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

Hello you savages. Watch the full episode with Scott here - https://youtu.be/gZ5K4iReUnE Get a Free Sample Pack of all LMNT Flavours with your first box at www.drinklmnt.com/modernwisdom

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

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

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

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