Author Topic: The Algebra of Wealth (Scott Galloway Content)  (Read 2222 times)

roomtempmayo

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The Algebra of Wealth (Scott Galloway Content)
« on: February 12, 2021, 03:14:13 PM »
I realize Galloway isn't everyone's cup of tea, but his blog today is awfully mustaschian.

An excerpt:

Quote
What Is Rich?

I know a lot of people who make an extraordinary amount of money, but few people who are rich. Rich is having passive income greater than your burn. People on a path to money focus on their earnings; people on a path to wealth also focus on their burn. Joseph Heller said, “It takes brains not to make money.” (Note: I think he was casting a favorable light on his starving artist friends). This may be true, but it definitely takes brains to hold onto it (i.e., money).

My father receives $48,000 per year from Social Security and his Royal Navy pension (he was a frogman). He spends $40,000, and it’s enough to make him happy. He swims every day, watches a shit-ton of hockey (Leafs fan), and on Fridays goes to The Taco Stand (an actual restaurant in La Jolla) where he orders something called a michelada. (Apparently it’s medicine delivered in a chilled salt-rimmed glass — he claims his hair is regrowing and that he’s sleeping better. I believe half of that so … I believe it.) Anyway, it’s not your income, but your income-to-expense ratio, that determines if you’re rich.

The full-meal-deal: https://www.profgalloway.com/the-algebra-of-wealth


zolotiyeruki

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Re: The Algebra of Wealth (Scott Galloway Content)
« Reply #1 on: February 18, 2021, 08:02:18 AM »
Reminds me of this scene from the Cosby Show. 

"Rich is when your money works for you, not when you work for the money.  And we work HARD for the money."

better late

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Re: The Algebra of Wealth (Scott Galloway Content)
« Reply #2 on: February 18, 2021, 08:05:54 AM »
I enjoyed this and will be forwarding onto my kids.

cool7hand

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Re: The Algebra of Wealth (Scott Galloway Content)
« Reply #3 on: February 18, 2021, 08:40:10 AM »
Thanks for sharing!

Metalcat

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Re: The Algebra of Wealth (Scott Galloway Content)
« Reply #4 on: February 18, 2021, 08:57:41 AM »
DH is always going on about how we're so wealthy now because we have this crazy luxurious life, but it's so affordable.

I work with a ton of people who have several times the NW I'll ever have, and most of them don't feel wealthy.