Personal Finance with Prof G
Welcome to the Cutting Room Floor, a newsletter where I round up all my personal finance articles, put out exclusive content and interviews, and flag my favorite job listings from around LinkedIn.
As a financial journalist for over a quarter century now (ahem) I've heard a lot of mindless corporate babble over the years. So it was refreshing to sit down and chat with the famous "Prof G," Scott Galloway .
He doesn't have much of a filter -- he just tells it like it is, which can be a little surprising to hear.
Galloway is a marketing professor at 美国纽约大学 - 斯特恩商学院 , but his fans likely know him from his Prof G Pod and Pivot podcasts, his No Mercy / No Malice newsletter, and his Prog G Show channel on YouTube, which collectively reach millions.
The occasion was his new personal finance book, "The Algebra of Wealth". Of course there are a million wealth-building books out there these days, most of which sound pretty much the same.
But this one is different -- not talking about the nickel you can save here or there, but on the really big decisions that will actually affect your wealth outcomes. So he focuses on four themes: Stoicism, focus, time, and diversification.
It's a novel approach to the subject, and one worth reading. Check our our conversation for Reuters here:
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I regret to say that Reuters ' enjoyable "48 Hours" travel series has drawn to a close. Along the way we heard from superchefs like Marcus Samuelsson & Jose Andres, CEOs like Mike Sievert & Sallie Krawcheck & Julia Simet , nonprofit leaders like Darren Walker & Michael J. Nyenhuis , creative forces like Everette Taylor & Daymond John , and on and on.
But let's go out with a bang, shall we?
By which I mean let's tour Lisbon with the CEO and Chief Baking Officer of Magnolia Bakery , Bobbie Lloyd .
The famed cupcake joint is an Achilles heel for many of us ... since my dentist is in midtown, I tend to follow cleanings by frequenting their outpost in Grand Central for treats like banana pudding and key lime cheesecake. Cognitive dissonance, I know -- but as Walt Whitman wrote, I contain multitudes.
For culinary inspiration, it's hard to beat Portugal -- so Bobbie takes us for a little spin. Come along for the ride here:
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Fun numerical tidbits from my overflowing inbox
47.3%: Percentage by which homes are overvalued in Grand Rapids, MI -- the highest number in the nation -- according to new housing data analytics from 穆迪分析 . That is followed by numbers like 44.6% in Knoxville TN, 39.2% in Miami, and 38.6% in Charleston SC. The housing market will eventually reset, because the math is the math ... but a correction hasn't happened yet because of fairly tight inventory, which means people don't have a whole lot of choice. For right now renting is the smarter option, at least in the nation's 50 biggest metros.
89%: Percentage of Americans who don't see themselves as financially successful, according to a new survey from Bankrate . And 27% expect they never will be. That's pretty dark. In terms of global averages anyways, Americans are actually pretty successful, so I expect part of this response is the hedonic treadmill -- no matter what we have, we are conditioned to always want more, creating an internal emptiness that can never be satisfied. Follow me for more fun insights!
51%: Percentage of younger homeowners who had their insurance policies nonrenewed or canceled in the last three years, according a new report from Policygenius . That's a lot! As the saying goes, it doesn't really matter whether you believe in climate change or not ... because your insurance company certainly does. That includes 18% whose policies were scrapped because they live in a high-risk area for hurricanes, wildfires, etc. This is a slow-rolling crisis, because the math of owning a home is already hard enough, and sky-high premiums (or not being able to get coverage at all) is only going to make things worse.
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Your Social Media Presence Can Help You Land (or Lose) A Job Opportunity, Rebecca M. Knight , Harvard Business Review
When To Treat Your 401(k) as a Bank. And When To Keep It Locked Up, Anne Tergesen & Veronica Dagher , The Wall Street Journal
领英推荐
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As always, feel free to get in touch via Twitter (here), or email ([email protected]), or by DM on LinkedIn -- to suggest story ideas, or ask money questions, or hire me as a freelancer, or sponsor this newsletter, or broadcast your job opening.
Until next time!
-CT
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9 个月I just finished Scott Galloway's Algebra of Wealth. It's so good! I texted Mel O CFP as soon as he mentioned hiring a CFP. It was like he was reading my mind.
Thanks for the mention!
Looking forward to Bobbie Lloyd's story. Love the mix of finance and baking!
Great insights, Chris! Excited to hear Scott Gallowat's take on personal finance trends.