AI transcript
0:00:02 It’s the Spring Big Red Sale at Canadian Tire!
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0:00:48 Welcome to Office Hours of Prof G.
0:00:52 This is the part of the show where we answer questions about business, big tech, entrepreneurship,
0:00:53 and whatever else is on your mind.
0:00:56 Today we’ve got two great listener questions lined up,
0:00:59 and then after the break, we’ve got the Reddit hotline.
0:01:00 Still not a fucking sponsor.
0:01:01 Reddit.
0:01:02 Hello, Reddit.
0:01:03 Call me.
0:01:07 Where we pull questions straight from Reddit, and we’ll start pulling from another platform
0:01:10 soon if they don’t give Daddy some Benjamins.
0:01:15 If you’d like to submit a question for next time, you can send a voice recording to officehours
0:01:16 at prof2media.com.
0:01:18 That’s officehours at prof2media.com.
0:01:24 Or if you prefer to ask on Reddit, post your question on the Scott Galloway subreddit,
0:01:27 and we just might feature you in our next episode.
0:01:28 What a thrill!
0:01:31 By the way, I don’t go to it because they say some people say mean things to me, and it bums
0:01:34 me out because I like Reddit, and I’m desperate for strangers’ approval.
0:01:35 Kind of pathetic.
0:01:37 Kind of pathetic.
0:01:38 But anyways, first question.
0:01:41 Hey, Prof G.
0:01:49 You’ve mentioned before that AI won’t necessarily take our jobs, but rather, people who know how
0:01:55 to use AI well, but I’ve been seeing more examples lately that make me question that.
0:02:03 For instance, Shopify’s CEO recently said that any new roles at the company need to prove they
0:02:06 can’t be done by AI before they get approved.
0:02:12 Basically, if AI can do it, they’re not hiring for it.
0:02:19 So as much as I want to believe that AI isn’t taking jobs, it feels like there’s
0:02:21 growing evidence that it actually is.
0:02:23 What’s your take?
0:02:25 Has your thinking evolved on this?
0:02:28 Appreciate you taking the time.
0:02:33 That’s an interesting question, and also, I just want to acknowledge that there’s some
0:02:34 truth to what you’re saying.
0:02:38 Shopify CEO Toby Luckey told employees in a memo that they need to prove that they cannot
0:02:42 get what they want done using AI before looking to hire new employees.
0:02:47 Shopify ended 2024 with a headcount of 8,100, down from 8,300 a year earlier.
0:02:53 The company laid off 14% of its workforce in 2022 and laid off 20% the following year.
0:02:56 The stock is up nearly 21% in the past year.
0:02:57 I don’t think that’s AI.
0:03:00 I think they probably just overhired during COVID, like most of the tech companies.
0:03:02 No one in tech has been spared.
0:03:06 Last year, over 150,000 employees were laid off in the technology industry alone.
0:03:14 This year, Meta expects to have AI that can function as a mid-level engineer, which probably sent shivers
0:03:16 down the spine of prospective employees.
0:03:20 And I hate to admit this, but Musk sort of inspired this race.
0:03:22 And that was the following.
0:03:28 He basically maintained a minimum viable product on Twitter with 80% fewer employees.
0:03:35 So essentially, the entire tech market stood up and paid attention.
0:03:39 And then you had what was probably the seminal earnings call of the last 10 years.
0:03:45 And that was Meta’s Mark Zuckerberg said, we increased revenues 23% while reducing our head
0:03:45 count 20%.
0:03:47 That’s never happened before.
0:03:49 Think of what GLP-1 drugs do.
0:03:52 They switch off the signal in your brain that you need to eat more.
0:03:56 And the signal to every CEO’s brain when they’re growing is, I need to hire more.
0:03:57 That’s just, okay, I’m growing.
0:03:59 I need more protein in the form of human capital.
0:04:05 Basically, AI has been osempic for the corporate world in that it’s turned off the signal that
0:04:06 you necessarily need to hire more.
0:04:09 And so a lot of people are saying, well, okay, what if we can do this with AI?
0:04:14 I got to be honest here at Prop G Media, I keep asking, why don’t we have this podcast
0:04:16 in numerous languages using AI?
0:04:18 I’m starting to think that way.
0:04:23 But I still hold on to the notion that what’s going to happen with every technology, whether
0:04:29 it’s PCs or automation, there’s some short-term damage in terms of job destruction.
0:04:34 But the auto industry, which was supposed to be wrecked by automation, had some short-term
0:04:39 declines in employment, but we couldn’t envision heated seats or car stereos.
0:04:43 These companies rip costs out of the basic non-value-add part of the production.
0:04:49 Make more profits and then start investing in new models, new dealerships, basically, or
0:04:56 more profitability, which creates cheaper capital such that they can have, I don’t know, more
0:04:57 investment, more employees in my hiring.
0:05:00 I just think that’s a natural cycle of business.
0:05:08 And while AI will come in to Shopify and reduce, for example, customer services is going to
0:05:09 get wrecked.
0:05:10 I wouldn’t want to be in the business of customer service.
0:05:14 I wouldn’t actually want to be in, I wouldn’t want to be a systems engineer right now because
0:05:17 programming is going to get, just get so much easier and better.
0:05:23 But if I have a vision for new products or new features that require software engineering,
0:05:29 which I now have much greater firepower around, I think there’ll be a lot more product management
0:05:30 jobs.
0:05:35 I think that these companies, I think Shopify is going to get to expand to new regions because
0:05:38 they’ll have additional profits and be able to scale up faster with AI.
0:05:44 As a result, there’ll be a shift in skill sets required, but not a shift in, I don’t think,
0:05:45 in employment or total employment.
0:05:47 I think total employment will grow.
0:05:51 That’s a dangerous thing to say, but I think the idiocracy vision of the world where we’re
0:05:54 all, none of us need to work and we’re all just sitting on couches, watching big screen
0:05:56 TVs and getting angry at each other.
0:05:56 I don’t see that.
0:06:00 I think there’s still going to be a need and opportunities for people who know how to leverage
0:06:00 AI.
0:06:07 Now, specifically, when I said AI is not going to take your job, someone who understands AI
0:06:08 is going to take your job.
0:06:10 I still think that’s the case.
0:06:16 I still think if you can figure out a way to understand how AI is going to impact your
0:06:20 division and be the person that, quite frankly, understands how to do more with less, I think
0:06:22 there’s more opportunity for you.
0:06:26 I’d hate to be a mediocre real estate lawyer right now, but a good real estate lawyer that
0:06:30 understands AI is going to make a lot more money because he or she is going to be able
0:06:33 to draft basic documents, but they’re still going to need a human to be creative about
0:06:39 the type of leases and negotiating with the landlord and reading the market and all of
0:06:40 that good stuff.
0:06:46 I think there’s just going to be enormous opportunities here if you understand how to leverage this
0:06:47 technology.
0:06:51 PCs supposedly were going to put a ton of people out of business, and if you didn’t understand
0:06:53 PCs, you probably were vulnerable.
0:06:56 I think it’s just really important.
0:06:57 What is my advice here?
0:06:59 My advice, especially if you have kids, play with AI with your kids.
0:07:04 What I’ll do with my youngest is when we have a weekend together, I’ll say, okay, let’s
0:07:07 use AI to come up with the perfect itinerary for fun this weekend.
0:07:11 We describe each other, and it’s fun, come up with really thoughtful prompts, and then
0:07:12 boom, it comes up with great ideas.
0:07:18 I’m using AI all the time, not as a means of creation, but as a means of enhancing my current
0:07:21 job, making me better at what I do.
0:07:24 So I’m still kind of holding to my guns here.
0:07:29 I think what you’re going to see is a continued shift in the economy where skills, education,
0:07:34 a basic understanding of technology, creativity, ability to get along with and manage other
0:07:37 people, a feel for other nations and cultures.
0:07:43 But if you understand AI, I think there’s all sorts of opportunities for you to take those
0:07:49 additional profits that were saved by AI and come up with new business ideas and new means
0:07:50 of growth.
0:07:55 The lower costs, but still, you maintain your margins because you’re more efficient, meaning
0:07:57 you can expand the market.
0:07:59 But point taken.
0:07:59 We’ll see.
0:08:01 Question number two.
0:08:03 Hi, Professor Scott.
0:08:09 I’m John from Virginia, and I wanted to submit a question regarding planning meaningful guys
0:08:09 trips.
0:08:15 I have a tight neck of our friends in our mid to late 20s, and like you, we recognize the
0:08:20 vital role of a healthy support group for young men in a society that sometimes seems apathetic
0:08:21 to our struggles.
0:08:25 Although we may not be ballers like you, I wanted to get your two cents of what you think
0:08:30 makes a killer guys trip, and in a broader sense, how to use the rare opportunity in our
0:08:35 busy lives to come away with meaningful contributions to our friendships beyond drinking more and making
0:08:38 a series of bad decisions that might pay off, as you often say.
0:08:41 That’s a really thoughtful question.
0:08:47 I would say the key is yes, or the calendar, and that is just putting something on the calendar.
0:08:53 I find that when you go on a trip with your friends, it’s really not about the place.
0:08:58 It’s about the people you bring and just doing it.
0:09:06 I’m 50 years old, 60, and I have this sort of group of six or eight fraternity brothers, and we try to get
0:09:07 together.
0:09:10 I would say our intention is to get together every year.
0:09:14 It ends up being every two or three years because life gets in the way, but I think the key is
0:09:18 somebody needs to be the ringleader and put a date on the calendar and just try and coordinate and see
0:09:27 who can make it, who can go to Vegas the week of May 1st or whatever, and just try to plant a flag
0:09:28 in the sand.
0:09:29 This is when we’re going.
0:09:32 Beyond that, I mean, a lot of it’s up to your interest.
0:09:34 Are you outdoors people?
0:09:35 Are you adventurers?
0:09:36 Do you guys like to surf?
0:09:40 I used to go surfing, which is basically me holding onto a piece of fiberglass for dear
0:09:43 life every year in Brazil, but it was mostly just an excuse to go to Brazil with a group
0:09:44 of guys that I like.
0:09:47 And now I do a ton of guys trips now.
0:09:48 One, I have the money.
0:09:51 Two, I just love hanging out with dudes.
0:09:52 I’m good at it.
0:09:57 I’m, you know, I have a good group of guy friends.
0:10:02 So I don’t, I don’t know if I have a ton of insight here other than trying to find what
0:10:02 you’re interested in.
0:10:04 It doesn’t have to be a lot of money.
0:10:07 I used to, from one of my friend’s bachelor parties, we went camping.
0:10:08 God, that fucking sucked.
0:10:10 Dr. David Frey took us camping.
0:10:13 I bet that trip costs 50 bucks a person.
0:10:14 I hated it.
0:10:15 I hated it.
0:10:17 I’m not, I’m not a roughet kind of guy.
0:10:23 But anyways, you have to decide the economic weight class, but you don’t need money for
0:10:23 that shit.
0:10:27 It’s like, save your money to go somewhere nice with your wife or your girlfriend or your
0:10:32 boyfriend just because, and also for fucking Disneyland, which will cost you $7 million for
0:10:36 two days so you can eat bad food and stay at a three-star hotel and pay 11-star prices.
0:10:38 A little bitter, a little bitter.
0:10:39 Just do it.
0:10:40 This is an easy one.
0:10:41 Just get it on the calendar.
0:10:43 The rest will sort itself out.
0:10:45 We have one quick break.
0:10:48 And when we’re back, we’re diving into the depths of Reddit.
0:10:57 Support for the show comes from Panerai.
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0:12:15 The regular season’s in the rearview, and now it’s time for the games that matter the most.
0:12:18 This is Kenny Beecham, and Playoff Basketball is finally here.
0:12:23 On Small Ball, we’re diving deep into every series, every crunch time finish, every coaching
0:12:26 adjustment that can make or break a championship run.
0:12:28 Who’s building for a 16-win marathon?
0:12:33 Which superstar will submit their legacy, and which role player is about to become a household
0:12:34 name?
0:12:39 With so many fascinating first-round matchups, will the West be the bloodbath we anticipate?
0:12:41 Will the East be as predictable as we think?
0:12:43 Can the Celtics defend their title?
0:12:47 Can Steph Curry, LeBron James, Kawhi Leonard push the young teams at the top?
0:12:51 I’ll be bringing the expertise to pass in the genuine opinion you need for the most exciting
0:12:52 time of the NBA calendar.
0:12:56 Small Ball is your essential companion for the NBA postseason.
0:13:00 Join me, Kenny Beecham, for new episodes of Small Ball throughout the playoffs.
0:13:02 Don’t miss Small Ball with Kenny Beecham.
0:13:07 New episodes dropping through the playoffs, available on YouTube and wherever you get your
0:13:07 podcasts.
0:13:13 So we want to introduce you to another show from our network and your next favorite money
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0:13:42 Episodes of Net Worth and Chill are released every Wednesday.
0:13:46 Listen wherever you get your podcasts or watch full episodes on YouTube.
0:13:48 By the way, I absolutely love Vivian Tu.
0:13:49 I think she does a great job.
0:13:55 Welcome back.
0:13:57 We asked and Reddit delivered.
0:13:58 Let’s bust right into it.
0:14:04 Our Reddit question today comes from Bodega Poet.
0:14:06 Ooh, aren’t you sexy?
0:14:08 That is very special.
0:14:09 Hey, Prof G.
0:14:13 What are your thoughts on personal debt for business, real estate, or educational pursuits?
0:14:19 I learned about personal finance from Dave Ramsey and his principles have resulted in my wife
0:14:21 and I to be in our late 30s with no debt beyond our mortgage.
0:14:26 We are getting by, but it seems like we will forever be stuck in the middle class.
0:14:30 Would you ever advise utilizing debt as leverage to increase your earnings potential, returning
0:14:34 to school, borrowing for seed, capital for a business, or buying property?
0:14:36 Thanks for considering my question.
0:14:40 Okay, there’s no easy way to just summarize debt.
0:14:42 Can debt put you in an awful place?
0:14:47 Can you go to a, can you apply to a good college and not get in because we as good universities
0:14:52 or elite universities take pride in scarcity and manufacturing artificial scarcity such that
0:14:56 we can reject people, go up in the rankings and raise tuition fast and inflation such that
0:15:01 a good kid gets arbed down to a mediocre college that’s the same price but doesn’t offer the same
0:15:02 upside opportunity.
0:15:06 And we’ve shamed everyone into believing if they don’t get a college degree that the
0:15:12 parents and you have failed so you can borrow cheap credit, student loans, and you can literally
0:15:16 borrow $100,000 to end up in a job that pays $40,000 a year.
0:15:17 Yeah, we’ve done that.
0:15:22 And a lady in a pantsuit with a big logo behind you telling you that you can never go wrong
0:15:23 investing in yourself.
0:15:26 Keep in mind, she gets to cash that check.
0:15:30 And then you want to talk about how mendacious our society is becoming, how much we hate young
0:15:35 people, student debt is one of the few forms of debt that is not dischargeable in bankruptcy.
0:15:40 So you literally have a generation, tens if not hundreds of thousands of young kids who
0:15:43 go to school, it’s not cut out for them, they drop out, but they still get to hold on to their
0:15:46 debt and for the rest of their life they have this anchor around their neck.
0:15:49 So there are terrible forms of debt.
0:15:51 You can get in, you can be house poor.
0:15:55 Everyone thinks, again, another one of these tropes or conventional wisdom.
0:16:00 When wisdom becomes conventional, it’s no longer wisdom that everyone needs to own a home
0:16:02 where you otherwise aren’t an adult.
0:16:06 And sometimes people just get out too far in front of their skis, the market goes down,
0:16:13 and they have a $300,000 mortgage on a place worth $190,000, and that can haunt you the rest
0:16:13 of your life.
0:16:18 Credit card debt, new offers every day, and you want to lead a good life, you’re working hard,
0:16:23 you want to, you think I deserve this, and the reality is you wake up with $30,000 in credit
0:16:23 debt.
0:16:26 So there’s a lot of bad forms of debt.
0:16:28 There’s some very good forms of debt.
0:16:35 Your ability, if you’re buying a house and you can get a good mortgage that is also tax
0:16:39 deductible up to a certain amount, that is very attractive debt.
0:16:40 It’s low interest debt.
0:16:44 As long as you’re thoughtful about buying a place you can afford, you typically don’t want
0:16:51 to spend more than 30 or 35% of your gross or your net income on rent or a mortgage.
0:16:56 And also you need to calculate the phantom costs, which people don’t want to do, property taxes,
0:17:02 maintenance, but if you can finance an asset at 5% or 6% and you get to write off part of
0:17:04 that, that’s what you call good debt.
0:17:06 So good debt can give you leverage.
0:17:11 So there’s good debt and there’s bad debt.
0:17:16 I like leases more than debts on cars because you can just hand the car back and I think the
0:17:20 transaction costs of trying and the time and the human capital to try and sell a car is a
0:17:21 pain in the ass.
0:17:25 So I always like leases and generally speaking, manufactured sponsored leases sometimes end up
0:17:26 with a low interest rate.
0:17:27 So this is what you do.
0:17:29 How do you discern between good and bad debt?
0:17:30 You need a kitchen cabinet.
0:17:35 You need someone who will give it to you straight and say, okay, you’re going to school or if you
0:17:37 want to go to college, you’re going to have to borrow $120,000.
0:17:40 What’s the average salary of the person graduating from the school?
0:17:41 Is it worth it?
0:17:45 For the first time in a long time, and this is a tragedy, sometimes the answer is no around
0:17:45 college.
0:17:47 It’s just not worth the money.
0:17:50 And even though there’s a nice lady or a nice man telling you that you can get student debt,
0:17:52 maybe you shouldn’t take it.
0:17:55 Just having access to debt doesn’t necessarily mean you should take it.
0:17:56 You need to think about the interest rate.
0:18:01 You need to think about the term of the loan and you need to think about the incremental bump
0:18:02 it’s going to give you.
0:18:07 When you buy a house, houses typically go up throughout history 4% to 6% a year.
0:18:13 Well, okay, if you can get leverage on something, if you can borrow 80% and it goes up 4%, then
0:18:18 effectively you’re getting a 15% or 20% return on your equity capital.
0:18:19 That’s the down payment.
0:18:20 That’s good debt.
0:18:23 If it’s a low interest rate, right?
0:18:23 So what do you need?
0:18:26 You need someone who understands finance in your kitchen cabinet.
0:18:32 You need to be very careful around debt and you need to always ask yourself, is this good
0:18:32 debt?
0:18:33 Is this good debt?
0:18:34 What is the interest rate?
0:18:36 All credit card debt is bad debt.
0:18:39 Sometimes you want to take out debt to get rid of debt.
0:18:45 Sometimes you want to take out a home equity line at 8% to pay off your 18% credit card
0:18:45 debt.
0:18:47 So sometimes you want to use debt to pay off other debt.
0:18:51 Real, there’s real nuance here.
0:18:53 And you need someone who understands debt.
0:18:55 But the key question is not whether debt is good or bad.
0:18:58 It’s whether this is good debt versus bad debt.
0:19:00 And for that, you need people to understand your situation.
0:19:01 We’ll give it to you straight.
0:19:05 But in general, you want to be very, you know, it just fucking breaks my heart.
0:19:09 Buy now, pay later on burritos so I can now finance a burrito.
0:19:14 If you need to finance your coffee or a burrito, that is bad debt because they will figure out
0:19:15 a way to charge you more.
0:19:19 And if you’re late on your payments, huge, hugely punitive penalty is I think I read an
0:19:23 article saying, you know, these BNPL companies have now figured out a way to sell you a $100
0:19:24 burrito.
0:19:29 And I think when you’re at the counter of a specialty retailer going to Coachella and
0:19:34 you get automatic credit that says, oh, you want to spend $400 instead of $200?
0:19:37 Ask yourself, okay, if I don’t have the money right now, is this a really good idea?
0:19:42 Is the incremental outfit at Coachella going to pay off?
0:19:44 I mean, there’s different types of payoff.
0:19:45 You might look fabulous.
0:19:46 You might look fabulous.
0:19:49 But I think generally speaking, in consumption, you don’t want to go into debt.
0:19:56 You want to use debt kind of only for things that might grow in value.
0:19:59 Another thing that’s just so sad, 40% of Americans have medical or dental debt.
0:20:04 How can we be in the most prosperous nation when almost one in two households have the burden
0:20:04 of medical debt?
0:20:07 That’s the kind of debt you can’t avoid.
0:20:08 You don’t have the money.
0:20:09 Someone gets sick.
0:20:14 By the way, we should absolutely lower the age for Medicare from 65 by two years every year
0:20:17 and then boom, in 30 years, you have socialized or nationalized medicine.
0:20:19 We’re the only G7 country that doesn’t have it.
0:20:23 It’s an absolute tax parasite in our society.
0:20:25 Sure, there’s probably some additional innovation, but it’s just not worth it.
0:20:31 And that would give us the chance to slowly but surely let the industrial complex that makes
0:20:36 huge amounts of money off of people suffering in debt give them time to adjust.
0:20:37 Anyway, it’s not what you asked.
0:20:39 It’s not whether debt is good or bad.
0:20:40 It’s what type of debt.
0:20:42 You need someone to help you discern good debt from bad debt.
0:20:43 Thanks very much for the question.
0:20:46 That’s all for this episode.
0:20:50 If you’d like to submit a question, please email a voice recording to officehours at
0:20:51 prop2media.com.
0:20:54 Again, that’s officehours at prop2media.com.
0:20:59 Or if you prefer to ask on Reddit, just post your question on the Scott Galloway subreddit,
0:21:02 and we just might feature it in our next Reddit hotline segment.
0:21:15 This episode was produced by Jennifer Sanchez.
0:21:16 Our intern is Dan Shallon.
0:21:19 Drew Burrows is our technical director.
0:21:22 Thank you for listening to the Prop G pod from the Vox Media Podcast Network.
0:21:26 We will catch you on Saturday for No Mercy, No Malice, as read by George Hahn.
0:21:32 And please follow our Prop G Markets pod wherever you get your pods for new episodes every Monday
0:21:33 and Thursday.
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0:00:48 Welcome to Office Hours of Prof G.
0:00:52 This is the part of the show where we answer questions about business, big tech, entrepreneurship,
0:00:53 and whatever else is on your mind.
0:00:56 Today we’ve got two great listener questions lined up,
0:00:59 and then after the break, we’ve got the Reddit hotline.
0:01:00 Still not a fucking sponsor.
0:01:01 Reddit.
0:01:02 Hello, Reddit.
0:01:03 Call me.
0:01:07 Where we pull questions straight from Reddit, and we’ll start pulling from another platform
0:01:10 soon if they don’t give Daddy some Benjamins.
0:01:15 If you’d like to submit a question for next time, you can send a voice recording to officehours
0:01:16 at prof2media.com.
0:01:18 That’s officehours at prof2media.com.
0:01:24 Or if you prefer to ask on Reddit, post your question on the Scott Galloway subreddit,
0:01:27 and we just might feature you in our next episode.
0:01:28 What a thrill!
0:01:31 By the way, I don’t go to it because they say some people say mean things to me, and it bums
0:01:34 me out because I like Reddit, and I’m desperate for strangers’ approval.
0:01:35 Kind of pathetic.
0:01:37 Kind of pathetic.
0:01:38 But anyways, first question.
0:01:41 Hey, Prof G.
0:01:49 You’ve mentioned before that AI won’t necessarily take our jobs, but rather, people who know how
0:01:55 to use AI well, but I’ve been seeing more examples lately that make me question that.
0:02:03 For instance, Shopify’s CEO recently said that any new roles at the company need to prove they
0:02:06 can’t be done by AI before they get approved.
0:02:12 Basically, if AI can do it, they’re not hiring for it.
0:02:19 So as much as I want to believe that AI isn’t taking jobs, it feels like there’s
0:02:21 growing evidence that it actually is.
0:02:23 What’s your take?
0:02:25 Has your thinking evolved on this?
0:02:28 Appreciate you taking the time.
0:02:33 That’s an interesting question, and also, I just want to acknowledge that there’s some
0:02:34 truth to what you’re saying.
0:02:38 Shopify CEO Toby Luckey told employees in a memo that they need to prove that they cannot
0:02:42 get what they want done using AI before looking to hire new employees.
0:02:47 Shopify ended 2024 with a headcount of 8,100, down from 8,300 a year earlier.
0:02:53 The company laid off 14% of its workforce in 2022 and laid off 20% the following year.
0:02:56 The stock is up nearly 21% in the past year.
0:02:57 I don’t think that’s AI.
0:03:00 I think they probably just overhired during COVID, like most of the tech companies.
0:03:02 No one in tech has been spared.
0:03:06 Last year, over 150,000 employees were laid off in the technology industry alone.
0:03:14 This year, Meta expects to have AI that can function as a mid-level engineer, which probably sent shivers
0:03:16 down the spine of prospective employees.
0:03:20 And I hate to admit this, but Musk sort of inspired this race.
0:03:22 And that was the following.
0:03:28 He basically maintained a minimum viable product on Twitter with 80% fewer employees.
0:03:35 So essentially, the entire tech market stood up and paid attention.
0:03:39 And then you had what was probably the seminal earnings call of the last 10 years.
0:03:45 And that was Meta’s Mark Zuckerberg said, we increased revenues 23% while reducing our head
0:03:45 count 20%.
0:03:47 That’s never happened before.
0:03:49 Think of what GLP-1 drugs do.
0:03:52 They switch off the signal in your brain that you need to eat more.
0:03:56 And the signal to every CEO’s brain when they’re growing is, I need to hire more.
0:03:57 That’s just, okay, I’m growing.
0:03:59 I need more protein in the form of human capital.
0:04:05 Basically, AI has been osempic for the corporate world in that it’s turned off the signal that
0:04:06 you necessarily need to hire more.
0:04:09 And so a lot of people are saying, well, okay, what if we can do this with AI?
0:04:14 I got to be honest here at Prop G Media, I keep asking, why don’t we have this podcast
0:04:16 in numerous languages using AI?
0:04:18 I’m starting to think that way.
0:04:23 But I still hold on to the notion that what’s going to happen with every technology, whether
0:04:29 it’s PCs or automation, there’s some short-term damage in terms of job destruction.
0:04:34 But the auto industry, which was supposed to be wrecked by automation, had some short-term
0:04:39 declines in employment, but we couldn’t envision heated seats or car stereos.
0:04:43 These companies rip costs out of the basic non-value-add part of the production.
0:04:49 Make more profits and then start investing in new models, new dealerships, basically, or
0:04:56 more profitability, which creates cheaper capital such that they can have, I don’t know, more
0:04:57 investment, more employees in my hiring.
0:05:00 I just think that’s a natural cycle of business.
0:05:08 And while AI will come in to Shopify and reduce, for example, customer services is going to
0:05:09 get wrecked.
0:05:10 I wouldn’t want to be in the business of customer service.
0:05:14 I wouldn’t actually want to be in, I wouldn’t want to be a systems engineer right now because
0:05:17 programming is going to get, just get so much easier and better.
0:05:23 But if I have a vision for new products or new features that require software engineering,
0:05:29 which I now have much greater firepower around, I think there’ll be a lot more product management
0:05:30 jobs.
0:05:35 I think that these companies, I think Shopify is going to get to expand to new regions because
0:05:38 they’ll have additional profits and be able to scale up faster with AI.
0:05:44 As a result, there’ll be a shift in skill sets required, but not a shift in, I don’t think,
0:05:45 in employment or total employment.
0:05:47 I think total employment will grow.
0:05:51 That’s a dangerous thing to say, but I think the idiocracy vision of the world where we’re
0:05:54 all, none of us need to work and we’re all just sitting on couches, watching big screen
0:05:56 TVs and getting angry at each other.
0:05:56 I don’t see that.
0:06:00 I think there’s still going to be a need and opportunities for people who know how to leverage
0:06:00 AI.
0:06:07 Now, specifically, when I said AI is not going to take your job, someone who understands AI
0:06:08 is going to take your job.
0:06:10 I still think that’s the case.
0:06:16 I still think if you can figure out a way to understand how AI is going to impact your
0:06:20 division and be the person that, quite frankly, understands how to do more with less, I think
0:06:22 there’s more opportunity for you.
0:06:26 I’d hate to be a mediocre real estate lawyer right now, but a good real estate lawyer that
0:06:30 understands AI is going to make a lot more money because he or she is going to be able
0:06:33 to draft basic documents, but they’re still going to need a human to be creative about
0:06:39 the type of leases and negotiating with the landlord and reading the market and all of
0:06:40 that good stuff.
0:06:46 I think there’s just going to be enormous opportunities here if you understand how to leverage this
0:06:47 technology.
0:06:51 PCs supposedly were going to put a ton of people out of business, and if you didn’t understand
0:06:53 PCs, you probably were vulnerable.
0:06:56 I think it’s just really important.
0:06:57 What is my advice here?
0:06:59 My advice, especially if you have kids, play with AI with your kids.
0:07:04 What I’ll do with my youngest is when we have a weekend together, I’ll say, okay, let’s
0:07:07 use AI to come up with the perfect itinerary for fun this weekend.
0:07:11 We describe each other, and it’s fun, come up with really thoughtful prompts, and then
0:07:12 boom, it comes up with great ideas.
0:07:18 I’m using AI all the time, not as a means of creation, but as a means of enhancing my current
0:07:21 job, making me better at what I do.
0:07:24 So I’m still kind of holding to my guns here.
0:07:29 I think what you’re going to see is a continued shift in the economy where skills, education,
0:07:34 a basic understanding of technology, creativity, ability to get along with and manage other
0:07:37 people, a feel for other nations and cultures.
0:07:43 But if you understand AI, I think there’s all sorts of opportunities for you to take those
0:07:49 additional profits that were saved by AI and come up with new business ideas and new means
0:07:50 of growth.
0:07:55 The lower costs, but still, you maintain your margins because you’re more efficient, meaning
0:07:57 you can expand the market.
0:07:59 But point taken.
0:07:59 We’ll see.
0:08:01 Question number two.
0:08:03 Hi, Professor Scott.
0:08:09 I’m John from Virginia, and I wanted to submit a question regarding planning meaningful guys
0:08:09 trips.
0:08:15 I have a tight neck of our friends in our mid to late 20s, and like you, we recognize the
0:08:20 vital role of a healthy support group for young men in a society that sometimes seems apathetic
0:08:21 to our struggles.
0:08:25 Although we may not be ballers like you, I wanted to get your two cents of what you think
0:08:30 makes a killer guys trip, and in a broader sense, how to use the rare opportunity in our
0:08:35 busy lives to come away with meaningful contributions to our friendships beyond drinking more and making
0:08:38 a series of bad decisions that might pay off, as you often say.
0:08:41 That’s a really thoughtful question.
0:08:47 I would say the key is yes, or the calendar, and that is just putting something on the calendar.
0:08:53 I find that when you go on a trip with your friends, it’s really not about the place.
0:08:58 It’s about the people you bring and just doing it.
0:09:06 I’m 50 years old, 60, and I have this sort of group of six or eight fraternity brothers, and we try to get
0:09:07 together.
0:09:10 I would say our intention is to get together every year.
0:09:14 It ends up being every two or three years because life gets in the way, but I think the key is
0:09:18 somebody needs to be the ringleader and put a date on the calendar and just try and coordinate and see
0:09:27 who can make it, who can go to Vegas the week of May 1st or whatever, and just try to plant a flag
0:09:28 in the sand.
0:09:29 This is when we’re going.
0:09:32 Beyond that, I mean, a lot of it’s up to your interest.
0:09:34 Are you outdoors people?
0:09:35 Are you adventurers?
0:09:36 Do you guys like to surf?
0:09:40 I used to go surfing, which is basically me holding onto a piece of fiberglass for dear
0:09:43 life every year in Brazil, but it was mostly just an excuse to go to Brazil with a group
0:09:44 of guys that I like.
0:09:47 And now I do a ton of guys trips now.
0:09:48 One, I have the money.
0:09:51 Two, I just love hanging out with dudes.
0:09:52 I’m good at it.
0:09:57 I’m, you know, I have a good group of guy friends.
0:10:02 So I don’t, I don’t know if I have a ton of insight here other than trying to find what
0:10:02 you’re interested in.
0:10:04 It doesn’t have to be a lot of money.
0:10:07 I used to, from one of my friend’s bachelor parties, we went camping.
0:10:08 God, that fucking sucked.
0:10:10 Dr. David Frey took us camping.
0:10:13 I bet that trip costs 50 bucks a person.
0:10:14 I hated it.
0:10:15 I hated it.
0:10:17 I’m not, I’m not a roughet kind of guy.
0:10:23 But anyways, you have to decide the economic weight class, but you don’t need money for
0:10:23 that shit.
0:10:27 It’s like, save your money to go somewhere nice with your wife or your girlfriend or your
0:10:32 boyfriend just because, and also for fucking Disneyland, which will cost you $7 million for
0:10:36 two days so you can eat bad food and stay at a three-star hotel and pay 11-star prices.
0:10:38 A little bitter, a little bitter.
0:10:39 Just do it.
0:10:40 This is an easy one.
0:10:41 Just get it on the calendar.
0:10:43 The rest will sort itself out.
0:10:45 We have one quick break.
0:10:48 And when we’re back, we’re diving into the depths of Reddit.
0:10:57 Support for the show comes from Panerai.
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0:12:15 The regular season’s in the rearview, and now it’s time for the games that matter the most.
0:12:18 This is Kenny Beecham, and Playoff Basketball is finally here.
0:12:23 On Small Ball, we’re diving deep into every series, every crunch time finish, every coaching
0:12:26 adjustment that can make or break a championship run.
0:12:28 Who’s building for a 16-win marathon?
0:12:33 Which superstar will submit their legacy, and which role player is about to become a household
0:12:34 name?
0:12:39 With so many fascinating first-round matchups, will the West be the bloodbath we anticipate?
0:12:41 Will the East be as predictable as we think?
0:12:43 Can the Celtics defend their title?
0:12:47 Can Steph Curry, LeBron James, Kawhi Leonard push the young teams at the top?
0:12:51 I’ll be bringing the expertise to pass in the genuine opinion you need for the most exciting
0:12:52 time of the NBA calendar.
0:12:56 Small Ball is your essential companion for the NBA postseason.
0:13:00 Join me, Kenny Beecham, for new episodes of Small Ball throughout the playoffs.
0:13:02 Don’t miss Small Ball with Kenny Beecham.
0:13:07 New episodes dropping through the playoffs, available on YouTube and wherever you get your
0:13:07 podcasts.
0:13:13 So we want to introduce you to another show from our network and your next favorite money
0:13:15 podcast, for ours, of course.
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0:13:21 entrepreneur.
0:13:26 She shares common financial struggles and gives actionable tips and advice on how to make the
0:13:26 most of your money.
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0:13:42 Episodes of Net Worth and Chill are released every Wednesday.
0:13:46 Listen wherever you get your podcasts or watch full episodes on YouTube.
0:13:48 By the way, I absolutely love Vivian Tu.
0:13:49 I think she does a great job.
0:13:55 Welcome back.
0:13:57 We asked and Reddit delivered.
0:13:58 Let’s bust right into it.
0:14:04 Our Reddit question today comes from Bodega Poet.
0:14:06 Ooh, aren’t you sexy?
0:14:08 That is very special.
0:14:09 Hey, Prof G.
0:14:13 What are your thoughts on personal debt for business, real estate, or educational pursuits?
0:14:19 I learned about personal finance from Dave Ramsey and his principles have resulted in my wife
0:14:21 and I to be in our late 30s with no debt beyond our mortgage.
0:14:26 We are getting by, but it seems like we will forever be stuck in the middle class.
0:14:30 Would you ever advise utilizing debt as leverage to increase your earnings potential, returning
0:14:34 to school, borrowing for seed, capital for a business, or buying property?
0:14:36 Thanks for considering my question.
0:14:40 Okay, there’s no easy way to just summarize debt.
0:14:42 Can debt put you in an awful place?
0:14:47 Can you go to a, can you apply to a good college and not get in because we as good universities
0:14:52 or elite universities take pride in scarcity and manufacturing artificial scarcity such that
0:14:56 we can reject people, go up in the rankings and raise tuition fast and inflation such that
0:15:01 a good kid gets arbed down to a mediocre college that’s the same price but doesn’t offer the same
0:15:02 upside opportunity.
0:15:06 And we’ve shamed everyone into believing if they don’t get a college degree that the
0:15:12 parents and you have failed so you can borrow cheap credit, student loans, and you can literally
0:15:16 borrow $100,000 to end up in a job that pays $40,000 a year.
0:15:17 Yeah, we’ve done that.
0:15:22 And a lady in a pantsuit with a big logo behind you telling you that you can never go wrong
0:15:23 investing in yourself.
0:15:26 Keep in mind, she gets to cash that check.
0:15:30 And then you want to talk about how mendacious our society is becoming, how much we hate young
0:15:35 people, student debt is one of the few forms of debt that is not dischargeable in bankruptcy.
0:15:40 So you literally have a generation, tens if not hundreds of thousands of young kids who
0:15:43 go to school, it’s not cut out for them, they drop out, but they still get to hold on to their
0:15:46 debt and for the rest of their life they have this anchor around their neck.
0:15:49 So there are terrible forms of debt.
0:15:51 You can get in, you can be house poor.
0:15:55 Everyone thinks, again, another one of these tropes or conventional wisdom.
0:16:00 When wisdom becomes conventional, it’s no longer wisdom that everyone needs to own a home
0:16:02 where you otherwise aren’t an adult.
0:16:06 And sometimes people just get out too far in front of their skis, the market goes down,
0:16:13 and they have a $300,000 mortgage on a place worth $190,000, and that can haunt you the rest
0:16:13 of your life.
0:16:18 Credit card debt, new offers every day, and you want to lead a good life, you’re working hard,
0:16:23 you want to, you think I deserve this, and the reality is you wake up with $30,000 in credit
0:16:23 debt.
0:16:26 So there’s a lot of bad forms of debt.
0:16:28 There’s some very good forms of debt.
0:16:35 Your ability, if you’re buying a house and you can get a good mortgage that is also tax
0:16:39 deductible up to a certain amount, that is very attractive debt.
0:16:40 It’s low interest debt.
0:16:44 As long as you’re thoughtful about buying a place you can afford, you typically don’t want
0:16:51 to spend more than 30 or 35% of your gross or your net income on rent or a mortgage.
0:16:56 And also you need to calculate the phantom costs, which people don’t want to do, property taxes,
0:17:02 maintenance, but if you can finance an asset at 5% or 6% and you get to write off part of
0:17:04 that, that’s what you call good debt.
0:17:06 So good debt can give you leverage.
0:17:11 So there’s good debt and there’s bad debt.
0:17:16 I like leases more than debts on cars because you can just hand the car back and I think the
0:17:20 transaction costs of trying and the time and the human capital to try and sell a car is a
0:17:21 pain in the ass.
0:17:25 So I always like leases and generally speaking, manufactured sponsored leases sometimes end up
0:17:26 with a low interest rate.
0:17:27 So this is what you do.
0:17:29 How do you discern between good and bad debt?
0:17:30 You need a kitchen cabinet.
0:17:35 You need someone who will give it to you straight and say, okay, you’re going to school or if you
0:17:37 want to go to college, you’re going to have to borrow $120,000.
0:17:40 What’s the average salary of the person graduating from the school?
0:17:41 Is it worth it?
0:17:45 For the first time in a long time, and this is a tragedy, sometimes the answer is no around
0:17:45 college.
0:17:47 It’s just not worth the money.
0:17:50 And even though there’s a nice lady or a nice man telling you that you can get student debt,
0:17:52 maybe you shouldn’t take it.
0:17:55 Just having access to debt doesn’t necessarily mean you should take it.
0:17:56 You need to think about the interest rate.
0:18:01 You need to think about the term of the loan and you need to think about the incremental bump
0:18:02 it’s going to give you.
0:18:07 When you buy a house, houses typically go up throughout history 4% to 6% a year.
0:18:13 Well, okay, if you can get leverage on something, if you can borrow 80% and it goes up 4%, then
0:18:18 effectively you’re getting a 15% or 20% return on your equity capital.
0:18:19 That’s the down payment.
0:18:20 That’s good debt.
0:18:23 If it’s a low interest rate, right?
0:18:23 So what do you need?
0:18:26 You need someone who understands finance in your kitchen cabinet.
0:18:32 You need to be very careful around debt and you need to always ask yourself, is this good
0:18:32 debt?
0:18:33 Is this good debt?
0:18:34 What is the interest rate?
0:18:36 All credit card debt is bad debt.
0:18:39 Sometimes you want to take out debt to get rid of debt.
0:18:45 Sometimes you want to take out a home equity line at 8% to pay off your 18% credit card
0:18:45 debt.
0:18:47 So sometimes you want to use debt to pay off other debt.
0:18:51 Real, there’s real nuance here.
0:18:53 And you need someone who understands debt.
0:18:55 But the key question is not whether debt is good or bad.
0:18:58 It’s whether this is good debt versus bad debt.
0:19:00 And for that, you need people to understand your situation.
0:19:01 We’ll give it to you straight.
0:19:05 But in general, you want to be very, you know, it just fucking breaks my heart.
0:19:09 Buy now, pay later on burritos so I can now finance a burrito.
0:19:14 If you need to finance your coffee or a burrito, that is bad debt because they will figure out
0:19:15 a way to charge you more.
0:19:19 And if you’re late on your payments, huge, hugely punitive penalty is I think I read an
0:19:23 article saying, you know, these BNPL companies have now figured out a way to sell you a $100
0:19:24 burrito.
0:19:29 And I think when you’re at the counter of a specialty retailer going to Coachella and
0:19:34 you get automatic credit that says, oh, you want to spend $400 instead of $200?
0:19:37 Ask yourself, okay, if I don’t have the money right now, is this a really good idea?
0:19:42 Is the incremental outfit at Coachella going to pay off?
0:19:44 I mean, there’s different types of payoff.
0:19:45 You might look fabulous.
0:19:46 You might look fabulous.
0:19:49 But I think generally speaking, in consumption, you don’t want to go into debt.
0:19:56 You want to use debt kind of only for things that might grow in value.
0:19:59 Another thing that’s just so sad, 40% of Americans have medical or dental debt.
0:20:04 How can we be in the most prosperous nation when almost one in two households have the burden
0:20:04 of medical debt?
0:20:07 That’s the kind of debt you can’t avoid.
0:20:08 You don’t have the money.
0:20:09 Someone gets sick.
0:20:14 By the way, we should absolutely lower the age for Medicare from 65 by two years every year
0:20:17 and then boom, in 30 years, you have socialized or nationalized medicine.
0:20:19 We’re the only G7 country that doesn’t have it.
0:20:23 It’s an absolute tax parasite in our society.
0:20:25 Sure, there’s probably some additional innovation, but it’s just not worth it.
0:20:31 And that would give us the chance to slowly but surely let the industrial complex that makes
0:20:36 huge amounts of money off of people suffering in debt give them time to adjust.
0:20:37 Anyway, it’s not what you asked.
0:20:39 It’s not whether debt is good or bad.
0:20:40 It’s what type of debt.
0:20:42 You need someone to help you discern good debt from bad debt.
0:20:43 Thanks very much for the question.
0:20:46 That’s all for this episode.
0:20:50 If you’d like to submit a question, please email a voice recording to officehours at
0:20:51 prop2media.com.
0:20:54 Again, that’s officehours at prop2media.com.
0:20:59 Or if you prefer to ask on Reddit, just post your question on the Scott Galloway subreddit,
0:21:02 and we just might feature it in our next Reddit hotline segment.
0:21:15 This episode was produced by Jennifer Sanchez.
0:21:16 Our intern is Dan Shallon.
0:21:19 Drew Burrows is our technical director.
0:21:22 Thank you for listening to the Prop G pod from the Vox Media Podcast Network.
0:21:26 We will catch you on Saturday for No Mercy, No Malice, as read by George Hahn.
0:21:32 And please follow our Prop G Markets pod wherever you get your pods for new episodes every Monday
0:21:33 and Thursday.
Scott shares his updated take on whether AI is truly coming for our jobs. Then, he offers tips for planning a meaningful guys’ trip that deepens friendships.
And in our Reddit Hotline segment, Scott responds to a listener asking about when it is smart to take on personal debt to level up your life.
Want to be featured in a future episode? Send a voice recording to officehours@profgmedia.com, or drop your question in the r/ScottGalloway subreddit.
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