Hey everyone, It's Jay Schetty and I'm thrilled to announce my podcast tour for the first time ever. You can see my on Purpose podcast live and in person. Join me in a city near you for meaningful, insightful conversations with surprise guests. It could be a celebrity, top wellness expert, or a CEO or business leader. We'll dive into experiences designed to inspire growth, spark learning, and build real connections. I can't wait to see you there. Tickets are on sell now. Head to Jayshetty dot me and get yours today.

Hey everyone, It's Jay Schetty and I'm thrilled to announce my podcast tour for the first time ever. You can see my on Purpose podcast live and in person. Join me in a city near you for meaningful, insightful conversations with surprise guests. It could be a celebrity, top wellness expert, or a CEO or business leader. We'll dive into experiences designed to inspire growth, spark learning, and build real connections. I can't wait to see you there. Tickets are on sell now. Head to Jayshetty dot me and get yours today.

If you are doing a lot of side hustles, it's very, very difficult to be great at your main hustle. The only way you're going to build real wealth and economic security is to go all in on one thing that is greatness. Focus. None of this matters, None of them means a thing if you can have deep and meaningful relationships. Scott is a professor of marketing at NYU Stern School of Business. He's a best selling author.

If you are doing a lot of side hustles, it's very, very difficult to be great at your main hustle. The only way you're going to build real wealth and economic security is to go all in on one thing that is greatness. Focus. None of this matters, None of them means a thing if you can have deep and meaningful relationships. Scott is a professor of marketing at NYU Stern School of Business. He's a best selling author.

He has earned ail apps at following through lectures, podcast and YouTube channel.

He has earned ail apps at following through lectures, podcast and YouTube channel.

Scott Galloway, how do we rewire our relationship with money? Because most of us have a stressful relationship with money.

Scott Galloway, how do we rewire our relationship with money? Because most of us have a stressful relationship with money.

I think we should have a class called adulting in your senior year of high school that says, my kid can do derivatives, but I just figured out he doesn't understand the interest rate on his credit card. You want to be good at money, put down the facade and start talking to people about their investments, how much money they make, what they do with their money, how they save money. Women are correctly and justifiably, especially young women, blowing by young men. They have more discipline, they have higher EQ. Quite frankly, they're just more mature. If you want to score above your weight class economically, romantically, get out a big spoon and get ready to eat shit. Life isn't about what happens to you. It's about how you respond to what happens to you. What I tell young people is you can have it all, you just can't have it all at once.

I think we should have a class called adulting in your senior year of high school that says, my kid can do derivatives, but I just figured out he doesn't understand the interest rate on his credit card. You want to be good at money, put down the facade and start talking to people about their investments, how much money they make, what they do with their money, how they save money. Women are correctly and justifiably, especially young women, blowing by young men. They have more discipline, they have higher EQ. Quite frankly, they're just more mature. If you want to score above your weight class economically, romantically, get out a big spoon and get ready to eat shit. Life isn't about what happens to you. It's about how you respond to what happens to you. What I tell young people is you can have it all, you just can't have it all at once.

You're actually getting into a committed relationship. How do we start having healthy and effective conversations about money.

You're actually getting into a committed relationship. How do we start having healthy and effective conversations about money.

I think what really screws up relationships is not financial mishaps. It's the number one health and wellness podcast, Jay Seti J Shey.

I think what really screws up relationships is not financial mishaps. It's the number one health and wellness podcast, Jay Seti J Shey.

Hey everyone, welcome back. To On Purpose, the place you come to become the happier, healthier, and more healed. Today's guest is someone I've been really wanting to speak to, and I'm so excited because in the studio we have Scott Galloway, New York Times best selling author, entrepreneur, and professor at NYU. Known for his sharp insights on personal finance, success and discovering one's unique talents. He hosts the Professor G podcast The prof G Podcast, where he shares his honest and practical advice. In his book The Algebra of Wealth, A Simple Formula to Financial Security, Scott breaks down the path to financial success into four key principles focus, stoicism, time, and versification. His podcasting book work together to offer valuable guidance for those looking to improve their financial wellbeing and personal growth. Please welcome to On Purpose, Scott Galloway. Scott, so great to have you here.

Hey everyone, welcome back. To On Purpose, the place you come to become the happier, healthier, and more healed. Today's guest is someone I've been really wanting to speak to, and I'm so excited because in the studio we have Scott Galloway, New York Times best selling author, entrepreneur, and professor at NYU. Known for his sharp insights on personal finance, success and discovering one's unique talents. He hosts the Professor G podcast The prof G Podcast, where he shares his honest and practical advice. In his book The Algebra of Wealth, A Simple Formula to Financial Security, Scott breaks down the path to financial success into four key principles focus, stoicism, time, and versification. His podcasting book work together to offer valuable guidance for those looking to improve their financial wellbeing and personal growth. Please welcome to On Purpose, Scott Galloway. Scott, so great to have you here.

It's great to be here. Thanks for having me.

It's great to be here. Thanks for having me.

J Yeah, thank you so much. I just found out that you're living in my hometown and I'm living in yours.

J Yeah, thank you so much. I just found out that you're living in my hometown and I'm living in yours.

That's right. We swapped.

That's right. We swapped.

We swapped.

We swapped.

I think you got the better end of it. My god, it's so beautiful here.

I think you got the better end of it. My god, it's so beautiful here.

I feel very lucky to be here, genuinely grateful to be here. Scott, There's so many things I want to talk to you. I'm a huge fan. Thanks, my team are huge fans. I'm going to have to ask you to sign too many books before you leave. But one of the first things I wanted to ask you and to start with, is that you talk about this. Why are thirty year olds today earning less than their parents at thirty and what are the challenges that that will create in the future.

I feel very lucky to be here, genuinely grateful to be here. Scott, There's so many things I want to talk to you. I'm a huge fan. Thanks, my team are huge fans. I'm going to have to ask you to sign too many books before you leave. But one of the first things I wanted to ask you and to start with, is that you talk about this. Why are thirty year olds today earning less than their parents at thirty and what are the challenges that that will create in the future.

Sure, so, first off, that's the first time that's happened in our nation's history, and I think that is a fundamental breakdown in the social compact. If you were to reverse engineer to what is the incendiary port on e every social issue we face, which turns a small cut into an opportunistic infection, takes righteous movements but turns them more angry, more polarized. I think it's that the compact is broken down. If your kids, if you play by the rules, you work hard, get some luck. The basic goal is that our notion is that your kids will do better than you, And when your kids aren't doing better than you, it creates shame and rage all around the household. So I think this is really what if you will, it's kind of ground zero for what we need to fix in the United States. Now, why has it happen? The incumbents will say it's things like globalization or network effects, or income inequality with technology sort of. But I would argue it's been a concerted effort by the incumbents who ultimately understandably weaponize government and put in place, advocate for their own interests, and end up passing social and physical policies that essentially have transfer wealth from young people to old people. Let me give you some examples. The two biggest tax deductions are mortgage interest rate and capital gains. Who owns homes and stocks? People my age, who makes all of their money through earned income and rents? People your age or people your staff's age. COVID seven trillion dollars into the economy. Eighty five percent of it wasn't spent, and it was all debt fueled. So what did that do? Most of it ended up in the market, which sent housing prices and stock prices skyrocketing. It's great if you own a house, it's great. If you're an incumbent, it's great if you already have stocks, but if you're trying to get into the market, it just took up the price of everything. We need churn. When you bail out the baby boomer owner of a restaurant, all you're doing is robbing opportunity from the twenty six year old graduate of a culinary academy that wants her shot. The reason I'm I get to live the life I lead and I have economic security is that in two thousand and eight, we bailed out the banks, but we didn't bail out the economy. And Apple, Amazon and Netflix, we're trading it somewhere between eight and twelve bucks a share each, and I was coming into my prime income earning years I bought those stocks, and now there's somewhere between one hundred and eighty and seven hundred dollars a share. Where does a young person find disruption and churn? Because the general viewpoint now is that a virus killing a million people would be bad, but baby boomers getting less wealthy would be tragic. So we borrow the young person's credit card, We run it up, and we flush the market with capital liquidity and bail out the boomers. Also, we have a system that is the demo, and democratic is a little bit. Is part of the problem that old people keep voting themselves more money. Forty percent of all government spending goes to people over the age of sixty five. It's going to be over fifty percent right now. Currently, the average seven year old is seventy two percent wealthier than the average seven year old forty years ago. The average person under the age of forty is twenty four percent less wealthy. So there's this trope that young people are entitled. I believe they're entitled to be enraged, and that is pretty much every major fiscal policy is a transfer of wealth from young income earners to either older people or owners, so earners to owners, young to old, and as a result, it's working. It's champagne and cocaine for people in my generation. Not to say they don't have problems, but young people are really struggling. Education is more expensive, and i'll wrap up here, housing's more expensive. So the primary means of starting to form a household, the primary lubricant of upward mobility, education have exploded in cost. So I think they're right to be really upset, and I think it creates dissent and polarization and anger across our society.

Sure, so, first off, that's the first time that's happened in our nation's history, and I think that is a fundamental breakdown in the social compact. If you were to reverse engineer to what is the incendiary port on e every social issue we face, which turns a small cut into an opportunistic infection, takes righteous movements but turns them more angry, more polarized. I think it's that the compact is broken down. If your kids, if you play by the rules, you work hard, get some luck. The basic goal is that our notion is that your kids will do better than you, And when your kids aren't doing better than you, it creates shame and rage all around the household. So I think this is really what if you will, it's kind of ground zero for what we need to fix in the United States. Now, why has it happen? The incumbents will say it's things like globalization or network effects, or income inequality with technology sort of. But I would argue it's been a concerted effort by the incumbents who ultimately understandably weaponize government and put in place, advocate for their own interests, and end up passing social and physical policies that essentially have transfer wealth from young people to old people. Let me give you some examples. The two biggest tax deductions are mortgage interest rate and capital gains. Who owns homes and stocks? People my age, who makes all of their money through earned income and rents? People your age or people your staff's age. COVID seven trillion dollars into the economy. Eighty five percent of it wasn't spent, and it was all debt fueled. So what did that do? Most of it ended up in the market, which sent housing prices and stock prices skyrocketing. It's great if you own a house, it's great. If you're an incumbent, it's great if you already have stocks, but if you're trying to get into the market, it just took up the price of everything. We need churn. When you bail out the baby boomer owner of a restaurant, all you're doing is robbing opportunity from the twenty six year old graduate of a culinary academy that wants her shot. The reason I'm I get to live the life I lead and I have economic security is that in two thousand and eight, we bailed out the banks, but we didn't bail out the economy. And Apple, Amazon and Netflix, we're trading it somewhere between eight and twelve bucks a share each, and I was coming into my prime income earning years I bought those stocks, and now there's somewhere between one hundred and eighty and seven hundred dollars a share. Where does a young person find disruption and churn? Because the general viewpoint now is that a virus killing a million people would be bad, but baby boomers getting less wealthy would be tragic. So we borrow the young person's credit card, We run it up, and we flush the market with capital liquidity and bail out the boomers. Also, we have a system that is the demo, and democratic is a little bit. Is part of the problem that old people keep voting themselves more money. Forty percent of all government spending goes to people over the age of sixty five. It's going to be over fifty percent right now. Currently, the average seven year old is seventy two percent wealthier than the average seven year old forty years ago. The average person under the age of forty is twenty four percent less wealthy. So there's this trope that young people are entitled. I believe they're entitled to be enraged, and that is pretty much every major fiscal policy is a transfer of wealth from young income earners to either older people or owners, so earners to owners, young to old, and as a result, it's working. It's champagne and cocaine for people in my generation. Not to say they don't have problems, but young people are really struggling. Education is more expensive, and i'll wrap up here, housing's more expensive. So the primary means of starting to form a household, the primary lubricant of upward mobility, education have exploded in cost. So I think they're right to be really upset, and I think it creates dissent and polarization and anger across our society.

Looking at life as things we can control and things we can't control, and hearing that there's valid reasons to be upset, to be angry, sure to feel pain. What can an individual do today in order to transform that for themselves?

Looking at life as things we can control and things we can't control, and hearing that there's valid reasons to be upset, to be angry, sure to feel pain. What can an individual do today in order to transform that for themselves?

Well, there's things on a macro level. I mean, the first isn't sound stupid, but vote right. Vote for people who are going to have some sort of physical responsibility. Vote for politicians who are going to do things like a child tax credit. Vote for people who are going to try and create more housing permits so there's more housing. If you're a graduate of an elite college that's grown its en downment fortyfold, Harvard, but it's only increased its freshman class four percent, realize that firm or that organization is no longer acting like a public servant. They're acting like a luxury brand. My industry is really guilty of this. When I applied to UCLA just down the street or down the hill, the admissions rate was seventy six percent. Now the admissions rate is nine percent. And people my age like that because it's taking the value of their degree up. But how many times say have you heard people say I wouldn't get into the college I applied to if I applied to now, well, that means your daughter's not getting in. So we need to do everything we can to try and counter this rejectionist LVMH exclusionary strategy that is benefited the incumbents. On an individual level, you still have as much or more agency in America as a young person than any young person anywhere in the world. You might argue, well, maybe someone with a good education in India with the kind of updraft of the growing economy there, But on average, you really wouldn't want to trade places with any other young person. And while things are maybe more difficult for young people than they were for my generation, especially my demographic, A wide heterosexual male born in California in the sixties kind of hit the lottery right. Free education came a vge sure on the Internet. But I do think young people in America have it better, or have more agency than almost any young person in the world. And you know what it is. It's about getting certification, It's about being kind, it's about making alliances with people, it's about workshopping your twenties, it's about trying to find something you're good at, could that you could be great at. It's a lot of hard work. It's putting aside certain myths around in my opinion, balance I can just tell there were ten or twenty years in your life. I'm guessing you did pretty much nothing but work. It's not easy in a competitive economy to be outstanding and then surround yourself with people who make you feel good about yourself, make sure that you always mentally fit, and then make small investments when you're young, both in terms of taking three five percent of your income when you're a young person, putting it out of your hands into low cost index funds such that when you're my age, even if you don't go double platinum or have a hit podcast, you're still economically secure. And also make those types of little investments in relationships. Because there's a trope or a myth that very successful, very wealthy people crawled over other people. This populous Bernie Sanders Elizabeth Warren argument. It's not the majority of very exceptionally successful and wealthy people are generally generally jay high character people. Because the best way to get ahead is to put yourself in a room of opportunities, even when you're not in that room physically. You want to be the guyrigal that people talk shit about positively behind your back, right. You want to be the person that thinks, oh, my firm is hiring, and I know Jay's looking for a job, and I liked you. I'm emotionally invested in his success. I'm going to put him in a room full of opportunities. So just as we talk a lot about the power of compound interest and how one thousand dollars at twenty two can grow to be eighty thousand when you're my age, small acts of kindness, looking out for people, trying to do them a solid, staying in touch, recognizing that they you know, are you all right? Yeah, I'm fine, No, really, are you all right? Those types of investments. I just went to a sixtieth birthday of two good friends with my roommates we met when we were seventeen and eighteen freshman ye UCLA. And just like the affection, the bonding, the joy we've registered over the last forty odd years, you know, it's just so incredibly rewarding. And I instinctively, not strategically, but instinctively made those types of investments when I was a young person.

Well, there's things on a macro level. I mean, the first isn't sound stupid, but vote right. Vote for people who are going to have some sort of physical responsibility. Vote for politicians who are going to do things like a child tax credit. Vote for people who are going to try and create more housing permits so there's more housing. If you're a graduate of an elite college that's grown its en downment fortyfold, Harvard, but it's only increased its freshman class four percent, realize that firm or that organization is no longer acting like a public servant. They're acting like a luxury brand. My industry is really guilty of this. When I applied to UCLA just down the street or down the hill, the admissions rate was seventy six percent. Now the admissions rate is nine percent. And people my age like that because it's taking the value of their degree up. But how many times say have you heard people say I wouldn't get into the college I applied to if I applied to now, well, that means your daughter's not getting in. So we need to do everything we can to try and counter this rejectionist LVMH exclusionary strategy that is benefited the incumbents. On an individual level, you still have as much or more agency in America as a young person than any young person anywhere in the world. You might argue, well, maybe someone with a good education in India with the kind of updraft of the growing economy there, But on average, you really wouldn't want to trade places with any other young person. And while things are maybe more difficult for young people than they were for my generation, especially my demographic, A wide heterosexual male born in California in the sixties kind of hit the lottery right. Free education came a vge sure on the Internet. But I do think young people in America have it better, or have more agency than almost any young person in the world. And you know what it is. It's about getting certification, It's about being kind, it's about making alliances with people, it's about workshopping your twenties, it's about trying to find something you're good at, could that you could be great at. It's a lot of hard work. It's putting aside certain myths around in my opinion, balance I can just tell there were ten or twenty years in your life. I'm guessing you did pretty much nothing but work. It's not easy in a competitive economy to be outstanding and then surround yourself with people who make you feel good about yourself, make sure that you always mentally fit, and then make small investments when you're young, both in terms of taking three five percent of your income when you're a young person, putting it out of your hands into low cost index funds such that when you're my age, even if you don't go double platinum or have a hit podcast, you're still economically secure. And also make those types of little investments in relationships. Because there's a trope or a myth that very successful, very wealthy people crawled over other people. This populous Bernie Sanders Elizabeth Warren argument. It's not the majority of very exceptionally successful and wealthy people are generally generally jay high character people. Because the best way to get ahead is to put yourself in a room of opportunities, even when you're not in that room physically. You want to be the guyrigal that people talk shit about positively behind your back, right. You want to be the person that thinks, oh, my firm is hiring, and I know Jay's looking for a job, and I liked you. I'm emotionally invested in his success. I'm going to put him in a room full of opportunities. So just as we talk a lot about the power of compound interest and how one thousand dollars at twenty two can grow to be eighty thousand when you're my age, small acts of kindness, looking out for people, trying to do them a solid, staying in touch, recognizing that they you know, are you all right? Yeah, I'm fine, No, really, are you all right? Those types of investments. I just went to a sixtieth birthday of two good friends with my roommates we met when we were seventeen and eighteen freshman ye UCLA. And just like the affection, the bonding, the joy we've registered over the last forty odd years, you know, it's just so incredibly rewarding. And I instinctively, not strategically, but instinctively made those types of investments when I was a young person.

And also just now Scott for everyone who's listing or watching, Scott turned up of my house and saw Amazon deliveries outside and carried them into the home, talking about high character and being thoughtful and three. I was very touched by that. You know, you definitely didn't have to do that and went out of your way to pick them up, And so you definitely practice what you're preaching right now. No, of course, of course I genuinely recognized it. But I want to talk about both. I want to talk about the softer internal mindsets and habits that you're speaking about. I also want to talk about the more strategic, systematic focuses people can do. Let's start with the more tangible. I was talking to my team about this before you came, because I love getting into everyone's heads about what's everyone worried about, what's everyone struggling with, what are we thinking about? And one of the big things that came up was I don't know how to save. Like a lot of young people say this to me today, like I don't even know what saving means anymore. They've not been trained in it. The education system let them down. Maybe their parents keep saying save safe, safe, safe, save, But the consumption is high. If someone's thinking about saving today, how do they create a framework for healthy and realistic saving.

And also just now Scott for everyone who's listing or watching, Scott turned up of my house and saw Amazon deliveries outside and carried them into the home, talking about high character and being thoughtful and three. I was very touched by that. You know, you definitely didn't have to do that and went out of your way to pick them up, And so you definitely practice what you're preaching right now. No, of course, of course I genuinely recognized it. But I want to talk about both. I want to talk about the softer internal mindsets and habits that you're speaking about. I also want to talk about the more strategic, systematic focuses people can do. Let's start with the more tangible. I was talking to my team about this before you came, because I love getting into everyone's heads about what's everyone worried about, what's everyone struggling with, what are we thinking about? And one of the big things that came up was I don't know how to save. Like a lot of young people say this to me today, like I don't even know what saving means anymore. They've not been trained in it. The education system let them down. Maybe their parents keep saying save safe, safe, safe, save, But the consumption is high. If someone's thinking about saving today, how do they create a framework for healthy and realistic saving.

Well, the first thing you have to have something to say. There's just no getting around it. You've got to be able to make money. And the best way to make a lot of money is by starting and making a little bit of money. I coach a lot of young men, and typically what I do on the first meeting is I tell them to unlock their phone and I say, I'm not going to judge you. You know, I'm on TikTok, I watch porn. I'm not easily offended here. And we're going to find eight to ten hours a week out of your phone. And it's ridiculously easy with young men to find eight or ten hours in their phone between Robinhood, Twitter, what have you, and we reinvest it. And the first thing is we got to figure out, Okay, for me, it's physical fitness right away, We're going to spend two to four hours a week getting strong. Especially I coach mostly young men, but I think one of the keys to mental health is feeling as if you're a young man that you could walk into any room and have shit out real kill and eat everybody or out run them. I think that should be your goal. I think it's instinctual. I think it make you feel strong. I think make it feel kinder. The people who break up fights at bars are usually big, strong men. The second thing, you have to start making some money. I don't care if it's flipping on your smartphone to be a lift driver or a task grab it going to CBS and stocking shelves. Even just a little bit of money gives you a taste for the flesh of money and gets you thinking about different ways to make money. And capital in a capitalist society is intoxicating. So we have to figure out a way to start making some money. Once we start making some money and we have a salary and we work at an organization, ninety eight percent of people will spend everything that comes through their hands, right. It just you live in a society where there are the most impressive people and the most impressive technology ever in the history of our planet. Have one mission, and that's to figure out a way to present you with the ultimate offer at exactly the right time. Oh, heading to Coppo for a girl's weekend wouldn't you like to upgrade from economy to Economy Comfort. Oh, only two of these rooms left. How about upgrade now to the special SPA package. Oh, you just bought a pair of on running shoes. What about these bomba socks. It is nearly impossible for a young person to save money if it comes through their hands, if they get their hands on it. You want to figure out a forced savings So everything from like the Acorns app that rounds up and puts the money automatically into a low cost index fund. Find out what government programs there are in your nation that where if you sign up, the money's taken out of your check, maybe it's matched by the government, maybe it's matched by your employer. Four oh one k Ira Roth. First thing you do, find someone smarter your company. Talk to your tax advisor, go on AI and say what force savings mechanisms our most tax advantage that I can participate in at an early age, because you really just need to take somewhere between call it three and five percent of your income if you start when you're in your twenties. And in the UK they round up from four thousand pounds a year to five thousand. There are tax deferred programs here such that you don't get clipped twenty thirty forty percent each year. So the first thing is I got to start making some money. The next thing is, I'm going to lean into my advantage, your advantage. When you're young. Everyone has capital. When you're young, you have more human capital. You have more time than financial capital. So I'm going to lean into that advantage. And if I can just figure out the discipline of getting one thousand, two thousand, five thousand bucks a year into one of these programs, I'm not going to touch it. I'm not going to think about it. I'm not going to trade. I'm going to focus on what I'm good at. By the time you're my age, you're going to be fine. But the easiest way to do that is a forced savings plan. You have agency make some money and immediately, I don't care if it's you start off making a couple grand a month as a task, gravit or whatever it might be. I'm going to take two or three percent of it and find a pros that's it. It never gets into my hands and goes into a low cost diversified index font.

Well, the first thing you have to have something to say. There's just no getting around it. You've got to be able to make money. And the best way to make a lot of money is by starting and making a little bit of money. I coach a lot of young men, and typically what I do on the first meeting is I tell them to unlock their phone and I say, I'm not going to judge you. You know, I'm on TikTok, I watch porn. I'm not easily offended here. And we're going to find eight to ten hours a week out of your phone. And it's ridiculously easy with young men to find eight or ten hours in their phone between Robinhood, Twitter, what have you, and we reinvest it. And the first thing is we got to figure out, Okay, for me, it's physical fitness right away, We're going to spend two to four hours a week getting strong. Especially I coach mostly young men, but I think one of the keys to mental health is feeling as if you're a young man that you could walk into any room and have shit out real kill and eat everybody or out run them. I think that should be your goal. I think it's instinctual. I think it make you feel strong. I think make it feel kinder. The people who break up fights at bars are usually big, strong men. The second thing, you have to start making some money. I don't care if it's flipping on your smartphone to be a lift driver or a task grab it going to CBS and stocking shelves. Even just a little bit of money gives you a taste for the flesh of money and gets you thinking about different ways to make money. And capital in a capitalist society is intoxicating. So we have to figure out a way to start making some money. Once we start making some money and we have a salary and we work at an organization, ninety eight percent of people will spend everything that comes through their hands, right. It just you live in a society where there are the most impressive people and the most impressive technology ever in the history of our planet. Have one mission, and that's to figure out a way to present you with the ultimate offer at exactly the right time. Oh, heading to Coppo for a girl's weekend wouldn't you like to upgrade from economy to Economy Comfort. Oh, only two of these rooms left. How about upgrade now to the special SPA package. Oh, you just bought a pair of on running shoes. What about these bomba socks. It is nearly impossible for a young person to save money if it comes through their hands, if they get their hands on it. You want to figure out a forced savings So everything from like the Acorns app that rounds up and puts the money automatically into a low cost index fund. Find out what government programs there are in your nation that where if you sign up, the money's taken out of your check, maybe it's matched by the government, maybe it's matched by your employer. Four oh one k Ira Roth. First thing you do, find someone smarter your company. Talk to your tax advisor, go on AI and say what force savings mechanisms our most tax advantage that I can participate in at an early age, because you really just need to take somewhere between call it three and five percent of your income if you start when you're in your twenties. And in the UK they round up from four thousand pounds a year to five thousand. There are tax deferred programs here such that you don't get clipped twenty thirty forty percent each year. So the first thing is I got to start making some money. The next thing is, I'm going to lean into my advantage, your advantage. When you're young. Everyone has capital. When you're young, you have more human capital. You have more time than financial capital. So I'm going to lean into that advantage. And if I can just figure out the discipline of getting one thousand, two thousand, five thousand bucks a year into one of these programs, I'm not going to touch it. I'm not going to think about it. I'm not going to trade. I'm going to focus on what I'm good at. By the time you're my age, you're going to be fine. But the easiest way to do that is a forced savings plan. You have agency make some money and immediately, I don't care if it's you start off making a couple grand a month as a task, gravit or whatever it might be. I'm going to take two or three percent of it and find a pros that's it. It never gets into my hands and goes into a low cost diversified index font.

One of the things I love you talk about in the book The Algebra of Wealth is you talk about the challenge we have with our goals. The first is we set unrealistic goals, and then there's super long term so we say things to ourselves like, well, in the next twelve months, I'm going to save twelve thousand dollars, and it's like we've never even saved five hundred dollars. And you talk about this need to set a goal of like this is how much I'm going to save this month, Like this is where I'm going to start. And it's so interesting you talk about time and your work with young men, because I think time is so interesting because I think today most people would rather finish their work day and we'd love to just switch on a show or doom, scroll on TikTok, and so there is more time that could be engaged in creating other revenue streams, etc. But what is really blocking us from doing that. I think everyone knows they have time, they know they want to make more money, but there's something there that's just blocking us from getting activated. What have you found that is?

One of the things I love you talk about in the book The Algebra of Wealth is you talk about the challenge we have with our goals. The first is we set unrealistic goals, and then there's super long term so we say things to ourselves like, well, in the next twelve months, I'm going to save twelve thousand dollars, and it's like we've never even saved five hundred dollars. And you talk about this need to set a goal of like this is how much I'm going to save this month, Like this is where I'm going to start. And it's so interesting you talk about time and your work with young men, because I think time is so interesting because I think today most people would rather finish their work day and we'd love to just switch on a show or doom, scroll on TikTok, and so there is more time that could be engaged in creating other revenue streams, etc. But what is really blocking us from doing that. I think everyone knows they have time, they know they want to make more money, but there's something there that's just blocking us from getting activated. What have you found that is?

So I can't speak for the whole population, but generally speaking, the lack of executive function is the part of the brain that controls that is the prefrontal cortex, the kind of gas on gas off, the part of the brain that says, stop playing video games and start studying, that is maturing later and later. In boys, it's somewhere between twelve and eighteen months behind young women. So in many ways, a senior in high school, a woman who's applying to college, and a young man who's applying to college senior in high school, the woman is competing against a sixteen and a half year old, and as a result, few and fewer men are going to college. And we're in an economy where forty years ago, one of three jobs needed a college degree, now it's two and three. Women are correctly and justifiably, especially young women, blowing by young men. They have more discipline, they have higher eq. Quite frankly, they're just more more mature. I say this in my own company. I have a lot of young people, disproportionate amount of young people in my organization. There's some very talented young men, but I would describe them kind of as dopey, almost a little boyish. I have some young women in my firm who could be the junior senator from Pennsylvania, women are just maturing earlier, So there's certain biological things that get in the way of men having executive function. I also think that there's so much temptation. I think there's a little bit of belief of kind of yolo, you know, this is it live for today. I also think it's harder for them to save, just because everything's so goddamn expensive, So it's discouraging for them. It's like, Okay, I'm working my ass off and I can barely pay for my barely pay for my rent. So this is a this is anecdotal evidence, but it largely represents the economy. When I got out of business school, the average salary was one hundred grand. You know, I went to quoteunquote lead business school. I went to the high school. The average house in San Francisco costs two hundred and eighty thousand dollars, so two point eight times the NBA salary. Now the kids at has still in a lead business goal incredible compensation average two hundred grand right out of business school, but the average home in San Francisco is two point one million. Why because as soon as you have a house, you become very concerned with traffic, and you start showing up to local review meetings and making sure no new housing is built, which is great if you already own a home, going back to the rejection of strategy, but it's almost impossible now. It's almost like saving for a home is out of my reach. The travel industry has boomed, and my thesis is that you have millions of young people who are going into their mating ears and decided, let's say four house. Let's say for a house then pre pandemic, a house is two hundred and ninety k. Post pandemic, it's four to twenty. Interest rates from from three percent to seven percent. Average mortgage went from eleven hundred to twenty two hundred. All of a sudden, the American dream has become a hallucination of fantasy. Fuck it, I'm getting a backpack and I'm going to do an Airbnb in Bangkok. And travel stocks, hotel stocks, airline stocks have all boomed because I think young people have given up on the American dream of owning a home. But circling back to your question, it's I think recognizing you have agency, realizing that this is hard, it's hard work. You're working in an economy, build a kitchen cabinet of people who can advise you. It's very hard to read the label from inside of the bottle. You gotta work hard. There's just no getting around it. I don't care how talented you are, Beyonce, works are ass off. I mean it just people who want to be successful and influential after work really hard. And then what I would also say is that forgive yourself. My first job out of college was investment banking. I hit the lottery. Everyone was super impressed. I hated it and I wasn't going to good at good at it, And within two and a half years I was back living at home with my mother, unemployed. That almost kind of devastated me. But my kind of success comes from my ability to endure rejection and move through it to morn and move on. So if you're in your twenties and you're thinking I'm not making a lot of money, I'm having trust like having a nice life. I'm not entirely sure what I want to do, then you are exactly where you should be. Your twenties are for workshopping. Forgive yourself, but keep trying. Reach out to people for help, show up, get the easy shit right, show up early, be courteous, be kind, you know, think about how do I get more certification? And then the moment you lock in on something that you're good at and could become great at, go all in on it. And I come from the attitude I'm assuming people want real economic security. Some people say, Scott, I'm not like you. I don't want to live to work. I want to work to live. Fine, but have an honest conversation with yourself around what you need to make to have a reasonable life. If you want to live in la and you want to have a nice lifestyle, you just have to make a shit ton of money. That's just the reality. But if you say I'm not all about work, then fine, do you want to move to Santa Clarita or do you want to move to the Inland Empire? Or do you want to move to somewhere in Oregon. Fine, but have a sober conversation with yourself. What are your expectations and realistically, what kind of commitment and trade off are you going to need to get there. What I tell young people is you can have it all, you just can't have it all at once. I have amazing balance right now, and looking around, I think you do. But that's because I had almost none in my twenties and thirties, and I don't you know this whole life. I don't know much about you, but the life I lead now when I'm in LA I didn't even know what existed in my twenties because I'm like, I need to make money and I'm not exceptionally talented. So the thing I can control is how hard I work, and there's no getting around it. It'll cost you some relationships. It cost me my hair, it cost me my first marriage. And this sounds crass, but it was worth it because now that I have kids, now that I'm older, I have a lot of balance. So it's a sober conversation. It's a kitchen cabinet. It's forgiving yourself. It's trying to find something you're good at. It's a lot of things, more than anything, More than anything, forgive yourself. If things aren't working out in your twenties, that's where you should be. Very rarely do people come right out of college and go like this, Yeah.

So I can't speak for the whole population, but generally speaking, the lack of executive function is the part of the brain that controls that is the prefrontal cortex, the kind of gas on gas off, the part of the brain that says, stop playing video games and start studying, that is maturing later and later. In boys, it's somewhere between twelve and eighteen months behind young women. So in many ways, a senior in high school, a woman who's applying to college, and a young man who's applying to college senior in high school, the woman is competing against a sixteen and a half year old, and as a result, few and fewer men are going to college. And we're in an economy where forty years ago, one of three jobs needed a college degree, now it's two and three. Women are correctly and justifiably, especially young women, blowing by young men. They have more discipline, they have higher eq. Quite frankly, they're just more more mature. I say this in my own company. I have a lot of young people, disproportionate amount of young people in my organization. There's some very talented young men, but I would describe them kind of as dopey, almost a little boyish. I have some young women in my firm who could be the junior senator from Pennsylvania, women are just maturing earlier, So there's certain biological things that get in the way of men having executive function. I also think that there's so much temptation. I think there's a little bit of belief of kind of yolo, you know, this is it live for today. I also think it's harder for them to save, just because everything's so goddamn expensive, So it's discouraging for them. It's like, Okay, I'm working my ass off and I can barely pay for my barely pay for my rent. So this is a this is anecdotal evidence, but it largely represents the economy. When I got out of business school, the average salary was one hundred grand. You know, I went to quoteunquote lead business school. I went to the high school. The average house in San Francisco costs two hundred and eighty thousand dollars, so two point eight times the NBA salary. Now the kids at has still in a lead business goal incredible compensation average two hundred grand right out of business school, but the average home in San Francisco is two point one million. Why because as soon as you have a house, you become very concerned with traffic, and you start showing up to local review meetings and making sure no new housing is built, which is great if you already own a home, going back to the rejection of strategy, but it's almost impossible now. It's almost like saving for a home is out of my reach. The travel industry has boomed, and my thesis is that you have millions of young people who are going into their mating ears and decided, let's say four house. Let's say for a house then pre pandemic, a house is two hundred and ninety k. Post pandemic, it's four to twenty. Interest rates from from three percent to seven percent. Average mortgage went from eleven hundred to twenty two hundred. All of a sudden, the American dream has become a hallucination of fantasy. Fuck it, I'm getting a backpack and I'm going to do an Airbnb in Bangkok. And travel stocks, hotel stocks, airline stocks have all boomed because I think young people have given up on the American dream of owning a home. But circling back to your question, it's I think recognizing you have agency, realizing that this is hard, it's hard work. You're working in an economy, build a kitchen cabinet of people who can advise you. It's very hard to read the label from inside of the bottle. You gotta work hard. There's just no getting around it. I don't care how talented you are, Beyonce, works are ass off. I mean it just people who want to be successful and influential after work really hard. And then what I would also say is that forgive yourself. My first job out of college was investment banking. I hit the lottery. Everyone was super impressed. I hated it and I wasn't going to good at good at it, And within two and a half years I was back living at home with my mother, unemployed. That almost kind of devastated me. But my kind of success comes from my ability to endure rejection and move through it to morn and move on. So if you're in your twenties and you're thinking I'm not making a lot of money, I'm having trust like having a nice life. I'm not entirely sure what I want to do, then you are exactly where you should be. Your twenties are for workshopping. Forgive yourself, but keep trying. Reach out to people for help, show up, get the easy shit right, show up early, be courteous, be kind, you know, think about how do I get more certification? And then the moment you lock in on something that you're good at and could become great at, go all in on it. And I come from the attitude I'm assuming people want real economic security. Some people say, Scott, I'm not like you. I don't want to live to work. I want to work to live. Fine, but have an honest conversation with yourself around what you need to make to have a reasonable life. If you want to live in la and you want to have a nice lifestyle, you just have to make a shit ton of money. That's just the reality. But if you say I'm not all about work, then fine, do you want to move to Santa Clarita or do you want to move to the Inland Empire? Or do you want to move to somewhere in Oregon. Fine, but have a sober conversation with yourself. What are your expectations and realistically, what kind of commitment and trade off are you going to need to get there. What I tell young people is you can have it all, you just can't have it all at once. I have amazing balance right now, and looking around, I think you do. But that's because I had almost none in my twenties and thirties, and I don't you know this whole life. I don't know much about you, but the life I lead now when I'm in LA I didn't even know what existed in my twenties because I'm like, I need to make money and I'm not exceptionally talented. So the thing I can control is how hard I work, and there's no getting around it. It'll cost you some relationships. It cost me my hair, it cost me my first marriage. And this sounds crass, but it was worth it because now that I have kids, now that I'm older, I have a lot of balance. So it's a sober conversation. It's a kitchen cabinet. It's forgiving yourself. It's trying to find something you're good at. It's a lot of things, more than anything, More than anything, forgive yourself. If things aren't working out in your twenties, that's where you should be. Very rarely do people come right out of college and go like this, Yeah.

So well said so much to unpack the scott and thank you for kind of giving us so many points to check with The first thing I want to ask you is should younger people today even aspire to own a home? Or is the American dream that version of it dead?

So well said so much to unpack the scott and thank you for kind of giving us so many points to check with The first thing I want to ask you is should younger people today even aspire to own a home? Or is the American dream that version of it dead?

It's situational. First off, keep in mind the term the American Dream was invented by the National Realtors Association and the real Estate Association that wants to keep pumping up the price and the commissions on homes. If you live in a place like Los Angeles, where I believe the quote unquote the yield, that is the ratio the cost to rent something relative to the price to buy it, it actually makes more financial sense for most people to rent here. It makes sense for most people in New York to rent. You're in Saint Louis, you're in Lansing, Michigan, it probably makes sense to try and save some money and buy and take advantage a first home buyer's credits. What have you?

It's situational. First off, keep in mind the term the American Dream was invented by the National Realtors Association and the real Estate Association that wants to keep pumping up the price and the commissions on homes. If you live in a place like Los Angeles, where I believe the quote unquote the yield, that is the ratio the cost to rent something relative to the price to buy it, it actually makes more financial sense for most people to rent here. It makes sense for most people in New York to rent. You're in Saint Louis, you're in Lansing, Michigan, it probably makes sense to try and save some money and buy and take advantage a first home buyer's credits. What have you?

So?

So?

You want to find someone who cried frankly, if you're not good at math, is better at math than you, and say, does it make sense for me to buy a home because you might be better off. The co host of my podcast Raging Moderates is a very successful woman, Her Nam's Jessica Tarloff. She's the Democrat on the most popular cable news channel show called The Five Right. It's for Republicans and Jess and she makes really good money. Her husband makes really good money, and they've decided not to buy in New York because they think putting the money in the market will give them more financial security. So greatness and great decisions are in the agency of others. I would talk to people, but don't feel as if you're a failure if you don't own real estate, because real estate right now, as a percentage of GDP as a multiple on rents is at historic highs, meaning that you really don't want to be house poor. You really don't want to go all in because the National Realtors Association is telling you you're a failure if you don't own a home, because the last thing you want to do is just have no money for nothing else the market corrects and your house doesn't worth the debt on it. That is devastating emotionally and financially and from a credit standpoint, So it's situational. At the same time, there's no getting around the psychic There is some psychic income. I remember, you know, before I got married, I was thinking about I wanted to commit to somebody. You buy a house, you get a dog. It's sort of these emotional commitments. And also it's there is a certain pride of ownership. I think it's situational where you are in life, how much money you have, the city you're in. But buying a home is meant to be an enhancement to your life. It's not a suicide pact. And it may not be right for everybody.

You want to find someone who cried frankly, if you're not good at math, is better at math than you, and say, does it make sense for me to buy a home because you might be better off. The co host of my podcast Raging Moderates is a very successful woman, Her Nam's Jessica Tarloff. She's the Democrat on the most popular cable news channel show called The Five Right. It's for Republicans and Jess and she makes really good money. Her husband makes really good money, and they've decided not to buy in New York because they think putting the money in the market will give them more financial security. So greatness and great decisions are in the agency of others. I would talk to people, but don't feel as if you're a failure if you don't own real estate, because real estate right now, as a percentage of GDP as a multiple on rents is at historic highs, meaning that you really don't want to be house poor. You really don't want to go all in because the National Realtors Association is telling you you're a failure if you don't own a home, because the last thing you want to do is just have no money for nothing else the market corrects and your house doesn't worth the debt on it. That is devastating emotionally and financially and from a credit standpoint, So it's situational. At the same time, there's no getting around the psychic There is some psychic income. I remember, you know, before I got married, I was thinking about I wanted to commit to somebody. You buy a house, you get a dog. It's sort of these emotional commitments. And also it's there is a certain pride of ownership. I think it's situational where you are in life, how much money you have, the city you're in. But buying a home is meant to be an enhancement to your life. It's not a suicide pact. And it may not be right for everybody.

Yeah, I think what it gave people as a symbol was something to pursue. Right, we started talking about you go to college, you get a degree, you get a job, get married, you get a house, you have kids. Like it became one of those temppole things. And so now when you take it out, it's almost like what should people be pursuing? Right, If you got married, you got a good job, working, you're with your partner, It's almost like people think they have to pursue It's almost like the assumption that you have to have kids. It's the same assumption of oh, where we have to buy a house. Yeah, so what should people pursue instead? Financially, when it comes to financial security, the.

Yeah, I think what it gave people as a symbol was something to pursue. Right, we started talking about you go to college, you get a degree, you get a job, get married, you get a house, you have kids. Like it became one of those temppole things. And so now when you take it out, it's almost like what should people be pursuing? Right, If you got married, you got a good job, working, you're with your partner, It's almost like people think they have to pursue It's almost like the assumption that you have to have kids. It's the same assumption of oh, where we have to buy a house. Yeah, so what should people pursue instead? Financially, when it comes to financial security, the.

Goal is what I'll call wealth. The goal is going to be rich. Rich is the things you see. Wealth is what you don't see. And your pursuit should be wealth or economic security. And this is what wealth is. Wealth is having passive income that's greater than your burn. Two examples. I have a buddy who runs M and A for a Bulgbrackt investment bank, makes between three and ten million dollars a year, dependent upon the market because it's all current incomany, pays fifty percent taxes between his ex wife, his home in the Hamptons, and his master the universe lifestyle that he feels he deserves. He hasn't saved a lot of money and he spends most of it. And I know that firsthand. He has a lot of sleepless nights wondering what happens if the music stops. He is not wealthy. My father, who is ninety four, between his pension from the Royal Navy social security and he owns six washer dryer machines and trailer parks where he goes and collects the money with his walker. He makes fifty two thousand dollars a year he spends forty eight, so he is saving money despite the fact that he's not working, so his passive income is greater than his burn. He is wealthy. So you want to put yourself on a track to being wealthy. You want to say, realistically, I can control how much I spent. I just I've been coaching this couple living in San Jose and they're in their late fifties. I talk a lot about young people, and they say, Scott, we're in our late fifties. What do we do. How much money do you have? What's your house? With? Da da da? And by the time they're sixty five, they're not going to have enough passive income to pay for their lifestyle. I said, well, let's lean into our strengths here. Why are you in San Jose And they said, well, we've always lived here. I'm like, well, okay, your kids are gone and you've just you go to Costa Rica twice here. Why wouldn't you try and cut your burn forty percent and move to Costa Rica and take that economic pressure away and sell your house here. I think your kids would love to come busit you in Costa Rica. So the question is put yourself on a path using basic math and what you really think you're going to need in terms of passive income such at at some point. Ideally it's by the time you're forty. It's usually not, but it needs to be by the time you're sixty five or seventy, because that release of economic anxiety freeze you up to focus on what is really important, and that is deep and meaningful relationships. So the reason why I am so much happier over the last ten years than I was kind of the first forty five years of my life is that economic stress was always there for me. I was raised by a single immigrant mother who lived and die of secretary. I felt like there was a ghost following us around, telling us we weren't worthy because we didn't have money. Between college student loans, the bomb crashed, and the Great Financial Recession, I just never had enough money to have passive income. Such that I was done, and a lot of people never get there. I got lucky, sold my last company about ten years ago for a lot of money. Now, unless I really screw up again, which I've done a couple times, I can focus on my relationships. The resting blood pressure of a child in a low income home is higher than the restling to solid blood pressure of a kid in a middle or upper income home. I think the majority of divorces are not a function of infidelity or a lack of shared values. It's those things. One or more of those things might happen, and then again the incendiary on it is financial stress. Two thirds plus of divorce filings are from women. And we don't like to say this because we like to assume all men are predators and all women are virtuous. But when a man is under financial stress us the reality is he becomes less attractive as a mate, and that can lead to real stress in the relationship. So what you want to pursue if you're not pursuing a home, you want to put yourself on a path. You want to get alignment with a partner. You want to track your spending and put yourself on a path to some level of economic security of wealth by say the time you're sixty five. And if you're young and you're killing it instead of buying a bigger flat screen or a bigger TV, or maybe a bigger house, well what if I started saving ten, fifteen, twenty thirty percent of my salary and I got wealth by the time I'm forty or forty five. Because to be in America, young and healthy and have passive income that's greater than your burn. You're just going to have a wonderful life. So it's not acquiring anything. It's getting to a point of economic security or wealth. And that's a function of two things. How much money you make such as you can save, key to wealth. It's not how much you make, it's how much you save. And also the thing you can control is your burn. You know, I have a friend who ran a hedge fund. It closed down. He makes good money, but not great money living in Tribeca with three kids, needed a million bucks a year to live that life. Moved to Portugal, lives an amazing life with a beautiful home, great food, childcare, great education on four hundred grand a year. I mean, these are problems of privilege, but that has taken the world of stress off his shoulders. He now needs to make a very good living, not an outrageous living. So but surround yourself with smart people who can help you make these decisions. But wealth is passive income that's greater than your burn.

Goal is what I'll call wealth. The goal is going to be rich. Rich is the things you see. Wealth is what you don't see. And your pursuit should be wealth or economic security. And this is what wealth is. Wealth is having passive income that's greater than your burn. Two examples. I have a buddy who runs M and A for a Bulgbrackt investment bank, makes between three and ten million dollars a year, dependent upon the market because it's all current incomany, pays fifty percent taxes between his ex wife, his home in the Hamptons, and his master the universe lifestyle that he feels he deserves. He hasn't saved a lot of money and he spends most of it. And I know that firsthand. He has a lot of sleepless nights wondering what happens if the music stops. He is not wealthy. My father, who is ninety four, between his pension from the Royal Navy social security and he owns six washer dryer machines and trailer parks where he goes and collects the money with his walker. He makes fifty two thousand dollars a year he spends forty eight, so he is saving money despite the fact that he's not working, so his passive income is greater than his burn. He is wealthy. So you want to put yourself on a track to being wealthy. You want to say, realistically, I can control how much I spent. I just I've been coaching this couple living in San Jose and they're in their late fifties. I talk a lot about young people, and they say, Scott, we're in our late fifties. What do we do. How much money do you have? What's your house? With? Da da da? And by the time they're sixty five, they're not going to have enough passive income to pay for their lifestyle. I said, well, let's lean into our strengths here. Why are you in San Jose And they said, well, we've always lived here. I'm like, well, okay, your kids are gone and you've just you go to Costa Rica twice here. Why wouldn't you try and cut your burn forty percent and move to Costa Rica and take that economic pressure away and sell your house here. I think your kids would love to come busit you in Costa Rica. So the question is put yourself on a path using basic math and what you really think you're going to need in terms of passive income such at at some point. Ideally it's by the time you're forty. It's usually not, but it needs to be by the time you're sixty five or seventy, because that release of economic anxiety freeze you up to focus on what is really important, and that is deep and meaningful relationships. So the reason why I am so much happier over the last ten years than I was kind of the first forty five years of my life is that economic stress was always there for me. I was raised by a single immigrant mother who lived and die of secretary. I felt like there was a ghost following us around, telling us we weren't worthy because we didn't have money. Between college student loans, the bomb crashed, and the Great Financial Recession, I just never had enough money to have passive income. Such that I was done, and a lot of people never get there. I got lucky, sold my last company about ten years ago for a lot of money. Now, unless I really screw up again, which I've done a couple times, I can focus on my relationships. The resting blood pressure of a child in a low income home is higher than the restling to solid blood pressure of a kid in a middle or upper income home. I think the majority of divorces are not a function of infidelity or a lack of shared values. It's those things. One or more of those things might happen, and then again the incendiary on it is financial stress. Two thirds plus of divorce filings are from women. And we don't like to say this because we like to assume all men are predators and all women are virtuous. But when a man is under financial stress us the reality is he becomes less attractive as a mate, and that can lead to real stress in the relationship. So what you want to pursue if you're not pursuing a home, you want to put yourself on a path. You want to get alignment with a partner. You want to track your spending and put yourself on a path to some level of economic security of wealth by say the time you're sixty five. And if you're young and you're killing it instead of buying a bigger flat screen or a bigger TV, or maybe a bigger house, well what if I started saving ten, fifteen, twenty thirty percent of my salary and I got wealth by the time I'm forty or forty five. Because to be in America, young and healthy and have passive income that's greater than your burn. You're just going to have a wonderful life. So it's not acquiring anything. It's getting to a point of economic security or wealth. And that's a function of two things. How much money you make such as you can save, key to wealth. It's not how much you make, it's how much you save. And also the thing you can control is your burn. You know, I have a friend who ran a hedge fund. It closed down. He makes good money, but not great money living in Tribeca with three kids, needed a million bucks a year to live that life. Moved to Portugal, lives an amazing life with a beautiful home, great food, childcare, great education on four hundred grand a year. I mean, these are problems of privilege, but that has taken the world of stress off his shoulders. He now needs to make a very good living, not an outrageous living. So but surround yourself with smart people who can help you make these decisions. But wealth is passive income that's greater than your burn.

I couldn't be more excited to share something truly special with all you tea lovers out there. And even if you don't love tea. If you love refreshing, rejuvenating, refueling sodas that are good for you, listen to this. Radi and I poured our hearts into creating June Sparkling Tea with adaptogens for you because we believe in nurturing your body and with every sip you'll experience calmness of mind, a refreshing vitality, and a burst of brightness to your day. Juni is infused with adaptogens that are amazing natural substances that act like superheroes for your body to help you adapt to stress and find balance in your busy life.

I couldn't be more excited to share something truly special with all you tea lovers out there. And even if you don't love tea. If you love refreshing, rejuvenating, refueling sodas that are good for you, listen to this. Radi and I poured our hearts into creating June Sparkling Tea with adaptogens for you because we believe in nurturing your body and with every sip you'll experience calmness of mind, a refreshing vitality, and a burst of brightness to your day. Juni is infused with adaptogens that are amazing natural substances that act like superheroes for your body to help you adapt to stress and find balance in your busy life.

Our super five.

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Blend of these powerful ingredients include green tea, ushwagandha acirolla cherry and Lion's made mushroom and these may help boost your metabolism, give you a natural kick of caffeine, combat stress, pack your body with antioxidants, and stimulate brain function even better. Juni has zero sugar and only five calories per can. We believe in nurturing and energizing your body while enjoying a truly delicious and refreshing drink, So visit Drinkjuni dot com today to elevate your Wellness Journey and use code on purpose to receive fifteen percent off your first order. That's drink jay Ni dot com, and make sure you use the code on purpose. When you bring up the word money, most of us kind of go blank faced. We want to reach for a stress ball. We kind of you can just sense that it's uncomfortable to talk about it because we're almost reminded of all the bills stacking up and all of our expenses and we spend too much on TikTok shop this week, and you know, the reality hits and we kind of don't want to talk about it. Don't bring it up. How do we get out of that stressful wir ring? And you talked about it even there with your background, Like I grew up in a family where we didn't have the healthiest relationship with money because we never had enough or we always had just enough and that was good enough, and that was always like you know, you're just looking at your back balance sitting at zero all the time, Like, how do we rewire our relationship with money because most of us have a stressful relationship with money.

Blend of these powerful ingredients include green tea, ushwagandha acirolla cherry and Lion's made mushroom and these may help boost your metabolism, give you a natural kick of caffeine, combat stress, pack your body with antioxidants, and stimulate brain function even better. Juni has zero sugar and only five calories per can. We believe in nurturing and energizing your body while enjoying a truly delicious and refreshing drink, So visit Drinkjuni dot com today to elevate your Wellness Journey and use code on purpose to receive fifteen percent off your first order. That's drink jay Ni dot com, and make sure you use the code on purpose. When you bring up the word money, most of us kind of go blank faced. We want to reach for a stress ball. We kind of you can just sense that it's uncomfortable to talk about it because we're almost reminded of all the bills stacking up and all of our expenses and we spend too much on TikTok shop this week, and you know, the reality hits and we kind of don't want to talk about it. Don't bring it up. How do we get out of that stressful wir ring? And you talked about it even there with your background, Like I grew up in a family where we didn't have the healthiest relationship with money because we never had enough or we always had just enough and that was good enough, and that was always like you know, you're just looking at your back balance sitting at zero all the time, Like, how do we rewire our relationship with money because most of us have a stressful relationship with money.

Well, when you think about how they help people who are depressed, it's a combination of talk therapy and if needed, some sort of you know, pharmaceugal intervention. I think mental illness or mental unwellness around money. I think we absolutely need to one have more financial literacy. I think we should have a class called adulting in your senior year of high school that says, my kid can do derivatives, but I just figured out he doesn't understand the interest rate on his credit card. So young people needs a certain level of financial literacy. Also, I encourage him to talk about money with their friends. It's especially hard for men. Women are disproportionately evaluated based on their aesthetics. Men are disproportionally evaluated based on their economic vitality. So for a guy to say, hey, do you you know I lost a shit ton of money in the market. Should I sell it? Do I get a tax shot off? That connotes weakness. They're worried that they're less attractive. There's actually something very British that you might relate to, and that is British people. The best great I understand in Britain that everyone wants is you get really high marks but really low effort scores. You're supposed to be accidentally rich. I'm so I'm such a baller and I'm so great at what I do that I just accidentally slipped and fell on a ton of money. No, it's work. You got to think about it. You got to talk about it. So I encourage people to talk to their friends and if you're comfortable, this is how much money I'm making, this, how much I'm saving? This is you know, taxation is really important? Well what if I moved to Florida? How much money would I save? You know, what if I buy a house? Now I heard there's something called ten thirty one exchange where I can roll into my next property tax free. Talk about money, get get really good at it. Roger Federer Do you think he never talks about Toennis talks about it all the goddamn time. You do you want to be great at money? Most people say, yeah, I want to be great at money? Is anybody great at anything? If I wanted to be an amazing evolutionary anthropologist? Would I never talk about it? Would I never bring it up in conversation? Would I never want to talk to other people about evolutionary anthropology? If you want to be good at money, put down the facade and start talking to people about their investments, how much money they make, what they do with their money, how they save money, what they do to try and limit their spending. I talk about stoicism. See if you can find a practice where you get reward or a dopa hit from exercise or relationships. Gamify saving money. My junior year at UCLA, I was in a fraternity with mostly wealthy Jewish kids from the valley, and there were five or six of us out of one hundred and twenty guys, and everybody in who we were. We didn't have any money. We're always laying on our house bills. Everyone knew, oh, those are the poor kids, right. And one summer we all lived in the same apartment building and we gamified saving money, and we had a whiteboard and we literally made a game out of it. In the summer of nineteen eighty five, I survived for twelve weeks on seventy eight bucks a week including rent, because if I didn't save three thousand bucks by the fall, I wasn't going back for my senior year and college because I didn't have wealthy parents. And if you can gamify saving money with a partner, especially a romantic partner, that you can be totally transparent with God. That's powerful. We're building something. We're gonna save a ton of money. Can we save five or seven thousand bucks this year together? And it's gonna be eight thousand next year, and then it's gonna be nine and with compounding and five or six years, which will go really fast. We have sixty eighty one hundred grand and having kids is I think the most rewarding thing it has been for me was I didn't plan to have kids, but it was having kids with someone else and raising what feel like pretty good citizens. But a close second was building economic security with someone else. We had total alignment. Right, We're gonna save We were transparent around our expenses. We were generous with each other. Oh no, you should do that. There's a very unhealthy dynamic sometimes in relationships, and this is sexist, but I found it to be true where the dude uses money to control his spouse and the spouse turns it into a game of how much money she can spend without him knowing. And fortunately that's getting flipped a little bit, or it's equalizing because women are doing so well. Women under the age of thirty are making more money, and urban centers. More single women own homes, but they're still in my generation. This very weird dynamic between the sexes and money. But going back to your original question, talk about it, understand it. If you want to be good at it, you got to get literate at it, and you want to bring it up with your friends and you can start learning. I spend four hours a week probably talking to other people about my economic well being, what tag loop holes there are where I should be investing. I have a lot of real estate when interest rates come down, At what point do interest rates get low enough where I should be pulling a second out and putting it in the market, knowing if I have a ten year mortgage, over ten years, the market's usually up about seven nine percent a year. Does that make sense right? Think about it all the time. You're the average of your five friends. You've seen that study, body mass, politics, sports teams. But what's more interesting is one of those five people will be more economically secure, much more economically secure than the other four, despite not making a lot more money. You want to know those behaviors and those characteristics, and you want to model that person. But this is something we all need to be more open about it doesn't make you less of a man. You're not supposed to have a lot of money when you're young. Everybody screws up. I've been broke twice in my forties. I was broke and that was really I was too ashamed to admit that to anybody else. It was like, well, you're supposed to be smart and great at what you do, right, So I think being a little bit more vulnerable, being open about it and getting tips and you know, kind of kind of rules of the road from other people talk about it.