Why Following Your Passion Is The WORST Advice… | Scott Galloway

what would you do if one of your sons said to you how many sons have you got now I got two you got two sons that I know of that you know of one of your sons comes to you and says Dad I would like to be a I've read your book um all of your books and I think they're great but Dad I would love to be a professional actor and then your other son came to you and said I want to be a musician I don't want to crush anybody's dreams uh I go for it I'll be supportive um but this industry let's just look at the economics musician and acting has a 99% unemployment rate so you got to be in the 1% and I want you to set up benchmarks for determining what it means to be in the top 1% right 80 uh the most talented actors in the world are in a union called sag aftera and by the way it's not easy to get your union card you got to be in a Broadway play you got to be recognized that's a big moment it's like getting your PGA golf tour card right you get your sag after card it means you're one of the 180,000 most talented creatives in the world last year 83% of them didn't have health insurance cuz they didn't make more than $233,000 so you not only need to be in the top 17% just to have health insurance you probably need to be in the top 10% realistically the top 1% I know a lot of working actors if I said this is the guy from this show you'd be like oh my God that guy's amazing he's not making a lot of money I mean everybody talks about Tom Cruz the majority of working actors you would say I know that woman I know that man they're great they make an okay list living if they had achieved that level of excellence in almost any other industry they'd be they'd own a house and a second house in AA so if you want to be an athlete an actor a model an artist open a restaurant open an night club have a jewelry line be a fashion designer I don't want to crush anyone's dreams but let's have a sober conversation that if you aren't getting bright green lights that you're in the top 1% really quickly and we put some guard rails on on it we're going to do this for 2 years 3 years can't pay your rent and two or three years dad's going to stop paying your rent at some point or maybe I'll continue to pay your rent but I need you to start workshopping another career because here's the thing people of young people oftentimes mistake their Hobbies forther passions and what I would suggest is and what I can guarantee you is being successful at anything passion comes from Master pastory comes from being a ninja at something I'm renovating a house and there's this guy in stalling our soap stone who's the soap stone guy he's an Iraqi immigrant dropped out of high school he knows everything about so soapstone you can talk to you about the vein and the soap stone and which Cory's and he makes I've been very open with him I've talked about my book he made 1.3 million pounds last year he's the soap stone guy I can't imagine when he was a kid he and I bonded over football I would bet I don't know this I would bet he dreamt of being a football star and playing for a roq in the world cup at some point I doubt at the age of 17 he thought my I'm hoping in 15 years I'm installing soap stone and Renovations for American douchebags and marab Bone I can't imagine that was his dream right but here's the thing he has an amazing life he takes care of his kids he takes care of his parents he gets to take amazing vacations with his wife which makes him passionate about soapstone so yeah go be a fashion designer but let's be honest if you're not making enough money to pay your rent Within 2 years and you're not making enough money to say form a family in 5 years we're going to Workshop something else this requires such a mindset shift in the current world because obviously the slot machine the casino the Las Vegas of validation is Instagram and Tik Tok now if I announce on Instagram that I'm a tax lawyer for the next 10 years not a great Instagram it's not going to increase my chance of getting late either but if I say that I am I don't know if I say that I'm part of Chelsea Football Club I'm in the you know the Junior Academy yeah or if I say that I'm starting a business I'm probably going to get laid more in the next 10 years well the only push back I would get is that you have to be one of the 10 best soccer players in the world that year to play for Chelsea that is really hard that is really that means you're the best player in Sagal and then you go I mean you just have to be Godlike talented the best 10% of tax lawyers that's tens of thousands of them fly private and get laid more than you think because they fly private and they can afford they can find someone and give them a wonderful life so I mean look in a capitalist I'm not saying this is how the world should be I'm saying this how the world is economic security provides you with all sorts of opportunities for experiences for relationships for romantic opportunities and it is sexy to be great at anything and get Economic Security from anything and I can't tell you I love taking care of my kids because at one point I was worried about my ability to take care of my kids and not worry about it and this is where happiness comes from it's great to be in a Prestige industry and be a baller I get reward from some of the fame I have right now I'm sure you get reward from it but the thing that is really rewarding as you get older is I can lean into my relationships with my sons and I don't have that economic fear I had the first time my son came marching out of my girlfriend that is so rewarding I can take care of my dad I don't have to worry about it my my dad's 90 going to be 94 in a few weeks and he lives in a really nice home and he has a full-time kind of health aid and it's about a quarter of a million a year to take care of my dad and if you look at okay that's post tax there's no tax credit for it so it's about $400,000 in pre-tax income my sister who does really well but not as well as me we have a great partnership she handles it logistically I handle the money and being able to do that and not have it be a source of stress in my life and know that my dad has taken care of well okay it' be great to be a football player trust me when you get to my age that feels really good that feels really nice and the the the the means to the ends the means money is a means it's really important it's hard to be happy in a capless society with economic stress the standing blood the resting blood pressure of kids in low-income homes is higher than kids in middle and upper M because they sense the anxiety for Mom and Dad I remember you know losing my jacket when I was in eth grade and it was going to be just a horrible day because I had to go home and tell my mom jackets cost 33 bucks all in my head very upsetting the ability to take care of your kids your parents do wonderful things money affords you so many wonderful things that getting to a certain level of Economic Security is the means but the ends the reason you get to Economic Securities is so you can free up and be free of anxiety and have some additional time so you can focus on the ends and the ends is deep and meaningful relationships I spend the majority of my money on traveling experiences with my family and friends I spend a ton of money and I absolutely love it there's no reason to hoard money once I hit my number I hit my number seven years ago and I started thinking I could be a billionaire what was your number uh my number was 100 million by the way my number when I got out of college was a million and then by my 30s I thought well if I had 10 million I'm done and then things got so expensive and my greed glance kept going and my number was 100 million why have a number why did why did people listening need to create a number what's the value of having that sort of Line in the Sand well you need a goal and you need to be thoughtful about how much money you're going to need so if you figure out I'm going to need a I'm going to need 80,000 a year to live the definition of rich is having a ton of and impress your friends the definition of wealth is knowing that the passive income that you would get from growth from your stocks or dividends or incomes or rental income is greater than your burn so you work you work out of out of a option or you work because you want to not because you need to that's the definition of wealth so having a number is just backward integrating into okay um I want to have at least $3 million a year to live the life I want to live all right assuming a 4% return that means I need $75 million so I rounded up to 100 million right I got exceptionally lucky to get there by the way see above in 2008 I was broke I was broke at the age of 4243 that did not feel good I got very lucky started a company bull market the last 16 years right place right time exceptionally lucky but you should be able you should have a number you should say this is the amount of money I need and once I get to this number enjoy it and start giving it away if you love the dver CEO brand and you watch this Channel please do me a huge favor become part of the 15% of the viewers on this channel that have hit the Subscribe button it helps us tremendously and the bigger the channel gets the bigger the guests for

Channel: The Diary Of A CEO Clips

Views: 32,970

Keywords: the diary of a ceo, podcast, the diary of a ceo podcast, life lessons, ceo, Steven Bartlett, Steve Bartlett, life advice, doac, diary of a ceo, diary of a ceo clips, Steve Bartlett Podcast

Id: EZIPjKbry1w

Length: 9min 43sec (583 seconds)

Published: Thu Jul 11 2024