No Mercy No Malice

The Algebra of Wealth

Scott Galloway’s four unexpected principles for achieving economic security

The news of the (second) impeachment seems strangely pedestrian after the blowtorch intensity of Reddit vs. The Hedge Funds. The good news is that the hedge funds didn’t conspire with market makers and trading apps to suppress a (warranted) generational revolution. The inevitable Netflix/Hulu/Starz versions will not be so romantic; Reddit mainly inspired a transfer of wealth from one hedge fund to others. It was a pump and dump masquerading as a movement… with many retail investors left holding the bag. There was a conspiracy behind it, though: Society has conspired for decades, through low interest rates, tax policy, and most recently the stimulus, to transfer wealth from the young to the old — the opposite of a healthy society, in which the ballast is a thriving middle class and optimistic youth.

Since 1989, people under the age of 40 have seen their share of the nation’s wealth plummet from 19% to 9%. For the first time in U.S. history, young people are no longer better off (economically) than their parents were at the same age. And, the distribution of this shrinking wealth remains unequal across race and gender. Fading economic opportunity and mobility is a disease, the symptoms of which are shame, frustration, and rage.

But that’s another post. This one is about how to rebel against the conspiracy: the algebra of wealth, or… how to get rich.

Opportunity remains abundant, even as the headwinds of policy make it increasingly difficult for the young to capture their fair share of the spoils (note: this is not sustainable). The less novel path to success does not change, although it is overshadowed by outliers including Charli D’Amelio, President Putin, and Oprah, who illuminate narrower paths. Successful people often unwittingly head fake young people with the humblebrags of “follow your passion” and “don’t think about money.” This is (mostly) bullshit. Achieving economic security requires hard work, talent, and a tremendous amount of focus on… money. Yes, some…