The Power of Compounding & the Definition of "Rich" (With Scott Galloway)
On Investing
Upcoming Economic Data and Social Media Warnings for Investors
The chapter provides an overview of important upcoming economic events for investors to monitor, as well as a cautionary note about imposters on social media. It encourages listeners to engage with the podcast on various social media platforms and hints at discussing money market funds in the next episode.
In this episode, Liz Ann Sonders and Kathy Jones discuss the latest CPI data and the impact for investors. Then, Liz Ann interviews NYU Professor Scott Galloway about his latest book and discusses the importance of financial literacy and strategies for achieving economic security. Galloway shares personal anecdotes and insights on topics such as the power of compounding, the definition of "rich," and the role of upbringing on one's relationship with money. He emphasizes the need for discipline, the value of time, and the rewards of building wealth with a partner. The conversation highlights the role of money as a tool for reducing stress and enabling meaningful relationships.
Galloway also talks about the value of stoicism in dealing with the challenges of money and the need for discipline and resilience. He advises young people to focus on finding their talent rather than following their passion and highlights the significance of being a good communicator in achieving success.
Finally, Kathy and Liz Ann offer their outlook on next week's indicators and upcoming economic data.
You can learn more about Professor Galloway's latest book, The Algebra of Wealth, and podcasts on his website.
On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.
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