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“Profoundly insightful and a joy to read. Few explain complicated topics better than Scott Galloway.”
―Morgan Housel, New York Times bestselling author of The Psychology of Money


“The decisions you make at the beginning of your professional life have a compounding impact on your chances of success, and this invaluable guide will steer you toward an optimal outcome.”
―Annie Duke, bestselling author of Thinking in Bets


“The Algebra of Wealth is a book that is about far more than investing and wealth. It’s about how your life choices play out in your financial standing and wealth, and Scott delivers his lessons with humor and panache. I cannot recommend it strongly enough!"
―Aswath Damodaran, professor of finance, Stern School of Business, NYU


“Not only does Scott walk you through the vital steps to gaining financial independence, he provides compelling advice on how to build character, relationships, and an interesting life.”
―David Solomon, CEO of Goldman Sachs


“This is the type of high-impact financial advice that will actually get you to where you want to go.”
―Lyn Alden, financial analyst and author of Broken Money

Chapter 1: Stoicism

What kept me from economic security for much of my life was a stubborn belief that I was exceptional. The market reinforced this. I was starting companies, being profiled in magazines, and raising tens of millions for my start-ups. I was (obviously) on the verge of tens, if not hundreds, of millions as I was (obviously) exceptional. Getting close a couple times only reinforced the belief.

Convinced of my imminent jump to light speed, I ignored the idea of living below my means or saving and investing. The IPO or acquisition would be any day now. I could have easily saved $10,000 to $100,000 per year in my twenties and thirties, but why sacrifice when so much more is right around the corner? Right? Wrong. The dot bomb of 2000, a divorce, and the Great Financial Recession meant that every time the ball looked to be headed for the fence, it would veer foul. And then, at 42, my first son was born.

Angels singing? A Hallmark Channel moment? On the contrary. I was so nauseous I couldn't stand upright. It wasn't the blood and screaming that rendered me useless, but the wave of shame that washed over me. I had fucked up. I could have easily had a few million dollars in the bank, and I didn't. I had failed. Until minutes earlier, I could handle that, because I'd only failed myself. What I couldn't handle was the realization that I had failed my son.

My failure was constructed from poor choices, but it wasn't from a lack of knowledge. I had an MBA, I'd raised many millions of dollars in capital, made payroll every week, and delivered profits every quarter. I understood money. I just wasn't any good at it. I was not alone in this. A study of UK consumers found that while both financial illiteracy and a lack of self-control contributed to people getting over their head in debt, the data showed "a stronger role for lack of self-control than for financial illiteracy in explaining consumer over-indebtedness."

Economic security doesn't derive from an intellectual exercise; it's the result of a pattern of behavior. How can we avoid the pattern of behavior that leads to over-indebtedness and develop that which leads to wealth? Put another way, how can we align our behavior with our intentions? On the surface, this looks like self-control. But self-control suggests willpower, holding to a plan with white-knuckled grip. That's exhausting, fighting your own impulses constantly. There has to be something deeper that enables some people to align their behavior with their intentions consistently over the years.

The distilled answer: character. In the face of modern capitalism's temptations, human frailty, setbacks, and bad luck, our intended behaviors require durability, and that only comes when those behaviors are rooted in our true character. If durable changes of behavior could arise from intention alone, we would keep our New Year's resolutions and never forget a thank-you note. What we do is an expression of who we are. Contrary to the popular saying, it is not the thought that counts.

This chapter explores the development of our character in three parts. First, I explore the essential mechanics and principles of character building. Second, I describe how I apply those principles in my own life, and then I suggest how you might think about building your own strong character. Lastly, I widen the lens to consider character in the community. Humans are a social species, and we can only achieve our full potential in cooperation (and sometimes competition) with others.

Character and Behavior

Humans have sought to build character throughout history. The good news: we know how it's done. The bad: it's difficult. But it's neither mysterious nor complicated. Character and behavior exist in a self-reinforcing cycle. Just as our actions reflect our character, our character is ultimately the product of our actions. That cycle can be a virtuous circle or a destructive spiral-your choice. This is true for more than mere economic success. Living with purpose and consistency is what it means to live an authentic life, leaving it all on the field even if you come up short. The pursuit of wealth, like its cousin, the pursuit of happiness, is a whole-person project.

Humanity has learned the process many times, including through the teachings of Stoicism. Stoicism is a school of philosophy founded in classical Greece that flowered in the Roman Empire and has been reinvigorated by modern interpreters. Stoics regard the development of one's character as the highest virtue, and they have written at length on its pursuit. I call this chapter "Stoicism" because the language of the Stoic philosophers and their modern interpreters resonates with me, and their teachings influence the way I approach my professional and personal life. That said, this section is not an exegesis of Stoic philosophy or limited to its teachings. Marcus Aurelius didn't suggest we "make rich friends," as I do in this section. But I like to think he'd be nodding through most of this chapter.

Around the same time the first Stoic philosophers were contemplating virtue in Greece, the disciples of Siddhartha Gautama were elaborating on his teachings, the emphasis on right intention, right action, and right mindfulness that form the heart of Buddhism. Centuries later, Jesus preached the importance of rightfulness and resistance from temptation, warning us: "The flesh is willing, but the spirit is weak." In nineteenth-century America, Thoreau wrote that the purpose of philosophy is not merely "to have subtle thoughts," but rather "to solve some of the problems of life, not only theoretically, but practically." I suspect every culture and philosophy has some variation of what I cover here. Borrow from these traditions that which serves you.

Hung(a)ry

After graduating from UCLA, I traveled around Europe. At the Vienna airport I changed $300 in American Express Travelers Cheques (don't ask . . . they made no sense then, either). Anyway, in exchange for three fake Benjamins, converted at 96￠ to the dollar into a foreign currency at an American Express travel office (see above: made no sense), I received several stacks of forints and was now the baller I was meant to be. A short train ride was all that stood between me and the consumer orgy waiting for me in Budapest.

In a store window I saw a beautiful leather travel bag, so I went inside. There I found people shopping for . . . spools of thread and needles. Before I even had the chance to ask about the bag, the woman behind the desk pointed at it and said, "Not for sale." Soon I was back at the travel office with my only slightly smaller stack of forints, getting a lesson in currency exchange and the bid-ask spread.

Thirty-five years of capitalism later, whether you are in Budapest, Hungary, or Budapest, Georgia (yes, this place exists), and you want toothpaste for sensitive teeth infused with olive oil or cereal that tastes like French toast, no problem. Those products exist and can be at your doorstep that afternoon. Say what you will about communism, but it sure made it easy to be frugal.

"The easiest way to make a dollar is to save a dollar" is good advice. Yet every day, hundreds of times a day, we are confronted with messages, arguments, and encouragement to spend. Capitalism harnesses the ingenuity and energy of an entire society toward a singular purpose-to persuade you to spend money. It's what makes the system function. The temptations range from an impulse purchase of gum at checkout to add-ons to your Amazon cart to an upgrade to economy-plus with priority boarding and free drinks. And, by the way, do you want to "protect" your trip (i.e., buy insurance) in case something happens . . . or check the "I do not want to protect my trip" box and feel irresponsible, negligent even? Don't worry, American Airlines (or their insurance partner) can make you feel less negligent for an additional $39.95.

Craving Is in Our DNA

Capitalism has

‘You need this book.' Steven Bartlett, author of The Diary of a CEO

The world is changing. It's time for a new financial playbook.

In this must-have guide to optimizing your life for wealth, success and happiness, you'll learn:

？ how to find and follow your talent
？ what small steps you can take now that pay big returns later
？ how to develop better financial habits

Bursting with practical, game-changing advice from one of the world's most popular business school professors, The Algebra of Wealth is the practical guidebook you need to win today's wealth game.

Today's workers have more opportunities and mobility than any previous generation. They also face unprecedented challenges, including inflation, labour and housing shortages, and climate volatility.

Even the notion of 'retirement' is undergoing a profound rethink, as our lifespans extend and our relationship with work evolves. In this environment, the tried-and-true financial advice our parents followed no longer applies.

In The Algebra of Wealth, Galloway lays bare the rules of financial success in today's economy. In characteristic unvarnished, no-BS style, he explains you what you need to know in order to improve your chances of achieving economic security no matter what.