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    204: Scott Galloway | Solving the Algebra of Happiness

    en-usMay 28, 2019
    What are the benefits of turning your home into an Airbnb?
    What unconventional wisdom does Scott Galloway share?
    How does prioritizing career success affect personal life?
    Why is building strong relationships important for success?
    What small actions can strengthen personal relationships?

    • Creating a special Airbnb experience and unconventional career adviceTransforming your home into an Airbnb brings income and shares your world. Focus on relationships for career success, not just passion.

      Turning your home into an Airbnb not only brings in extra income but also allows you to share a piece of your world with others. The hosts in this episode have created a welcoming and special experience for their guests by adding personal touches and local recommendations. Meanwhile, professor and entrepreneur Scott Galloway shares his unconventional wisdom from his own experiences. He advises forgetting about work-life balance early in your career for economic success, and suggests that following your passion might not be the best advice. Instead, he recommends focusing on cultivating strong relationships. Check out the episode for more insights from Scott and the hosts' experiences with Airbnb. And don't forget, Mother's Day is coming up and Nordstrom Rack has great deals starting from just $30.

    • From Unremarkable Beginnings to Remarkable SuccessesSuccess can come from unlikely beginnings, but opportunities for advancement may be more limited today due to prioritization of exclusivity over accessibility.

      Failure and unremarkable beginnings can lead to remarkable successes, but opportunities for advancement may be more limited today than in the past. The speaker, who lied to get into UCLA and had a low GPA, ultimately became a professor at NYU Stern Business School. He attributes his success not to his character or talent, but to the generosity of California taxpayers and the vision of UC Regents. He acknowledges that failure teaches valuable lessons and that society today may overlook the potential of unremarkable individuals. However, he expresses concern that opportunities for such individuals are diminishing as academic institutions prioritize exclusivity over accessibility.

    • The focus on creating wealth for the few is unsustainableSuccess depends on individual talent and systemic factors, including education and geography. Investing in 'unremarkables' and equal opportunities is crucial for a more equitable society.

      The current societal focus on creating wealth for a select few at the expense of the majority is unsustainable and dangerous. The speaker argues that while talent is necessary, it's no longer enough to ensure success. Instead, factors like education and geography play a significant role in income trajectory. The speaker laments the shift from a collective goal of making millions of millionaires to crowning the first trillionaire, and the resulting wealth inequality. He believes that the education system, which favors the privileged, and the concentration of economic growth in a few cities, perpetuate this inequality. The solution, according to the speaker, is to value and invest in the "unremarkables" and ensure equal opportunities for all, regardless of their background or credentials. In essence, it's important to recognize that success is not just about individual talent but also about systemic factors.

    • Aspiring to join the top economic classes? Move to a global super city and get certified.Moving to a global super city and getting certified can increase chances of success in the top economic classes, but requires dedication, hard work, and some luck, while also being financially viable.

      If you aspire to be in the top economic classes, particularly the top 1% or even the top 0.1%, getting certified in your field and moving to a global super city can significantly increase your chances of success. This is because most economic growth will occur in these cities, and being surrounded by high achievers can elevate your own game. However, it's important to note that success is not just about hard work and intelligence, but also about being in the right place at the right time and having some luck. Additionally, the cost of living in these cities can be high, making it essential to have a good income to afford it. The top 1% is not just the wealthy individuals you see on TV or in the news, but rather those making around $780,000 a year, and even they may struggle to afford living in places like Manhattan or San Francisco due to high taxes and living expenses. Ultimately, it's crucial to understand that the path to success is not easy and requires dedication, hard work, and a bit of luck.

    • Redefining Wealth and SuccessUnderstand self-forgiveness, recognize the role of luck, focus on passive income, and live within means for true success.

      It's important to redefine wealth and understand that being successful doesn't necessarily mean having more money or power than others. The speaker, Scott Galloway, emphasizes that self-forgiveness and recognizing the role of luck in success are crucial. He also suggests focusing on passive income and living within means. The constant comparison to others on social media and societal expectations can lead to disappointment and unhappiness. Senior advice consistently includes being less hard on oneself, and it's essential to remember that success isn't solely determined by individual efforts. Instead, it's a combination of hard work, luck, and forgiveness towards oneself and others.

    • Finding motivation for wealth through personal experiencesUnderstanding personal motivations can help individuals achieve significant wealth, as demonstrated by the speaker's father's passive income and his own experiences.

      Having a reliable source of passive income can lead to financial security and happiness, regardless of the amount. The speaker shares his father's example, who receives $48,000 a year in passive income and lives comfortably. On the other hand, the speaker's hunger for wealth came from personal experiences, including a desire to provide better care for his sick mother and expand his social circle. Talent alone may not be enough to achieve significant wealth, and having a strong motivator, such as hunger, can make all the difference. The speaker emphasizes that everyone's source of hunger is different, and understanding its origin can be crucial for achieving success.

    • Money is just a tool, not the goalPrioritize life balance, consider sacrifices for career success, and remember happiness comes from various aspects of life.

      Money is an important tool for creating a fulfilling life, but it's not the only factor. The speaker shares his personal experience of prioritizing career success early on, which came at the cost of other aspects of his life. He advises young professionals, particularly those with high economic aspirations, to recognize the trade-offs and be honest about what they're willing to sacrifice. Money should be seen as the ink in the pen for your story, not the story itself. The speaker acknowledges that the world often prioritizes economic success, but encourages individuals to consider stepping off the hamster wheel and investing in other areas of their lives that contribute to happiness and satisfaction. He also cautions against blindly following the advice to "follow your passion," as success stories often come from individuals who have sacrificed other areas of their lives to achieve financial success. The speaker emphasizes that everyone's situation is unique, and there's no one-size-fits-all approach to balancing career and personal life.

    • Addressing Ageism in the WorkplaceAgeism can limit opportunities for older workers, but it also presents an opportunity for companies to tap into their valuable skills and experience. Recognizing and addressing ageism is crucial for creating an inclusive and equitable economy.

      Ageism is a significant issue in today's economy, particularly in the tech and finance industries. Older workers, especially those over 40, often face bias and are assumed to be less valuable than their younger counterparts. This bias can be a barrier to opportunities and growth, particularly during the prime earning and monetization years in someone's 50s and 60s. However, this issue also presents an opportunity for companies to tap into the untapped human capital of experienced workers in their forties and fifties, who bring valuable skills and experience to the table. It's important for individuals and organizations to recognize and address ageism in order to create a more inclusive and equitable economy.

    • Myth of meritocracy and hard workHard work is necessary but not sufficient for success. Reality shows that opportunities and circumstances matter. Balance hard work with self-care and recognize failure as part of the process.

      While hard work is essential for success, it's not the only factor. The notion that anyone can make it in a meritocratic society if they work hard enough is a dangerous myth. Reality shows that people face different circumstances and opportunities, and success is not solely determined by individual effort. It's important to recognize that failure is a part of the process, and giving up on something that isn't working after a reasonable amount of time is sometimes necessary. The romanticization of entrepreneurship and the belief that working long hours guarantees success can be misleading. Instead, it's crucial to find a balance between hard work and self-care, recognizing that everyone's circumstances and opportunities are unique.

    • Weighing the pros and cons of entrepreneurship vs employmentEntrepreneurship offers potential rewards and following one's passion, but comes with risks and stress. Employment provides financial security and a steady career path, but may lack celebrity or financial upside. Individual skills, risk tolerance, and career goals should be considered when making the choice.

      While entrepreneurship may offer high rewards and the allure of following one's passion, it also comes with significant risks and stress that aren't always evident. Working for a established company, on the other hand, can provide financial security and a steady career path, even if it may not offer the same level of celebrity or financial upside as entrepreneurship. The speaker shares personal experiences of feeling like an outsider in corporate environments due to communication skills or stress tolerance, but ultimately finding success in entrepreneurship despite these challenges. The choice between entrepreneurship and employment depends on individual skills, risk tolerance, and career goals. The romanticized view of entrepreneurship as the only path to success can be misleading, and it's important to consider the pros and cons of both options.

    • Focus on strengths and hard work for successInstead of relying solely on passion, find strengths and work hard to excel. Financially rewarding careers often involve areas of work that seem unappealing. Long-term success requires dedication and resilience, not just talent or initial passion.

      While following your passion can lead to success for some, the majority of people should focus on finding their strengths and working hard to excel in those areas. Passions can be pursued outside of work for personal fulfillment, but the grind and challenges of a career should not be underestimated. The areas of work that seem unappealing often have better financial rewards, and it's essential to consider the long-term return on investment. The idea that one should only follow their passion is often advised by those who are already successful and wealthy. Instead, focus on finding what you're good at and becoming great at it, and the rewards, including passion, will follow. The concept of "psychic income" refers to the satisfaction and fulfillment gained from work, which can be just as valuable as monetary income. Success requires hard work, dedication, and resilience, regardless of talent or initial passion.

    • Pursuing a passion field with lower financial returnTo succeed, be prepared for financial risks, personal sacrifices, and have the ability to sell and sign checks. Passion and impact can be rewarding, but honest self-assessment is key.

      To succeed in a passion field with a lower financial return, one must be prepared for exceptional risk tolerance, be comfortable making significant financial investments, and have the ability to sell and sign the front of checks. The road to success in these industries often involves personal sacrifices and insecurities, but for those who are passionate and willing to take on these challenges, the psychic income and potential impact on the world can be immensely rewarding. However, not everyone is cut out for entrepreneurship, and it's important to be honest with oneself about one's abilities and comfort level with these risks before pursuing a career in a passion field.

    • Mastering the basics for entrepreneurship successFocusing on foundational skills like timeliness, professionalism, and following up can lead to personal and professional growth, essential for entrepreneurship success

      Entrepreneurship is not only for the most talented individuals, but for those who are willing to take risks and endure uncomfortable situations. Being a bad employee does not guarantee success in starting your own business. It's essential to focus on getting the basics right, such as timeliness, professionalism, and following up, which can significantly impact your career progression. These foundational skills are often overlooked, but they can make a significant difference in your personal and professional growth. So, put in the effort to master the basics and set yourself up for success.

    • Investing in Relationships Leads to Greater SuccessSuccessful people invest in relationships, expressing appreciation and gratitude for meaningful connections that compound like interest, leading to greater achievements and loyalty.

      Building strong relationships is essential for success, whether in personal or professional life. Contrary to the common belief that self-reliance and individual achievements are the keys to success, the speaker emphasizes that successful people have all invested in meaningful relationships over time. These relationships add up and compound like interest, leading to greater achievements and loyalty. Expressing appreciation, gratitude, and admiration for others are small investments that can yield significant returns. People are often hesitant to engage and express appreciation due to misconceptions that it diminishes their standing or that they should focus solely on their own achievements. However, research shows that strong relationships lead to better mating success and redefine masculinity, emphasizing relevance, good citizenship, and being a loving father or friend. Investing in relationships takes minimal effort, such as regular calls, texts, and expressions of gratitude, and can lead to long-term benefits.

    • Understanding Masculinity's Evolution Throughout LifeEmbrace your gender identity, prioritize relationships for personal growth and happiness, and adapt masculinity to different life stages.

      Masculinity, like happiness, evolves throughout one's life. Embracing one's gender identity and striving for personal growth are essential. Masculinity in one's twenties might be about physical strength and social status, while in later years, it could shift towards being a loving, supportive partner and a good citizen. The Harvard Grant Study reveals that the quality and depth of relationships in work, family, and friendships are the key to happiness. Scott Galloway, in his book "The Algebra of Happiness," emphasizes the importance of building strong relationships and respecting others to lead a fulfilling life.

    • Investing in personal and professional growth in your twentiesStart building relationships and skills early to reap significant rewards later on. Check out Jordan Harbinger's free course '6 Minute Networking' for practical tips.

      Investing in personal and professional growth in your twenties, even if it means sacrificing immediate pleasures, can lead to significant rewards later on. This was emphasized in a conversation with Professor Scott Galloway, who shared his own experiences and the importance of building strong relationships. As Jordan Harbinger noted, this concept is not new, but it's crucial and often overlooked. To help listeners develop the skills to build and maintain relationships, Jordan mentioned his free course, "6 Minute Networking," which offers practical tips and techniques. The key is to start building relationships and skills early, rather than waiting until you need them. As Jordan reminded us, "You can find all that at jordanharbinger.com/course. Don't put it off – start digging the well before you get thirsty."

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    1042: Sex Trafficking | Skeptical Sunday

    1042: Sex Trafficking | Skeptical Sunday

    Is sex trafficking really a global crisis or just an overblown conspiracy theory? Andrew Gold reveals truths and misconceptions on this Skeptical Sunday.

    Welcome to Skeptical Sunday, a special edition of The Jordan Harbinger Show where Jordan and a guest break down a topic that you may have never thought about, open things up, and debunk common misconceptions. This time around, we’re joined by On the Edge host Andrew Gold!

    On This Week's Skeptical Sunday, We Discuss:

    • Sex trafficking knows no borders, and the United States stands out as a particularly active region for this crime. It victimizes individuals regardless of age — notably, more than a fourth of those trafficked are minors.
    • The scale of sex trafficking is difficult to determine accurately, with estimates varying widely. This uncertainty stems from the underground nature of the crime and challenges in data collection.
    • Sex trafficking victims often suffer severe physical and mental health consequences, including STIs, injuries, PTSD, anxiety, depression, and substance abuse issues. The average lifespan of women in prostitution is tragically short at around 34 years.
    • The issue of sex trafficking is frequently politicized and weaponized, sometimes exaggerated for political gain. However, it remains a serious problem that ruins thousands of lives through organized crime networks and individual traffickers.
    • Education and awareness are key tools in combating sex trafficking. By learning about the issue, discussing it openly, and spreading accurate information, we can help inform potential victims about the dangers and contribute to prevention efforts. Everyone can play a role in this by staying informed and sharing knowledge with others.
    • Connect with Jordan on Twitter, Instagram, and YouTube. If you have something you'd like us to tackle here on Skeptical Sunday, drop Jordan a line at jordan@jordanharbinger.com and let him know!
    • Connect with Andrew Gold on Twitter and Instagram, and check out On the Edge with Andrew Gold here or wherever you enjoy listening to fine podcasts!

    Like this show? Please leave us a review here — even one sentence helps! Consider leaving your Twitter handle so we can thank you personally!

    Full show notes and resources can be found here: jordanharbinger.com/1042

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