NYU Stern professor and serial entrepreneur Scott Galloway, who sold his second company, L2, for $158 million in 2017, says that every young person needs a plan for establishing wealth — and that they need to follow what they’re good at, not necessarily what they’re passionate about, to live the lives they want.
In a July interview with TODAY, Galloway defined wealth as bringing in more passive income than what you burn through. So being wealthy doesn’t mean hitting a set dollar amount, but rather an amount that gives you what you need to feel the absence of economic stress.
Related: This Is ‘the Greatest Skill You Can Develop’ for Entrepreneurship, Says Professor Scott Galloway
To get to that point, Galloway says to “find your talent, not follow your passion” from an early age.
“Anyone who tells you to find your passion or follow your passion is already rich,” he stated. “You want to be thoughtful about doing something [where] you can be in the top ten or top one percent… Fulfillment comes from mastery.”
Galloway gave the example of tax law. If someone can study law, meet the requirements to become a tax lawyer and rise to the top 10% compared to their peers, they will become passionate about it, according to Galloway.
Mastery leads to passion, he said.
Scott Galloway. (Photo by Tobias Hase/Picture Alliance via Getty Images)
Galloway also recently weighed in on what qualities are needed for someone to become a successful entrepreneur.
He said that entrepreneurship isn’t for everyone, because starting a business requires certain traits like risk-aggressiveness.
These “are certain attributes that most people don’t have,” he said.
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