Fact: Hard work does not build wealth 💸, but 'this' does ✅
Avoid the trap of mistaking hobbies for viable career paths: Scott Galloway
In a world where financial success often seems elusive, Scott Galloway offers a refreshing perspective on building wealth and achieving economic security.
As one of the world's leading voices in business and finance, Scott Galloway shares his hard-earned wisdom on everything from investing strategies to the power of storytelling in career advancement.
Prepare to challenge your assumptions about wealth creation and discover actionable steps to secure your financial future.
[From now on, all the big ideas on NextBigWhat will carry actionable TODOs in the end - so that you can start implementing them right away in your life! We urge you to subscribe for a 10X better experience - helps us accelerate our mission, i.e. to make the world micro-smarter, every day]
Big ideas from Scott Galloway on how to build wealth
Geographic Advantage
Take advantage of economic opportunities by moving to thriving cities.
Two-thirds of economic growth over the next 30 years will occur in just 20 super cities. Being good in a great economy is better than being outstanding in a mediocre one.
You want to be put in a room of opportunity even when you're not there. Surround yourself with success to elevate your game.
Focus on Your Strengths
Identify your talents and focus on industries with high employment rates.
Aim to be in the top 1% of a field that has a 90% or higher employment rate.
Avoid the trap of mistaking hobbies for viable career paths.
Passion often comes from mastery.
Becoming excellent at something can lead to passion and success, regardless of the field.
The Power of Diversification
Diversify your investments to protect against market volatility. Don't put all your eggs in one basket, especially as you accumulate wealth. Spread investments across different asset classes and industries.
The moment you aggregate anything resembling decent capital, diversify like crazy. It provides kevlar* for your mental health.
*Kevlar is heat resistant fibre which is used in the making of bulletproof vests, helmets etc.
Embrace Boring Investments
Let's be honest, it's the boring that makes you rich. Invest in low-cost index funds like the S&P 500. Warren Buffett, one of the wealthiest men in the world, recommends this strategy for most investors.
You don't need to find the needle in the haystack. You can buy the whole haystack and still succeed.
Start Investing Early
Time is your biggest advantage when you're young. Even small investments can grow significantly over time due to compound interest. Don't wait until you have a large sum to start investing.
A small amount of money when you're young is a lot when you're older. Develop that savings muscle early.
Tax Strategy Matters
Understand and leverage tax strategies to build wealth. Wealthy individuals often pay lower tax rates by focusing on capital gains rather than earned income. Become an owner, not just an earner.
Develop an army of capital that goes out and kills for you at night. Once you become a super owner, you can become a super tax avoider.
The Importance of Storytelling
Develop your storytelling skills. The ability to craft and communicate compelling narratives is crucial for success in any field. Practice storytelling every day through writing, speaking, or creating content.
The core competence of any really successful person is storytelling. It's the key to scoring above your weight class in any industry.
Build a Support Network
Assemble a "kitchen cabinet" of advisors. Seek guidance from people who are ahead of you in life or have expertise in areas where you need help. Don't be afraid to ask for advice.
It's really hard to read the label from inside the bottle. Check in with people and save yourself from yourself.
Embrace Risk and Failure
Be willing to take uncomfortable risks. Nothing wonderful is going to happen to you without enduring rejection and potential failure. Learn to bounce back and keep pushing forward.
Your success is a function of your ability to endure rejection and how much time you spend outside of your house, off a screen.
Long-Term Perspective
Recognize how quickly time passes and plan accordingly. It's never too late to start building wealth, even if you're in your 40s or 50s. Focus on the long game and make decisions that will benefit your future self.
Life goes so goddamn fast. Life has gone slowly, said no one ever.
TODOs/Implement these big ideas ✅
Here are 3 key TODOs for busy working professionals to implement in your life - right now!
Start investing consistently, even with small amounts.
Set up automatic monthly investments into a low-cost index fund or ETF that tracks the S&P 500. Even $50-100 per month can grow significantly over time through compound interest.
Don't wait until you have a large sum - start now with whatever you can afford.Develop your storytelling skills. Pick a medium (writing, speaking, video, etc.) and commit to creating content regularly to improve your ability to craft compelling narratives.
This is a key skill for career advancement and building influence. Set a goal to be in the top 1% of communicators on your chosen platform.Build your "kitchen cabinet" of advisors.
Identify 3-4 people you respect and trust who can provide honest feedback and guidance on major life and career decisions.
Reach out to set up regular check-ins (e.g. quarterly calls) to discuss your goals and get their input before making big moves. Having wise counsel can help you avoid costly mistakes.