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Dow Jones, S&P 500 Down

Dow Jones, S&P 500 Down

Bloomberg09-05-2025

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Matt Miller and Norah Mulinda. (Source: Bloomberg)

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Scott Galloway Reached His Financial Goal 8 Years Ago. He Says There's Just No Justification For Becoming A Billionaire
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Scott Galloway Reached His Financial Goal 8 Years Ago. He Says There's Just No Justification For Becoming A Billionaire

Scott Galloway had a plan: sell his company, take $25 million, raise another $250 million, and become a billionaire. But then he stopped to think about it. 'Why would I want back on this hamster wheel of stress?' he asked on a recent episode of his podcast, 'Office Hours.' Galloway, a business professor, entrepreneur and investor, said he realized the pursuit of more wealth would just cost him time, peace of mind and family moments. 'I've been doing nothing but working for a quarter century,' he said. After hitting his personal financial target, he made a different choice: spend on what brings joy, pay people well, and give the rest away. 'I hit my number eight years ago,' he said. 'And I decided there's just no reason why I would ever need to be a billionaire.' Don't Miss: Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can invest with $1,000 at just $0.30/share. Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. 'Every year I look at my number,' he explained. 'Anything above that number, I do one of two things: I either spend it or I give it away.' He added, 'It feels amazing to spend money and to give it away.' He owns a plane and refuses to let money prevent him from enjoying life. When friends can't afford to join, he covers the cost himself, saying it gives him satisfaction. His shift in mindset mirrors that of Andrew Wilkinson, a Canadian entrepreneur who told his own story in the 2024 book, 'Never Enough.' Wilkinson became a billionaire after building the tech conglomerate Tiny, but eventually saw the limits of wealth. After nearly partnering with legendary investor Charlie Munger, Wilkinson said he turned it down. The thought of chasing another level of wealth no longer appealed to him. Both Wilkinson and Galloway reached a similar conclusion. Once you have enough, more doesn't necessarily improve your life. In fact, it can increase stress. Trending: GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — Become an Investor in This $41.3M Clean Energy Brand Today Galloway recalls the fear he felt in 2008 when his first son was born during the financial crisis. 'All I felt was shame and fear,' he said. 'I thought, I've failed this kid. I don't have enough money.' That fear stayed with him until he reached financial security. 'Happiness is not only a function of the things you have,' he said. 'It's a function of the things that you don't have—specifically, an absence from stress.' Galloway also wants to normalize open conversations about money. 'This zeitgeist that you're not supposed to talk about money is nothing but an effort by rich people to keep the poor and middle class down,' he said. He encourages people to share information about salaries, taxes and financial tools to help each other get ahead. 'Talking about it a lot gives you ideas and opportunities and can be quite cathartic,' he said. These days, Galloway says he's off the hamster wheel for good. He spends on joy, gives generously and says he finally feels free. Read Next: Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Are you rich? Here's what Americans think you need to be considered 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Scott Galloway Reached His Financial Goal 8 Years Ago. He Says There's Just No Justification For Becoming A Billionaire originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio

Mo Ibrahim on Financing in Africa, Telecoms, Sudan War
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Mo Ibrahim on Financing in Africa, Telecoms, Sudan War

Businessman and philanthropist Mo Ibrahim gives his take on rethinking the financing framework across the continent, outlining why he thinks good governance is crucial for attracting investments. He also take about the state of telecoms in Africa after making his multi-billion dollar exit from the sector nearly two decades ago. Ibrahim also discusses the urgent need for a solution to the conflict in his country of origin, Sudan. He speaks to Bloomberg's Jennifer Zabasajja. (Source: Bloomberg)

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