Don't Follow Your Passion to Build Wealth, Do This Instead, Says Scott Galloway

NYU Stern professor and serial entrepreneur Scott Galloway, who sold his 2nd company, L2, for $158 million successful 2017, says that each young personification needs a scheme for establishing wealthiness — and that they request to travel what they're bully at, not needfully what they're passionate about, to unrecorded nan lives they want.

In a July question and reply pinch TODAY, Galloway defined wealth arsenic bringing successful much passive income than what you pain through. So being able doesn't mean hitting a group dollar amount, but alternatively an magnitude that gives you what you request to consciousness nan absence of economical 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 travel your passion" from an early age.

"Anyone who tells you to find your passion aliases travel your passion is already rich," he stated. "You want to beryllium thoughtful astir doing thing [where] you tin beryllium successful nan apical 10 aliases apical 1 percent… Fulfillment comes from mastery."

Galloway gave nan illustration of taxation law. If personification tin study law, meet nan requirements to go a taxation lawyer and emergence to nan apical 10% compared to their peers, they will go passionate astir it, according to Galloway.

Mastery leads to passion, he said.
Scott Galloway. (Photo by Tobias Hase/Picture Alliance via Getty Images)

Galloway besides precocious weighed in connected what qualities are needed for personification to go a successful entrepreneur.

He said that entrepreneurship isn't for everyone, because starting a business requires definite traits for illustration risk-aggressiveness.

These "are definite attributes that astir group don't have," he said.

Related: How to Start Your Dream Business This Weekend, According to a Tech CEO Worth $36 Million