The Prof G Pod with Scott Galloway Office Hours: Using Real Estate to Build Wealth, How to Use Your Discretionary Income, and Best Practices Around Mentorship
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May 17, 2023 Discover how to build wealth through real estate while managing the burden of student debt. Explore whether using discretionary income for travel to company offices is a savvy move. Delve into the essential role of mentorship in personal and professional development, highlighting the benefits for younger generations. Plus, learn the importance of balancing business obligations with time for exploration and personal growth. This engaging discussion offers practical insights for navigating finances and career advancement.
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Managing Debt and Building Wealth
- Refinance high-interest loans (9%) to save on interest payments.
- Consider real estate for wealth-building, leveraging tax advantages and potential rental income.
Leveraging Real Estate
- Real estate offers unique leverage opportunities with lower down payments and higher returns on equity.
- Assemble a "kitchen cabinet" of trusted advisors to help assess your financial situation and real estate opportunities.
Prioritizing Discretionary Time and Income
- Prioritize personal time and experiences with discretionary income, especially when young.
- Focus on building relationships within your current office before investing in travel to other locations.