Navigating Wealth Accumulation and Personal Growth in a Fast-Paced Era

In today's rapid-paced world, young people's desire for wealth accumulation has intensified. The "On Purpose" podcast, founded by Jay Shetty, offers valuable insights into happiness, mental well-being, and life control. As a globally ranked podcast, it has been releasing episodes every Monday and Friday since 2019.

Scott Galloway, a renowned professor at New York University's Stern School of Business, shared profound views on the podcast. His book, "The Wealth Formula: How to Win at the Game of Wealth," debuted as a #1 bestseller on Amazon and The New York Times. Galloway's wealth formula is: Wealth = Focus + (Discipline × Time × Diversification). He explores topics like the significance of hard work, the definition of financial freedom, and the relationship between passion and profession.

Many young people in their 30s wonder why they are not earning as much as their parents did at the same age. This phenomenon is attributed to globalization, network effects, and other factors, leading to a wealth shift from young to old. Taxation and fiscal policies exacerbate this divide, causing anger, shame, and social issues among young people.

To change this situation, individuals can vote for policymakers who acknowledge the unfairness of fiscal policies. Young people should focus on finding their passions and excelling in them, rather than blindly working. They can invest 3-5% of their income in low-cost index funds, following Warren Buffett's long-term investment philosophy.

Establishing a healthy savings framework is crucial. Start by accumulating funds, experimenting with different ways to earn money, and utilizing apps to enforce savings. Be aware of national tax policy changes to choose suitable projects. For young people, owning a home is ideal, but distinguish between visible wealth (riches) and invisible wealth (financial freedom). Aim to achieve homeownership by 40, but do not make it the sole standard for success or investment.

When facing execution challenges, recognize that brain development differs between young men and women. Calculate the effort required to achieve a desirable lifestyle, plan ahead, and motivate yourself to take action. Understand that young people can have everything, but not simultaneously.

In reforming relationships with money, acknowledge the educational system's shortcomings in financial literacy. Self-educate on personal finance, and communicate openly with your partner about income and expenses. In career development, find your passion, but do not hastily quit your current job. Each work experience will contribute to your growth, and trying public-facing roles can help you develop resilience.

No one can guarantee success, but focus on building meaningful relationships and balancing happiness and sadness in life. When investing, remain humble, grateful, and aware of luck's role. Prioritize focusing on one thing, balancing life and work, before expanding or taking on side hustles.

Observations show that top performers in companies often graduate from elite universities, have competitive sports backgrounds, and are mostly women. They are decisive, proactive, and willing to help others. Scott Galloway emphasizes the importance of living in the present, donating to charity, and setting financial goals. His advice to young people is to put down their phones, start exercising, earn money, communicate with others daily, and pursue personal growth and wealth accumulation.