Latest news with #ScottGalloway
CNBC
4 days ago
- Business
- CNBC
The No. 1 worst career advice billionaires give, says bestselling author: Anyone who says it is 'already rich'
Billionaires tend to give one bad piece of career advice, according to self-made millionaire and bestselling author Scott Galloway: Follow your passion. "The worst advice the billionaires give is 'follow your passion,'" Galloway, a serial entrepreneur and New York University marketing professor, told LinkedIn's "The Path" video series in an episode that published on June 3. "Anyone who tells you to follow your passion is already rich." Born in Los Angeles to a single mother, Galloway said that his family's income never exceeded $40,000 during his childhood, and that he thought his passion for athletics would bring him financial freedom. After discovering that professional sports weren't in his future, he graduated from UCLA and got an analyst job at Morgan Stanley. He quickly realized, 'I don't have the skills for this," he said. He started to workshop different ideas and decided that he'd be better suited for entrepreneurship than as an employee at a big company. In 1992, he co-founded marketing firm Prophet, ultimately selling it in 2002 for $33 million, according to LinkedIn. Galloway later co-founded a research firm called L2 in 2010, which was acquired in 2017 for a reported sum of more than $130 million. His career journey indicates that success isn't about blindly following passion or going into a field that's stereotypically lucrative. Instead, combine what you're good at with what can make you money, and embrace opportunities to pivot. "I applied for 29 jobs [after graduation]. I got one offer," said Galloway. "The key to my success is rejection, or specifically my ability to endure it. Because if you don't get to 'no' a lot of times, you're never going to get to wonderful 'yeses.'" Galloway's sentiment echoes similar comments from Mastercard CEO Michael Miebach, who often tells young people to look beyond what their passionate about when choosing a career. He realized early in his career that he had a knack for leadership and enjoyed helping others, leading to a slew of board member roles at companies like IBM and The Metropolitan Opera, and almost 16 years at Mastercard. "I love the fact that you're following your passion, but you should also just look at what are you really good at? What differentiates you?" Miebach tells interns, he said in a recent interview with LinkedIn editor-in-chief Daniel Roth. "Figure out, where's the intersection point of what is your passion, what actually matters, and what could you be good at? Bring that together." Finding your strengths doesn't happen overnight and can take a bit of refining, and even failure. Say you're a news producer who recently got laid off, so you started filming and editing documentaries to stay active. Now, you've learned that your strength is actually longform content and storytelling, not hard news and short packages. You can turn difficult setbacks into learning opportunities by adopting a growth mindset, or the idea that you can always be refining your skills, according to Yale University psychologist and happiness expert Laurie Santos. That way, if you face failure or rejection again, you know what steps to take, and to avoid, to keep moving forward in your life and career, she told CNBC Make It in 2023. "That allows us to learn more about how to do better in the future," said Santos.
Yahoo
5 days ago
- Business
- Yahoo
Scott Galloway says the American Dream is now a ‘hallucination' — but has it ever truly been ‘easy' in the US?
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Going to an elite school, landing a good job and buying a home may have once seemed like a sure path to achieving the American Dream. But according to Scott Galloway, a renowned marketing professor at NYU's Stern School of Business, that path no longer works. The reason, he explains, is simple: Homes have become so expensive relative to earnings that even graduates with eye-watering salaries can't afford them. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how 'When I got out of business school, the average salary was $100,000. I went to a quote-unquote elite business school … The average house in San Francisco cost $280,000, so 2.8 times the MBA salary,' Galloway recounted in a recent appearance on the Jay Shetty Podcast. 'Now, the kids at Haas — still an elite business school, incredible compensation, average $200,000 right out of business school — but the average home in San Francisco is $2.1 million.' In other words, while elite graduates are earning more than previous generations, the sheer surge in home prices has left them far behind. Galloway believes the problem stems from the reluctance of existing homeowners to allow new construction in their neighborhoods. '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,' he explained. A recent Zillow report estimates the U.S. faces a shortage of 4.7 million homes. Dream, hallucination or fantasy? Galloway has a blunt assessment of the situation. 'I think young people have given up on the American dream of owning a home,' he told Shetty. He pointed out that conditions have shifted dramatically against new homebuyers since the COVID-19 pandemic. 'Pre-pandemic, a house is $290,000. Post-pandemic, it's $420,000. Interest rates [went] from 3% to 7%, [the] average mortgage went from $1,100 to $2,200,' Galloway noted. 'All of a sudden, the American dream has become a hallucination, a fantasy.' Research suggests that over the years, homeownership has indeed become substantially more difficult for Americans. According to a 2024 Zillow study, buyers now need to earn more than $106,000 annually to comfortably afford a typical U.S. home. This calculation assumes spending no more than 30% of income on the monthly mortgage with a 10% down payment. In 2020, that income threshold was only $59,000 — meaning the required earnings have jumped by 80%. Zillow also noted that in 2020, the $59,000 needed to buy a home was actually less than the U.S. median household income of $66,000 at the time. That's no longer the case. Today's required $106,000 is well above the median. 'Housing costs have soared over the past four years as drastic hikes in home prices, mortgage rates and rent growth far outpaced wage gains,' Zillow Senior Economist Orphe Divounguy said in the report. How to get on the real estate ladder — starting with $100 Given these challenges, Galloway noted that for young people, saving for a home today ''is almost impossible.' Yet despite the hurdles, real estate remains a popular investment choice for those looking to hedge against rising living costs. When inflation goes up, property values often climb as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to rise, providing landlords with a revenue stream that adjusts with inflation. While buying an entire house may feel out of reach, it's now easier than ever to start investing in real estate thanks to crowdfunding platforms like Arrived. Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving positive rental income distributions from your investment. Another option is Homeshares, which gives accredited investors access to the $35 trillion U.S. home equity market — a space that's historically been the exclusive playground of institutional investors. With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property. With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets. Read more: Rich, young Americans are ditching the stormy stock market — Galloway's simple hack: 'forced savings' With so many enticing products and services vying for consumers' attention, Galloway pointed out that 'it is nearly impossible for a young person to save money if it comes through their hands.' His solution? Something he calls 'forced savings' — money you never see, because it's invested automatically. He specifically mentioned using 'the Acorns app that rounds up and puts the money automatically into a low-cost index fund.' Acorns is a popular app that does exactly that. When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and invests the difference — the coins that would wind up in your pocket if you were paying cash — into a diversified portfolio of ETFs. Buying a coffee for $3.40? The app rounds it up to $4 and invests the extra $0.60. Over time, those small amounts can add up — especially if you're consistently spending and saving. It's a simple, set-it-and-forget-it way to build wealth from money you might not even miss — and, if you sign up today, Acorns will add a $20 bonus to help you begin your investment journey. What to read next How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement 5 simple ways to grow rich with US real estate — without the headaches of being a landlord. Start now with as little as $10 This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Vancouver Sun
06-07-2025
- Politics
- Vancouver Sun
The life of a conservative male on a Canadian campus: 'We are not the demons that you see us as'
Young men are falling behind, at school and at work, and the stats on drug overdoses and death by suicide are sobering. Not unlike other mothers of sons, I've keenly observed the raging 'masculinity' debate, to ensure my own sons aren't undone by their own sense of being treated unfairly. We're used to seeing males in positions of power so there's often not a lot of empathy for the struggles of young men. Mega-influencers — Scott Galloway, New York University professor and host of The Prof G Pod, and Jordan Peterson , Canadian-born psychologist and author — describe the manosphere, making sure we understand how even the nicest guys can be susceptible to the seductions of social media driven poison. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. But what really caused my head to spin was an essay published last month by political and cultural thinker and writer Rod Dreher, and a longtime personal friend of J.D. Vance, titled 'The Radical Right is Coming for Your Sons,' where he makes the case for why ignoring the bigots in our midst is perilous, for both the left and right. Chui Yang and Mitch Murray are card-carrying conservative, post-secondary students in Calgary, and I'm grateful they are open to meeting at the University of Calgary campus for an on-the-record conversation about these unnerving questions. Mitch, 19, is a first-year finance major at Mount Royal University who aspires to study and work abroad, and Chui, 20, just completed year three of a history/poli sci degree and aims to get into government relations in support of Alberta's oil and gas sector. 'I've had to take a couple people out of the rabbit hole,' Mitch says, even the anti-Jewish rabbit hole (and Mitch is Jewish). What's his strategy? 'Asking questions: Why do you believe this; where do the ideas come from; do you believe this is something you've actually formed yourself or is it something you've seen online?' This approach, suggests Mitch, seems to free up critical thinking and forces people to question their ideas. Showing up for the interview in a black suit and a tie, Mitch immediately strikes me as a serious young man. He knows males of his demographic who are being pushed right, and he sees racists and extremists lurking in the social media shadows. 'Mount Royal especially is a very progressive school,' Mitch reports, 'and there are a lot of conservative young men on campus, but they're not necessarily out there with their political opinions.' Because progressives have such negative connotations about conservatism on campus, Mitch explains, he seizes opportunities to sit down with people of different political persuasions, to explain, 'we are not the demons that you see us as.' He insists, believing in fiscal responsibility and conservative values, 'doesn't make me racist; doesn't make me sexist.' Chui's take is slightly different; 'I seldom encounter someone who has been corrupted by the 'manosphere',' he says with a grin, 'and when I do encounter them, it's more a fad than anything. After a few months, after a season, it's over; they're back to normal.' As for the radical right coming for our sons, Chui acknowledges the growth in young men's affiliation with the conservative movement but sees this as pragmatic, rather than ideological. Young people who can't make ends meet, he says, 'are choosing to put their faith in a party that historically runs on economic integrity, runs on fiscal responsibility.' It's all part of a cycle, he suggests; there was a spike in young men's support for conservatives in the Mulroney era, and again with the rise of the Reform Party. 'It is a cycle that keeps on happening over and over, and I don't believe social issues have any play within it. Amongst my friends, social issues are not at the forefront of our minds.' At 6-foot-3, Chui towers over me, cutting an imposing figure in his wide leg jeans and suede jacket. His experience as a Christian street preacher may have shaped him into the most patient 20-year-old I've ever encountered. 'Don't fret too much,' is Chui's primary message (as a mother worried about boys, I'm somewhat comforted); however, his experience door-knocking — most recently, in the Olds-Didsbury-Three Hills constituency on behalf of United Conservative Party MLA Tara Sawyer — sends me reeling. 'At the doors,' Chui shares, 'when I do encounter a conservative and the question comes up, 'would you like a lawn sign?', it is often, more times than not, a 'no.' And almost every single time, it is due to the fact they don't want their neighbours to know they are conservative because of the weight that carries.' 'You're talking about rural Alberta?' I ask, incredulously. 'You would expect to have almost every single house welcoming a lawn sign with open arms,' Chui answers, 'but that's far from the truth. 'A lot of the people you encounter at these doors are centrists, and they cast ballots with their pocketbooks,' he explains. 'They want fiscal responsibility and that takes precedence over social issues… things like trans rights, things like homosexual rights, social safety nets.' They feel disenfranchised and are looking for change, he concludes, 'but when you take up that lawn sign, what does that say to your neighbour? That you're a 'racist'.' Somewhat dumbstruck, I wade into the murky waters of DEI quotas and cancel culture. 'Would you like to see wokeness dialled back at your school?' I ask. 'It's almost like the 'he who shall not be named', Voldemort question, among my circles at least,' Chui quips. 'It's not even spoken about. We almost pretend they (DEI quotas) don't exist and just carry on.' With its rainbow flags, rainbow crosswalk and posters everywhere, 'DEI is very, very fundamentally rooted into the Mount Royal (University) culture,' Mitch answers. While it may be a great idea, at his school, he says it's unrealistic to think about shutting down the whole DEI ideology. 'What we need to do, to lean into that direction,' he offers, 'is foster a sense it's OK to have different opinions.' 'Guilt has allowed this to perpetrate,' Chui observes, 'and that has almost created a world of absolutes where you're either for or against. And it's almost painful to live in because you're gagged.' 'So you silence yourselves?' I say. They both nod. It's a difficult question, Chui reflects, and one he's discussed with a guy from Alberta's Republican Party, who, he reports, 'believes the only way you can fight for change … if you're backed up to the wall, is show you're willing to punch them in the face.' Chui doesn't believe this is the 'proper sentiment' because then the pendulum goes back and forth, and 'you have people disenfranchised on either side, time and time again.' 'It's going to be a long fight,' he says, 'if you want to be cordial. But I think it's the right fight.' Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Yahoo
03-07-2025
- Automotive
- Yahoo
'He's Alienated The Wrong People' — Scott Galloway Blames Musk's Politics For Tesla's Fall From 8th To 95th In U.S. Brand Rankings
"He's alienated the wrong people," marketing professor Scott Galloway said recently, blaming Elon Musk for Tesla's (NASDAQ:TSLA) brand slide. Galloway argued on the "Pivot" podcast that politics, not products, now steer the automaker after a string of rough quarters and mounting protests. Tesla ranked No. 95 in the latest Axios Harris Poll 100, down from No. 8 in 2021, Axios said. The brand stood at No. 42 in 2019 and No. 63 last year, underscoring a steady drift before the latest plunge. Sister companies SpaceX and X also landed at No. 86 and No. 98 respectively — a sign that the reputational chill is hitting all corners of his empire. Don't Miss: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — Financials mirror the fall. In its Q1 earnings report in April, Tesla said net income slumped 71%, automotive revenue slid 20%, and free cash flow turned positive, reaching $664 million. "Tesla was a great brand," Galloway said. He called the downturn, "one of the greatest brand destruction." He added, "the rivers have reversed, and the tide has turned entirely against them," referring to Musk's political alignment and its impact on Tesla's reputation. Musk steered almost $300 million to President Donald Trump–aligned committees while advising the White House's Department of Government Efficiency, angering early EV adopters who skew liberal. "3/4 of Republicans would never consider buying an EV," Galloway said. "He's cozied up to the people who aren't interested in EVs." Pushback soon spilled onto the streets. A March fire at a Tesla showroom in Rome destroyed 17 cars. Activists organized "Tesla Takedown" rallies in Berlin, Stockholm and San Francisco in April. Tesla's global sustainability lead canceled a Rome conference appearance over security concerns as vandalism cases multiplied. Trending: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Musk said in May he was returning full time to his companies, posting on X, "Back to spending 24/7 at work and sleeping in conference/server/factory rooms." He said his round-the-clock shift would center on X, xAI, Tesla and a May 27 Starship launch. During last month's Qatar Economic Forum, Musk said he would "do a lot less" political spending because "I think I've done enough." He added that he planned to stay Tesla's CEO for at least five years. Investor confidence in Tesla has increasingly hinged on the recent launch of its robotaxi pilot—launched last month in Austin, Texas—and consistent Model Y deliveries. Both developments will be critical indicators for investors. Read Next: Maximize saving for your retirement and cut down on taxes: Image: Shutterstock UNLOCKED: 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? TESLA (TSLA): Free Stock Analysis Report This article 'He's Alienated The Wrong People' — Scott Galloway Blames Musk's Politics For Tesla's Fall From 8th To 95th In U.S. Brand Rankings originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Miami Herald
29-06-2025
- Business
- Miami Herald
Go ahead: Start celebrating a big quarter for stocks
When 2025 opened, there was plenty of talk of a boffo year for stocks. Tax cuts were coming. Deregulation was coming. Maybe the Federal Reserve would cut interest rates more. So, there was talk the Standard & Poor's 500 would end the year possibly at 7,000 or higher, which would mean a 19% gain on the year. Don't miss the move: Subscribe to TheStreet's free daily newsletter Yes, there might be some tariff increases, but no one - but no one - expected the panic that overtook markets when President Trump unveiled his tariff plans on April 3. The S&P 500 fell as much as 10.4% in the next two days. The president then dialed back the tariff increases, subject to getting trades negotiated by July 9. Related: Veteran analyst offers eye-popping Nvidia, Microsoft stock prediction And, lo and behold, the S&P took off. From an April 7 low, the index has roared back, rising nearly 28% and ending Friday at a record 6,173 after reaching an intraday high of 6,188. 7,000 may seem over-the-top, but . . . For the quarter so far (with one day to go), the S&P 500 is up 10%. It's up 4.4% in June and nearly 5% on the year. The year-to-date return is about the same at the Nasdaq Composite Index; the Nasdaq-100's gain is 7.2% on the year and 17% for the quarter. So, if the S&P 500 hits 10% gains per quarter for the rest of the year, the index would finish 2025 at, maybe, 8,200, a gain of some 40%. Related: Scott Galloway sends strong message on Social Security If you think that's doable, we can think of a bridge you might buy in Brooklyn. In short, we're being a tad silly. Nonetheless, the S&P 500 will end the quarter higher, with the technology sector up 21% and the industrial sector up 12%. Techs are led by Seagate Technology (STX) , up more than 60%, Broadcom (AVGO) , up 61%, and Jabil (JBL) ., up 56% Palantir (PLTR) is up about 45%. Nvidia (NVDA) , Microsoft (MSFT) and Meta Platforms (META) are up 46%, 32% and 28%, respectively. The industrial sector has risen because of gains in a number of defense and related companies, including Boeing (BA) , naval ship builder Huntington Ingalls (HII) , L3Harris Technologies (LHX) and Howmet Aerospace (HWM) . Michael M. Santiago/Getty Images The current environment is bullish and has momentum that won't last forever. In fact, there face risks a-plenty over the next six months, including: The Administration's July 9 deadline for finishing trade negotiations will probably come and go because there are so many deals to negotiate. China and the United States have agreed on terms for exporting rare earth metals to the United States. India and the United States are close to a deal. But the president stopped talks with Canada over a tax dispute. Terms on all agreements, however, will be examined carefully. And a mistake on tariffs can cause investors to panic as they did in April. Related: Nike raises prices and puts the blame purely on tariffs To start, first-quarter earnings were very good with tariffs talked about but having little actual effect. Yet. It depends on how all the negotiations end. And tax changes as big as the Trump Administration is proposing can cause absolutely unforeseen effects that probably won't be seen until later in the year. Still, second-quarter earnings look promising. They unofficially have a soft start on July 10, when Delta Air Lines (DAL) reports results. The parade kicks into higher fear on July 15 when JP Morgan Chase (JPM) and a host of big banks report on July 15. (AMZN) sports the largest percentage of buy ratings: 97% of total ratings, with 3% holds. The Middle East is quiet for now. Israel and Iran are not shooting missiles at one another, and Iran has not blocked the Strait of Hormuz, through which 20% of the world's oil flows. The state of Iran's nuclear materials, however, is not clear. The fear is that the Trump tax bill will increase the U.S. deficit by trillions of dollars over the next few years, and bond yields will soar. (Senate Republicans were able to win a key procedural vote on Saturday.) The 10-year Treasury yield was at 4.87% on Jan. 13 and $4.285% on Friday. Meanwhile, it seems that the Fed will cut its key federal funds rate in September, despite President Trump's complaints that Fed boss Jerome Powell, whose terms ends in 2026, is too slow. The traders have expected two rate cuts all this year, with the first coming in September. Two measures to watch: One is the S&P 500 forward price-earnings ratio which was at 25 on Friday. The 10-year average is 18 to 19. Relative strength indexes are very high. as many as 55 S&P 500 stocks are Friday at RSIs, above 70, a signal they're overvalued. It fell back to 49 at the end of the day. Jabil Circuit, Western Digital (WDC) , Seagate Technology and financial giant Goldman Sachs (GS) all had RSIs are 80 or higher. Bull markets, like we're having, can continue with high RSIs for a while - but not forever. More Tech Stocks: Caution ahead: S&P 500, Nasdaq Composite enter overbought territoryAmazon tries to make AI great again (or maybe for the first time)Google plans major AI shift after Meta's surprising $14 billion moveQuestion of the Week: The S&P 500 Pits the Big Dogs Against the Little Dogs U.S. financial markets and most businesses will be closed on Friday for the July 4 holiday. Earnings are small in number and include only one S&P 500 component: Constellation Brands (STZ) . The shares have struggled all year as alcoholic beverage consumption generally has slumped. Beer stocks have been weak too. Trading volume will peak on Tuesday but will fall rapidly Wednesday and Thursday as Wall Street starts the long weekend early. Related: Legendary fund manager issues stock market prediction as S&P 500 tests all-time highs The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
