Does Scott Still Teach at NYU? Private Clubs for the 1%, and How Money Changed Scott’s Life

Scott answers a question about his role at NYU. He then unpacks the rise of private social clubs and whether they could ever be made more accessible. Finally, Scott reflects on how building wealth has shaped his perspective. Want to be featured in a future episode? Send a voice recording to [email protected], or drop your question in the r/ScottGalloway subreddit. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:01Scott Galloway?

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• 0:48Speaker 01

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• 1:19Speaker 02

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• 1:51Scott Galloway?

  Welcome to Office Hours with Prof G. This is the part of the show where we answer questions about business, big tech, entrepreneurship, and whatever else is on your mind. What's happening? Just a reminder, you can now catch Office Hours every Monday and Friday. That's two episodes a week. If you'd like to submit a question for next time, you can send a voice recording to [email protected]. Again, that's [email protected]. Or post your question on the Scott Galloway subreddit, and we just might feature it in our next episode. What a thrill, first question.

• 2:24Scott Galloway?

  Our first question comes from Wildsource1359 on Reddit. They ask, "What's the deal with you as a teacher at NYU Stern? You currently live in London. You are constantly flying around the globe. How and how often do you actually teach? Is it over Zoom? Is it for a concentrated period of time, say, one week?" Okay, the bottom line is, I have not taught at NYU a three-unit course since COVID. When I moved to London, I offered to resign and they said, "Don't resign. You're good for the brand." Also, I don't, in 2017, when I sold my last company, I returned all of my compensation up until that point to NYU and said, "I make a really good living. I've gotten really lucky.

• 3:07Scott Galloway?

  I don't want to take compensation from NYU or be a part of this industrial complex that keeps raising tuition." So I returned all my money. So I'm a pretty easy person not to fire right now. I don't cost them anything. As a matter of fact, I give money back to NYU. But I also do, I speak a lot there. I do symposiums. The deans have used me as a weapon occasionally for fundraising or to do talks in Europe. I'm moving back to the US in about a year and I will begin teaching again. But no, I haven't taught in a couple of years. I do teach online courses for Section, which is Upscaling Enterprise Professionals for AI. I do quite a bit of teaching there over Zoom, but I haven't taught in person. I'm actually a bit intimidated by it because I haven't done it in a while.

• 3:51Scott Galloway?

  I'm what you call, someone jokes, I'm a Pino, and that is a professor in name only right now. But I plan to teach again. I've taught about somewhere, I think, between 4,000 and 4,500 students over the last 23 years. And I was just a little bit burnt out on it, quite frankly. But I'm looking forward to getting back in, you know, back in front of the lectern in about 12 months' time. Appreciate the question. Question number two, our second question comes from Captain Lance Murdock. Captain Lance Murdock? Where did they get this shit? On Reddit, they say...

• 4:26Scott Galloway?

  Scott, you talk a lot about expensive private restaurant clubs separating the rich and by steering money away from open places hurting the offline experience of the younger generation just beginning to build wealth. Should there be a more affordable private club option that comes in below the top of the market and tries to bring the experience to more people? Could this work? Is the community and organized services that is the draw, or is it simply the expensive exclusiveness that supports the model? Yeah, and I think the market will take care of this. To a certain extent, see, these clubs are already going where you're going, and that is they're discriminating by age, which I have absolutely no problem with. I'm a member of, I join everything. I have a very, it's not even a fear of death, it's an embrace of death. I think my time here

• 5:08Scott Galloway?

  is limited. I think the amount of time I'm gonna be willing to go out and get drunk and have people bump me and I'm not gonna get aggravated or upset or endure the hangover or appreciate loud music or even be able to hear the people I'm having dinner with at a place with loud music. I think my days are numbered, so I wanna do fucking everything. I want, I finally have the money. Most of my life, I didn't have money. I was always like saving for something or trying to buy a house or investing in a startup or paying off my debts after fucking dot com implosion or the great financial recession. So what they've done, though, is they price discriminate by age, and that is they, almost all of them have junior memberships where I pay $5,000 or $5,500 a year, which is fucking insane. You pay $5,000 to go buy dinner and drink somewhere, but they spend a lot of money

• 5:52Scott Galloway?

  on the club, additional finishes, and they curate, quite frankly, they curate the people, a lot of cultural events. It's kind of aspirational when people are in town to take them to the hot new club or whatever. And also, you're signaling your value. You're signaling that you're cool enough to be a member of Zero Bond or Shea Margot or you're, you know, you are a bit Tiara trash and take them to Casa Cipriani, which I love, which I love. Weird location, downtown tip of Manhattan. It's kinda weird. I'm gonna go down there. I'm like, I feel like I'm in Escape from New York and Kurt Russell's gonna show up with a sawed-off shotgun or the zombies are gonna come out of the water. Anyway, but typically, if they're charging me $5,000, they're charging junior members $1,500 or $2,000. So that's still a lot of money, but if you wanna be in a, you know, you wanna

• 6:37Scott Galloway?

  be in a membership club, there's gonna be a membership, and they are starting to price discriminate. I think the anti-alcohol movement is terrible for young people. Terrible. I think the risk to your 25-year-old liver of alcohol are dwarfed by the risk of social isolation. And young people need to have more friends. They need to approach more strangers. They need to laugh more. They need to fuck more, quite frankly. And all of that leads to one place, Alkamah Hall. And I just think the fact they're drinking less is not a good thing. And I'll get a lot of shit for that, but I'm sticking by my guns. If I look back on all my best friendships, or romantic opportunities, or great times, oftentimes, they involved alcohol. I don't think there's anything wrong with it. And 90 to 95% of people, young people, can figure out a way to manage their substances in their

• 7:19Scott Galloway?

  professional life. Anyways, I would like to see a tax subsidy for third places. A third place can be a softball league, obviously, religious institutions are nonprofit, Nike's running club where they get people together in person, you know, subsidized gyms where people can bump off one another. I'd like to see some sort of tax credit where if you aggregate enough young people in person, you get special tax status as a third space. Because where on earth are young people supposed to meet and fall in love? They aren't going into work. They aren't going to school. They're doing a remote school. They're not going to religious institutions. So anyways, a long-winded way of saying, I'd like to see more emphasis and more opportunities for young people to get out and find friends,

• 8:04Scott Galloway?

  mentors, and mates. And anyways, back to your original question, these clubs are smart. They're offering a junior membership because, quite frankly, they want more younger people. They see an opportunity. Those people can't afford the same price point. And also, being a cool club and aspirational just involves having a lot of young people there, or a decent number of young people. I appreciate the question, and I hope I see you out drinking and enjoying yourself. We'll be right back after a quick break.

• 8:39Scott Galloway?

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• 9:24Scott Galloway?

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• 9:41Scott Galloway?

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• 10:26Scott Galloway?

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• 10:48Scott Galloway?

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• 11:33Scott Galloway?

  Over 16,000 fast-growing companies like Ramp, Ryder, and Harvey save time and resources while scaling fast with Vanta. Learn more at vanta.com/profg and get $1,000 off. That's spelled V-A-N-T-A dot com slash profg for $1,000 off.

• 11:57Scott Galloway?

  Welcome back. Our final question also comes from Reddit. User BozTenderOC asks,

• 12:05Scott Galloway?

  "How did your life change when you made money? I'm curious to hear about your transition from poor to able to pay the bills, to millionaire, to deck-a-millionaire, to 100-millionaire. We've gotten some hints from your stories, but it would be interesting to hear more." I think a lot about money, and I talk a lot about it. And I think this zeitgeist that you're not supposed to talk about money is nothing but an effort by rich people to keep the poor and middle class down. If you want to be good at something, you need to think about it and talk about it a lot. And talking about it a lot gives you ideas and opportunities and can be quite cathartic because a lot of us are struggling, are stressed out by money, and don't want to talk about it for fear it makes us seem weak. And I think it's helpful to understand different tricks and different opportunities in the tax code and what your friends are making, such that if you're being underpaid, you

• 12:50Scott Galloway?

  can be more aggressive about finding another job. So I talk about money a lot, and I'm probably think about it too much. I didn't grow up with a lot of money. I went to UCLA, almost had trouble paying my bills at UCLA, had trouble paying my bills out of UCLA, went to Cal, no money, had a 1984 Honda Accord. I was happy, and it was fun, but... And then poured all my money into my first company profit. I started making money basically when I found a partner who was also making good money and the two of us together could start living a nice life. The best thing for me, I mean, one, you have a nicer life when you have money. I was able to move into a nice home in San Francisco, but the motivator for me and

• 13:32Scott Galloway?

  the biggest payoff for me was I got to take care of my mom and I got to spoil my mom before she passed away. And I know that's a lot of virtue signaling, but it's true. My mom had taken really good care of me on a secretary's salary. So I remember, I'll always remember, I got one of my first clients at Profit, my brand strategy firm was Wimpsonoma. And one of my mentors there, this really wonderful guy was a CMO named Pat Connolly, gave me, he said, don't tell anyone, but I heard your mom just moved into a retirement home, a retirement community. I'm going to give you an employee discount. And I decorated my mom's entire house in Pottery Barn. And she just thought this was like the most opulent thing that she'd ever like, that she'd ever experienced in her life. And it was such a nice moment

• 14:16Scott Galloway?

  for me to like, serve that role as protector and kind of spoil my mom. That's the first thing I think about when I think about money. The next thing was getting to do really nice things, experiencing great things. I like spending money. I'm good at it. How do you get good? There's so many people don't know how to spend their fucking money. If you have a lot of money and you don't have a nice place to live and you don't go to F1 in Montreal, or you don't go to Cannes Lions, or you don't meet your friends in Vegas and go see you two at the Sphere, like, what's the fucking point? Spend it. And that's when you know you have some financial security. But I kind of went from never having enough money to having a decent amount of money to all of a sudden having a shit ton of money. It's like aging. I was always the youngest person in the room. And then all of a sudden, I was the oldest

• 15:01Scott Galloway?

  person in the room. I was never the same age. And that's kind of the trajectory of my wealth. I was always reinvesting back in my companies, failing, reinvesting, failing, getting by, decent living, but not a lot of money. And then I hit it big, mostly because the markets went crazy from about 2009 to now. And was in the right place at the right time with the right skin color, outdoor plumbing, able to raise a shit ton of money. Also, I'm not humble. I'm a fucking monster. I'm in the top 1%, but my wealth is way more. Than the top 1% because the smartest thing I've ever done was be born in America in the 60s, a white heterosexual male. A lot of my success is not my fault. So being able to take care of my mom, getting to do nice things, and now money for me is really an absence of stress. What do I mean by that? When my first son came rotating out of my

• 15:45Scott Galloway?

  girlfriend, all I felt was shame and fear. I was 2008. I had just lost pretty much everything in the great financial recession. And I thought, you know, I'm failing as a father. That was my, literally my first instinct. It wasn't like angels singing and some fucking insurance commercials. Like I failed this kid. I don't have enough money. And I was very scared. I was really stressed out about money and not being, it's one thing like to fail yourself. I'm talented. I can always make enough money to take care of myself. And I'm like, God, I don't have as much money as I thought I was gonna have. So getting financial security and economic security for me was just an absence of stress. And happiness is not only a function of the things you have, it's a function of the things that

• 16:27Scott Galloway?

  you don't have, specifically an absence from stress, that if you find out your wife has lung cancer, it doesn't also mean you're gonna bankrupt. And then my kids' struggles are not going to be a function of my inability to provide for them. And that's just an enormous unlock. It's always been something, and I know you can have a middle-class life and live well and raise your kids well. I was always, I don't know, I've just taken too much incorrectly self-esteem or lack thereof from my economic viability. So an absence of stress, and now it's, I do amazing things with money, and I think I'm really good at it. I hit my number and I decided to get off the money hamster wheel. I hit my number eight years ago. Unless I really fuck up, which I've done several times, but unless

• 17:11Scott Galloway?

  I really fuck up again, and I'm trying not to, I'm diversified, I should be fine. And so what I do is I've decided there's just no reason why I would ever need to be a billionaire. When I sold my company in 2017, I thought I'm gonna take 25 million and raise another 250 and start a private equity fund because I would like to someday be a billionaire. And then I Read some stuff and I'm like, why would I want to be a billionaire? Why would I want back on this hamster wheel of stress? And I've been working my ass. I've been doing nothing but working for a quarter century. I had boys at home. I had a wonderful partner. I had a capitalist society that lets you hang out at some Argentinian super cool hotel for a thousand bucks a night and go eat amazing food. And then, and then, you know, I give the tech guy here a hundred bucks and he finds me

• 17:54Scott Galloway?

  a Mac laptop and he thinks he's died and gone to heaven because I gave him a hundred bucks and I can go back to when I was a waiter and someone gave me money and it made me feel really good. I can feel masculine. I can feel important. But where I am now is I'm going to, every year I look at my number and anything above that number, I do one of two things. I either spend it. I love to spend money. I'm selfish. I love to have a good time. I do amazing things. I have a plane. I never let money get in the way of a good time. If my friends are busy, I'll send the plane for them. If they don't have as much money or they're not as blessed, I pay for shit. It makes me feel good. I have no reciprocal expectation around them doing anything back. If that sounds like I'm virtue signaling, I am, but it's also true. I can pay people really well, which makes me feel important and masculine.

• 18:38Scott Galloway?

  And then anything above that, I give away. And I, I don't think of it as philanthropy. I think of it as consumption. When I give money to the University of California, when I give money to charities focused on teen depression, I'm like, okay, I can talk about struggling young men because I am fucking walking the walk. You want to have money such that you can reduce the stress in your life. You can take care of people who you love and have been good to you. You can try to restore some of the incredible values and recognize the opportunities that were given to you and make sure those opportunities are presented to other people. And you can pay people well and you give money away and you can have a fucking ball of time and you can be really fucking masculine. It feels amazing to spend money and to give it away. That was a lot. Anyways, thanks for the question.

• 19:23Scott Galloway?

  That's all for this episode. If you'd like to submit a question, please email a voice recording to [email protected]. Again, that's [email protected]. Or if you prefer to ask on Reddit, just post your question on the Scott Galloway subreddit and we just might feature it in an upcoming episode.

• 19:48Speaker 03

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