Episode 49. of the Prof G podcast by Scott Galloway.
Being rich means your passive income is greater than your burn.
Here’s Scott’s four rules to build your income;
1. focus; have resilience, follow your talent not your passion. Focus on relationship, nr 1 positive influence on higher wealth is the relation with your spouse.
2. stoicism; determine what you can and can not control. Saving is important, be kind and care; people want kind people to win.
3. time; time is the most inflexible element, compound interest works, compounded investments in relationships pay off. Start early, and invest often in both money and people.
4. diversification, diversify your investments and allocate max 10% in one area, build financial kevlar. Create income through focus, then invest applying diversification.
I listened to the podcast and really got energised from it. Very good articulated key learnings, easy bites to chew, consistent ways of doing things while being yourself. Being grateful and getting perspective of our reality is a daily exercise for me. This new algebra amplifies my current practice into the compound effects of exponential growth. RizeClub member Sampo von Raesfeld