578: Scott Galloway - Adding Surplus Value, Asking For What You Want, Ketamine Therapy, Crude Humor, Being Moved To Tears, & The Algebra of Wealth

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Full show notes at www.LearningLeader.com

The Learning Leader Show With Ryan Hawk

• Create surplus value - What can we do to give more than we take? "The key is to figure out what you can do that others can't or are unwilling to do. Hard work is a talent. Curiosity is a talent. Patience and empathy are talents."
  • "Helping others makes me feel strong."
• Scott's recent experience with Ketamine Therapy - "It clarified my thinking. It's helped me stop keeping score. It also made me grateful for my wife. Did you ever get a gift when you were a kid that you weren't expecting and you couldn't afford it? Something you never imagined having." I got a $45 Banh skateboard from my mom's boyfriend Terry. It was a moment of sheer surprise and joy. My wife kept popping in my head and I kept thinking, god I get to hang out with this person, get to have kids with them, get to build a life with her. It was this overwhelming feeling of wonderful joy and surprise. It was very clarifying and rewarding for me."
• "You Gotta Ask" - Scott met his wife at the Raleigh Hotel pool in Miami. He saw her from a distance and promised himself that he wouldn't leave the pool without introducing himself to her first. In order to do anything of significance in your life, you must take an uncomfortable risk." Scott is married to Beata Galloway, a real estate developer born in Germany. Together, they have two sons. One of them has the middle name, Raleigh.
• Why Crying is Important - "It informs what's important to you."
• Why Scott uses crude humor - It's used to connect with people. And people are either afraid or not able to do it.
• When Scott was 13… One of his mom's boyfriends handed him two crisp 100-dollar bills after he asked him about stocks. Terry (his mom's boyfriend) told him "Go buy some stock at one of those fancy brokers in the village." Once there, Scott met a mentor named Cy Gordner who helped him learn about the markets.
• Show up when it matters — Michael Bloomberg's policy. "If a friend gets a promotion, there is no need to call. You'll get dinner with them at some point. But if a friend gets fired, I have dinner with them that night in a public place where everybody can see me. Because I remember when I got fired from Solomon Brothers — I can tell you every person that called me. That meant something. When I was made partner? I have no recollection of that whatsoever."
• Last year Scott had 340 inbound speaking requests. He accepted 30 of them. His average rate is $112,000 per speech.
• "The stimulus that attracted my attention with the most urgency was money, not as a means of establishing economic security, but to feed my addiction: affirmation from others."
• The role of Luck - Being born in America in the 1960s and two (most importantly) Scott's mom. Though she was raised in a household with little affection, she couldn't control herself with her son. "For me, affection was the difference between hoping someone thought I was wonderful or worthy and knowing it." (Emotional)
• Scott is a dynamic communicator: A turn of phrase is a way of expressing something, in writing or speech, that stands out in some particular way.
• One of the key indicators of long-term success is the "willingness to endure rejection." Whether this is walking up to a stranger at the Raleigh hotel, a cold-calling sales job, or asking people to be on your podcast.
• How to build wealth? Focus (mastery, find your talent), Stoicism (this is about saving more than you spend), Time ( 21 years with your money in low-cost index funds, you will earn 8 times your money), Diversification (Your kevlar). Once you earn some money, assume you are not Steve Ballmer or Mark Zuckerberg. Use a variety of investment vehicles. Going all on one company or asset class is not the optimal choice for most of us.