An accomplished entrepreneur who made his millions selling several tech companies has simple advice for young Americans who want to rise above the cutthroat economy.
Scott Galloway says the most important starting place is to get a quality education to maximize your earnings – then move to one of the world’s ‘supercities’ to maximize your opportunities.
Speaking to Steve Bartlett on his The Diary of a CEO podcast, Galloway said these two lifestyle changes, along with a little luck, can make all the difference in a young person’s life.
‘The best piece of advice is one, get credentialed. We live in a Linkedin economy,’ Galloway said.
Scott Galloway, pictured, said getting a degree at a respected educational institution is the best way to get on the path toward wealth
The next step to chase wealth, after you’re out of college, is to move to a big city such as Milan, Munich, London, San Francisco or New York City, pictured
‘On average, people who get a college degree earn 50 to 100 percent more throughout their life. There’s an entire set of industries that are off limits to people that don’t have credentialing.’
He also suggests that the best way to attract wealth in your life is to surround yourself with wealth by relocating to big cities such as Milan, Munich, London, San Francisco or New York City.
He said two-thirds of all economic growth over the next 30 years will occur in the world’s 20 supercities.
But even getting to a city might be worthwhile, since the World Bank estimates that more than 80 percent of global GDP is generated in urban areas.
Still, some cities are better than others, according to Galloway, who is also a marketing professor at NYU’s Stern School of Business.
‘To be good in San Francisco is much better than being amazing in Stuttgart,’ he said, referring to the southern German city of roughly 630,000 people. ‘The smartest thing I’ve ever done was being born in California.’
When you get to a city, Galloway said, you’re essentially putting yourself in the big leagues and allowing yourself to compete with the best of the best.
‘When you’re in a city, you’re playing against Serena Williams every day. Everyone is smart, everyone is well-dressed, everyone is working hard, everyone is taking chances. And you are surrounded by people who are very successful and you are going bump off professional and personal opportunity every day.’
He added that moving to a city is best when you’re young and not tied down by additional responsibilities.
Galloway grew up in Los Angeles, pictured, and said a lot of his luck in business and life started with being born there
‘When you’re young you can be in a city because you can live in a 400-square-foot apartment, you can be out of the house all day,’ he said. ‘Do it while you’re young because when you start collecting dogs and kids as I did in my 30s, I could no longer afford to stay in New York.’
But before all that, Galloway said getting a degree is essential to live an exciting, risk-taking lifestyle in a big city.
That’s because the cost of living in cities is high and has always been high.
Especially now, after years of runaway inflation has seen housing, food and everything else get radically more expensive for Americans.
With this in mind, an individual with a bachelor’s degree earns roughly $1,493 a week, according to the Bureau of Labor Statistics.
Someone with only a high school diploma only makes $899 a week on average, the data shows.
But ultimately, Galloway said his advice applies to people who want to be ‘economic animals.’
‘Some people may say, “Scott, it’s your way, it’s not the right way. I want to teach football in my little village in the Amalfi Coast. I can make 55,000 euros running a small bakery and have a really nice life.” More power to you,’ he explained.
‘The majority of the young people I hear from realize that…wealth equal relevance and love in a capitalist society and they want to be economically very secure.’