SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

The boring aspects of life are what truly make you rich and provide long-term economic security.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

In your 20s, leverage your flexibility and time to take risks, discover your talents, and focus on becoming an owner rather than just an earner.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

Most people struggle with the discipline to invest their money instead of spending it all, which is crucial for building wealth through compound interest.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

Investing even a small amount, like $1,000 a month starting at age 25, can lead to significant wealth by age 65 due to the power of compounding.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

It's a misconception that it's too late to start investing if you're in your 40s; you can still take control of your finances and build wealth.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

Economic security is essential, and there are specific habits and traits that can help you achieve it, such as surrounding yourself with financially savvy friends.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

Rich people talk about money openly, while it's often considered taboo for the middle and lower classes, which creates an information asymmetry that benefits the wealthy.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

To be good at managing money, you need to talk about it openly and maintain financial literacy from a young age, just like how athletes discuss their sports.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

Key moments of luck and exposure to financial information can significantly impact your understanding of money and wealth-building.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The first step to wealth is recognizing that a lot of success is based on luck, such as being born into the right environment or having access to education.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

You should diversify your investments to protect yourself from significant losses, as relying on a single investment can lead to financial ruin.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

It's important to recognize that economic security provides opportunities for meaningful relationships and experiences, not just material wealth.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The ability to take care of your family and loved ones without financial stress is a significant source of happiness and fulfillment in life.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

Having a financial goal or number is crucial for understanding how much money you need to live the life you want, and it helps guide your financial decisions.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The definition of wealth is having passive income that exceeds your expenses, allowing you to work out of choice rather than necessity.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

Credentialing is essential in today's economy, as it opens doors to opportunities that may be closed to those without formal education or qualifications.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

You should aim to be in a super city where economic growth is concentrated, as this increases your chances of success and opportunities.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

If you're young, you have agility geographically, so take advantage of that by moving to one of the 20 super cities where opportunities are abundant.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

Focus on becoming really good at something in your 20s, and avoid side hustles unless your main hustle isn't working.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

There's dignity in all work, and there's always opportunity for those who work hard and act like owners, regardless of their job.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

We're raising the most anxious, depressed, obese, and addicted generation in history, despite our prosperity in the U.S.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

Young people today are struggling with opportunities that my generation had, and they constantly see reminders of their perceived failures compared to others' successes.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The opportunities for professional and romantic success are declining, with one in three men under 30 not having a girlfriend.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

When making decisions, consult at least three people to ensure you're considering different perspectives and making the best choice.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The majority of wealthy people are kind, generous, and civic-minded, as they understand the importance of building relationships and allies.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The core competence that will stand the test of time is storytelling; it's essential for engaging others and creating opportunities.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

To develop storytelling skills, pick a medium you're comfortable with and aim to be in the top 1% of storytellers in that space.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The key to storytelling is tapping into people's emotions and making them feel something. It's not just about being smart or saying interesting things; it's about connecting with your audience on a deeper level.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

As a white heterosexual male in my 50s, I aim to occupy a unique space by openly discussing my emotions, failures, and experiences that are often not talked about among men of my demographic.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

To stand out in storytelling, focus on a niche and develop domain expertise. For example, I want to be the top 1% in understanding Ethiopian cuisine and connect it to themes like family and culture.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The secret to success in any medium is committing to excellence through iteration. It's about making small improvements consistently and seeking feedback to enhance your work.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

Investing in a low-cost ETF is one of the best pieces of advice for young people. It allows you to participate in the market without the high fees associated with day trading, which most people lose money on.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

If you're young and just starting to invest, don't wait until you have a large sum of money. Start with whatever you can, even if it's just $500, because time is your greatest asset in building wealth.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The art of compounding interest is often overlooked. Starting to invest early, even with small amounts, can lead to significant wealth over time due to the power of compounding.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

Real estate can be a good investment due to its tax advantages, but it's important to ensure that your mortgage payment doesn't exceed 40% of your income to avoid financial stress.

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Scott Galloway

07/11/24

@ The Diary Of A CEO

The wealthiest Americans often pay a lower tax rate because they make money from investments rather than income. This is a key reason why tax strategies are crucial for building wealth.

SG

Scott Galloway

07/11/24

@ The Diary Of A CEO

To build wealth, focus on becoming an owner rather than just an earner. Invest in assets that appreciate over time, and leverage those assets to create more wealth.

Scott Galloway: We’re Raising The Most Unhappy Generation In History! Hard Work Doesn't Build Wealth

Takeaways