A successful businessman who made his millions selling several technology companies has some simple advice for young Americans looking to rise above a weak economy.
Scott Galloway says the most important place to start is to get a quality education to increase your earnings – then move to one of the world’s “supercities” to increase your chances.
Speaking to Steve Bartlett on his The Diary of a CEO podcast, Galloway said these two lifestyle changes, along with small blessings, can make a big difference in a young person’s life.
A good tip is one, get the permits. We live in the Linkedin economy,” Galloway said.
Scott Galloway, pictured, said getting a degree from a reputable school is the best way to get on the road to wealth.
The next step in the pursuit of wealth, after you get out of college, is to move to a big city like Milan, Munich, London, San Francisco or New York City, pictured.
‘On average, people who earn a college degree earn 50 to 100 percent more over their lifetime. There is a whole class of industries that are off-limits to people without credentials.’
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 City.
He said that two-thirds of all economic growth in the next 30 years will occur in 20 cities in the world.
But even getting to a city can be beneficial, as the World Bank estimates that more than 80 percent of the world’s GDP is generated in cities.
However, some cities are better than others, according to Galloway, who is also a marketing professor at NYU’s Stern School of Business.
“Being good in San Francisco is better than being good 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 town, Galloway said, you basically put yourself in the big leagues and allow yourself to compete with the best.
‘When you’re in town, you play with Serena Williams every day. Everyone is smart, everyone is well dressed, everyone works hard, everyone takes advantage. And you’re surrounded by very successful people, and you’re going to blow your chances every day.’
He also said that moving to the city is better when you are young and not bound by additional responsibilities.
Galloway grew up in Los Angeles, pictured, and says many of his successes in business and life began with being born there.
‘When you are young you can be in the city because you can live in a 400 square meter apartment, you can be outside the house all day,’ he said. ‘Do it when you’re young because when you start collecting dogs and kids like I did in my 30s, I couldn’t live in New York anymore.’
But before all that, Galloway said getting a degree is essential to living a fun, adventurous life in the big city.
That’s because the cost of living in cities is high and has always been high.
Especially now, after years of deflation that have seen housing, food and everything else become more expensive for Americans.
With this in mind, someone with a bachelor’s degree earns about $1,493 per week, according to the Bureau of Labor Statistics.
Someone with just a high school diploma makes $899 a week on average, the data show.
But ultimately, Galloway said his advice applies to people who want to be ‘economic animals.’
‘Some people might say, “Scott, it’s your way, it’s not the right way. I want to teach football in my small village on the Amalfi Coast. I can make 55,000 euros who run a small bakery and have a very happy life.” More power to you,’ he explained.
‘Most of the young people I hear from realize that … wealth equals value and love in a capitalist society and they want more economic security.’
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