶尖梯队<br/>850 万新讲述者"] end D -.->|"降维竞争"| B ``` - TikTok 全球用户达 17 亿，其中 8.5 亿为内容创作者。 - 哪怕按 1% 的顶尖比例计算，全球也有约 850 万高质量故事讲述者进入市场，直接冲击传统影视编剧行业。 --- ### [01:12:49](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4369s) 讲故事的底层逻辑：情感共鸣与垂直细分 当被问及“讲故事是否有其背后的计算公式（Algebra）”时，Scott 坦言自己曾深入思考过这一点。首先必须找到与自己匹配的媒介形态。他自嘲道：“我有一副英俊的声音，但长了一张只适合做播客的脸。”他曾主持过 5 档电视节目，几乎都在开播 4 周内被砍；事实证明播客是属于他的舞台，而电视不是。其次，讲故事的核心在于触动受众的情感——即使观点敏锐、言辞有趣，最关键的仍是“如何让别人产生真实的感受与情绪共鸣”。 Scott 分享了他个人在内容市场切入的生态位（White Space）：做一个年过五十、却敢于直面并倾诉自己内心情感的白人异性恋男性。他指出同龄的男性普遍闭口不谈个人挫折、对孩子的柔软情绪，或是母亲离世时带来的毁灭性痛苦。这种独特的真实感构成了稀缺性。此外，“具体的内容会挤占泛泛之论（The specific crowds out the general）”，必须深耕垂直利基领域并建立专业壁垒——例如深入研究埃塞俄比亚美食，将其与非洲文化、家庭纽带和母爱深度结合。对于事业突破，Scott 与主持人 Steven Bartlett 探讨了职业拐点的本质：看似“一夜成名”，实则是 35 年日复一日手刃肉搏、微小迭代的积累，如同 MrBeast 的方法论一样，持续测试、建立反馈机制并不断精益求精。 --- ### [01:15:23](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4523s) 投资的教训：从两度破产到极致分散 主持人 Steven 插播赞助商 PerfectTed 抹茶能量饮料后，话题切入具体的个人理财实操。面对年轻人“从快餐店或呼叫中心起步晋升至管理岗、手里有了一定闲钱后该投加密货币还是朋友的公司”的提问，Scott 直白地告诫：“照我说的做，千万别照我过去做的那样做。”他回顾了自己年轻时全仓押注（All-in）的惨痛教训：1999 年互联网泡沫巅峰时他正准备买私人飞机，2000 年崩盘后瞬间倾家荡产；随后他拼命爬起，2007 年再次积累巨额财富却依旧全押科技股，2008 年金融危机后再度一贫如洗。 经历两次清零后，Scott 总结出的首要铁律便是**极致分散（Diversify like crazy）**。分散投资意味着绝不在任何单一资产中投入超过一定比例的净资产，并且各资产之间要保持低相关甚至不相关。他举例称自己近期投资了一家萨尔瓦多的飞机维修公司，这与科技行业毫无关联，即便未来科技版图再次坍塌，远在萨尔瓦多修飞机的业务仍能产生现金流。 - 1999 年资产丰厚至看飞机，2000 年互联网泡沫破裂导致彻底破产。 - 2007 年重回富裕但过度集中于科技股，2008 年金融海啸再次破产。 - 分散投资核心：单项资产严格设限，资产间收益不具备正相关性。 --- ### [01:18:28](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4708s) 普通人的投资法则：低费率 ETF 与 S&P 500 Scott 强调，虽然年轻人为了买第一套房或早期创业往往不得不“全仓押注”，但一旦具备条件，就必须尽早转向分散化投资。对于普通年轻投资者，Scott 给出的最优建议是**买入低费率的 ETF（交易所交易基金）**，坚决远离日内交易（Day Trading）——因为数据表明 80% 至 95% 的日内交易者最终都在亏钱。 在选品上，Scott 建议直接选择跟踪标普 500（S&P 500）的指数 ETF（如 SPY）。面对频繁收到的年轻人与母亲们“现在买英伟达（Nvidia）是否太晚”的咨询，Scott 直言无法预测其短期内是暴跌 80% 还是再翻 3 倍；但购买标普 500 ETF，资金中的大约 20% 到 25% 会自动配置到包括英伟达在内的“美股七巨头（Magnificent Seven）”中，另外约 75% 到 80% 则分布在其余 490 多家公司中。如果巨头继续飙升，投资者能充分享受红利；如果科技权重股腰斩而其余传统公司迎来复苏，组合依然能保持稳健。他尖锐地告诫大众不要抱有“能战胜市场”的虚妄自信，金融圈最聪明的那批顶尖人物绝大多数也根本无法准确预测市场。 - 80% 到 95% 的日内交易散户最终以亏损收场。 - “美股七巨头”约占标普 500 指数总市值的 20%~25%（英伟达单只股票约占 3%~5%）。 - 认清现实：金融界多数专业人士同样无法准确择时，“别试图在草堆里找针，直接买下整个草堆”。 ### [01:20:41](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4841s) 华尔街最大的骗局与强制储蓄 对冲基金、私募股权基金、共同基金以及 CNBC 上滔滔不绝的股评家，如果把他们的综合回报率全部加起来，其收益扣除高昂的管理费后均跑输标普 500 指数（S&P 500）。现代经济中最大的骗局之一，就是让人相信某些戴着吊带裤、长相苦闷苍老、从哈佛毕业的家伙会比你更懂市场。普通人真正需要掌握的核心原则其实只有分散投资（Diversification）、买入追踪标普 500 的指数 ETF（如 SPY）以及趁年轻尽早储蓄。 更关键的一点是建立“强制储蓄”（Force Savings）机制。98% 的人在拿到钱的瞬间就会想方设法把它花掉，依靠个人意志力去抵御消费诱惑、将唾手可得的现金省下来拿去投资是反人性的。因此，必须寻找机制让你“想不投资都难”：例如了解公司是否有利润分享计划（Profit Sharing）、美国的 401(k) / IRA / Roth IRA，或者英国的各类企业年金与政府匹配计划（例如员工存入 5,000 英镑，政府或企业额外补贴 1,000 英镑）。此外，还可以利用诸如 Acorns 这样的零钱理财应用，将日常消费四舍五入后的差额自动划转到 SPY 中。如果不通过系统锁住资金，绝大多数人一拿到钱就会直接去买台大屏平板电视。 ```mermaid flowchart TD accTitle: 财富积累行为对比 accDescr: 对比普通消费冲动模式与自动化强制储蓄投资模式的区别。 subgraph Trap["典型消费陷阱"] A["获得可支配现金"] --> B["消费冲动与营销诱惑"] B --> C["购买消费品（如大屏电视/豪车）"] C --> D["资产为零，错失复利"] end subgraph System["自动化财富积累"] E["获得收入"] --> F["强制储蓄机制（IRA/Roth/零钱应用）"] F --> G["雇主/政府匹配资金"] G --> H["自动定投低成本指数基金（SPY）"] H --> I["长期复利效应，身家爆发式增长"] end ``` ### [01:22:04](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4924s) 指数基金的极简投资与 30% 玩票法则 投资在门外汉听来往往艰涩难懂，但如今技术早已消除了门槛。只要掏出手机，通过 Public.com 等投资 App，花两分钟拍张护照完成身份认证，仅需 50 美元就能直接购买标普 500 指数基金或低成本 ETF，根本不需要任何高深的人脉关系或专业顾问。如果对科技行业情有独钟且愿意承受稍高波动，也可以选择对应的科技类指数 ETF。 几乎每个年轻人——尤其是年轻男性——往往会过度自信，产生自己比市场更聪明、能够打败大盘的错觉。针对这种心理，合理的应对方式是拿出一小部分资金作为“学费”：拿出 30% 的资金去挑选星巴克（Starbucks）、英伟达（NVIDIA）、联合利华（Unilever）或诺和诺德（Novo Nordisk）等自以为看懂的股票，尽情体验炒股的乐趣。通过亲身试错，年轻人迟早会获得深刻的人生教训：长期来看，个人择股根本无法跑赢大盘。人类社会的生产力长期向上，西方主要经济体在中长周期内整体呈现“向右上角攀升”的轨迹，将主要资金投入指数基金，正是搭乘人类整体经济增长便车的最稳妥路径。 - **投资门槛极低**：在现代券商 App 上开户仅需几分钟与护照验证，最低只需 50 美元即可起步。 - **30% 探索额度**：允许将不超过 30% 的储蓄用于个股搏杀，以此作为认识自我局限性的低成本“实践课”。 - **长线经济红利**：依托社会生产力提升，广泛押注经济大盘而非个股，是胜率最高的策略。 ### [01:23:16](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4996s) 斯多葛主义与虚荣消费的代价 构建财富的算法方程式中，除了在就业率 90% 以上的领域保持专注（Focus）外，另一项核心支柱是斯多葛主义（Stoicism）。斯多葛哲学的精髓在于区分可控与不可控：专注于自己能掌控的事物，而支出与开销完全在个人掌控之中。大学升大四那个暑假，为了筹集返校所需的 3,300 美元学费，Scott 与兄弟会的 5 个室友结盟，把省钱做成了一场游戏，最终将包括房租在内的每周总开销压缩到了 78 美元。寻找在消费与储蓄观念上完全同频的伴侣至关重要，因为现实中根本没有人在意或嫉妒你拥有的物质外物，真正的多巴胺应来源于锻炼与深度人际关系，而非靠虚荣的消费符号来炫耀财富。 年轻时的无知往往让人付出沉重代价。大学毕业刚进银行工作的挚友 Lee Lotus 当年为了凑齐 2,000 美元以获取雇主对等的 Roth IRA 匹配资金而到处翻箱倒柜。年轻气盛的 Scott 当时嘲讽道：“如果我老了还在乎区区 2,000 块钱，你不如一枪打死我。”虽然如今 Scott 的总收入远超 Lee Lotus，但 Lee 依靠当年那股在 23 岁时拼凑 2,000 美元的“小气劲”和复利效应，也早已成为了千万富翁，且人生历程平稳得多。反观 Scott 自己，在摩根士丹利（Morgan Stanley）工作第一年拿到 28,000 美元的年终奖后，转头就贷款买了一辆价值 35,000 美元的宝马，还傻乎乎地在后视镜上挂了一副泳镜以为能吸引路人。如果当年他买的是 9,000 美元的现代（Hyundai）二手车，把省下的 20,000 美元买入 SPY 放着不管，如今这笔钱足以一口气买下 11 辆法拉利。 Scott 经常对员工开玩笑说：“如果你们足够努力工作，总有一天……我能再买一辆法拉利。”他也调侃拥有法拉利的感觉就如同“持续不断的勃起”。玩笑背后是严肃的心理学启示：没有人像你想象中那样在乎你的豪车与外在伪装；如果不敬畏时间与分散投资，哪怕是 1999 年的亚马逊也会在泡沫破裂时暴跌 90%，那种资产蒸发带来的精神折磨绝非常人所能承受。即便询问身家千亿的沃伦·巴菲特（Warren Buffett）如何投资 10,000 美元，得到的回答依然是极其无趣却颠扑不破的真理：买入低成本指数基金。正是这些枯燥无聊的微小坚持，构成了创造财富与推动公司股东价值的核心基石。 ### [01:27:14](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=5234s) 一桶沙子的复利启示与消费主义陷阱 很多年轻人之所以迟迟不开始投资，是因为陷入了“只有几百英镑毫无意义，等我有了 100 万再去投资”的误区。然而事实恰恰相反：必须先投资那 500 英镑，未来才可能拥有 100 万。 为了生动展示复利的威力，主持人在现场展示了一组具象化的道具： - **玻璃杯中的沙子**：代表从 25 岁起，每月在标普 500 指数中定投 1,000 资金，持续 12 个月后的本金规模。 - **巨大的沙桶**：如果保持这一节奏持续定投并让复利滚动到 65 岁，资产量将膨胀成一整桶沙子，规模堪比“祖马海滩（Zuma Beach）”。 这种极具冲击力的视觉化对比不仅揭示了投资真理，更是一堂教科书级别的情感叙事课。年轻最大的资本就是时间，但许多人未能及早领会复利的科学与艺术，往往到了接近 30 岁甚至更晚才恍然大悟。在当今的资本主义社会中，全球最聪明的大脑借助顶级算法与科技，每时每刻都在向年轻人推送令人无法抗拒的即时诱惑——从飞机经济舱升舱到优选经济舱，再到一分钟内下单送达的巴尔萨泽（Balthazar）高端内衣与无面粉巧克力蛋糕。正是这些无休止的消费圈套，在年轻人积累财富的第一步就抽干了他们本可用于复利的原始资本。 ### [01:29:46](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=5386s) 强制储蓄的机制与自动化财务自律 现代商业社会的消费诱惑无处不在。斯科特·加洛韦（Scott Galloway）自嘲道，哪怕是他自己，看到订房网站上跳出“仅剩最后几间客房”或“已有三人在同时浏览”的促销提示时，也会忍不住心跳加速、仓促掏钱包。在充满算法诱导的环境下，手里握着现金却想存下来几乎是一件不可能的事情。因此，年轻人在财务规划中最该建立的认知，就是寻找并建立尽可能多的“强制储蓄”（Forced Savings）机制。 所谓的强制储蓄，核心就在于“在钱落入你的消费账户之前，就自动流向资产端”。住房按揭在某种程度上就是一种强制储蓄，因为没有人愿意因为断供而被扫地出门；加入一家能提供股权激励（Stock Options / Equity）并享受延期纳税待遇的公司，同样是一种被动滚存资产的形式。加洛韦建议年轻人积极寻找那些在工资单发放环节就直接代扣投资的工具，例如将每笔刷卡消费向上抹零并自动定投零钱的 App，或是充分利用企业年金匹配（如 401(k) 公司匹配）及政府配套储蓄计划。这些机制剥夺了人性在面对现金诱惑时的动摇机会，让财富在无感知的情况下累积。 - **摆脱消费诱惑**：不要试图依靠意志力去抵御消费冲动，资金一旦进入日常账户就极难留存。 - **自动化扣款**：优先配置发薪日自动划扣、零钱自动向上抹零定投的自动化工具。 - **吃满福利配比**：绝不放弃任何公司或政府提供的配比储蓄/投资方案（Employer Match）。 --- ### [01:30:42](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=5442s) 房产投资的迷思、杠杆优势与“房奴”陷阱 主持人史蒂芬·巴特利特（Steven Bartlett）提出疑问：许多嘉宾（如摩根·豪泽尔 Morgan Housel）以及他自己的兄长都曾警告，当所有普通人都扎堆涌入一个投资游戏时，它的回报率往往早已被大幅摊薄，如今投资房产是否还是一个好选择？加洛韦援引著名的凯斯-席勒指数（Case-Shiller Index）指出，若严谨计入日常修缮、折旧与维护成本，房地产在历史上并没有跑赢其他核心资产类别。然而，房地产在制度设计上拥有其他资产无法比拟的独特优势：高杠杆与税收庇护。 加洛韦详细剖析了他看好房产的关键逻辑：在主流资产中，几乎只有房地产允许普通人以 20% 的首付撬动 4:1 的巨大杠杆（你绝不可能用 20 美元买到价值 100 美元的苹果公司股票），且房贷利息在许多国家可以抵扣税款。此外，美国税法规定自住满两年的房产在出售时，个人可享受最高 25 万美元、已婚夫妻最高 50 万美元的资本利得免税额（Section 121 免税条款）。通过买入有升级空间的房产、自行修缮并在几年后免税卖出置换大房，构成了极具威力的强制储蓄与免税复利飞轮。婴儿潮一代（Baby Boomers）如今的大部分财富，正是沉淀在这些房屋净值之中。 ```mermaid flowchart TD accTitle: 房产投资的财务飞轮与风险制约 accDescr: 展示房产高杠杆与免税优势，以及超过40%收入线后沦为房奴的风险路径。 subgraph Advantages["房产核心杠杆与税收红利"] A["20% 首付<br/>（撬动 4:1 资产杠杆）"] --> B["房贷利息税前抵扣"] B --> C["持有 2 年以上自住房<br/>最高 50 万美元免税额"] C --> D["免税置换更大资产<br/>形成强制储蓄循环"] end subgraph Risks["风险警戒线与流动性枷锁"] E["月供/房产支出 > 40% 收入"] --> F["沦为'房奴'（House Poor）<br/>丧失抗风险能力"] G["持有预期 < 7 年"] --> H["遭遇经济下行周期<br/>被贬值套牢、丧失地理流动性"] end ``` 然而，房产市场也正在对年轻一代形成残酷的挤压。由于建房审批受阻导致供给短缺，疫情期间美国平均房价从 29 万美元飙升至 42 万美元，加上利率攀升，平均月供从 1,100 美元几乎翻倍至 2,300 美元，导致能买得起房的家庭比例从三分之二暴跌至三分之一。加洛韦为此提出两条硬性准则：第一，住房开销决不能超过总收入的 40%，否则房产不仅无法带来心理归属感，反而会沦为沉重的心理枷锁，让人沦为“房奴”（House Poor）；第二，如果无法确保连续持有 7 年以上以穿越经济周期，或者预期未来有跨城市发展的机会，租房远比买房更明智——租房赋予你“把钥匙拍在桌上拔腿就走”的宝贵流动性。 - **杠杆不对称性**：普通投资者极难在股票市场获得低息、低强平风险的 4 倍杠杆，但房产贷款却提供了这一制度通道。 - **免税套利循环**：在美国利用自住房资本利得免税政策（单身 25 万 / 夫妻 50 万美元），隔几年翻新置换一次，是中产阶层积累财富的经典路径。 - **40% 收入红线**：一旦供房成本超过收入的 40%，房产就会从资产变成剥夺自由的财务锚链。 - **7 年持有法则**：若无法承诺持有 7 年以对冲地产周期波动，切勿轻易背负房贷入场。 --- ### [01:34:59](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=5699s) 富人不可言说的避税游戏：买入、借贷与离世 当话题转向高净值人群的财富秘密时，加洛韦直言不讳地指出：“合法避税（Tax Avoidance）是积累财富的核心技能。”社会公众往往羞于公开谈论税务规划，但他认为，“就像战俘有责任逃跑一样，财富创造者也有责任在法律允许的范围内尽可能少缴税”。他以苹果公司为例：跨国科技巨头将知识产权转移至税率极低的爱尔兰子公司，再由爱尔兰公司向美国总部反向授权并收取数百亿美元的高昂授权费，以此合法压低在美国的高税率利润。大企业将避税手段用到了极致，个人投资者也必须看懂这个游戏规则。 尽管加洛韦在政治上支持设立企业替代性最低税并提高对超富阶层的税率（他指出全美最富有的 25 个人实际税率仅为 6% 到 8%），但他随后拆解了顶级富豪们屡试不爽的三大税务“外挂”： 1. **“买入、抵押借贷、传承离世”（Buy, Borrow, Die）**：富人买入优质资产（如亚马逊股票）后长期持有、永不主动卖出套现，以规避触发资本利得税。当他们需要现金消费时，直接以股票等资产作为抵押向银行低息借贷，用日常微薄的现金流偿还利息；直至离世时，资产打包进信托传承给下一代，彻底跳过巨额资本利得变现税。 2. **州际税务套利（State Arbitrage）**：杰夫·贝索斯（Jeff Bezos）公开宣布迁居佛罗里达州，对外声称是“为了多陪陪父母”。加洛韦毫不客气地拆穿其伪善面具：“这跟他父亲没有半点关系。”在华盛顿州利用当地公共教育、机场与基建累积了 1,600 亿美元财富后，面对华盛顿州新出台的资本利得税，贝索斯搬到无个人所得税的佛罗里达即可省下 8% 到 10% 的巨税。许多硅谷精英借口“无法忍受旧金山政治环境”而转投得州，实质上往往只是因为即将进行大额资本利得套现。 3. **合格小型企业股票免税代码（Section 1202 / QSBS）**：美国税法对投资净资产 5,000 万美元以下的小型创业公司提供极致红利——只要持有股票超过 5 年，出售时前 1,000 万美元或投资本金 10 倍以内的资本利得**完全免征联邦税**。加洛韦坦言，自己创立商业数据分析公司 L2 并最终出售时，依据 QSBS 政策套现的前 1,000 万美元缴纳的税款正是“整整 0 元”。他直言这种制度极其不合理且严重压榨中产阶级，但只要规则存在，精明的财富积累者就会将其利用到极致。 > “在积累财富的过程中，你有责任合法缴纳尽可能少的税款……如果这听起来像是在压榨中产阶级，相信你的直觉，事实就是如此。” —— 斯科特·加洛韦 ### [01:38:28](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=5908s) 税法体系的真相：从“高薪打工人”跃迁为“资产所有者” 谈及税收制度，Scott Galloway 分享了自己的一段真实经历：他曾投资 250 万美元于一家公司，极其幸运的是公司随后被高价收购，而按照相关税法条款，前 2500 万美元的收益竟然完全免税。他尖锐地指出，美国的税法典已经从过去的 400 页膨胀到了 4000 页，而多出来的这 3600 页内容，其核心目的就是“让富人变成超级富豪”。公众对税收普遍存在一种认知误区，认为富人一概不缴税；但事实上，处于中间层的高收入群体所承担的税负比例反而极度不成比例。 Scott 用一个典型的高收入家庭举例：母亲是顶尖律所的合伙人，年薪 100 万美元；父亲是开诊所的脊骨神经医师，带着三名雇员，年收入 60 万美元。两人都是传统意义上的精英“顶流”（ballers），家庭年收入高达 160 万美元。然而，为了赚取这笔收入，他们往往必须住在蓝州的核心都市圈，承担着高达 45%、48% 甚至 52% 的边际税率。相反，如果这位父亲选择通过融资收购一批连锁诊所将其打包成投资资产，最终以 5000 万美元卖掉，他的实际税率便会断崖式暴跌。全美最富有的前 25 名超级富豪实际支付的税率仅在 8% 左右，底层人群基本不用缴纳联邦所得税（主要缴纳消费税），真正被系统“压榨”的，恰恰是处于中上层、靠工资为生的超级高薪打工人（workhorses）。 ```mermaid flowchart TD accTitle: 高薪打工人与资产所有者的税务路径差异 accDescr: 对比单纯依赖工资收入的高税负路径与通过持有资产实现低税负的财务路径 subgraph Earners["高薪打工群体 (Workhorses)"] A["高额工资收入 (如年入160万美元)"] --> B["居住于一线大城市 (高边际税率)"] B --> C["承担 45% - 52% 极高个人所得税"] end subgraph Owners["资产超级所有者 (Super Owners)"] D["持有股权 / 投资资产"] --> E["以资产抵押向银行借款 (免税现金流)"] E --> F["资产增值未变现不征税"] F --> G["最终实际税率极低 (约 8%)"] end ``` 这种机制正是超级富豪财富运作的底层逻辑。Steven Bartlett 总结道，富人的典型操作是：购买 1 万美元的亚马逊股票，随后拿股票作抵押向银行申请 5000 美元的低息免税贷款日常花销；若股价涨到 2 万美元，再向银行追加抵押贷款借出 5000 美元，继续过免税的惬意生活，而原始股票则终身持有、坚决不卖。Scott 指出，杠杆是聪明人破产的根源，但“只持有不卖出”确实是人类历史上最强大的避税机制之一——就像做播客每年赚 100 万美元，英国税务局每年会拿走 40% 的现钞；但如果拥有 100 万美元股票翻倍到 200 万美元，只要不套现就无需缴纳一分钱资本利得税。例如埃隆·马斯克（Elon Musk），坐拥 2000 亿美元账面资产，靠抵押股权借入免税资金生活，当最终必须套现还贷时，便从高税负的加州举家搬到了得克萨斯州。 --- ### [01:41:37](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=6097s) 税务筹划的惊人力量与资本的复利军队 Steven 深有感触地指出，在财富积累的道路上，是否拥有顶级的税务咨询所带来的结果差距令人震惊。他接触过许多人，由于税务策略的不同，有人在赚得盆满钵满后走向破产，有人却蜕变为多位数的百亿富翁；这种差距就像有人突然揭开了一道原本看不见的幕布，而幕布之后正发生着令人咋舌的“魔法”。社会文化总是劝阻大众不要公开谈论税收，但这恰恰是富人维持壁垒的方式，因为富人私底下每天都在谈论税务结构。 Scott 对此毫无保留地赞同，他坦承自己职业生涯中最聪明的合作伙伴是一位名叫 Lucy Lee 的顶尖税务律师，他甚至尊称其为自己的“税务尤达”（tax Yoda）。哪怕支付每小时 1800 美元的昂贵咨询费，他也甘之如饴——无论是创立新公司，还是准备从播客发行公司接收一笔巨额款项，Scott 的第一步永远是先与税务顾问通电话梳理架构。对于年轻人而言，核心目标绝不是永远做一名劳碌的“赚钱者”（earner），而是要尽早完成向“所有者”（owner）的跨越，让资本像一支军队一样在夜晚替你冲锋陷阵。 - **年轻时的微小资本具备巨大杠杆**：在 21 岁时，500 美元是一笔巨款；得益于复利时间价值，21 岁时的 500 美元等同于几十年后成倍增长的 1 万美元。 - **阶层跃迁的执行路径**：先通过工作收入积累第一笔投资本金（如 1 万、5 万、10 万乃至 100 万美元资产），完成向资产所有者的转变。 - **现实的黑色幽默**：在感叹完富人通过所有权规避税收后，Scott 面对桌上的沙漏苦笑着调侃道：“听起来真糟糕对吧？抱歉，但这正是我们‘压榨’中产阶级、让普通人吃亏的真实方式，Steven。” --- ### [01:43:53](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=6233s) 最后一问：为了陪伴儿子而爱上英超足球 节目进入了《The Diary Of A CEO》标志性的收尾传统：上一位未透露姓名的嘉宾为下一位访客留下的手写盲盒问题：“你最近仅仅因为自己想学，而去学会的一件事是什么？”面对这个问题，Scott 陷入沉思，随后给出了一个看似平常却充满父爱的温情答案——他学会了热爱英超足球。 Scott 坦言自己是一个自我意识极强的人（egomaniac），曾天真地以为儿子们会长成微缩版的自己，狂热痴迷于二战历史和 CrossFit 交叉体能训练，并崇拜父亲是个英雄。但他很快领悟到，要做一个合格的父亲，就必须主动融入孩子热爱的事物中，否则根本无法建立真正的连接。在大学结束运动员生涯后，Scott 整整 25 年对体育赛事不闻不问，甚至毫无兴趣。然而，当两个儿子分别成为了切尔西（Chelsea）和托特纳姆热刺（Tottenham）的狂热死忠粉后，为了融入家庭生活，甚至为了在饭桌上能和孩子们充满火药味地互相拌嘴，Scott 主动选择成为了阿森纳（Arsenal）的球迷，并彻底沉浸其中。 在听到 Steven 自曝是曼联（Manchester United）的死忠球迷后，Scott 忍不住毒舌开启了现场互损模式，大声吐槽 Steven 选曼联简直“太好预测、太能装腔作势（such a poser）”。直到 Steven 委屈地辩解自己半个家庭都在曼彻斯特出生、曼城是全家移居英国的第一站时，Scott 才开玩笑地承认 Steven 确实拥有“合法支持曼联的主权”，并笑称支持曼联至少比选择曼城（Manchester City）稍微体面一点点。 --- ### [01:46:47](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=6407s) 足球的男性情感联结与富豪购买球队的心理动力 Scott 动情地谈到，足球已彻底变成了全家人探索欧洲的纽带。他们不仅去德国现场观摩了欧洲足球锦标赛，远赴卡塔尔看世界杯，还经常全家飞往巴塞罗那看球。Scott 强调，虽然能频繁满世界看球是一种经济特权，但英超联赛所带来的独特氛围，是他在商界看过的任何顶级赛事（包括奥运会）都无法比拟的。 更为关键的是，Scott 观察到了现代男性心理机制中的独特一面：在情感表达被严重压抑的现代社会中，足球赛场是极少数能够让成年男性公开宣泄脆弱与情绪的安全港湾。在看台的 90 分钟里，男人们被全社会所允许痛哭流涕、互相热烈拥抱、肆无忌惮地释放狂喜与心碎。这种强烈的情感共鸣，让足球不再单纯是一项竞技，而成为一种男性精神上的集体疗愈。 对话最后转向了资本运作层面。Steven 提到，现在许多富豪热衷于收购足球俱乐部，即便俱乐部本身不怎么盈利，人们依旧趋之若鹜。Scott 对此一针见血地引用了“博傻理论”（Greater Fool Theory）： - **亿万富翁群体的爆发**：全美亿万富豪的数量已经从 500 人激增至 2500 人，大量手握巨资的男性普遍陷入深度的中年危机。 - **社交身份的终极入场券**：如果一个人想在一夜之间成为克利夫兰最引人瞩目、最有趣的名流人物，最直接的方式绝对不是投资制造业，而是直接买下克利夫兰骑士队（Cavaliers）或克利夫兰布朗队（Browns）。拥有职业球队已经成了这群超级富豪寻找存在感与社交特权的终极溢价游戏。 ### [01:47:25](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=6445s) 超级富豪的体育梦与“流浪者队收购风波” 谈到顶级富豪对体育球队的追逐，Scott Galloway 指出，如果一个人坐拥 500 亿美元的身家，花上 50 亿美元买下华盛顿指挥官队（Washington Commanders），或是收购传出出售意向的托特纳姆热刺队（Tottenham Hotspur），简直是顺理成章的炫耀与地位象征——毕竟“在克利夫兰，你立刻就是最性感迷人的男人”。Scott 还分享了自己曾经一度付诸实践的荒唐计划：他曾召集了全美最富有的苏格兰裔圈子（总共也就大概 14 个人），兴奋地提议大家凑钱把苏格兰格拉斯哥流浪者足球俱乐部（Rangers F.C.）买下来。 当时的 Scott 连方案都彻底规划好了，打算发行一笔 1000 万英镑的可转换公司债（Convertible Note）来完成收购，因为流浪者队本身就是一家上市公司。然而，一位著名的苏格兰历史学者朋友当头给他浇了一盆冷水，严厉警告他：“你一旦这么做，就会变成全英国最招人恨的人。当地球迷会恨死你。你对足球一无所知，在他们眼里你不过是一个跑过去指手画脚的美国白痴！”朋友直截了当地劝阻他：“你想看球，买票去现场看比赛就行了，脑子里到底在想什么？” - **计划构想**：联络约 14 位在美知名且富有的苏格兰人，通过 1000 万英镑的可转债尝试入主格拉斯哥流浪者足球俱乐部。 - **当头棒喝**：历史学家友人一针见血地指出跨国空降资方的致命盲区——缺乏本地足球文化根基，只会被本地忠实拥趸视为“无知的美国笨蛋”。 --- ### [01:48:10](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=6490s) 球队投资的“痛苦方程式”与对谈尾声 主持人 Steven Bartlett 对此深表赞同，指出收购体育俱乐部存在一个极其残酷的“痛苦方程式”（Pain Equation）。当你买下一支球队时，你买下的根本不是一门纯粹的生意，而是一个狂热的“部落”（Tribe）。在竞技体育中，绝大多数队伍注定无法一直赢球，而老板必须直面那些将整个人生都寄托在球队上的极端狂热球迷。Steven 打趣道，你不得不应付来自类似南安普敦的普通死忠球迷“戴夫”（Dave），球队就是戴夫的一切，只要战绩不顺，他就会怒不可遏。 买下球队后，除非从第一天起就源源不断地捧回冠军奖杯，否则在球迷眼里老板就是搞砸了一切的罪魁祸首。Scott 也无奈地附和感叹，事实上“根本没有任何人能做到这一点”，这纯粹是一项折磨人身心的“自虐运动”。至此，两人在笑声中结束了本次关于金钱、投资与人生的深度对谈。 ```mermaid flowchart TD accTitle: 体育俱乐部投资的“痛苦方程式”逻辑 accDescr: 展示收购体育球队时面临的情感部落、极高胜率期望与球迷反噬闭环 subgraph Acquisition["资本收购"] A["巨额资本买下球队"] --> B["实质买下极度忠诚的'情感部落'"] end subgraph Reality["竞技现实"] B --> C["竞技体育的残酷定律:<br/>绝大多数队伍无法常胜"] end subgraph Backlash["死忠反噬"] C --> D["死忠球迷将球队视为人生寄托"] D --> E["未能立竿见影夺冠<br/>老板成为众矢之的与全英公敌"] end ``` - **部落属性**：球队所有权本质上绑定了狂热的情感共同体，理性商业逻辑在球迷情绪面前往往彻底失效。 - **严苛期望**：球迷对新资方的容忍度极低，非冠军即失败，使得体育资方承担着不成比例的舆论与心理压力。 --- ### [01:48:36](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=6516s) 节目赞助与海外网络体验（NordVPN） 节目最后，Steven Bartlett 分享了自己作为曼联死忠球迷的个人经历。由于经常在世界各地奔波出差，而他无论身处何地都绝不肯错过任何一场曼联的比赛，NordVPN 成了他的出行必备工具。许多国家和地区因为转播权或地域限制（Geo-blocking）无法直接观看赛事直播，甚至部分网站与流媒体电影也会受到访问阻隔，而虚拟专用网络帮助他轻松化解了这些地理限制壁垒。 除了观看足球和内容解锁之外，Steven 特别强调了在差旅途中接入公共 Wi-Fi 网络时的数字安全隐患，这也是大多数人容易忽视的问题。NordVPN 提供的网络安全防护为移动办公与跨国出行提供了坚实保障。节目的听众通过专属链接订阅两年期计划可享受大幅优惠并额外获赠 4 个月服务，且该服务享有 30 天无理由退款保证。 ## Notable quotes > [00:00](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=0s) 你获得100万英镑的唯一途径，就是先把手里的这500英镑投出去。 — Scott Galloway > [02:00](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=120s) 如果你有钱，这里是一个慷慨、充满爱意的地方；但如果你没钱，它就是一个贪婪而暴力的修罗场。 — Scott Galloway > [03:15](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=195s) 信息不对称永远只对掌握信息的一方有利。 — Scott Galloway > [11:58](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=718s) 我几乎可以百分之百保证，任何真正美好的事情，都绝不可能发生在你家里的屏幕上。 — Scott Galloway > [20:21](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1221s) 与其在一个平庸的经济体里出类拔萃，不如在一个伟大的经济体里做到普通良好。 — Scott Galloway > [32:41](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=1961s) 在旧金山做一个普通优秀的人，其经济回报远超在斯图加特做到极致卓越。 — Scott Galloway > [39:15](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2355s) 如果你有副业，说明你的主业做得很失败。 — Scott Galloway > [45:29](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=2729s) 身在瓶子里面，是极难看清瓶身标签上的字的。 — Scott Galloway > [56:58](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3418s) 伟大存在于借助他人的力量之中。 — Scott Galloway > [01:03:02](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=3782s) 财富是一项全人工程。 — Scott Galloway > [01:15:23](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=4523s) 照我说的做，千万别照我过去做的那样做。 — Scott Galloway > [01:34:59](https://www.youtube.com/watch?v=rKOx5qlLyaA&t=5699s) 在积累财富的过程中，你有责任合法缴纳尽可能少的税款……如果这听起来像是在压榨中产阶级，相信你的直觉，事实就是如此。 — Scott Galloway ## Mentioned Scott Galloway, Steven Bartlett, The Algebra of Wealth, Roger Federer, Red Envelope, Bill Ackman, S&P 500, NASDAQ, SAG-AFTRA, Chelsea FC, Morgan Stanley, Nvidia, Panera Bread, In-N-Out, Doug McMillon, Walmart, Google, Jonathan Haidt, The Anxious Generation, Prophet, Jeff Bezos, Jensen Huang, MrBeast, Warren Buffett, Case-Shiller Index, Elon Musk, Lucy Lee, Tottenham Hotspur, Arsenal, Manchester United, Rangers F.C., NordVPN ## Video description Scott Galloway is a Professor of Marketing at the New York Stern School of Business and host of the ‘Pivot’ podcast about technology and business. He is also the best-selling author of books such as, ‘The Algebra of Happiness’, ‘The Four’, and ‘The Algebra of Wealth’. 00:00 Intro 02:00 Why Some Become More Rich Than Others 03:15 Where Do We Learn About Money? 08:43 Where Would We Be Without Those Connections? 13:04 No Matter How Old You Are You Can Still Make More Money 20:21 When To Take Risks And When To Diversify 23:27 Should We Go For Our Dream Jobs? 27:05 Having Money Is Fun! 31:18 Why Should You Have A Number Of How Much Money You Need? 32:41 How To Make 9-Figures 37:18 Where You Should Live To Be Financially Successful 40:02 How Do You Get Out Of Your Current Job Situation 42:39 Good Places To Make Money Vs Bad Places To Make Money 45:19 How Do You Find A Mentor? 49:10 The Psychological Formula For Networking 56:58 How To Be A Great Decision Maker 01:01:48 Is Marriage Good For Wealth? 01:03:39 Relationship Investing Is The Key To Wealth 01:06:17 Can Anyone Start A Company? 01:08:11 The Power Of Storytelling 01:10:01 How Does The Average Person Develop The Skill Of Storytelling? 01:12:54 What Is The Algebra To Storytelling? 01:16:25 How Has Scott Changed Over The Years? 01:18:56 Where Should I Invest My Money? 01:27:12 Investing $1000 A Month In S&P Visual 01:30:42 Is Real Estate Worth Investing In? 01:34:59 Playing The Tax Game 01:41:37 The Importance Of Tax Advice 01:43:53 Last Guest Question You can purchase Scott’s book, ‘The Algebra of Wealth’, here: https://amzn.to/3S16pvR Follow Scott: Instagram - https://g2ul0.app.link/JCoalDTC7Kb Twitter - https://g2ul0.app.link/9EftqvWC7Kb You can purchase the The Diary Of A CEO Conversation Cards: Second Edition, here: https://g2ul0.app.link/f31dsUttKKb Follow me: https://g2ul0.app.link/gnGqL4IsKKb Sponsors: PerfectTed - https://bit.ly/DOAC-POD-DIARY15 - Code: DIARY15 at checkout for 15% off NordVPN - https://nordvpn.com/doac - give you 4 extra months on the 2-year plan. There's no risk with Nord’s 30 day money-back guarantee!' [Source](https://www.youtube.com/watch?v=rKOx5qlLyaA)

[0:00] Scott Galloway: 你获得100万英镑的唯一途径，就是先把手里的这500英镑投出去。 [2:00] Scott Galloway: 如果你有钱，这里是一个慷慨、充满爱意的地方；但如果你没钱，它就是一个贪婪而暴力的修罗场。 [3:15] Scott Galloway: 信息不对称永远只对掌握信息的一方有利。 [11:58] Scott Galloway: 我几乎可以百分之百保证，任何真正美好的事情，都绝不可能发生在你家里的屏幕上。 [20:21] Scott Galloway: 与其在一个平庸的经济体里出类拔萃，不如在一个伟大的经济体里做到普通良好。 [32:41] Scott Galloway: 在旧金山做一个普通优秀的人，其经济回报远超在斯图加特做到极致卓越。 [39:15] Scott Galloway: 如果你有副业，说明你的主业做得很失败。 [45:29] Scott Galloway: 身在瓶子里面，是极难看清瓶身标签上的字的。 [56:58] Scott Galloway: 伟大存在于借助他人的力量之中。 [63:02] Scott Galloway: 财富是一项全人工程。 [75:23] Scott Galloway: 照我说的做，千万别照我过去做的那样做。 [94:59] Scott Galloway: 在积累财富的过程中，你有责任合法缴纳尽可能少的税款……如果这听起来像是在压榨中产阶级，相信你的直觉，事实就是如此。

[45:32] Scott Galloway: it is really hard to read the label from inside of the bottle. [66:17] Scott Galloway: On a risk-adjusted basis, the most unbelievable platform for generating wealth and opportunity and long-term economic security is the American corporation. [105:27] Scott Galloway: You don't want to be a super earner. You want to earn enough money to invest so you can become a super owner. [108:17] Scott Galloway: When I set up a company, I talk to my tax person. When I'm about to get a big payment from my podcast distribution company, I talk to my tax person first... You want to bust a move out of earning and develop an army of capital that goes out and kills for you at night. [104:49] Scott Galloway: poser [104:49] Scott Galloway: predictable [106:47] Steven Bartlett: greater fool theory [106:47] Scott Galloway's friend: the most hated person in the United Kingdom [106:47] Scott Galloway's friend: American idiot [106:47] Steven Bartlett: pain equation [106:47] Steven Bartlett: a tribe [106:47] Steven Bartlett: Dave from Southampton

[0:00] Let's be honest, it's the boring [ __ ] [0:01] that makes you rich. And the most [0:03] unbelievable way for generating wealth [0:06] and long-term economic security is [0:09] And then once you do that, you can [0:10] become a super tax evader. [0:14] That sounded awful. [0:16] Scott Galloway, one of the world's [0:18] leading voices in business and finance, [0:20] is back. [0:21] His mission is to help millions of [0:22] people build incredible wealth and live [0:24] a life of economic security. [0:26] If you're trying to build wealth, you [0:27] want to lean into your advantages. Your [0:28] advantages in your 20s are flexibility [0:30] and time. So, take risks, find your [0:33] talent, not your passion, that has a [0:35] 90-plus percent employment rate, or [0:37] become an owner, not an earner, and [0:39] develop an army of capital that goes out [0:40] and kills for you at night, and then [0:42] invest it. What if you're not young? [0:44] Focus on the things you can control. One [0:45] thing that is within your control is [0:47] spending. But 98% of us will spend [0:50] everything we get our hands on. It is [0:52] very hard to have the discipline to take [0:53] money that is within your grasp and [0:55] invest it. And we don't appreciate the [0:57] power of investing and compound [0:59] interest. My team brought a bucket of [1:01] sand to illuminate the power of [1:02] compounding interest. This is investing [1:05] 1,000 a month over the course of 12 [1:07] months starting at the age of 25. If you [1:09] left it and kept investing at that rate, [1:11] by the age of 65, it would look like [1:13] this. [1:14] And the young man who says, "I have 500 [1:16] pounds. I'm going to wait till I have a [1:17] million before I start investing." The [1:18] way you get a million pounds is by [1:20] investing that 500. And this notion that [1:22] it's too late for me, I'm in my 40s, I'm [1:24] going to ignore finances, uh [ __ ] [1:26] So, what is the set of steps? Let me [1:27] make it easy. First thing, [1:31] Congratulations, Diary of a CEO gang. [1:33] We've made some progress. 63% of you [1:35] that listen to this podcast regularly [1:38] don't subscribe, which is down from 69%. [1:41] Our goal is 50%. So, if you've ever [1:45] liked any of the videos we've posted, if [1:46] you like this channel, can you do me a [1:48] quick favor and hit the subscribe [1:49] button? It helps this channel more than [1:51] you know, and the bigger the channel [1:52] gets, as you've seen, the bigger the [1:54] guests get. Thank you, and enjoy this [1:56] episode. [2:00] Scott, [2:01] you've written a book on wealth, [2:04] money, finance. [2:08] Why? [2:09] And why does it Why does it matter? [2:12] Uh this is kind of a memo to my [2:13] 25-year-old self. [2:16] I've been rich three times. And the [2:18] first two times I lost it. [2:20] And I didn't grow up with a lot of [2:22] money. It's been very important to me. I [2:24] think America, and mostly in Europe, but [2:26] especially America, America becomes more [2:28] like itself every day. [2:30] And that is it's a generous, loving [2:32] place if you have money. It's a [2:33] rapacious, violent place if you don't. I [2:36] think economic security is really [2:38] important, and I think there's a series [2:41] of habits and character traits that uh [2:44] can help you get to economic security. [2:45] You know that study that you become the [2:47] average of your five closest friends, [2:49] same body mass index, same politics, [2:51] same sports team, same neighborhood. [2:54] Uh what they don't talk about is that [2:56] amongst those five people, even if [2:58] they're all making about the same amount [2:59] of money, one will end up much more [3:01] economically well off than the other [3:03] four. And I'm trying to understand the [3:05] behaviors of that one person who becomes [3:08] economically secure by the time they're [3:09] my age without making a lot more money [3:12] than their colleagues. [3:14] Do you think we're taught about money? [3:17] Where did Where did it those people, [3:18] that one in five, where did Where did [3:20] they learn about money? [3:22] Yeah, that's a really interesting [3:23] question. I think So, [3:25] the honest answer is I don't know. What [3:27] I would say uh sociologically is that [3:30] rich people talk about money. [3:32] And it's considered taboo for employees [3:35] in middle class and lower class and [3:37] women to talk about money. Like you're [3:39] told not to talk about your salary at [3:41] work. [3:42] Asymmetry of information will always [3:44] benefit the person that has symmetry, [3:45] that knows information. [3:47] The boss of a company knows what [3:48] everyone's making, but he tells his or [3:51] her employees not to discuss their [3:52] salary because Lisa might find out that [3:54] Bob is making 30% more for doing the [3:56] same work. [3:58] So, there's a bit of a zeitgeist that [4:00] tells people not to talk about money, [4:02] that it's like talking about porn or [4:03] that it's vulgar. [4:05] And I think you need to start talking [4:06] about money and maintain a certain level [4:08] of financial literacy from a very early [4:10] age because Roger Federer talks about [4:12] tennis. If you want to be good at [4:14] anything, most people want to be good at [4:15] money. [4:16] And to be good at something, you need to [4:17] understand it, and to understand it, you [4:19] need to talk about it. So, I'm very [4:20] transparent with how much money I make, [4:22] what I do with it. But talk to your [4:24] friends about mortgage rates. Talk to [4:25] your friends about how much money they [4:26] make, what they're doing with it, where [4:28] they lost money. And people aren't [4:30] transparent about it, especially [4:32] I think about men, we're supposed to be [4:34] just like accidentally wealthy. And to [4:36] ever talk about our financial problems [4:38] is to admit that we're not ballers or [4:40] that we're not masculine. And so, I [4:42] encourage people from a young age to [4:44] start talking about money and understand [4:46] it and be transparent about it. Where [4:49] did you learn about money? Cuz I think [4:51] about my own life, and I think there's [4:53] key moments of quite frankly luck. Yeah, [4:56] what I was exposed to information [4:59] because I was invited into a room, [5:00] physically, literally into a room, or I [5:02] was, through no decision of my own, [5:05] someone came into my life. Yeah. Um or [5:08] in my case, maybe one of the biggest [5:09] blessings I ever had is when I went off, [5:12] dropped out of university, and pursued [5:13] entrepreneurship, my brother decided to [5:15] go be an investment banker for 11 years [5:16] in London. [5:17] Yep. And then when I had my first exit, [5:20] he messaged me one day and said, "Hey, [5:22] I'll manage your money, and I'll quit my [5:24] job, and come work with you full-time." [5:26] And that's my older brother. So, like [5:28] life gave me the greatest gift anyone [5:30] could ever have been given. [5:32] It [5:33] That That That rings so true. So, I [5:34] think of three things as you said that. [5:36] The first is the smartest thing I ever [5:38] did was being born a white, heterosexual [5:40] male in California in the '60s. [5:43] Because it gave me an unfair advantage. [5:45] It gave me access to free education, the [5:46] University of California, and access, [5:49] 76% admissions rate when I applied to [5:50] UCLA. The admissions rate this year is [5:52] 9%. I came up a professional age in the [5:54] '90s when the internet was coming [5:56] online. [5:57] So, I sort of had these winds at my [5:58] back. And also, I just to be blunt, [6:02] everyone that was raising capital [6:03] looked, smelled, and felt like me. They [6:06] were all white, heterosexual males. [6:08] And I didn't even realize at the time [6:09] what privilege or unfair advantage I [6:11] had. So, the first is just just sheer [6:13] luck. The second is environmental. I [6:16] grew I was raised by a single, immigrant [6:17] mother who lived and died as a [6:18] secretary. [6:20] And people who don't grow up with money [6:21] People who grow up with money just can't [6:23] really, truly empathize with what it's [6:25] like to grow up without money. [6:27] I felt as if there was this ghost [6:30] following me and my mom around, [6:31] constantly whispering in our ear, [6:33] "You're not worthy. [6:35] Your mom [ __ ] up, which means you [6:37] aren't worthy." And so, I very early [6:40] decided that I was that economic [6:43] security was really important to me. I [6:44] want to be clear, you can't make a [6:45] decision to be wealthy. A lot of it is [6:47] luck. [6:48] But I was going to be very committed. My [6:51] goal in life from zero to 45 wasn't to [6:53] be a good person. It wasn't to save the [6:54] whales. It wasn't to to have strong [6:57] relationships. It was to get economic [6:59] security. So, I started connecting the [7:01] dots around money pretty early. And [7:03] then, along the lines of what you were [7:04] talking about, [7:06] um my mom had a boyfriend, and um and [7:10] people don't talk about this. [7:11] You know how in certain dramas they [7:13] reference a second family, where a guy [7:15] has an entirely other family despite the [7:17] fact he's married? My mom and I were [7:19] that second family. Her boyfriend for 7 [7:21] years was a wonderful man named Terry. [7:24] Really nice to me, spent every other [7:26] weekend with us, super generous to me. [7:28] Uh he was also married with another [7:29] family. So, we were that second family. [7:32] But he was a good man, and he was a He [7:34] was actually a good role model for me. [7:36] And one weekend, I was asking him, "What [7:38] is a stock?" [7:39] And I was 13, and he said, "Here's [7:41] $200." He gave me two crisp $100 bills [7:44] and said, "Walk down to one of those [7:46] stock brokerages, those fancy stock [7:47] brokerages in Westwood Village, and buy [7:49] some stock. And if you don't buy it by [7:51] Monday afternoon or by the time I'm back [7:53] next weekend, I'm taking my money back." [7:56] So, at 13, I marched down to Merrill [7:58] Lynch, Pierce, Fenner & Smith. Was in [8:00] the lobby, was ignored, I got [8:01] intimidated, I walked across the street [8:03] to Dean Witter Reynolds, another [8:04] brokerage. [8:05] And this young guy named Sy Searer came [8:08] walking out and said, "Hi, I'm Sy [8:09] Searer." And he gave me my first lesson [8:11] in the markets, and I bought 14 shares [8:13] of Columbia Pictures. At 13, he gave you [8:16] a lesson in the markets? Yeah, at 13. [8:18] And every day, every weekday for the [8:20] next 3 years from Emerson Junior High [8:23] payphone booth, I'd put two dimes in and [8:25] call Sy, and he would say, "Close [8:28] Encounters of the Third Kind is a hit." [8:30] Which means that Columbia uh Studios is [8:33] going to make a lot of money, so people [8:34] are buying more stock. And then I'd go [8:36] into his office. I didn't I didn't have [8:37] a ton of friends. And so, I would just [8:40] swing by Dean Witter, and he would [8:41] always give me a lesson in the markets. [8:44] Had those two men not shown such [8:48] generosity to you with their time and [8:50] with that $200 bill, have you ever [8:51] played out in your mind where you might [8:52] be? [8:53] I think we all do that. Like Sliding [8:55] Doors, that movie. You know, things are [8:57] It's like life is such a series of [9:00] you know, I I promised myself I was [9:02] going to approach this strange woman at [9:04] the Raleigh Hotel in the middle of the [9:05] day who was sitting by the pool. Was [9:06] sitting there with another woman and [9:08] another guy, and without the benefit of [9:09] alcohol, it's not easy to open, [9:11] you know, a conversation with a strange [9:13] woman. And I walked out to get my car, [9:16] and I said, "I promised myself I was [9:17] going to speak to her." I was very drawn [9:18] to her, a beautiful woman. So, I went [9:20] back in, and I just rolled right up, and [9:21] I said, "Hi, I'm Scott. Where are you [9:22] guys from?" [9:23] And this was at the Raleigh Hotel. Long [9:25] story short, 18 months later, our first [9:27] son's middle name is Raleigh, right? And [9:30] what I tell people is that unless you're [9:31] willing to take an uncomfortable risk, [9:33] nothing wonderful is ever going to [9:34] happen to you. I mean, a really [9:36] uncomfortable risk. What you're doing [9:37] here is an uncomfortable risk. It's [9:38] public failure if it doesn't work. This [9:40] podcast platform you're starting, you [9:41] know, this [9:42] Most people aren't willing to take these [9:44] risks. And a lot of this not to get [9:46] existential, a lot of this comes down to [9:47] a huge unlock for me has been atheism. [9:50] I think I have a very solid grasp of the [9:53] finite nature of life. You're a young [9:55] man, you're going to be my age in an [9:57] instant. And the thing you're going to [9:58] recognize is that okay, in 30 or 40 [10:01] years everyone whose opinion you are [10:03] worried about is going to be dead. [10:05] And I have found that has been an [10:06] enormous unlock for me, knowing that I'm [10:08] going to at some point sooner than I'd [10:09] like look into my kids' eyes and know [10:11] our relationship is coming to an end. [10:13] So, I'm comfortable expressing my [10:15] emotions or more comfortable. I'm [10:16] comfortable taking uncomfortable risks, [10:19] knowing that if I call someone and ask [10:21] them to invest, if I approach a strange [10:22] woman in a bar and introduce myself, if [10:25] I call an employee who I would never [10:28] think would consider working for me, I'm [10:30] not afraid of rejection because I [10:32] realize everyone I'm worried about being [10:34] shamed by is going to be dead soon and [10:35] so am I. [10:37] And so, why wouldn't you live out life [10:40] why wouldn't you live out loud? Why [10:41] wouldn't you squeeze so much juice from [10:43] this, [10:44] you know, [10:45] lemon called life? It's really been an [10:48] enormous unlock for me cuz the reality, [10:50] Steve, is that most people are not [10:52] willing to take uncomfortable risks that [10:54] might result in public shaming. It's [10:56] embarrassing to get rejected by a [10:59] potential to express interest in someone [11:01] and be sort of rejected. It's [11:03] embarrassing to try and raise money [11:05] and be rejected. It's embarrassing to [11:07] start a business and not have it work. [11:09] The majority of people aren't willing to [11:11] take those uncomfortable risks. And the [11:13] reason why you get outsized return as an [11:15] entrepreneur, the reason why you get [11:16] outsized returns when you're willing to [11:19] approach strangers and ask for [11:20] mentorship, friendship, express romantic [11:23] interest, is because you are willing to [11:25] endure rejection. The most [11:26] overcompensated people in any [11:28] organization are the sales people. In [11:31] terms of how hard and how smart they are [11:33] how hard they work and how smart they [11:34] are relative to their compensation, [11:36] hands down the most overcompensated [11:38] people that everyone resents are the [11:39] sales people. [11:41] Because they are willing to get out a [11:42] big spoon and eat [ __ ] [11:44] "Do not call me again." Okay, so what [11:47] you're saying is I should follow up in a [11:48] couple of weeks, right? That type of [11:51] rejection, that type of risk, that type [11:54] of public failure, 99% of people are not [11:58] willing to endure. I ran for sophomore, [12:00] junior, and senior class president in [12:02] high school. I lost all three times. And [12:04] based on my track record, I decided I [12:06] should run for student body president [12:08] where I went out went on to, wait for [12:10] it, lose. And it never really got in the [12:12] way of my confidence. You know, and [12:15] that's the key. If you want and [12:18] unfortunately young men are told, you [12:20] know, don't try hard or they feel like a [12:23] loss of agency or especially [12:25] romantically they're told be careful in [12:27] terms of expressing romantic interest. [12:29] And if you don't know the difference [12:30] between expressing interest and asking [12:32] someone out for coffee and harassing [12:34] them, you've got bigger problems. But I [12:36] think a lot of young men I feel like [12:38] their agency's been taken away, they [12:40] feel like the game is rigged so they're [12:41] not trying. And quite frankly, they're [12:44] spending much too too much time on a [12:45] screen or in their homes so they're not [12:47] putting themselves in a position to have [12:49] something wonderful happen to them. And [12:50] on a very basic level, I'm almost [12:53] entirely [12:55] sure that I can guarantee you that [12:57] nothing really wonderful, I mean really [13:00] wonderful, is going to happen to you [13:02] inside your home on a screen. [13:04] Your success is a function of your [13:07] ability to endure rejection and [13:08] increasingly how much time you spend [13:10] outside of your house off a screen. What [13:13] if you're not young? Because what you [13:15] described there, that [13:17] all of that was me at 18. I had just [13:19] dropped out of university after going to [13:22] only one of the lectures. And I had [13:25] these four credit cards which had about, [13:27] I think combined about a thousand pounds [13:28] on them. I'd maxed them all out. My [13:30] parents weren't speaking to me. I'm [13:32] three hour three hours away from home [13:34] roughly up in Manchester. [13:36] More than that, six hour round trip in [13:38] Manchester. [13:39] And I'm 18, I've got no kids, no [13:40] mortgage, no nothing. And I'm in this [13:42] room that I can't afford to pay for. So, [13:44] in I was so clearly at the bottom with [13:46] nothing to lose that every roll of the [13:48] dice was a potential win. So, I was [13:50] rolling out my luck. But you kept [13:51] rolling them. Over and over and over and [13:53] over again. Yeah. But but I I wonder [13:55] sometimes cuz there's probably going to [13:56] be someone listening that's, you know, [13:57] 47, three kids, mortgage, Yeah. [14:00] comfortable job, just about cutting it [14:02] every month, one holiday a year, [14:05] experiencing the same dissatisfaction [14:08] with their life, but they can't roll [14:10] like I could when I was 18. Look, the [14:12] reality is when you have kids, [14:13] everything changes. I think that [14:15] probably the darkest moment for me, [14:17] maybe personally or professionally other [14:18] than losing my mom, was the moment that [14:21] was supposed to be the happiest. That [14:22] was when my first son was born. [14:24] And you think that when this child when [14:26] you you know, this child's introduced to [14:27] the world it's going to be bright lights [14:29] and angels singing. For me, if I felt [14:32] humiliation and shame and fear because I [14:35] had made a lot of money, but I had gone [14:37] all in and this is a lesson from the [14:38] book The Power of Diversification. I'd [14:40] gone all in on this one company, Red [14:43] Envelope, which went public in 2002 as [14:45] an e-commerce company I started. And I [14:47] thought and had been taught by the [14:48] venture capital community that if you [14:50] throw yourself at something and you're [14:52] talented and I thought I'm a baller, I'm [14:54] really good at what I do, you got to go [14:55] all in and I kept investing every spare [14:57] dollar I had and threw myself at this [14:59] thing. And then a strike at the port, a [15:03] software glitch, and a credit crisis in [15:05] 2008, our stock went from seven bucks to [15:08] chapter 11 in like three weeks. And I [15:10] ended up not being worth 10 or 12 [15:12] million, but being worth worth negative [15:15] two million cuz I was one of those [15:16] idiots that borrowed against their stock [15:17] to buy more stock. Ah. And then my child [15:21] has the poor judgment, my oldest, to [15:23] come marching out of my girlfriend. And [15:25] the first thing I felt was failure on a [15:26] massive level. Like my first emotion [15:29] when my son was born was I have failed [15:32] to live up to my core responsibility as [15:34] a man and that is to take care of my [15:35] child. [15:37] And it was just it was just a really [15:39] ugly emotion and that's a lesson in the [15:41] book and that is the moment you [15:43] aggregate anything resembling [15:46] some sort of [15:48] decent amount of capital, you want to [15:49] look at it and you want to diversify [15:51] like crazy. Because if I just taken a [15:53] little bit of money off the table and [15:55] invested in index funds or in real [15:57] estate or bonds, [15:59] I would have been so much better off. [16:01] But everyone's told you can have it all, [16:04] you can you you know, you can be [16:07] successful if you just go all in, never [16:09] give up. Well, actually the market will [16:12] trump individual performance every time. [16:15] And last week, [16:16] my the investment I was most excited [16:19] about, this healthcare [16:21] tech startup, great CEO, tier one [16:23] investors, elbowed my way into the deal. [16:25] I put five million bucks in. I found out [16:28] last Friday it's a zero. It just didn't [16:31] work. Zero shutting down. [16:33] But here's the thing, I never invest [16:35] more than 3% of my net worth now in any [16:37] one thing. So, while it hurts, I have [16:40] Kevlar in the form of diversification. [16:42] So, I took a bullet to the chest, [16:44] knocked me off my feet, I get up. I was [16:46] bummed out for an hour. That was it. [16:48] Because I never go all in on something. [16:50] And people are taught, especially young [16:52] people, especially men who are more risk [16:53] aggressive, go all in on something [16:55] because the people who are the [16:56] wealthiest people in the world kind of [16:58] went all in on something. And what they [16:59] don't tell you is the moment they have [17:00] capital, they start diversifying like [17:03] crazy. So, you want to diversify. You [17:06] don't need to find the needle in the [17:08] haystack. You can buy the whole [17:10] haystack. And especially unfortunately [17:12] in the American economy, not as much in [17:13] the UK economy, it continues to be up [17:16] and to the right. And the S&P and the [17:18] NASDAQ are sort of self-filtering [17:20] mechanisms because they kick out [17:22] companies that aren't great and they [17:24] bring in new ones. They kick out Kodak [17:25] and they bring in Salesforce. If I had [17:27] learned that diversification when I was [17:29] a younger man, I would have saved myself [17:32] not only would I be have saved myself a [17:34] lot of economic harm, I would have saved [17:35] myself a lot of mental anguish. So, [17:39] diversification, and that's one of the [17:40] key components of the my algebra of [17:43] wealth, diversification, people don't [17:45] recognize how powerful it is cuz it [17:47] sounds boring and you have people like [17:49] Bill Ackman saying, "It's not [17:52] concentration, it's conviction." You [17:54] know, and then they beat on their chest. [17:55] Like check out my [ __ ] No, [17:58] diversify [17:59] and get rich slowly. Because here's the [18:02] thing, life goes so goddamn fast. "Wow, [18:04] life has gone slowly." Said no one ever. [18:07] Now, back to your person who's 40, 45, [18:10] they're going to live another 40 years. [18:12] They're probably going to work another [18:14] 30. You want to lean into your [18:16] advantages. Your advantages in your 20s [18:18] are flexibility. You want to workshop [18:19] careers, find some find your talent, not [18:21] your passion. Start saving a little bit [18:23] of money. A little bit of money when [18:25] you're young is a lot when you're older. [18:26] Try and develop that savings muscle. A [18:28] hundred bucks a month, a thousand bucks [18:30] a month. Oh my god, 2500 bucks a month. [18:32] If you can do that in your 20s, you're [18:34] going to be fine when you're my age. [18:36] Even if you don't go double platinum or [18:37] sell a book or be a baller in business, [18:39] you're fine. Your plan B is all set. [18:43] That's your advantage when you're in [18:44] your 20s is time. When you get to your [18:45] 40s, your advantage is the following. [18:48] One, hopefully you're in a relationship [18:49] with a partner you can align with around [18:52] financial [18:54] uh [18:55] objectives. Your approach to spending, [18:56] your approach to earning. [18:58] You can see the runway. All right, I'm [19:00] going to retire in 30 years. [19:03] I need 15 to 25 times my my nut to be in [19:08] the bank to retire. I spend about a [19:11] hundred twenty thousand dollars a year. [19:13] That 20 times that, I would need 2.4 [19:15] million on my Now, work backwards. How [19:18] much would I need to save over the next [19:19] 30 years to get to 2.4 million assuming [19:21] 8% a year. The landing lights are on. [19:24] You can start to plan your life. I'm not [19:26] going to get there. I can't save this [19:27] much. I got kids in college. Okay. [19:30] When your kids go to college, can you [19:31] take that burn down to 80 grand by [19:33] moving to Mexico City or Costa Rica or [19:35] to St. Louis? But you have the advantage [19:37] of knowing your path. [19:40] Ideally, you have a career where you can [19:43] make some money and start saving a [19:44] little bit. Ideally, you have a partner [19:46] where you can get alignment around [19:48] working together to get that financial [19:51] security. But most people in their 40s [19:53] are under the impression their life is [19:54] over. [19:55] I mean, they're probably going to live [19:57] to be over a hundred. [19:59] And so, okay. So, you don't have 80 [20:02] years, you only have 60 years left. But, [20:04] you still probably got another 30 years [20:06] working and making money, and you kind [20:08] of know what you need, right? Uh so, I [20:11] think there's advantages at every age. [20:13] But, this notion that it's too late for [20:15] me, I'm in my 40s, I'm going to ignore [20:16] finances, uh [ __ ] You just need to [20:19] have an adult conversation with [20:20] yourself. Do you think it makes sense [20:21] then to go kind of risk on when you're [20:23] young and then go diversified once [20:25] you're older? Cuz you just want to [20:26] highlight there for people that are, you [20:28] know, [20:29] like I was when I was 18, to kind of go [20:31] all in and to make those big bets when [20:33] you have nothing to lose. The minute you [20:34] have something to lose, whether that's [20:36] your mortgage, you know, you've got [20:37] children to take care of, or now you've [20:39] got wealth, to then go risk off. Is that [20:41] the kind of approach you'd suggest to [20:42] life? [20:44] I I think generally speaking, you can't [20:46] be as risk aggressive when you have [20:48] kids. [20:49] Um when you're younger, [20:51] look, if you screw up here, you you're [20:53] you're you're likable enough that you [20:55] can probably find couches to live on for [20:57] 2 years if you needed to. If you like [20:59] just got in over your skis, [21:02] yeah, you could find a way to dance When [21:04] you're young, you can dance between the [21:05] raindrops. I lived in New York, I had [21:06] two two roommates. When I started my [21:09] business, my girlfriend paid our rent [21:11] and I because I didn't I didn't have [21:12] kids or dogs, [21:14] there's just a certain level of [21:16] responsibility and things you got to [21:17] take care of as you get older. When you [21:18] get a little bit older, don't go all in [21:20] on anything. If you're going to start a [21:22] business, use other people's capital. [21:24] Ring fence it. Don't get seduced into [21:27] The worst thing that can happen in your [21:28] 30s and 40s is you start a business [21:31] and you start failing slowly. You just [21:33] don't know. The worst type of business [21:34] is one that gives you just enough [21:37] green signals that you keep investing [21:39] more time and more money. Like Red [21:41] Envelope, people that's what people know [21:42] me for. That's the worst thing that can [21:44] happen to somebody cuz it failed slowly. [21:47] It failed over [21:48] 11 years. I started an e-commerce [21:51] incubator in New York backed by Goldman [21:52] Sachs, Maveron, um JP Morgan. It was out [21:56] of business in 8 months cuz of the [21:57] dot-com meltdown. That's a blessing. The [21:59] best thing that can happen is success. [22:01] The second best thing is fast failure. [22:03] The worst thing that can happen to you [22:05] is slow failure. You can't have slow [22:07] failure in your 30s and 40s. So, you [22:09] want to make sure that if you go in on [22:11] something, you ring fence it. I'm [22:12] leaving my job. I'm going to try and [22:14] start my own business. I'm going to [22:15] spend 2 years doing it. A certain amount [22:17] of capital, no more than maybe 10, 20% [22:20] of my capital [22:21] because hitting a wall and failing at 50 [22:25] is is much more devastating than hitting [22:28] a wall or failing at 25 or 30. You can [22:30] get up again. You're fine. You can press [22:32] the restart button a bunch of times. So, [22:35] you want to take advantage of that in [22:36] your 20s and 30s and workshop a bunch of [22:38] things. I'm not saying hop around. [22:41] I'm not saying, "Oh, I don't love this. [22:43] It's not my passion." No, that probably [22:45] means it's just work. [22:47] But, if you're not making progress, if [22:49] you're not making money, if you're not [22:50] getting roles in films, if you're not If [22:53] everything's just really hard, really [22:55] hard, you're in a position at that age [22:57] to say, "You know what? I'm going to [22:59] leave Milan and move to Munich, or I'm [23:01] going to Dubai." You have flexibility [23:04] when you're young. You have geographic [23:05] flexibility. Lean into your advantage. [23:08] It's a heck of a lot easier right now to [23:10] make money in Dubai than it is in [23:12] Caracas, right? You'd rather be good in [23:16] a great economy than outstanding in a [23:18] mediocre economy. You have geographic [23:21] flexibility. Lean into your advantages, [23:23] your flexibility, your ability to [23:25] recover, your ability to workshop. What [23:27] would you do if one of your sons said to [23:29] you How many sons have you got now? [23:30] I got two. You got two sons. [23:31] That I know of. That you know of. One of [23:33] your sons comes to you and says, "Dad, I [23:35] would like to be a I've read your book, [23:38] um all of your books, and I I think [23:40] they're great. But, Dad, I would love to [23:41] be a [23:43] professional actor." Yeah. And then your [23:45] other son came to you and said, "I want [23:46] to be a musician." I don't want to crush [23:49] anybody's dreams. [23:51] Uh I go for it. I'll be supportive. Um [23:55] but this industry, let's just look at [23:56] the economics. Musician and acting has a [23:58] 99% unemployment rate. [24:01] So, you got to be in the 1%. And I want [24:03] you to set up benchmarks for determining [24:05] what it means to be in the top 1%. [24:07] Right? 80 uh [24:09] The most talented actors in the world [24:11] are in a union called SAG-AFTRA. And by [24:13] the way, it's not easy to get your union [24:15] card. You got to be in a Broadway play. [24:17] You got to be recognized. That's a big [24:18] moment. It's like getting your PGA golf [24:20] tour card, right? You get your SAG-AFTRA [24:23] card. It means you're one of the 180,000 [24:25] most talented creatives in the world. [24:27] Last year, 83% of them didn't have [24:29] health insurance cuz they didn't make [24:31] more than $23,000. [24:33] So, you not only need to be in the top [24:35] 17% just to have health insurance, you [24:37] probably need to be in the top 10%. [24:39] Realistically, the top 1%. I know a lot [24:42] of working actors. If I said, "This is [24:44] the guy from this show," you'd be like, [24:45] "Oh my god, that guy's amazing." [24:48] He's not making a lot of money. [24:50] I mean, everybody talks about Tom [24:51] Cruise. The majority of working actors, [24:53] you would say, "Oh, I know that woman. I [24:54] know that man. They're great." They make [24:56] an okay living. If they had achieved [24:58] that level of excellence in almost any [25:00] other industry, [25:02] they'd be [25:03] they'd own a house and a second house in [25:06] Ibiza. [25:07] So, if you want to be an athlete, an [25:09] actor, a model, an artist, open a [25:12] restaurant, open an eye club, have a [25:14] jewelry line, be a fashion designer, I [25:16] don't want to crush anyone's dreams. [25:18] But, let's have a sober conversation [25:20] that if you aren't getting bright green [25:21] lights that you're in the top 1% [25:24] really quickly, and we put some [25:26] guardrails on it. We're going to do this [25:28] for 2 years, 3 years. [25:30] Can't pay your rent in 2 or 3 years? [25:32] Dad's going to stop paying your rent at [25:33] some point, or maybe I'll continue to [25:35] pay your rent, but I need you to start [25:37] workshopping another career because [25:40] here's the thing. People off Young [25:41] people oftentimes mistake their hobbies [25:44] for their passions. And what I would [25:46] suggest is and what I can guarantee you [25:48] is being successful at anything, passion [25:50] comes from mastery. [25:52] Mastery comes from being a ninja at [25:54] something. I'm renovating a house, and [25:56] there's this guy installing our [25:57] soapstone who's the soapstone guy. He's [25:59] an Iraqi immigrant, dropped out of high [26:01] school. He knows everything about [26:03] soapstone. He can talk to you about the [26:04] vein in the soapstone and which quarries [26:08] and he makes I've been very open with [26:09] him. I've talked about my book. He made [26:11] 1.3 million pounds last year. [26:13] He's the soapstone guy. I can't imagine [26:16] when he was a kid, he and I bonded over [26:18] football. I would bet, I don't know [26:19] this, I would bet he dreamt of being a [26:20] football star and playing for Iraq in [26:22] the World Cup at some point. I doubt at [26:24] the age of 17 he thought, "My [26:26] I'm hoping in 15 years I'm installing [26:29] soapstone in renovations for American [26:31] douchebags in Marylebone." I can't [26:33] imagine that was his dream, right? But, [26:36] here's the thing. He has an amazing [26:38] life. He takes care of his kids. He [26:40] takes care of his parents. He gets to [26:43] take amazing vacations with his wife, [26:46] which makes him passionate about [26:49] soapstone. So, yeah. [26:51] Go be a fashion designer. [26:53] But, let's be honest. If you're not [26:55] making enough money to pay your rent [26:56] within 2 years, and you're not making [26:58] enough money to say form a family in 5 [27:01] years, we're going to workshop something [27:03] else. [27:04] This requires such a mindset shift in [27:06] the current world because obviously the [27:09] slot machine, the casino, the Las Vegas [27:11] of validation is Instagram and TikTok. [27:14] And if I announce on [27:16] Instagram that I'm a tax lawyer [27:18] for the next 10 years, It's not a great [27:20] Instagram play. It's not going to [27:20] increase my chances of getting laid [27:21] either. But, if I say that I am, [27:24] I don't know. If I say that I'm [27:27] part of Chelsea Football Club, I'm in [27:29] the, you know, the junior academy, Yeah. [27:31] or if I say that I'm starting a [27:32] business, [27:34] I'm probably going to get laid more in [27:35] the next 10 years. [27:36] Well, the only pushback I would get [27:38] is that you have to be one of the 10 [27:41] best soccer players in the world that [27:43] year to play for Chelsea. [27:45] That is really hard. That is really That [27:49] means you're the best player in Senegal, [27:51] and then you go [27:53] I mean, you just have to be [27:55] godlike talented. [27:57] The best [27:58] 10% [28:00] of tax lawyers, [28:01] that's tens of thousands of them, [28:04] fly private and get laid more than you [28:07] think [28:08] because they fly private and they can [28:09] afford they can find someone and give [28:13] them a wonderful life. [28:15] So, [28:16] I mean, look, in a capitalist I'm not [28:18] saying this is how the world should be. [28:19] I'm saying this is how the world is. [28:22] Economic security provides you with all [28:24] sorts of opportunities for experiences, [28:27] for relationships, [28:28] for romantic opportunities. [28:30] And it is sexy to be great at anything [28:34] and get economic security from anything. [28:36] And I can't tell you, I love taking care [28:38] of my kids cuz at one point I was [28:40] worried about my ability to take care of [28:42] my kids [28:43] and not worry about it. And this is [28:45] where happiness comes from. It's great [28:46] to be in a prestige industry and be a [28:48] baller. I get reward from some of the [28:50] fame I have right now. I'm sure you get [28:51] reward from it. But, the thing that is [28:53] really rewarding as you get older [28:56] is I can lean into my relationships with [28:58] my sons, and I don't have that economic [29:00] fear I had the first time my son came [29:02] marching out of my girlfriend. [29:04] That is so rewarding. I can take care of [29:06] my dad. I don't have to worry about it. [29:08] My My dad's 90, going to be 94 in a few [29:12] weeks, [29:13] and he lives in a really nice home, and [29:15] he has a full-time kind of health aid. [29:19] And it's about a quarter of a million [29:20] dollars a year to take care of my dad. [29:23] And if you look at Okay, that's [29:24] post-tax. There's no tax credit for it. [29:26] So, it's about $400,000 in pre-tax [29:27] income. [29:28] My sister, who does really well, but not [29:31] as well as me, we have a great [29:32] partnership. She handles it [29:33] logistically, I handle the money. [29:36] And being able to do that and not have [29:38] it be a source of stress in my life, and [29:40] know that my dad is taken care of well, [29:43] okay. I I [29:44] I'd be great to be a football player. [29:46] Trust me, when you get to my age, that [29:48] feels really good. That feels really [29:50] nice. [29:51] And the the the the means to the ends, [29:54] the means money is a means. It's really [29:56] important. It's hard to be happy in a [29:58] capitalist society with economic stress. [30:00] The standing blood the resting blood [30:02] pressure of kids in low-income homes is [30:05] higher than kids in middle and upper [30:07] middle because they sense the anxiety [30:09] from mom and dad. I remember [30:12] you know, losing my jacket when I was in [30:13] the eighth grade and it was going to be [30:14] just a horrible day cuz I had to go home [30:16] and tell my mom jacket's cost 33 bucks. [30:19] All in my head, very upsetting. [30:21] The ability to take care of your kids, [30:24] your parents, do wonderful things. Money [30:28] affords you so many wonderful things. [30:31] The getting to a certain level of [30:32] economic security is the means, but the [30:34] ends, the reason you get to economic [30:36] securities is so you can free up and be [30:39] free of anxiety and have some additional [30:41] time so you can focus on the ends. And [30:43] the ends is deep and meaningful [30:44] relationships. I spend the majority of [30:47] my money on travel and experiences with [30:49] my family and friends. I spend a [ __ ] [30:53] ton of money and I absolutely love it. [30:54] There's no reason to hoard money. Once I [30:56] hit my number, [30:58] I hit my number [30:59] 7 years ago [31:01] and I start thinking, I could be a [31:02] billionaire. What was your number? [31:05] Uh my number was 100 million. Mhm. Uh by [31:07] the way, my number when I got out of [31:08] college was a million. And then by my [31:10] 30s, I thought, well, if I had 10 [31:12] million, I'm done. And then things got [31:13] so expensive and my greed lands kept [31:15] going [31:16] and my number was 100 million. [31:18] Why have a number? [31:20] Why did Why do people listening need to [31:21] create a number? [31:23] What's the value of having that sort of [31:25] line in the sand? [31:26] Well, you need a goal and you need to be [31:27] thoughtful about how much money you're [31:29] going to need. So, if you figure out I'm [31:30] going to need a I'm going to need 80,000 [31:32] pounds a year [31:34] to live The definition of rich is having [31:37] a ton of [ __ ] and impress your friends. [31:39] The definition of wealth is knowing that [31:41] the passive income that you would get [31:44] from growth from your stocks or [31:45] dividends or incomes or rental income is [31:48] greater than your burn. So, you work you [31:50] work out of out of uh [31:52] option or you work because you want to, [31:54] not cuz you need to. That's the [31:55] definition of wealth. So, having a [31:58] number is just backward integrating [32:00] into, okay, [32:02] um I want to have [32:04] at least 3 million dollars a a year to [32:06] live the life I want to live. [32:08] All right, assuming a 4% return, that [32:11] means I need [32:12] 75 million dollars. So, I round it up to [32:14] 100 million. [32:15] Right? I got exceptionally lucky to get [32:18] there. By the way, see above, in 2008, I [32:20] was broke. I was broke at the age of [32:22] 42-43. That did not feel good. I got [32:25] very lucky, started a company, bull [32:28] market the last 16 years, right place, [32:30] right time, exceptionally lucky. [32:32] But you should be able you should have a [32:34] number. You should say, this is the [32:36] amount of money I need. And once I get [32:38] to this number, enjoy it and start [32:40] giving it away. [32:41] We we really need to cuz I'm thinking [32:44] about [32:45] the lens that I kind of think about this [32:46] conversation through is like different [32:48] stages in my own journey and the advice [32:49] that I would have wanted from you at [32:51] different steps in my journey. And I I [32:52] just flashed back to working in those [32:54] call centers where I was making just [32:56] about enough money to Well, to be fair, [32:58] if I'm being completely honest, [33:00] I did have disposable income, but when I [33:02] was poor, I was reckless with my money. [33:04] Mhm. So, I would get the 500 pound [33:06] disposable income on payday, leave the [33:09] call center, go and buy a 400 pound TV, [33:11] Yeah. flat screen TV, and put it in a [33:13] room where the TV was as big as the wall [33:15] of my room. All right. And I'm trying to [33:17] I'm really trying to zoom in on that [33:18] person who is so far away from nine [33:20] figures. Yeah. And they're like, okay, [33:21] Scott, I want to be Scott Galloway. So, [33:23] what is the set of steps or the mindset, [33:25] the fishing rod I need in my mind to [33:27] become Scott Galloway nine figures? [33:29] Well, the first is the first is some of [33:31] it is luck. A lot Again, a lot of my [33:34] success is If I'd been born in Europe, I [33:35] don't think I'd have that number. [33:37] Europe's not as forgiving of [33:38] entrepreneurs who have failed. I've had [33:39] a lot of failure. If I lived in China, I [33:41] think there's a decent chance I'd be in [33:42] jail. [33:43] So, the smart Again, the smartest thing [33:45] I've ever done was being born in [33:46] California. So, you're saying to move? [33:48] Does that matter? What's that? Should I [33:50] move city? [33:51] Oh, if you're young, the first thing you [33:53] want to do is to get to one of 20 super [33:54] cities. If you're I'm just talking about [33:56] someone who wants to be an economic [33:57] animal, right? You might Who doesn't? [34:00] Okay, but some people might say, Scott, [34:02] it's your way, it's not the right way. I [34:05] want to teach, coach football in my [34:07] little village outside in the Amalfi [34:10] Coast. I can make 55,000 euros working [34:14] running a small bakery and have a really [34:16] nice life. I didn't think they would [34:17] have clicked. More power to you. [34:20] That's not the majority of the people I [34:22] hang out with. Majority of the young [34:23] people I hear from [34:24] realize that capitalism, the wealth [34:27] equals relevance and love in a [34:29] capitalist society, and they want to be [34:31] economically very secure. The easiest [34:33] thing, the best piece of advice, is one, [34:35] get credentialed. We live in a LinkedIn [34:37] economy. What you did, your success is [34:40] especially impressive because on [34:42] average, people who get a college degree [34:45] earn 50 to 100% more over the course of [34:47] their life. There's an entire [34:49] set of industries that are off-limits to [34:51] people that don't have credentialing. [34:54] I worked to work for Morgan Stanley. We [34:56] not only didn't hire people without [34:57] college degrees, we didn't hire people [34:59] that didn't go to one of eight [35:01] universities when I applied. [35:03] Eight. You had to Not only go to [35:04] college, you had to go to one of eight [35:06] colleges to get a job at Morgan Stanley [35:08] at that time. So, if you can get [35:10] credentialing, [35:12] the second thing, not everyone's cut out [35:13] for college, I get that. The second [35:15] thing is get to a super city. Two-thirds [35:17] of all economic growth over the next 30 [35:18] years is going to take place in one of [35:19] 20 cities. [35:21] So, if you're in that small town in [35:23] Italy, you want to get to Milan as [35:25] quickly as possible. And then, if you [35:27] can, you want to get to London as [35:29] quickly as possible or Munich or a [35:30] bigger city. And then, quite frankly, if [35:32] you have total geographic agility and [35:34] flexibility, ignoring the ridiculous INS [35:37] of the US, you want to get to New York [35:39] or San Francisco. Because to be good in [35:41] San Francisco [35:43] is much better than being a amazing in [35:45] Stuttgart. [35:47] The amount [35:48] of economic Here's the thing. I'm I'm a [35:50] mediocre I'm a mediocre surfer. I've [35:53] even actually even given it up. But when [35:54] I was young and I used to go to Hawaii [35:56] and the waves were perfect, I started [35:58] believing I was a good surfer. Or I go [36:00] to Aspen after fresh coat of snow and [36:01] I'm like, I'm a decent skier. No, you're [36:03] not. The snow and the waves are [ __ ] [36:05] amazing. Anyone could be a good skier in [36:07] this [ __ ] [36:08] Get to where the waves and the snow are [36:11] amazing. And that's generally speaking [36:13] in cities. [36:15] And when you're young, you can be in a [36:17] city cuz you can live in a 400 square [36:19] foot apartment. You can be out of the [36:21] house all day. You can dance between the [36:22] raindrops and make money. But when you [36:25] are in a city, you know how when you [36:26] play tennis, if you play with someone [36:27] much better than you, it elevates your [36:29] game? When you're in a city, you're [36:31] playing against Serena Williams every [36:34] day. Everyone is smart. Everyone is [36:37] well-dressed. Everyone is working hard. [36:40] Everyone is taking chances. And you are [36:42] surrounded by people who are very [36:44] successful and you are going to bump off [36:46] professional and personal opportunity [36:48] every day. Do it while you're young cuz [36:50] when you start collecting dogs and kids, [36:52] as I did in my 30s, I could no longer [36:55] afford to stay in New York. So, I had to [36:58] move to Delray Beach in Florida. When I [36:59] say have to, we had a wonderful life [37:01] down there. There's not a fraction of [37:04] the opportunities in Delray Beach for [37:06] someone in their 20s and 30s. Now, I [37:07] already had professional momentum, [37:09] but Sunday to Thursday night, I was [37:11] commuting to New York cuz that's where [37:13] the action was. So, one, credentialing, [37:15] but two, absolutely get to one of 20 [37:17] super cities. When you say 20 super [37:19] cities, I'm I'm thinking now we're [37:21] having this conversation in a world [37:22] where AI seems to be the biggest topic [37:25] of conversation. It seems to be ripping [37:26] up many industries. But it I also [37:29] reflect on that and go, where is the AI [37:31] opportunity going to be? If that is the [37:32] biggest wave coming into shore in terms [37:34] of opportunity, [37:35] um should I be playing my sort of [37:38] geographical um decision-making based on [37:41] artificial intelligence? Cuz everyone's [37:42] raving about how big of an opportunity [37:44] that is. And technology generally over [37:45] the next 10 years seems like it's really [37:46] going to [37:47] eat up a lot of uh industry. [37:49] Yeah, I don't I don't know if it'd be [37:50] possible to determine geography based on [37:52] AI. What I would say is, okay, [37:55] you know, every literally uh a third of [37:57] my class, NYU, [37:59] they get on a plane for San Francisco [38:01] the day they graduate. There's just [38:03] within a 7-mile radius of San Francisco [38:06] International Airport, [38:08] there's been more wealth created, I [38:09] think, in the last 6 months [38:12] than [38:13] than Germany's created in the last [38:14] decade. [38:16] Nvidia's worth more than the entire UK [38:18] stock market. Nvidia's They make the [38:20] They're basically They make the brains [38:22] for artificial intelligence. They make a [38:23] GPU, which is essentially a microchip [38:26] that powers all of AI right now. And no [38:28] one can buy them fast enough. Now, they [38:31] have 30,000 people. I would bet 10 or [38:33] 15,000 of them are worth at least 10 [38:35] million dollars now. Because [38:38] because [38:39] the 30,000 employees got stock options. [38:42] And when a company goes from [38:43] from 300 billion to 3 trillion, it means [38:47] everyone is getting rich. [38:49] That doesn't happen that often in [38:52] Dortmund. It doesn't happen that often. [38:56] It doesn't happen. I'm being kind. [38:58] Right? You grow up in Ingolstadt, you [39:00] either go to work for Audi. Nothing [39:01] wrong with that, make a good living. But [39:03] if you're young and you think, I really [39:04] want to get in front of the biggest [39:06] waves, you want to go to one of several [39:08] cities. You want to have the winds at [39:09] your back. So, if you're young, what do [39:11] you have? You have agility [39:13] geographically. But going back, [39:15] you initially asked me, what's the [39:16] algorithm? What are the steps? And I [39:18] tried to [39:19] The book's called The Algebra of Wealth. [39:20] I tried to distill it down to a [39:22] a small number of uh uh features. The [39:25] first is focus. [39:27] Go all in on something. Once you find [39:30] you workshop your 20s, once you find [39:31] something you're really good at, that [39:33] you could be in the top 1% at, and [39:35] here's the key part, as we referenced [39:36] before, that has a 90-plus percent [39:38] employment rate. [39:40] And 90% of industries have that. [39:43] But if you can be in the top 10% of an [39:45] industry that has a 90 plus percent [39:46] employment rate, you're going to make [39:47] really good money. [39:49] First thing, focus. Try not to have side [39:51] hustles. If you have a side hustle, it [39:53] means your main hustle isn't working. [39:54] You side hustle to workshop new main [39:56] hustles, but once you find something [39:58] you're really good at, [40:00] go all in on it. Can I pause that just [40:02] as we keep going cuz I want to just [40:04] provide counter arguments just in case [40:05] the certain people are objecting in [40:07] their minds. I think about me the [40:10] southwest of England as I grew up and I [40:12] was in Plymouth working at a McDonald's. [40:14] I worked there for two days. Mhm. But I [40:15] worked in retail and shops and stuff. [40:18] What I had at that moment, I in [40:20] hindsight, was a void of information. [40:23] So, [40:28] I can only work at like a clothing store [40:31] and a McDonald's because I didn't have [40:32] any other information. And if a kid [40:34] hasn't gone to university or someone [40:35] that seems to just haven't hasn't got [40:36] the information and they've stumbled [40:38] across across this podcast, but they're [40:40] working in, I don't know, like a [40:41] equivalent of a Wendy's or a Burger [40:42] King, for example, and they just like [40:45] how do I get out of this Burger King, [40:47] Scott? [40:49] I'm a cashier at Burger King. [40:51] Yeah, look, I I don't I I I want to be [40:53] clear. [40:55] I think there is a certain downside to [40:58] the notion that we live in a meritocracy [41:00] and it creates a lot of rage and shame [41:02] in my young people and that is the [41:03] notion that in America, especially, [41:05] anyone can be anything. Well, not [41:06] really, boss, cuz the problem with [41:08] thinking we live in a meritocracy is [41:10] that if you don't make it, you [ __ ] [41:12] up, it's your fault. Yeah. And there's [41:14] dignity in every work. What I would say [41:16] to someone working in a Burger King [41:19] or in fast food that wants something [41:20] bigger, work really I was on the board [41:23] of Panera Bread, which is a fast food [41:25] chain or quick service. They call it [41:26] QSR. They don't like the term fast [41:28] Someone who is hard working and showed [41:30] up at work every day on time and worked [41:33] with their colleagues and acted like [41:34] they owned the place, [41:36] probably within 2 years could be [41:38] managing the place and making 60 or 80 [41:40] grand a year. [41:41] Now, I'm not suggesting you go all in on [41:43] food, but there's always dignity in [41:45] work, there's always opportunity for [41:47] people who work hard and act like owners [41:49] and are good people and try and look out [41:51] for other people and are good managers. [41:54] That might just be for you a means to an [41:56] end where you're work shopping other [41:57] stuff to say, how do I get to to school? [42:00] How do I get to training? How do I find [42:02] a better job? How do I save for a 1-year [42:05] apprenticeship program to become an [42:06] electrician? How do I start meeting [42:09] people? You got to pay your bills. [42:11] There's dignity in all work. I coach a [42:13] lot of young men and the first thing I [42:14] say is, [42:15] you got to start making some money and [42:16] they're like, I'm not going to work at [42:17] CVS or a McDonald's. I'm like, yeah, you [42:19] are. [42:20] Cuz you need a taste for flesh. The best [42:22] way to make a lot of money is to start [42:24] making a little bit of money. [42:25] But have a plan. I want to be the [42:27] assistant manager of this McDonald's. I [42:30] want to save enough money so I can go [42:31] back to school. I want to save enough [42:33] money so I can move to Dubai or move to [42:36] London and get a job there that might be [42:38] higher paying. Is there anything about [42:40] the CVS or the Burger King or the [42:41] whatever that I should be looking at to [42:43] check that it has room for me to grow [42:46] there? Is there anything that you know, [42:48] if we're starting by making a little bit [42:49] of money, is there any good place to [42:51] make a little bit of money versus a bad [42:53] place to make a little bit of money? [42:55] Well, growth sort of solves all [42:57] problems. So, if you're working at a [42:58] Chipotle, [43:00] Doug McMillon is the CEO of Walmart, [43:02] started [43:03] uh loading trucks. He worked in the [43:06] loading docks, but he was also working [43:08] for the retailer that grew faster than [43:09] any retailer in history. [43:11] So, is your company growing? [43:14] Uh first thing, growth kind of solves [43:16] all problems, [43:17] right? If you were mediocre at Google, [43:20] you did a lot better than if you were [43:22] great at General Motors the last 20 [43:24] years because one was growing, one [43:26] wasn't. So, is it growing? Two is more [43:28] situational. Do I have [43:30] someone who's emotionally invested in my [43:32] success here? [43:34] Is the manager of the store like me and [43:35] saying, keep doing this, I'm going to [43:37] get you an assistant manager job at the [43:38] store down the street? [43:40] Am I learning? [43:42] Right? Am I getting skills that [43:44] challenge me? Is this a little bit hard? [43:46] That's okay. Is it stressful? That's [43:49] okay, too. You don't want stress, go be [43:50] a security guard in a parking lot. No [43:52] stress, no upside. The market is really [43:54] good at trading off. The more stressful [43:56] and intense and like, God, I can't keep [43:59] up here, that probably means you're [44:00] learning, that probably means you're [44:01] going to make more money. [44:03] So, am I learning? Do I have senior [44:04] level sponsorship? Am I at a company [44:06] that's growing? Am I in a city where [44:08] there's economic vitality? [44:10] Do I have flow? [44:12] Flow of interesting people, flow of [44:14] interesting friends that I might start [44:16] another business with, flow of potential [44:18] One in three relationships begin at work [44:20] and every HR's hairs on fire HR [44:22] managers' hair is on fire right now. One [44:24] in three relationships begin at work. We [44:26] don't talk about that. A third of all [44:29] relationships begin at work and 99% of [44:32] them are consensual, [44:33] right? Young people have to find a place [44:35] to to find other mates, if you will. But [44:38] there's a seri- and then more [44:39] importantly, I think than all of this, [44:41] is assembling a kitchen cabinet of [44:43] people [44:44] that will you can be really honest with. [44:47] I'm working at Burger King. [44:49] I think I'm doing pretty well there. [44:50] They want to make me Managers at [44:52] In-N-Out Burger make about $110,000 [44:55] a year in in the US and they're even [44:57] given a chance to participate in profit [44:59] sharing. And I'm not suggesting being in [45:00] fast food the rest of your life, but [45:02] have a plan. And then you got to have a [45:05] kitchen cabinet. Put together a group of [45:07] three, four people who know you, [45:10] who you trust you and you can be totally [45:12] transparent. This is how much money I'm [45:13] making. These are my opportunities. [45:15] These are [45:16] This is what I'm good at, what I'm not [45:17] good at. What do you think I should do? [45:19] And who are those people in terms of are [45:20] they people that are ahead of you in in [45:22] the race of life or are they First off, [45:25] don't approach someone and say, I find [45:27] you I want you to be my mentor, right? [45:29] Cuz that's a high bar and a lot of [45:30] people are really busy. It's like, [45:32] hey, I'm I think you're really [45:35] impressive. A neighbor, someone who's [45:37] made [45:38] It doesn't have to be a baller, but [45:39] someone who's living a virtuous life who [45:40] seems smart and nice to you. [45:42] Can I get some advice from you? Can I [45:44] Would you mind? I just have questions. [45:45] Can we do a call? Can we have a coffee? [45:49] There are a lot of people out there who [45:51] want to help younger people and take it [45:53] as a compliment. Can I get your advice? [45:56] Ask them for advice. Don't make big [45:58] decisions without talking to other [46:01] people. It is really hard to read the [46:03] label from inside of the bottle. Really [46:06] hard. [46:07] Right? Check in with people. Save Save [46:10] yourself from yourself. So, that kitchen [46:13] cabinet. And if you're like if you're a [46:16] young woman working at a Burger King [46:18] and you hopefully you meet some people [46:20] and say, hey, can I just get some advice [46:22] from you? And by the way, it might be [46:23] someone else working at Burger King and [46:24] you're like, this person has their act [46:25] together. [46:26] This person just has their act together. [46:28] She's smart. We all know those people. [46:30] We meet them and we work with them and [46:31] like, you know, this person just kind of [46:32] switched on. They just seem to have [46:33] better judgment around certain issues. [46:36] So, [46:37] what I would say is have a plan, don't [46:39] be afraid to make changes, put together [46:40] a kitchen cabinet, realize there's [46:42] dignity in all work and any company, [46:45] even something you see as lowbrow like [46:47] fast food, [46:48] those organizations need talented people [46:51] to go up the ranks and make money [46:53] because the turnover is enormous. [46:56] So, I think there's opportunity and [46:57] dignity in any work. You said something [46:59] really interesting which I I don't think [47:01] I've ever had anybody talk about before, [47:02] which is [47:03] you said don't ask someone to be your [47:05] mentor and I frank- I get asked to be [47:08] someone's mentor several times a week [47:09] cuz I'm sure you do. Yeah. And I've [47:11] never given people advice on why that [47:13] isn't the right right approach, but you [47:15] said there that you don't think that's [47:16] the right approach. So, I wanted to just [47:17] pause and ask you why. [47:19] Well, you don't go up to a strange [47:20] person and say, do you want to have sex? [47:23] You go up and say, do you want to have [47:24] do you want to have a conversation? Do [47:25] you want to have another drink? Do you [47:26] want to grab coffee? Do you want to go [47:28] to the movies? [47:30] Can I ask you a question? Can I get some [47:31] advice from you? [47:33] You ease into the relationship. [47:35] You got to say, ask someone to be your [47:36] mentor is just very intimidating. The [47:38] person has to go, do I want to meet with [47:40] this person every month for the next 5 [47:42] years and then break up with them if it, [47:44] you know, if I'm not enjoying this [47:45] relationship. So, you don't need to say, [47:47] will you be my mentor? That sounds like [47:48] a lot. Just, [47:52] can I get your advice on something? I [47:53] really I I'm facing some issues in my [47:55] life, some questions. I'd love to just [47:56] get your advice. Can we grab coffee or [47:58] can we do a 5 or 10-minute call? If [48:00] someone emails me and says, [48:02] I'm thinking I get a lot. I'm thinking [48:04] about starting a business. I'm thinking [48:05] about going to business school. [48:06] Can I get some time? I try to say yes [48:08] and I say, I can do I can do a 15-minute [48:10] Zoom call with you. If someone asked me [48:12] to be their mentor, there's just no way. [48:14] I don't I don't have time to [48:15] You know, I I can barely mentor me right [48:17] now. I I [48:18] The I just don't have time to commit to [48:20] being someone's mentor, but if someone [48:22] emails me and says, [48:24] I need advice around this specific [48:25] issue. And then what happens? [48:27] You hear that they're [48:29] you know, raised by a single mother like [48:30] me. They're a good person. They're [48:32] struggling. Their sister's got an eating [48:33] disorder and they're struggling with it [48:35] and they're trying to they're thinking [48:37] about starting a business and you're [48:38] like, oh, no, no, don't do that right [48:39] now. You've got a good job. Like, you [48:42] just make some you just help them with [48:43] some common sense decisions. Common [48:46] sense. [48:48] And then what happens? You become [48:49] emotionally invested in their success. [48:52] And then they email you a month later [48:53] and you're like, what's going on? And [48:55] you want to do another call. You know, [48:56] ease into it. So, anyways, I think it's [48:59] much easier to just ask someone for help [49:01] and for advice. And I think there's a [49:02] lot of people out there. [49:05] You doesn't have to be a baller like [49:06] Steven Bartlett. There's a lot of smart [49:08] people out there that can give you good [49:09] advice. Cuz I think this is really [49:11] important. I I don't think I've As I [49:13] said, I don't think I've had anyone talk [49:14] about this, but [49:15] you get a lot of messages. [49:18] Have you been able to figure out exactly [49:20] why some of them perk your interest so [49:23] much so that you'd give them 15 minutes [49:25] on a Zoom call? Is there Is there a sort [49:27] of a psychological formula that gets to [49:30] you? [49:32] Well, the first Okay, first off, [49:34] brevity. [49:35] When I get like a long, you know, a [49:37] novel, I'm just not going to get through [49:38] it. [49:39] Uh [49:40] obviously, and this is hard to control, [49:42] but they reference someone you know, or [49:44] they write they they make a connection. [49:46] We're both graduates of Berkeley, [49:48] or I met you I came up to you and said [49:50] hi to you at Can, or we have a mutual [49:52] friend, [49:53] or I too was raised by a single they [49:56] make some sort of personal connection, [49:58] and they make the ask very crisply. I'm [50:01] writing cuz I'd love some advice around [50:02] this. I'm writing cuz I'd like an [50:03] introduction. I'm writing cuz I'm [50:05] applying for your [50:07] position for managing editor for [50:08] Property Media. Just like get to the [50:10] point, what's the ask? [50:12] And try to make some sort of personal [50:14] connection. And the other thing I would [50:15] say, although I hate you know, I don't [50:16] want to encourage people to do this, be [50:18] persistent. [50:19] Cuz a lot of times I get an email and I [50:21] think, "Ah, he's a good kid. I should [50:22] really set up a call or something." [50:24] And then I go on to the next 85 emails I [50:26] have, and I don't even remember getting [50:28] that email. [50:29] So, I would say don't be afraid to hit [50:31] again and just say, "Hey, just putting [50:33] the top of your inbox. Know you're busy. [50:36] If I can grab 10 minutes of your time, [50:37] I'd be really appreciative." And also, [50:39] don't get discouraged if they don't get [50:40] back to you. That's okay. It's not a [50:43] reflection on you. [50:45] Go on to the next. Just don't [50:47] write it off. That's okay. Don't worry [50:49] about it. Don't worry about it. I have a [50:51] I have a bubbling thesis on this that um [50:54] if you just taught kids, you know, your [50:56] kids, my future kids, how to ask for [50:58] things in life, the impact that that [51:00] would have on their long-term trajectory [51:02] is unbelievably profound. Because I [51:04] think if I think back through my life, [51:07] when I was 18 years old stealing those [51:08] pizzas in Manchester, or every step [51:11] along the way, some of my big pivotal [51:13] moments in my trajectory was sending an [51:15] email. [51:16] Yeah. And yeah, pretty like yeah, [51:19] pretty much all of them started with [51:21] sending an email. But we don't teach [51:23] people how to send an email. And you're [51:25] you're on the receiving end of thousands [51:27] of emails every month or whatever, so [51:28] you can see bad and good from a [51:30] bird's-eye view. And the things you've [51:32] just said there I completely agree with. [51:34] The the size of the the message, um [51:36] being specific in the ask as you said, [51:39] um [51:39] playing to ego in some way, letting them [51:41] know that you've read something you've [51:42] done or you're interested in them or you [51:43] know someone, all those things has a [51:45] such a big such a big impact. I think if [51:47] you think about your life and you go, [51:48] "Okay, I'm going to live for a I'm going [51:49] to live 100 years, and I'm probably [51:51] going to ask for things 10,000 times. If [51:55] I can increase my success rate of those [51:56] asks by 10% [51:59] because I'm just more thoughtful in how [52:01] I ask for things, my life could end up [52:03] in a completely different place." Mhm. [52:05] Kind of like what you said about you [52:06] only need a couple wins to really be [52:07] successful in life. You only need if you [52:09] send 10 10 emails, you only need like [52:10] one person to say yes, I'll invest. [52:12] And and be willing to endure the [52:14] rejection of the nine. I had a kid that [52:16] this young kid come up to me. [52:18] I was just in Can. Uh I'm a big fan, can [52:21] I take a picture with you selfie? Yeah. [52:23] Boom. 10 seconds to take a selfie. [52:25] Sent me an email yesterday with a [52:27] picture of the selfie and said, "We met, [52:28] we didn't have a chance to say hi. [52:30] I'm struggling with I'm and he was quite [52:33] vulnerable. He told me about some of the [52:34] stuff he's going through and said, "I'm [52:35] struggling. And uh would you mind doing [52:37] a 10 or 15-minute call with me?" And he [52:39] includes a picture of me and him. How [52:41] the [ __ ] am I going to say no to that, [52:42] right? [52:43] Anyway, there's you know, there's all [52:45] sorts of tricks and trades, but the [52:46] willingness to take that risk, the [52:48] willingness to reach out to strangers, [52:51] that's the key to success. That's I [52:52] mean, it's the reason I have kids. It's [52:54] the reason I'm wealthy. [52:57] Um nothing wonderful is going to happen [52:59] to you without uh [53:00] uh taking an uncomfortable risk. So, [53:03] I think about this with my boys. I used [53:05] to force them or ask them to speak to a [53:07] stranger every time we were outside of [53:08] the house. My oldest one has no problem. [53:09] My youngest one doesn't like it. [53:11] "Really hard. Okay, we sit outside the [53:14] door for 10 minutes. Just go [53:16] ask him what breed their dog is over [53:17] there. Just go over there. Just ask him [53:18] about their dog." Cuz he I think a good [53:21] strategy, especially if you're young men [53:23] who for some reason seem to be [53:25] sequestering and becoming much more [53:26] isolated, [53:28] whenever you're in a line, talk to the [53:30] person in front of you and behind you. [53:31] Just talk to them. [53:33] Just get used to opening. Just get used [53:35] to eye contact. Just get used to being [53:37] friendly and having a conversation. Cuz [53:40] I think people are spending so much time [53:41] indoors and behind screens, they're [53:42] loosening the ability to establish [53:45] professional [53:46] and personal connection. So, I think a [53:49] certain cognitive behavior or or [53:51] training around how to be friendly [53:53] and how to endure rejection. [53:56] One of the most revealing things I've [53:57] I've noticed about you as a person is [54:00] what you just said about that kid that [54:01] emailed you yesterday. Mhm. [54:03] Because as you said I could see the [54:05] emotion in your face. [54:06] Yeah, look, what do you want as a [54:08] species? You want to feel certain [54:09] things, right? You want to feel [54:11] you know, the most rewarding things are [54:13] sensations and feelings. And I get [54:15] really moved by these kids sometimes. [54:17] You know, you relate to them. I relate [54:18] to young men who are struggling cuz I [54:19] was one of them. And so this stuff [54:22] really sometimes it you know, you [54:25] What you want in life is a a group of [54:27] people who are emotionally invested in [54:30] your success. And then as you get older, [54:32] the most rewarding thing is to let [54:34] other people let you be emotionally [54:36] invested in their success, right? [54:39] I want my boys to love me, but what is [54:41] the most rewarding thing is that they [54:42] let me love them. That's the most [54:44] rewarding thing, right? They're these [54:45] vessels that I get to pour this like [54:47] affection into. That's the most [54:49] rewarding thing as you get older. [54:51] So yeah, I think about this stuff a lot [54:53] and I get Why did he move you? [54:56] Well, just the picture and I I don't [54:58] want to divulge, but he's struggling. [54:59] He's really going through some issues [55:02] uh uh with addiction and self-harm [55:05] and depression. And and also, by the [55:08] way, is obviously a very talented kid, [55:10] is very smart, is working in you know, [55:13] has a high-profile job, and is [55:15] struggling with addiction and self-harm. [55:17] I mean, and and you think, "Jesus, this [55:19] [ __ ] is real, right? This is really [55:22] really tough for this kid." And [55:25] uh you just realize I think so many [55:26] young people [55:28] we're raising My colleague at NYU wrote [55:30] this book that's [55:32] This is the book we wish we'd written. [55:34] Uh the Anxious Generation, Jonathan [55:36] Haidt. [55:36] Oh, yeah. It's literally [55:39] the most inf He's now the most [55:40] influential scholar probably globally. [55:43] And [55:44] the takeaway is we're raising, despite [55:46] our prosperity in the US, we're raising [55:48] the most anxious, depressed, obese, and [55:51] addicted generation in history. [55:53] And you can just sense it. There's so [55:56] many young people out there that are [55:58] really struggling, that aren't happy, [56:01] that don't have the opportunities that [56:03] my generation had. And then 200 time 210 [56:07] times a day, they're reminded that [56:08] they're not doing well as someone else [56:10] vomits their faux success and [56:12] experiences all over them. [56:14] That Oh wait, I didn't make I didn't I [56:16] didn't make a million dollars in Nvidia [56:18] and I'm not partying in Saint-Tropez, [56:21] I'm a failure. [56:22] Right? And their their opportunities for [56:24] professional and romantic success are [56:27] going down. People aren't dating. One [56:29] out of three men under the age of 30 has [56:31] a girlfriend. [56:32] Yeah, I mean, there's just so many you [56:33] can just tell young people are really [56:36] really struggling. And I think about [56:38] that a lot and uh you know, it moves me [56:41] because a few [56:44] fortunate decisions, a few random [56:46] emails, [56:48] you know, things could have been much [56:49] different for me. And I I so I really I [56:52] do relate to these especially to young [56:54] men. I relate to the struggles they're [56:56] facing. [56:58] You you talked about making decisions in [57:00] the algebra of wealth. [57:02] Um and I get asked this a lot. Um kids [57:05] come up to me at the end of a talk that [57:07] I do or some other event and will ask me [57:09] about decisions, like jump off points in [57:12] their life. As you zoom out on life, is [57:14] there anything that I can know about how [57:17] to be a great decision-maker over the [57:18] context of 50 years of life? Is there [57:21] anything about how to make a decision? [57:24] Greatness is in the agency of others. [57:26] You're you're not this the business you [57:28] build [57:29] is not going to get beyond a certain [57:30] point unless you have the ability to [57:32] attract and retain really talented [57:33] people. [57:34] Great decisions are in the agency of [57:36] others. We have some weird notion of [57:38] leadership. I used to think leadership, [57:40] when I was a younger man, was quickly [57:42] assessing the situation, deciding what [57:44] we should do, and then advocating for my [57:46] course of action. That was leadership. [57:49] And it was more important to be to be [57:50] right than effective, or to get people [57:53] to agree with my decision than to make [57:54] the right decision. [57:56] What you want is you want to get to the [57:58] correct decision that has the best [57:59] outcome for everybody, and be open to [58:01] change and evolving. [58:04] And the way you do that, [58:05] I don't make a big decision now without [58:07] speaking to at least three people. [58:09] So, you want to make better decisions? [58:11] Then slow the process down. There's slow [58:13] and fast thinking, and get the benefit [58:16] of other people and expertise. Is there [58:18] any decision that I should make slow [58:20] versus fast? Is there a framework for [58:22] how to know what you need Sometimes I [58:24] think I find in business that the cost [58:26] is [58:27] the time I waste trying to make the [58:29] decision. [58:30] And then sometimes in business the cost [58:31] is the outcome of the decision. Well, [58:33] yeah, there's been books written about [58:34] this, but basically every day there's [58:35] thousands or hundreds of decisions you [58:37] have to make instantly. Like, do I go on [58:39] the red light? Do I not go? Do I you [58:40] know, there's a ton of things you have [58:42] to do, saying thank you, pardon me, [58:45] whatever. There's a ton of decisions you [58:46] have to make every day. So, we get into [58:48] a framework of sometimes where we don't [58:51] slow down and have the luxury of making [58:53] a good decision. The other thing is that [58:55] I've tried to do is I try to screen out [58:57] unimportant decisions. And this is a [58:59] luxury, but as I've gotten a little bit [59:00] of money, [59:01] I don't make decisions around anything I [59:04] mean, this sounds weird. I don't order [59:06] when I'm in a restaurant, I don't order. [59:07] I basically ask the waiter to order for [59:09] me. I have a uniform at work. I don't [59:12] pick out my own clothes. [59:14] I have a group of people who manage [59:16] you know, I'm saying, "You're in charge [59:17] of all decisions here." I try to focus [59:19] only on the decisions I can bring a lot [59:20] of value to, so I can spend a lot of [59:22] time being really thoughtful about them. [59:24] Um but generally speaking, for a young [59:26] person that's not in the position of [59:27] outsourcing a lot of decision-making, [59:29] what I would say is get a kit Again, it [59:31] goes back to the notion of a kitchen [59:32] cabinet. Get a group of people [59:34] who will you might end up at the same [59:36] place, but they'll say, "Have you [59:37] thought about this?" Or, "Why wouldn't [59:38] you just do [59:40] Why wouldn't you just have you know, do [59:41] X, Y, or Z?" Or, I think you know, or [59:44] have the leadership skills and know you [59:46] well enough to go, "You know, Stephen, I [59:47] think you're making a mistake here." [59:49] When I was 26, I started a company [59:50] called Prophet Brand Strategy, a [59:51] strategy firm. [59:53] Six years later, when I was 33, I was [59:55] offered 55 million for it. [59:58] Um from Sapient Nitro and another firm [60:01] called Scient. [60:02] 55 million. I owned 60, 70% of the [60:06] company. [60:07] So, I would have been done. [60:10] But, I was under the No, this is the [60:11] internet. It's going to be huge. We're [60:13] going to be worth a billion. I [60:15] If I just had a board, if I just called [60:18] a couple people, [60:20] they would I know they would have said, [60:21] "What the [ __ ] you thinking?" [60:23] I was doing [60:24] 3 million a year in consulting, and this [60:27] firm offered me 55 million dollars. [60:30] If I had just talked to someone, they've [60:33] kind of gone, "Let me get the Okay, so [60:34] Scott, you've been offered 18 times [60:37] revenues for a small strategy services [60:40] company?" [60:42] Also, around relationships, right? When [60:45] I talk to some of my friends or younger [60:47] men I know who are really upset with [60:49] their spouse, I'm like, "Be clear. [60:52] Yeah, this is an issue, but you're not [60:53] bringing a lot of generosity and [60:55] forgiveness to the relationship. And if [60:56] you don't bring those things, [60:58] your marriage to this person or anyone [61:00] else is not going to survive." I didn't [61:02] figure this out till I was older. [61:04] But, you will always naturally inflate [61:05] your own contribution to the [61:06] relationship and some and and diminish [61:09] theirs. [61:10] And the relationship is never going to [61:12] be in perfect harmony or balance. [61:14] So, in those periods of deficit, you've [61:16] got to bring forgiveness, you've got to [61:18] bring patience, otherwise no long-term [61:21] relationship is going to survive. And [61:23] also, be pretty clear, if you split up [61:25] right now, just know you're going to [61:27] lose 70% of your net worth, maybe 60, [61:29] but plan on 70. You split everything. [61:31] And then the cost of lawyers. And I can [61:33] guarantee you, if you have to sell a [61:35] house, that'll be the exact wrong moment [61:37] to sell it. It's just karma. [61:39] Just karma. [61:41] So, just keep in mind there's a lot of [61:43] good reasons to stay together in a [61:46] marriage and try and figure it out. Is [61:48] marriage good for wealth? Oh, yeah. [61:50] Really? Because I don't want to lose 50, [61:52] 70% of my money or whatever. Well, [61:54] you'll have that guy on who's on TikTok [61:56] all over the place saying it's a failed [61:57] technology. The majority of really [61:58] wealthy people [62:00] uh have long-term relationships and are [62:02] in a monogamous relationship. They're [62:04] married because the team is a fantastic [62:07] way to build wealth. But, if if this [62:09] starts to accrue and you know, 50 [62:10] whatever 50 whatever percent of people [62:12] are getting divorces, doesn't that mean [62:14] that if I'm building wealth, there's a [62:16] 50 odd percent chance that I'm going to [62:18] lose half of it if I'm married or more? [62:20] Well, first off, if you have wealth [62:21] going in, get a pre-nup. Yeah. [62:23] But, what I would say is [62:25] um And first off, that number is a bit [62:27] misleading because marriage is becoming [62:30] a luxury item. [62:31] To a uh It used to be 95% of wealthy [62:34] people got married and 85% of middle [62:36] class and poor people got married. It's [62:38] dropped to less than half among poor [62:39] people. The bottom line is no one wants [62:41] to mate with poor men. [62:43] And uh wealthy people attract a lot of [62:45] mates. And generally speaking, really [62:46] wealthy people [62:48] I mean, there's all this you know, [62:49] there's all these It's fun to do TikToks [62:51] about Jeff Bezos on a on a yacht with [62:53] his new girlfriend and everything. But, [62:55] the majority of wealthy people are [62:56] actually uh uh stay married. And the [63:00] team is really powerful. [63:02] You know, [63:03] you we're both working together, we're [63:05] both making a lot of money. That is [63:06] really powerful and sharing one set of [63:08] expenses. You're going to focus on the [63:10] logistics of our life or our family, and [63:12] my wife's the professional baller, [63:14] right? The team The team is powerful. [63:17] So, this notion [63:19] that you shouldn't get married or I'm [63:21] not I'm not suggesting marriage is for [63:23] anybody or stay stay married no matter [63:25] what. I'm not suggesting that at all. [63:26] But, there's just no getting around it. [63:28] The team is much more powerful than the [63:30] individual. And if you if you break down [63:32] the numbers of people who are wealthy, [63:34] they generally speaking invest a lot in [63:37] their relationships. [63:39] Wealth is a whole person project. [63:41] There's a myth that rich people are bad [63:43] people. The Elizabeth Warren, Bernie [63:44] Sanders, they billionaires crawled over [63:47] other people to get there. It's just not [63:49] true. What you generally find among [63:51] wealthy people, especially people who've [63:53] made their own money, [63:55] is that the re One of the reasons [63:56] they're wealthy is they've collected [63:57] allies along the way. [63:59] And just as compounding is so powerful [64:02] with small investments when you're [64:03] young, [64:04] bringing some generosity to people when [64:05] they need help, being a good friend, [64:07] occasionally checking in, how are you [64:08] doing, [64:09] helping people find jobs when they lose [64:11] a job, being kind, those little [64:13] investments you make as a young person [64:15] really add up. And you're going to find [64:17] this. [64:18] I have all these great friendships now [64:20] with people who I was never great [64:22] friends with. But, because we made small [64:24] investments in each other over 20 or 30 [64:27] years, just checked in, how you doing, [64:29] congrats, how you're doing this, [64:31] congrats on your wedding. Maybe not even [64:32] close friends. You wake up in your 50s [64:36] and you have millions of dollars in [64:37] terms of a relationship. You feel close [64:39] to these people. You feel like a real [64:41] nice sense of [64:43] comity with them. You really [64:46] And And this is very true of wealthy [64:48] people. [64:49] You want to be put in a room of [64:51] opportunity [64:53] even when you're not there. So, Google [64:55] did a study when they put out a job [64:58] opening for a product manager, they'll [65:00] get 200 resumes within a few hours. [65:03] They invite the 20 best in. [65:05] 80% of the time, the offer that's made [65:07] is made to somebody who has a [65:10] evangelist, advocate friend in the [65:13] company. [65:14] So, this is who you need to be. You need [65:17] to be that person who's like, [65:19] "Oh, there's a job opening here? [65:22] I have this woman who would be great." [65:25] And then connects them. [65:26] You need to be in a room You want to be [65:28] a successful professionally, be [65:30] successful personally. Go out, make [65:32] friends, be kind, invest in them, help [65:35] them when there's no obvious reason to [65:37] help them. [65:39] And those investments pay off. And [65:41] generally speaking, and this is a not a [65:43] popular narrative, the majority of very [65:45] wealthy people I have met, and I've met [65:48] a lot of them, are kind. [65:50] They're generous. Very civic-minded. [65:53] Very good mates. So, this trope of [65:57] you know, of Monty Burns lighting cigars [66:00] with a hundred dollar bills and owning [66:02] the the nuclear power plant and pouring, [66:04] you know, radioactive waste into the [66:05] river, that's a cartoon. The majority of [66:08] self-made people who are really wealthy [66:11] are good, kind people because you have [66:14] to have allies along the way to be [66:16] really successful. Can anyone start a [66:18] company [66:20] in your view? Can anyone become a [66:21] successful entrepreneur? Oh, no. [66:24] You There's There's certain attributes [66:26] that most people don't have. What are [66:27] these traits? [66:29] First and foremost, you have to be [66:30] really risk-aggressive and have that [66:32] willingness to fail. You're willing to [66:34] take huge risks. I speak to people all [66:36] the time who say, "Well, I'm going to go [66:38] get a job at Google or JP Morgan for a [66:40] few years, and then I'll have the [66:41] credibility to start a business." I'm [66:42] like, "You're not an entrepreneur." [66:44] Most entrepreneurs [66:45] 70% of entrepreneurs are immigrants that [66:47] don't have access to corporate Britain [66:49] or corporate America. By the way, [66:52] if you have access to Google, all these [66:54] kids come to my office hours. When I say [66:55] kids, I mean students. [66:57] And they want to ask They don't want to [66:58] talk about brand strategy. They want to [67:00] talk about careers. They say, "I have an [67:01] offer from JP Morgan or Google, [67:03] but I'm thinking about starting my own [67:05] business, and I know you've started a [67:06] lot of business." And they think I'm [67:07] going to say, "Go for it." I'm like, [67:09] "Don't be a [ __ ] idiot. Go to work [67:11] for Google." [67:12] On a risk-adjusted basis, the most [67:14] unbelievable platform for generating [67:16] wealth and opportunity and long-term [67:18] economic security [67:20] is the American corporation. These are [67:22] unbelievable platforms to get rich with [67:26] some certainty, [67:28] slowly and sometimes quickly, in the [67:30] tech community. If you have access to [67:32] those platforms, [67:34] unless you hate it and are terrible at [67:36] it, you should go that way. The majority [67:39] of entrepreneurs are immigrants. [67:41] And why Why is that? Cuz they didn't [67:42] have any choice. They didn't have access [67:44] to corporate America. [67:46] They had to open a dry cleaner. They had [67:47] to start a soapstone company. [67:50] Entrepreneurship, you have to be [67:52] risk-aggressive, willing to take risks. [67:54] Two, to be really successful at it, you [67:57] have to be um a great salesperson. [68:00] You have to be willing to convince [68:01] people to invest, buy your products. You [68:04] have to be willing, most importantly, to [68:06] sell people on your vision and believe [68:08] that you're a good person and that if [68:09] you're successful, they are going to be [68:10] successful. What's the best way to train [68:12] that muscle? [68:13] If I'm young. [68:16] Gosh, I don't know. For me, it was um [68:20] Look, I [68:21] I think the core competence you would [68:23] want any kid your kid to inherit, [68:26] if I could give my kids any skill, [68:28] I remember in the Tony's preschools and [68:31] I'm sorry, high schools, they had [68:32] Mandarin. I'm like, "Oh, that was just [68:34] stupid." Or computer science. I believe [68:37] that replacing history and civics class [68:39] with computer science, you get Mark [68:41] Zuckerberg. You get these mendacious [68:42] [ __ ] who are billionaires but don't [68:44] care about the health of the [68:45] commonwealth. [68:46] The greatest skill you can develop or [68:48] that you would want your kids to have [68:50] that will stand the test of time is [68:52] storytelling. [68:53] The ability to craft a narrative and [68:55] then convince people, get people engaged [68:57] in your narrative and think, [68:59] "Oh, your company makes sense." You're [69:01] not going to come in and say, "I'm [69:02] starting a software company." You're [69:03] going to say, "This is the technology. [69:05] This is the marketplace. This is why [69:06] society needs this. These are our unique [69:09] skill set." And you can craft it into a [69:11] story that is compelling. [69:13] Right? It's the key It's the key to [69:16] scoring above your weight class [69:17] romantically, right? Communicating a [69:19] plan, communicating kindness, [69:21] communicating empathy, [69:23] communicating um humor. [69:26] Right? Any industry, Jeff Bezos' 1997 [69:28] shareholder letter, you read that [69:30] letter, you just want to buy stock. I [69:32] don't care how overvalued it is. When [69:34] you listen to Jensen Huang talk about [69:36] the future of AI and biology and [69:38] healthcare, you're like, well, maybe I [69:40] should buy it even though it's trading [69:42] at 110 times earnings. [69:44] If you want to be a great CEO, you got [69:45] to be a great So, I don't care if you're [69:46] Maya Angelou, Rishi Sunak, or, you know, [69:50] Jensen Huang, the core competence of any [69:53] really successful person or the core [69:55] competence that's going to get you [69:57] real influence and economic security [69:59] is storytelling. [70:01] So, [70:02] it's so interesting because um [70:05] I completely agree with everything [70:06] you've said about how at the very heart [70:09] of wealth creation as an entrepreneur, [70:10] but it but more generally in life, [70:11] whether you want to be a president, a [70:12] prime minister, or a philanthropist, is [70:14] this idea to craft narrative, but [70:17] um [70:18] the average how does the average person [70:20] develop that skill when they don't [70:21] they're not a lecturer, they don't have [70:23] students that they can speak in front [70:24] of, they don't have a podcast [70:25] necessarily that people are going to [70:27] listen to? [70:28] But if we both agree that it's such an [70:29] integral skill, the transformative life [70:31] skill, Oh, there's a million ways. [70:34] The first thing I assign my students, my [70:36] kids in the classes, [70:38] pick a medium. [70:39] It can be Instagram. It can be X. It can [70:42] be [70:43] threads. It can be Pinterest, LinkedIn, [70:46] public presentations, speaking, radio, [70:49] podcasting. Identify what it would mean [70:51] to be in the top 1%. [70:53] You can go online, what are the top 1% [70:55] of followers on Instagram? How many [70:57] followers do you need to be in the top [70:58] 1% on Instagram? [70:59] By the end of this semester, you need to [71:01] be a top 1% storyteller on a medium. [71:05] I'm really good at this. You're really [71:08] good at podcasting. I'm really good in [71:10] front of a large crowd. I'm not very [71:12] good on the phone. [71:13] I'm pretty terrible one-on-one. [71:15] I come across as aloof yet insecure at [71:17] the same time, which isn't easy to do. [71:20] So, I know the medium I'm not good on [71:22] the phone. [71:23] I'm I become a proficient writer. I I [71:26] aspire to be a great writer. I'm good [71:28] now, someday I'll be great. [71:30] But I know my mediums and I practice [71:33] storytelling every day. I'm either [71:34] writing, I'm either speaking, I'm either [71:36] podcasting. [71:38] If you're young, [71:39] oh my god, the mediums. Are you good on [71:41] TikTok? Get a smartphone, get uh, you [71:44] know, iMovie, start editing, and every [71:47] day make small iterations and changes [71:49] and commit to being a great storyteller. [71:51] And the wonderful things about these [71:52] mediums and the economy and these [71:54] technologies [71:55] is you can be a great storyteller [71:58] anywhere, from any background, and from [72:00] any location. I'm not suggesting that [72:02] you [72:03] that everybody [72:05] has the same opportunities, but the [72:07] opportunities, the reason why [72:10] Hollywood is struggling, the reason why [72:11] the writers for striking for 4 months [72:13] only got a 5% increase in pay, is that [72:16] there are 1.7 billion people on TikTok [72:19] and 850 million of them are creators, [72:21] which is a fancy term for storyteller. [72:24] And assume 1% of them are outstanding [72:26] storytellers. All of a sudden, 8 and 1/2 [72:28] million new storytellers have come into [72:31] the medium market. And the half a [72:32] million in LA who think their work is so [72:34] [ __ ] precious and are trying to [72:36] figure out why their industry is in [72:38] decline, I'm like, you're competing [72:39] against 8 and 1/2 million new [72:41] storytellers that aren't asking for pet [72:43] bereavement leave or for a trailer with [72:46] catered food. [72:49] The ability to tell, craft a narrative, [72:51] find your medium, and then say, I'm [72:53] going to be in the top 1%. What is the [72:55] algebra to storytelling? If there had to [72:58] be one if you I know you've not had time [73:00] to think about [73:00] I've thought about that. I think of it [73:01] as one, you just have to be a compelling [73:05] I mean, it sounds terrible, but [73:07] like [73:08] I have a handsome voice. I was I have a [73:10] face for podcasting. I've had five TV [73:12] shows, they've all been canceled within [73:13] like 4 weeks. Podcasting is my medium, [73:16] television is television is not. You've [73:18] done really well on podcasting and [73:21] video, right? That says something. I [73:23] would say that more than anything, it's [73:25] tapping into people's emotions. [73:28] Like, how do you make someone feel [73:29] something? I mean, you want to be smart, [73:31] you want to say interesting things, but [73:32] how do you really connect with someone [73:34] and make them feel something? [73:36] The wide space I'm trying to occupy [73:40] is I'm trying to be a white heterosexual [73:42] male in his 50s who's open about his [73:44] emotions. [73:46] That's a wide space. [73:48] Guys my age don't talk about their [73:49] failures, they don't talk about the way [73:50] they feel about their kids, they don't [73:52] talk about, [73:53] you know, how devastated they were when [73:54] their mother died. That shit's just not [73:56] talked about among men of my [73:58] demographic. [74:00] That's the wide space I'm occupying. So, [74:02] you need to say, okay, what [74:04] am I going to make people feel [74:07] that other people aren't spending a lot [74:09] of time evoking, [74:10] getting people to understand those [74:12] emotions. [74:13] It's [74:14] uh I think the specific crowds out the [74:15] general, you want to focus on a niche. [74:18] Own something. All right, I'm going to [74:19] be in the top 1% of this medium and I'm [74:21] going to develop domain expertise. I'm [74:22] going to be the person that understands [74:25] Ethiopian cuisine. [74:28] And I'm going to bring romance and make [74:29] people feel something and I'm going to [74:30] connect it to family and I'm going to [74:31] connect it to African culture and I'm [74:34] going to connect it to maternal love and [74:36] whatever it is, but think about it, what [74:38] emotions do you want people to feel? And [74:40] then every day, it's just hand-to-hand [74:42] combat. Every day, you know, before we [74:45] were off mic, you said we were both kind [74:47] of [74:48] in the last 2 years, both of our careers [74:50] have sort of hit a tipping point. I feel [74:52] like I've worked my ass off for 35 years [74:54] and all of a sudden I'm an overnight [74:55] success. [74:56] And you said, what was the one thing? [74:58] And I can't point to any one thing. It [75:00] was a series of little things. It's kind [75:02] of the Mr. Beast secret sauce. [75:05] It's iteration. Every day they test [75:07] things, they make things just a tiny bit [75:09] better. So, commit to excellence. You [75:12] put out a podcast, you put out a medium [75:14] post, you put out a PowerPoint [75:15] presentation level about AI, whatever it [75:17] is, [75:18] try and find a mechanism for feedback [75:20] and commit to just being a little bit [75:21] better the next time you do it. [75:23] I'm going to let you in on a little [75:25] secret. What is in the Diary of a CEO [75:28] cup? This cup that sits in front of me [75:30] when I interview these people, sometimes [75:31] for 3 hours, and sometimes three people [75:33] a day, and the answer is this, [75:36] PerfectTed. I invested in the company on [75:38] Dragon's Den, and since then, they've [75:39] gone from an idea to the fastest-growing [75:42] energy drink in the UK. It is a matcha [75:46] energy drink, and it is absolutely [75:48] delicious. But that's not why I choose [75:49] to drink it on this podcast. The reason [75:51] I choose to drink it is because it gives [75:53] me what I call all-day energy. I don't [75:55] get the same crashes that I used to get [75:57] with other energy drinks. If you're in [75:58] the middle of a conversation, or you're [76:00] in the middle of a talk on stage, or in [76:01] the boardroom, the last thing you want [76:02] to do is have a crash. You don't want [76:05] jitters, and you need focus, and that is [76:07] why they now sponsor this podcast. Not [76:10] only is it delicious, but it gives me a [76:12] significant competitive advantage. If [76:14] you haven't tried it, go down to a [76:15] Tesco, go to a Waitrose, or go online [76:18] and use the code diary10 at checkout, [76:20] and you'll get 10% off. And when you do [76:22] try it, let me know how you get on. [76:25] I'm very keen to understand how you [76:27] invest your money. So, say I'm that I'm [76:29] working at McDonald's like Burger King [76:31] or whatever. And I say these places not [76:32] to sort of diminish the the value of the [76:34] work because I worked 4 5 years of my [76:36] life in places like call centers and the [76:38] McDonald's, etc. But just as that's the [76:40] jump-off point for many people, I get up [76:42] to managerial position, I have a little [76:44] bit of disposable income now. [76:45] Mhm. Should I be going all in on crypto, [76:48] or my friend has this company, he said [76:50] it's going to work, should I be betting [76:51] my money there? Over the a long-term [76:53] time horizon, where have you invested [76:54] your money and made the most returns? [76:55] And where should I? [76:57] Well, just do as I say, not as I do. I [76:59] was when all in on things. And when you [77:02] go all in on something, if it hits the [77:03] ground or blows up, you're kind of done, [77:06] and you don't have any capital, and you [77:07] can end up I ended up broke at [77:10] at In '99, I was looking at jets. By [77:12] 2000, after the dot-bomb implosion, I [77:15] was broke. [77:16] Crawled my way back, was wealthy again [77:18] by 2007, all in on tech. [77:21] By the end of 2008, I was broke again. [77:24] And what I've learned since then is I've [77:26] crawled my way back, gotten very lucky, [77:28] markets have boomed, but now I diversify [77:32] like crazy. What does diversify mean? [77:35] You're never more than a certain amount [77:37] of your net worth in any one thing, and [77:39] you try and make sure those things [77:41] aren't correlated to each other. It's [77:43] harder when you're young cuz you may [77:44] have to go all in on a house. You may [77:46] have to put every penny you have to buy [77:48] your first home. When you start a [77:49] business when you're young, you don't [77:51] have the luxury diversifying. You have [77:52] to I bet you kind of went all in on this [77:54] business at some point. [77:56] But as soon as you have the opportunity [77:59] to diversify, [78:01] I'm about to put money in an aircraft [78:03] maintenance company in El Salvador. [78:06] I love it. It's totally different than [78:08] anything I do. That way if my world goes [78:10] to [ __ ] again in tech, [78:13] I have someone making money fixing [78:15] planes in El Salvador. [78:17] I do a bunch of just different [78:20] weird businesses that aren't related [78:23] because over time, because of [78:24] demographics and technology, [78:26] productivity does grow up in our economy [78:28] and the markets go up. The best advice I [78:30] can give any young person [78:32] in terms of the actual investment is a [78:34] low-cost ETF. You don't want to fees to [78:36] eat up, you don't want to day trade. [78:39] 80 to 95% of people who day trade lose [78:42] money. You want to be in a low-cost, [78:44] diversified, um ETF. [78:46] What's an ETF? Exchange-traded fund. So, [78:49] they basically say, okay, we're going to [78:51] create a synthetic of the entire market [78:54] and all healthcare stocks. So, like I [78:56] can I can invest in a tech ETF or a [78:58] solar ETF or [78:59] That's right. or a I don't know, AI ETF. [79:02] Let me make it easy. Go to Vanguard, and [79:04] I'm I don't have a relationship with [79:06] Vanguard. SPY, that's the index that [79:09] tracks the S&P 500. Mhm. And so, people [79:12] The email I get most is from young men [79:14] looking for guidance and mothers looking [79:16] for guidance for their for their sons. [79:18] The second most [79:20] frequent email is the following, is it [79:22] too late to invest in Nvidia? [79:25] And the honest answer is I don't know. I [79:26] can imagine a scenario where it gets cut [79:28] by 80%. I can imagine a scenario where [79:31] it triples. So, this is what you do. You [79:33] invest in SPY. Because about 20% on the [79:36] dollar will go into the Magnificent [79:38] Seven because they're about 20% of the [79:40] market cap of the S&P. SPY is again a [79:43] basket of different stocks. [79:44] It's It's a index fund that mimics the [79:47] S&P. So, there 500 companies in the S&P. [79:50] Nvidia is probably 3 or 5% of the total [79:53] value of the S&P. So, 5 cents on your [79:55] dollar goes into Nvidia. Mhm. Right? [79:57] About 20%. Is that right? 24 25% is the [80:01] Magnificent Seven, the tech companies we [80:03] talk about. 25 cents on your dollar will [80:05] go to them. So, assume those companies [80:08] double. [80:09] Great, you participate. But, assume the [80:11] other 493 companies finally get their [80:13] time in the sun and those companies go [80:15] down a half, you're still fine. You're [80:17] still fine. Again, you don't need to [80:19] find the needle in the haystack and stop [80:21] believing in a very American way that [80:23] you can figure it out. I know the [80:24] brightest people in finance. [80:28] And what the the my net conclusion is [80:31] that none of them have any [ __ ] idea. [80:34] Some have a little bit more of an idea. [80:37] But, if you look at the entire [80:39] alternative investments industry, hedge [80:41] funds, private equity funds, mutual [80:43] funds, anyone on CNBC, if you took all [80:47] of their returns in aggregate, [80:50] they're less than the S&P by the amount [80:52] of their fees. It's one of the greatest [80:53] grifts in the modern economy is [80:55] believing that some guy who looks old [80:58] and unhappy and has suspenders and went [81:00] to Harvard knows more about the markets [81:01] than you. [81:03] All you need to know is diversification, [81:06] right? SPY, [81:09] start saving young, and then the next [81:11] best piece of advice is if you can [81:14] if you can force savings. 98% of us will [81:19] spend everything we get our hands on. [81:22] It is very hard to have the discipline [81:24] to take money that is within your grasp [81:26] and invest it. Force savings plan. Find [81:29] out at work if they have profit sharing [81:31] or IRAs or Roth's, whatever the the I [81:35] forget what it's called here where if [81:36] you put some money aside, the government [81:38] matches it. [81:39] Pensions? Well, not only pensions, but [81:41] there's something here I forget what [81:42] it's called. If you save 5,000 pounds [81:43] through your work, the government I [81:45] think will match it uh put in a thousand [81:47] pounds. There's all sorts of saving [81:49] schemes at work. Acorns, the apps that [81:52] round up to the nearest dollar and then [81:54] immediately shoot it into SPY. Try as [81:57] hard as you can to put yourself in a [81:58] position where you invest despite your [82:02] best efforts not to. [82:04] Cuz the majority of us will get that [82:05] money and go buy a flat screen TV. And [82:08] when you're saying investing, I think [82:09] because it can sometimes sound [82:10] complicated from someone that's so far [82:12] away from it. There's apps on our phones [82:14] now where we can in a couple of minutes [82:17] invest in the exact thing you've just [82:18] said. From we can make a an account in a [82:20] couple of minutes. They'll probably ask [82:21] for our passport, take a photo of our [82:22] passport. There's so many different apps [82:24] where you can go in and invest in the [82:26] S&P 500. You don't need to call someone [82:28] or know someone. And you can invest [82:30] What's the minimum you can invest? [82:31] 50 dollar. Go to public.com. You I mean, [82:35] start with a basic a basic low-cost ETF [82:38] or index fund. S SPY, if you want to get [82:41] take a little bit more risk and you want [82:42] to be in tech, there's all sorts of ETFs [82:45] and index funds around tech. Uh you're [82:48] going to every young person, especially [82:49] young man, is under the impression [82:50] they're smarter than they are and that [82:52] they can beat the market. So, okay, take [82:54] 30% of your money, have some fun, buy [82:57] Starbucks, Nvidia, Unilever, Novo [83:00] Nordisk, whatever you think you have [83:02] insight into so you can learn a life [83:04] lesson that over the long term you don't [83:05] know what you're doing, and just put it [83:07] in an index fund. Cuz the marvelous [83:09] thing about the human race is we become [83:10] more productive and the Western [83:12] economies, generally speaking, over the [83:14] medium and long term are up into the [83:15] right. [83:16] And again, and I'll go back to my [83:18] algorithm or equation. Focus. Find [83:22] something you could be good at, maybe [83:23] great, that has a 90 plus percent [83:25] employment rate. Stoicism, we haven't [83:27] talked about that. Realize there's some [83:29] things you can't control. [83:31] Focus on the things you can control. One [83:33] thing that is within your control is [83:35] spending. Try and find a partner, try [83:37] and gamify spending. I spent $78 a week [83:40] my summer between my junior and senior [83:42] year including rent because I needed [83:44] $3,300 to go back to school. I partnered [83:46] with five other guys in my fraternity [83:47] and we gamified who could spend the [83:49] least amount of money. Find a partner [83:51] who's aligned with you around spending [83:54] and saving. Right? Realize no one's as [83:56] impressed or thinking about your [ __ ] as [83:58] much as you are. [84:00] Right? Try Try and find reward from [84:02] exercise, from relationships, not from [84:04] signaling wealth with kind of stupid [84:06] [ __ ] Right? I call that stoicism. It's [84:09] really more about discipline. Develop a [84:11] savings muscle, one and appreciation for [84:13] time and how fast it's going to go. I [84:15] was stupid. I remember my best friend [84:17] Lee Lotus picking me up to go to the [84:18] beach when I was in college and he was [84:20] scrambling to find $2,000 to put into [84:22] something called an IRA Roth where his [84:25] company, a bank he was working for, he [84:27] was just out of college. If he found [84:28] $2,000, they would match it with another [84:30] 2,000. [84:31] I thought I said to him these exact [84:33] words. If 2,000 bucks means anything to [84:35] me when I'm older, shoot me. [84:37] I have made so much more much more money [84:40] than Lee Lotus and he is a [84:43] multi-millionaire now. So am I, but I've [84:45] endured a lot more risk and a lot more [84:46] ups and downs cuz he was that lame guy [84:49] scraping together $2,000 when he was 23. [84:53] I went out and spent my first bonus [84:55] check at Morgan Stanley. I got $28,000 [84:57] my first year out of college Morgan [84:58] Stanley. [84:59] $28,000 check, I go out and I buy a [85:02] $35,000 BMW, swung swim goggles from the [85:05] rearview mirror thinking that would [85:06] impress people. I don't know what I was [85:08] doing. I figured out if I had bought a [85:09] Hyundai for 9,000 bucks, which you could [85:12] get in 1987 or whatever it is, and [85:15] invested the other 20 in SPY, never [85:18] looked at it again, I would have enough [85:19] money now to buy 11 Ferraris including [85:22] that new electric Ferrari that for some [85:24] reason appeals to me, which makes no [85:25] sense, an electric Ferrari. Anyways, [85:27] you're going to love this. I tell the [85:28] people that work for me that I drive up [85:30] in a Ferrari and I say, "If you work [85:32] really hard, someday someday I'll have [85:34] two Ferraris." Anyways, [85:37] uh I don't have a Ferrari by the way. Uh [85:40] I My other joke about a Ferrari is [85:42] Ferrari's like having a long consistent [85:44] erection. I don't have a Ferrari. [85:46] Anyways, [85:48] anyways, but where were we going? [85:50] Realize people aren't as impressed with [85:52] your [ __ ] as you are. Recognize the [85:54] power of time. And then the thing where [85:56] I really screwed up, Stephen, [85:58] diversification. [85:59] Take some money off the table. Invest in [86:02] I'm hearing from employees at Nvidia, we [86:04] talked about this, diversify. You get [86:08] It's such a bulletproof Kevlar for your [86:11] mental health. You get risk-free return. [86:14] Nobody knows. Anything can happen. [86:16] Amazon 1999, again, lost 90% of its [86:20] value. Do you know the kind of mental [86:21] anguish when you go into a stock like [86:23] Amazon and you lose 90% of your of your [86:27] investments? So, if you want to have [86:29] some fun, ring-fence it to 30% of your [86:32] of your savings, pick some stuff, and [86:35] it'll be a good life lesson for you. You [86:37] may get lucky, more power to you. Over [86:40] time you're going to realize nothing [86:42] beats over the long term Warren Buffett. [86:44] What are the third wealthiest man in the [86:45] world? I'm giving you the same answer he [86:47] gives. If someone has 10,000 bucks how [86:50] do I invest? And he's like, "Low-cost [86:51] index funds." [86:53] It's a two-minute conversation. [87:00] Put it in the S&P 500. Low-cost index [87:03] funds. [87:04] I know it's it's the boring [ __ ] that [87:05] makes you rich. Yeah. It's also I I I [87:08] advise a lot of CEOs. It's the boring [87:09] incremental stuff that moves shareholder [87:11] value. Mhm. No, it's so true. [87:14] So, one of the things that stopped me [87:16] when I was young from doing exactly what [87:18] you just said is I didn't think that the [87:20] $500 I had or the 500 pounds that I had [87:23] was enough to get started. So, I said to [87:25] myself in my head I thought, "Okay, when [87:26] I get a million I'll become an [87:27] investor." And I think a lot of people [87:29] actually listen to these kind of [87:30] conversations and go, "Okay, once I've [87:33] Once I've got 5,000 pounds disposable [87:35] income a month, then I'll do what Scott [87:36] said." But, there's no point in doing it [87:38] with a small amount of money. I wanted [87:40] to use this little bucket of sand here [87:42] as an analogy for this because um my [87:44] team brought a bucket of sand [87:47] to illuminate the power of compounding [87:49] interest when you invest in these S&P [87:50] 500 companies. And this glass represents [87:53] investing 1,000 a month in the S&P 500 [87:57] over the course of 12 months starting at [87:59] the age of 25. [88:00] Right. But, if you left it and kept [88:02] investing at that rate, by the age of 65 [88:04] it would look like this. [88:06] You have Zuma Beach. [88:11] Oh my god. Thank god that's you. [88:16] It would look like that. [88:19] And this is really what you're saying [88:21] when you're talking about ETFs. Well, [88:23] you asked that question about the young [88:25] man who says I'm going to wait till I [88:26] get I have 500 pounds. I'm going to wait [88:28] till I have a million before I start [88:29] investing. The way you get a million [88:30] pounds is by investing that 500. [88:33] We don't believe we're going to get old. [88:35] We don't recognize how fast time is [88:36] going to go. We don't appreciate the [88:38] power of compound interest. [88:40] Don't focus on your investments. Put it [88:42] in low-cost, low-energy ETFs. [88:46] Start early. You have Your advantage [88:49] when you're young is time. And you're [88:51] going to get that bucket of sand. By the [88:53] way, this right here isn't a lesson in [88:54] investing. This is a lesson in [88:56] storytelling. A bucket of sand, I mean, [88:59] who thinks of this? [89:03] Move it out the way. No, but it is. It [89:05] is [89:06] I've I am I discovered the [89:09] art and the science of compounding [89:11] interest too late in my life. And I just [89:13] wish someone had slapped me in the face [89:15] with it at 18. Yeah. It's crazy. [89:17] Honestly, I probably started at 28. [89:19] That's still earlier than most people, [89:21] but it goes to the notion of back to the [89:23] advice for a young person. [89:25] Most young people don't have the [89:26] discipline to invest any money they get [89:29] their hands on cuz a capitalist economy [89:31] is the the smartest people in the world [89:33] with the most god-like technology are [89:35] presenting you with amazing irresistible [89:37] offers to upgrade from economy to [89:39] economy comfort to add to add flourless [89:42] chocolate cake to your order from [89:44] Balthazar Balthazar lingerie in 1 minute [89:46] or less. I'm like, "Oh my god. Oh wait, [89:48] there's three other people looking at [89:49] this room this hotel room and it's going [89:51] on sale and I better buy [89:53] It's so difficult to hold on to any [89:56] money. You want to find ways of forced [89:58] savings. A house is forced savings to a [90:00] certain extent cuz people don't want to [90:01] be evicted from their house. Going to [90:03] work for a company and getting options [90:05] and getting equity that grows tax [90:06] deferred, that's sort of forced savings. [90:09] But you want as a young person try and [90:11] find as many ways as possible to have [90:13] forced savings. An app that [90:15] that rounds up to the nearest dollar and [90:17] then invests no matter what, that is [90:20] forced savings. It is very difficult [90:23] to take money that is in ever comes to [90:25] your hands and invest it. So it find [90:28] forced savings mechanisms that are taken [90:30] out of your check. Find out if your [90:32] company offers any sort of investment or [90:34] saving schemes that they match or that [90:37] the government matches and most [90:39] corporations offer something. [90:41] Real estate. I've had a lot of guests [90:43] talk to me like Morgan Housel and others [90:45] have a sort of mixed view on whether [90:47] real estate is a good investment. [90:50] What's your thoughts on it? Should I be [90:51] investing in real estate? But you know, [90:53] my brother said something to me when I [90:54] was 25. He said, "Steve, [90:57] if everybody is playing the game, the [90:59] returns probably aren't great from it." [91:02] Goes back to the stock appeal. Too much [91:03] capital going in. [91:05] Well, like [91:07] Case-Shiller, the brightest people in [91:08] real estate will say if you really [91:09] account for maintenance [91:11] and upkeep, the real estate has not [91:13] outperformed other asset classes. The [91:15] reason I like real estate is that one, [91:18] in the United States it's very tax [91:19] advantage. There are very few asset [91:21] classes you can lever up four to one. [91:23] 20% [91:25] down payment. I can't buy Apple I can't [91:27] buy $100 worth of Apple stock for 20 [91:29] bucks. So it's it's huge leverage. The [91:33] interest on that is tax deductible. In [91:35] addition, if you sell a home, this true [91:37] in the US, I don't know in the US I [91:39] don't know in the UK. [91:40] If you buy a home and sell it after hold [91:42] on to it for at least 2 years, you get a [91:43] $250,000 [91:45] tax deduction, $500,000 for married. [91:48] So if you have, for example, any ability [91:51] get to know the the homes in your area, [91:54] find a nice home or a rental unit that [91:57] you can maybe rent out or or upgrade, [91:59] maybe you're handy [92:01] to do that every few years and take [92:03] advantage of the tax deduction and then [92:05] roll into something bigger and that is [92:07] forced savings. You know that mortgage [92:09] payment is coming every month. [92:11] Actually, the majority of savings for [92:13] baby boomers right now is in their [92:15] homes. It's the equity in their homes. [92:18] Now, unfortunately, that's there's some [92:19] bad things. We haven't approved housing [92:20] permits as quickly as we should, which [92:23] has made it more expensive for entrants. [92:25] Young people can't afford homes. The [92:26] average home's gone from 290 to 420 [92:29] through the pandemic in the US. [92:31] And if you look at interest rates, it [92:32] means the average mortgage payment's [92:33] gone from $1,100 to $2,300. [92:36] So it used to be 2/3 of America could [92:38] afford a home, now it's 1/3. I I [92:40] whole other talk show, but I just did a [92:42] TED Talk [92:43] on the war on the young economically, [92:45] but real estate is a very tax advantage [92:47] industry. It is forced savings. Also, [92:50] there is some I think psychic value, [92:52] which I think is important to to a home. [92:54] You start investing in it, fixing it up. [92:56] It feels like I don't know. It just [92:58] there's something rewarding about it. [92:59] But to what your brother said, when [93:01] everyone's trying to buy homes in an [93:03] area, that usually means it's probably [93:05] getting overvalued and like any other [93:07] asset class, [93:08] uh lose money. But the reason I like it [93:12] is because it is a form of forced [93:13] savings. People generally speaking will [93:16] make that mortgage payment or try and [93:17] figure out a way. Now, you want to make [93:19] sure that not more than 40% of your [93:23] income goes into a house, otherwise it's [93:24] just going to be your anchor. It's just [93:26] going to be a source of stress for you. [93:28] And I think a lot of people grow up [93:29] thinking I have to have a home and so [93:31] they just become over-leveraged in their [93:33] home and they become kind of house poor. [93:36] They own a house and that's it and they [93:37] can't afford to do anything else. [93:39] be able to able to move then and you [93:40] talked about geographical opportunity [93:42] when you're young. [93:43] That's right. You get tied. You get tied [93:44] down, especially if your home goes down [93:45] in value. But I still think it's a in [93:48] the US at least, real estate's the most [93:50] tax advantage and if you own commercial [93:52] real estate in the US, you can [93:53] depreciate it 2 or 3% a year. You can't [93:55] depreciate a stock 2 or 3% a year. Is [93:58] there someone that should and shouldn't [93:59] buy a home then in your view? [94:01] Is there a certain demographic or age or [94:03] person with a certain talent that should [94:04] and shouldn't buy a home? [94:05] I would say in general, if it's a home, [94:07] if you think that you're not going to be [94:09] able to hold on to it for at least 7 [94:10] years. If you hold on to a home for 7 [94:12] years, you should be able to ride out [94:14] most economic cycles or economic down [94:17] cycle. [94:19] Um I think there's some wonderful things [94:20] about renting. You can slam your keys [94:22] down and leave. If you're planning to [94:23] move, [94:24] um if you don't have somewhat reliable [94:28] sources of income, um [94:31] a mortgage is probably a tough thing. I [94:34] don't know. I think I think [94:35] homeownership [94:36] I I'm talking my own book a little bit [94:38] here because I've made good money in [94:39] real estate. I've really enjoyed it. [94:41] But I think it's situational and it goes [94:43] back to that notion of having a kitchen [94:44] cabinet of people who can advise you on [94:46] on on that asset class. Unfortunately, [94:48] that asset class has become so expensive [94:51] that the quote-unquote American dream of [94:53] owning a home has become somewhat of a [94:54] hallucination, if you will, or a fantasy [94:57] for a lot of young people. [94:59] The other thing I I came to learn as I [95:00] got money and I it was almost like [95:02] someone pulled the curtain back for me [95:04] is how [95:06] wealthy individuals [95:08] play the tax game. Oh my gosh. [95:10] And it's a tax game that the average [95:11] person has no idea is going on. Got to [95:13] talk about money. Tax avoidance is a key [95:16] skill to building wealth. And by the [95:18] way, [95:19] we don't talk about I speak openly about [95:22] my I won't call it tax avoidance, but my [95:24] tax strategies. If you're, you know, [95:26] it's like they said, if you're a [95:27] prisoner of war, you have an obligation [95:29] to escape. [95:30] If you're trying to build wealth, you [95:31] have an obligation to pay as little tax [95:33] as possible. Do it legally, [95:35] but Apple will issue their IP to Apple [95:38] International in Ireland [95:40] and then they will use [95:42] Apple Ireland, they will license their [95:44] IP to America, charge them tens of [95:45] billions of dollars, thereby increasing [95:48] the income of Apple Ireland at a lower [95:50] tax rate and decreasing the income in [95:53] the US, thereby lowering their overall [95:56] tax rate. That is pure tax avoidance. [96:00] Every organization, every corporation [96:03] does this to the hilt and so should you. [96:07] By the way, I will vote for people [96:09] who have an alternative minimum tax. We [96:11] have to raise taxes on corporations. The [96:13] 25 wealthiest Americans pay between 6 [96:15] and 8% tax rate. What are the tax games [96:18] they're playing? [96:19] Oh, the rich people [96:20] There's a bunch of them. First and [96:22] foremost, it's you buy stocks, you never [96:25] sell them, you borrow against them. [96:26] Okay, explain that to me like I'm a [96:27] 10-year-old. Sure. You own $100 in [96:29] Amazon stock. You need money to buy [96:32] something. Instead of selling the stock [96:34] and it say it's gone up 50%. I say it's [96:36] doubled. You would have to realize a [96:38] capital gain and pay long-term capital [96:41] gains on that $50 gain. No, just borrow [96:43] against it and let the stock continue to [96:46] grow and you pay a little bit of [96:48] interest hopefully from your current [96:49] income, [96:50] but basically it's invest, borrow [96:52] against it and die. Put it into a a [96:55] trust and then pass it on to your kids. [96:58] There's a lot of um state arbitrage. [97:01] Jeff Bezos just moved to Florida to [97:03] spend more time with dad. Isn't that [97:05] sweet, Steven? Isn't that nice? No, it [97:07] has nothing to do with his father. Give [97:08] me a [ __ ] break. He aggregated $160 [97:12] billion in wealth. He would pay about [97:14] another 8 or 10% in state taxes in [97:16] Washington because he's got to leverage [97:18] the public school system, the University [97:19] of Washington, the Seattle-Tacoma [97:20] Airport, the hospital system. [97:22] But in the US, you're allowed to [97:26] no income tax. So all the people [ __ ] [97:29] posting California or New York, show me [97:31] someone who's all of a sudden can't [97:32] handle San Francisco politics, I'm going [97:34] to show you someone who needs to [97:36] recognize a capital gain and has all of [97:37] a sudden decided they like Texas [97:39] politics. It's really not very it's very [97:41] disingenuous. [97:43] There's [97:44] uh the tax [97:45] loophole I've leveraged. In the US, [97:47] there's something called 1202 or [97:49] qualified small business. [97:51] So when I started L2, What's L2? L2 is [97:54] my analytics company. [97:56] I started it. I invested a small amount [97:58] of money. [97:59] Um [98:00] uh because it was a business worth fit [98:02] less than 50 million. Your business [98:04] would qualify in the US as QSB small [98:06] business. [98:07] If you hold on to that stock in that [98:09] company for longer than 5 years, when [98:11] you sell it, the first 10 million or 10 [98:13] times the basis are tax-free. So the [98:16] first 10 million out of L2 was tax-free. [98:20] Zero. [98:21] That makes no sense. If that sounds like [98:23] we're screwing the middle class, trust [98:24] your instincts. I I invested in a [98:27] company, brought a company out of [98:28] bankruptcy. [98:29] I invested 2 and 1/2 million. [98:32] The first 25 million, got very lucky, [98:34] the company got sold for a lot of money. [98:35] The first 25 million were tax-free. [98:38] These are the tax code has gone from 400 [98:40] pages to 4,000 and that extra 3,600 [98:43] pages are to turn rich people into super [98:45] rich people. [98:47] Now, the myth around taxes is the [98:49] following that rich people don't pay [98:50] their taxes. Actually, [98:53] the sort of rich pay a disproportionate [98:55] amount of taxes. So if you make all of [98:57] your money from current income, that is [98:59] salary, [99:00] and you make a lot, you're actually [99:02] paying more taxes than anyone. So mom's [99:04] a baller, she's a partner in a [99:06] prestigious law firm making a million [99:07] bucks a year. Dad's a chiropractor, has [99:10] three people working for him. He makes [99:12] 600 1.6 million dollars a year. Total [99:15] ballers. [99:16] In order to make that kind of money, [99:17] they probably have to live in a urban [99:19] center in a blue state where at that [99:21] level they're paying 45, 48, sometimes [99:24] 52% tax rates. [99:27] But if dad decides to raise capital and [99:30] buy a bunch of chiropractic clinics [99:33] and they become investments and he sells [99:35] them for 50 million dollars, his tax [99:37] rate plummets. So you don't want to be a [99:39] super earner. You want to earn enough [99:41] money to invest so you can become a [99:43] super owner. The top 25 wealthiest [99:46] Americans pay about 8% in tax, right? [99:50] So actually the bottom half pay almost [99:53] no tax. They pay a lot of consumption [99:55] taxes, but it's the super earners that [99:57] get screwed, what I call the workhorses. [99:59] But once you makes the jump to light [100:01] speed and you own things and you make [100:03] your money from buying and selling [100:05] assets, your tax rate plummets. The [100:09] really sort of actionable thing there [100:11] for the average person as well as [100:12] probably the the the first point where [100:13] you said a lot of what rich people do is [100:16] they'll buy a stock. So I'll I'll spend [100:18] 10K on Amazon stock and then I go to a [100:21] bank and the bank give me a $5,000 loan [100:24] against my Amazon stock tax-free and I [100:27] just hold the Amazon stock. Now I've got [100:28] 5,000 tax-free. If the Amazon stock goes [100:31] to $20,000 in value, then I can I can go [100:35] to the bank and say it's gone up. Now [100:36] give me another $5,000 and I just spend [100:38] and live off that money. Now if the [100:39] Amazon stock collapses, [100:42] I'm fine because the loan was against [100:44] the stock. So they'll sell the stock at [100:45] a certain point as it's collapsing to [100:47] get their money back. Yeah, I mean you [100:49] don't want to get into too much trouble, [100:50] but leverage is how smart people go [100:53] broke. [100:54] But the idea is that one of the great [100:56] tax schemes in history is that stocks [100:58] grow. Think of yourself as a stock. [101:01] You you go up in value a million bucks a [101:04] year. You're making a million dollars a [101:06] year doing a very successful podcast. [101:08] Every year the government in the UK is [101:11] going to take 40 cents of that, 40% of [101:12] it. [101:13] If you own a million dollars in stock [101:16] and it goes to 2 million, [101:18] you don't get taxed on it till you sell [101:19] it. Yes, so just never sell it. [101:21] Never sell it. And that's what Elon's [101:22] doing with his companies. People say [101:24] he's got, you know, 200 billion dollars, [101:26] whatever. In fact, he's borrowing [101:28] tax-free against those companies. [101:29] when he finally needs to sell it to pay [101:31] off some of those loans, he moves to [101:32] Texas despite the fact he built all his [101:34] wealth in California. [101:37] Smart. I think one of the great [101:38] advantages of life is [101:40] as it relates to wealth creation is [101:41] really getting good tax advice cuz I've [101:44] sat here over and over again with people [101:45] that have great tax advice and some [101:47] people who didn't have any at all and [101:48] the outcomes are quite frankly [101:51] shocking. The variance and outcomes are [101:53] quite frankly shocking from one person [101:54] going bankrupt to the other person [101:55] becoming a multi-billionaire and it [101:57] comes down to some of it comes down to [102:00] their tax strategy and how they thought [102:01] about tax. And have you know, being [102:03] around a lot of people now that are [102:05] masters in tax, it was like [102:08] Yeah, I'd describe it as someone pulled [102:09] back a curtain that I never knew was [102:10] there and all these people were doing [102:12] magic behind this curtain and no one [102:13] ever told me that curtain existed and [102:15] it's called tax. We don't all pay the [102:17] same tax. [102:18] Cuz you're not supposed to talk about [102:19] it. Yeah, not talking about it is rich [102:21] people trying to keep poor people down [102:23] because rich people talk about their [102:24] taxes all the time. Brightest woman in [102:26] my entire professional universe is a [102:27] woman named Lucy Lee who is my tax Yoda [102:30] who works at a big law firm that I pay [102:32] 1,800 bucks an hour to to figure out the [102:35] smartest when I set up a company, I talk [102:37] to my tax person. When I'm about to get [102:39] a big payment from my podcast [102:41] distribution company, I talk to my tax [102:43] person first. [102:44] This is [102:45] it is everything, but the key when [102:47] you're young is to become an owner, not [102:50] an earner. You're an earner. [102:52] You want to bust a move out of earning [102:54] and develop an army of capital that goes [102:56] out and kills for you at night. [102:58] 500 bucks is a lot of money when you're [103:00] 21. 500 bucks when you're 21 is 10,000 [103:04] when you're my age, right? And it's [103:06] going to go really fast. So just start [103:09] and then once you become a super owner, [103:11] you have 10,000, 50,000, 100,000, a [103:14] million dollars in assets, then then you [103:17] can become a super tax avoider. [103:29] That sounded awful, didn't it? [103:31] Sounded awful. That sounded awful. [103:36] Sitting here with your bucket of sand. [103:40] Oh my god. [103:42] That's right. Sorry about this is how we [103:44] [ __ ] the middle class, Stephen. This is [103:47] how we really screw over the little guy. [103:51] We have a clo- [103:53] We have a closing tradition on this [103:54] podcast where the last guest leaves a [103:55] question for the next guest [103:57] not knowing who they're leaving it for. [104:00] What is the last thing you learned how [104:02] to do just because you wanted to learn [104:04] how to do it? [104:05] Hmm, that's really interesting. [104:09] Um [104:12] you know, it sounds [104:14] uh this is going to sound so trite, but [104:16] my boys and I are [104:19] you know, when you get [104:20] when you're a dad, [104:22] you you you uh if you're an [104:25] you go maniac like me, I just assume my [104:27] kids were going to be super into World [104:29] War II history [104:31] and CrossFit cuz I thought, oh they [104:32] would think I was such a hero that [104:34] they'd get Well, you realize if you want [104:35] to be a good dad, you have to be engaged [104:38] in what your kids are engaged in. [104:40] Otherwise, you're just not going to [104:41] engage. I have no interest in sports. I [104:44] have become [104:46] a massive fan of Premier League football [104:49] because my kids [104:51] are so devoted to Chelsea and to [104:53] Tottenham. So I've taken up Arsenal so [104:55] we could have a lot of fights in the [104:56] house. [104:58] But what have I learned? I've learned to [105:00] love football [105:01] and the moment my sons are out of the [105:03] house, I will learn to not care about it [105:05] again. So I've learned to love Premier [105:07] League football cuz it's a way I engage [105:09] with my boys. [105:10] Well, next year we'll go. Yeah. I'm a [105:12] Manchester United fan. So Man U. How [105:14] [ __ ] predictable. [105:16] Literally Man U. You're such a poser. [105:19] You're such a [105:21] You you grew up in Manchester, right? [105:24] Half my family did. So half my siblings [105:25] were born there. Yeah, the only thing [105:27] worse than that would have been Man [105:28] City, but you have Okay, you have Man U [105:31] rights then if you're from Manchester. I [105:33] have to tell people this. They're like [105:34] cuz you get roasted and then you have to [105:36] indicate that the like for me the first [105:38] place we lived in the UK was Manchester. [105:40] So my older siblings were all born there [105:42] and then we moved to Devon in the [105:43] Southwest which countryside, but One of [105:45] the strongest brands in the world. My my [105:47] 16-year-old son has a friend coming. [105:49] They're going to take the train up just [105:51] to do a tour of the stadium. [105:52] Oh, really? How many times do you do [105:53] that? When are they coming? [105:55] Uh I think it's in a few weeks. We're [105:57] going to but I mean we're going to [105:58] Germany for the European Championships, [106:00] we went to the World Cup. Our whole [106:02] family, our activity [106:03] is we explore Europe. We follow uh [106:06] we go, you know, see FC Barcelona play. [106:08] I mean it's a position of privilege. [106:10] But football for us [106:13] when I stopped playing sports [106:15] as a college student, I didn't think [106:16] about sports again for 25 years [106:19] and now we're just all in on foot- they [106:21] we plan our lives on not around [106:22] football, but every week we go to a [106:24] game. It's wonderful. I'm convinced it's [106:26] one of the few safe places that men can [106:27] demonstrate emotion. [106:29] It's one of the few places men are [106:30] allowed to hug each other, feel sad, [106:32] feel joy. 100%. But it's I've been to [106:35] because I'm in the corporate world, [106:37] amazing sporting event, the best [106:39] sporting events in the world, the [106:40] Olympics this year, but nothing matches [106:42] Premier League football. Nothing. It [106:44] really is special. [106:47] That's what I learned to do. Hey man, [106:48] well it's super interesting because [106:50] I read in your work about like buying [106:52] people buying football clubs and stuff [106:54] like that and then they're never going [106:55] to make money, but the the asset is [106:56] basically valuable because someone else [106:58] wants to buy it. [106:58] Greater fool theory. And I'm getting [106:59] loads of those offers now to like get [107:01] involved in football clubs and stuff and [107:02] and actually based on your thesis about [107:04] men, Yeah. [107:06] it is actually for me there's there is a [107:08] thesis there. [107:10] Well, the thesis is that there's the [107:12] real thesis is that the number of [107:13] billionaires in the US has gone from 500 [107:15] to 2,500. They're men who are in a [107:18] massive midlife crises. [107:20] The way to become the most interesting [107:22] person in Cleveland is to buy the [107:24] Cavaliers or the Browns. Overnight [107:25] you're the sexiest man in Cleveland. If [107:28] you're worth 50 billion dollars, why [107:29] wouldn't you spend 5 billion to buy buy [107:31] the Washington Commanders or [107:33] you know, to buy I think Tottenham's up [107:35] for sale right now. I thought I got [107:38] together the wealthiest, most famous [107:39] Scottish people in the US which is about [107:41] 14 of us and said, "Let's go buy [107:45] Rangers." [107:46] Rangers FC, it's a publicly traded [107:49] company. I had it all figured out. 10 [107:50] million pound convertible note. I'm [107:52] like, we and then my sky my friend of [107:54] mine is a famous historian of Scottish. [107:56] He's like, "You'd be the most hated [107:57] person in the United Kingdom. He was [107:59] they would hate you. You know nothing [108:01] about football. You'd be some American [108:04] idiot over there." [108:05] And I'm like, "Yeah, you're right." He's [108:07] like, "Just go to Rangers games." [108:10] What are you thinking? There's a pain [108:11] equation with buying sports teams cuz [108:13] you're buying a tribe and the chances [108:16] are you won't win most of the time. And [108:18] then you have to deal with like Dave [108:20] from I don't know Southampton whose [108:22] entire life is that football club that [108:24] you've just bought and he is pissed. [108:26] And unless you win trophies from day [108:27] one, you've screwed up. [108:28] And who does? Yeah, nobody does. [108:30] a horrible pain sport. Anyway, Scott, [108:32] we're done. [108:36] I am a big Manchester United fan and I [108:37] travel all over the world. One of the [108:39] big lifesavers for me as someone that [108:41] never misses a game ever regardless of [108:42] where I am in the world is NordVPN [108:44] because NordVPN allows me to watch the [108:46] game in territories and in countries [108:48] where it's often not available for a [108:50] variety of different reasons, but it's [108:51] not just about football. It's websites, [108:53] movies that I can access and it helps me [108:55] navigate those geographical blockers and [108:57] that's why NordVPN are both a sponsor of [108:59] this podcast, but a lifesaver for me and [109:01] it costs the same as a cup of coffee per [109:03] month. And not just that, when I'm [109:04] accessing Wi-Fi networks around the [109:06] world, it gives me a lot of security, [109:09] which is something that I think we don't [109:10] think about enough. If you want to check [109:11] out NordVPN, for a limited time only, [109:13] head to nordvpn.com/doac [109:17] and you can access our exclusive deal, [109:20] which gives the Diary of a CEO listeners [109:22] a huge discount plus four extra months [109:26] when you sign up to a two-year plan. And [109:27] there's no risk with Nord's 30-day [109:29] money-back guarantee. So, give it a try. [109:30] That's nordvpn.com/doac [109:33] or check out the episode description [109:35] link