A successful entrepreneur who made millions selling several technology companies has simple advice for young Americans who want to get ahead in the cutthroat economy.
Scott Galloway says the most important starting point is to get a quality education to maximize your income and then move to one of the world’s “supercities” to maximize your opportunities.
Speaking to Steve Bartlett on his podcast The Diary of a CEO, Galloway said these two lifestyle changes, along with a bit of luck, can make all the difference in a young person’s life.
“The best advice is one: get credentials. We live in a LinkedIn economy,” Galloway said.
Scott Galloway, pictured, said earning a degree from a respected educational institution is the best way to get on the path to wealth.
The next step in chasing wealth after finishing college is to move to a big city like Milan, Munich, London, San Francisco or New York, pictured here.
“On average, people who earn a college degree earn 50 to 100 percent more over their lifetime. There are a whole range of industries that people without college degrees can’t get into.”
He also suggests that the best way to attract wealth into your life is to surround yourself with wealth by moving to big cities like Milan, Munich, London, San Francisco or New York.
He said two-thirds of all economic growth over the next 30 years will occur in the world’s 20 supercities.
But even reaching a city might be worth it, as the World Bank It is estimated that more than 80 percent of the world’s GDP is generated in urban areas.
Still, some cities are better than others, according to Galloway, who is also a marketing professor at New York University’s Stern School of Business.
“Being good in San Francisco is way better than being amazing in Stuttgart,” he said, referring to the southern German city of about 630,000 people. “The smartest thing I ever did was to be born in California.”
When you come 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. Everybody’s smart, everybody’s well-dressed, everybody’s working hard, everybody’s taking risks. And you’re surrounded by people who are very successful and you’re going to take advantage of professional and personal opportunities every day.”
He added that moving to a city is better when you are young and not tied down by additional responsibilities.
Galloway grew up in Los Angeles, pictured, and said much of his luck in business and life came from being born there.
“When you’re young you can live 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 children, like I did at 30, I couldn’t afford to stay in New York anymore.”
But before all that, Galloway said earning a degree is essential to living an exciting and risk-taking lifestyle in a big city.
This is because the cost of living in cities is high and has always been high.
Especially now, after years of runaway inflation, housing, food and everything else have become radically more expensive for Americans.
With this in mind, a person with a college degree earns approximately $1,493 per week, according to the Bureau of Labor Statistics.
Someone with only a high school diploma earns only $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 will say: ‘Scott, that’s your way, it’s not the right way. I want to teach football in my little village on the Amalfi Coast. I can earn 55,000 euros running a small bakery and have a very nice life. I wish you the best,'” he explained.
‘Most young people I hear from realize that… wealth equals relevance and love in a capitalist society and they want to be very financially secure.’