The Investing Expert: We’re Raising The Most Unhappy Generation In History! The Unseen Link Between Marriage & Wealth! Hard Work Doesn't Build Wealth! - Scott Galloway

**Scott Galloway** (0:00)
Let's be honest, it's the boring sh** that makes you rich, and the most unbelievable way for generating wealth and long-term economic security is, and then once you do that, you can become a super tax avoider.

**Steven Bartlett** (0:14)
That sounded awful.

**SPEAKER_3** (0:16)
Scott Galloway, one of the world's leading voices in business and finance is back.

**SPEAKER_4** (0:21)
His mission is to help millions of people build incredible wealth and live a life of economic security.

**Scott Galloway** (0:26)
If you're trying to build wealth, you want to lean into your advantages. Your advantages in your 20s are flexibility and time. So take risks, find your talent, not your passion that has a 90 plus percent employment rate, or become an owner, not an earner and develop an army of capital that goes out and kills for you at night. Then invest it.

**Steven Bartlett** (0:43)
What if you're not young?

**Scott Galloway** (0:44)
Focus on the things you can control. One thing that is within your control is spending. But 98 percent of us will spend everything we get our hands on. It is very hard to have the discipline to take money that is within your grasp and invest it, and we don't appreciate the power of investing and compound interest.

**Steven Bartlett** (1:00)
My team brought a bucket of sound to illuminate the power of compounding interest. This is investing 1,000 a month over the course of 12 months, starting at the age of 25 If you left it and kept investing at that rate by the age of 65, it would look like this.

**Scott Galloway** (1:15)
The young man who says, I have 500 pounds, I'm going to wait until I have a million before I start investing. The way you get a million pounds is by investing that 500 And this notion that it's too late for me, I'm in my 40s, I'm going to ignore finances. Bulls**t.

**Steven Bartlett** (1:26)
So what is the set of steps?

**Scott Galloway** (1:27)
Let me make it easy. First thing.

**Steven Bartlett** (1:35)
Scott, you've written a book on wealth, money, finance. Why? And why does it matter?

**Scott Galloway** (1:47)
This is kind of a memo to my 25-year-old self. I've been rich three times, and the first few times I lost it. And I didn't grow up with a lot of money. It's been very important to me. I think America and mostly in Europe, but especially America, America becomes more like itself every day.
And that is, it's a generous, loving place if you have money. It's a rapacious, violent place if you don't. I think economic security is really important. And I think there's a series of habits and character traits that can help you get to economic security. You know that study that you become the average of your five closest friends, same body mass index, same politics, same sports teams, same neighborhood. What they don't talk about is that amongst those five people, even if they're all making about the same amount of money, one will end up much more economically well off than the other four. And I'm trying to understand the behaviors of that one person who becomes economically secure by the time they're my age without making a lot more money than their colleagues.

**Steven Bartlett** (2:49)
Do you think we're taught about money? Where did those people, that one in five, where did they learn about money?

**Scott Galloway** (2:56)
Yeah, that's a really interesting question. I think, so the honest answer is I don't know. What I would say sociologically is that rich people talk about money, and it's considered taboo for employees and middle class and lower class and women to talk about money. Like you're told not to talk about your salary at work. Asymmetry of information will always benefit the person that has symmetry, that knows the information. The boss of a company knows what everyone's making, but he tells his or her employees not to discuss their salary because Lisa and I found out that Bob is making 30 percent more for doing the same work. So there's a bit of a zeitgeist that tells people not to talk about money, that it's like talking about porn or that it's vulgar. And I think you need to start talking about money and maintain a certain level of financial literacy from a very early age. Because Roger Federer talks about tennis. If you want to be good at anything, most people want to be good at money. And to be good at something, you need to understand it. And to understand it, you need to talk about it. So I'm very transparent with how much money I make, what I do with it. But talk to your friends about mortgage rates. Talk to your friends about how much money they make, what they're doing with it, where they lost money. And people aren't transparent about it. Especially, I think about men, we're supposed to be just like accidentally wealthy. And to ever talk about our financial problems is to admit that we're not ballers or that we're not masculine. And so I encourage people from a young age to start talking about money and understand it and be transparent about it.