AI transcript
0:00:02 There’s a lot nobody tells you about running a small business,
0:00:06 like the pricing, the marketing, the budgeting,
0:00:10 the accidents, the panicking, and the things,
0:00:13 and the things, and the non-stop things.
0:00:17 But having the right insurance can help protect you from many things.
0:00:20 Customize your coverage to get the protection you need
0:00:22 with BCAA Small Business Insurance.
0:00:28 Use promo code PROTECT to receive $50 off at bcaa.com slash smallbusiness.
0:00:31 Megan Rapinoe here.
0:00:35 This episode, we are riding the vibes of W All-Star.
0:00:38 We talk about our favorite moments on and off the court,
0:00:40 and we catch up with the breakout stars of The Weeknd,
0:00:42 Courtney Williams and Natisha Heidemann,
0:00:45 a.k.a. the Stud Buds.
0:00:47 Plus, we get into all the drama at the Euros.
0:00:49 Check out our latest episode of A Touch More
0:00:51 wherever you get your podcasts and on YouTube.
0:00:57 Welcome to Office Hours with Prop G.
0:00:59 This is the part of the show where we answer questions
0:01:00 about business, big tech, entrepreneurship,
0:01:02 and whatever else is on your mind.
0:01:04 If you’d like to submit a question for next time,
0:01:05 you can send a recording, a voice recording,
0:01:08 to officehours at propgmedia.com.
0:01:11 Again, that’s officehours at propgmedia.com.
0:01:14 Or post a question on the Scott Galloway subreddit,
0:01:16 and we just might feature it in our next episode.
0:01:17 First question.
0:01:24 Our first question comes from LowDefinition31-86 on Reddit.
0:01:25 They say,
0:01:28 Scott, how do you choose which people to champion and mentor
0:01:29 beyond the people you have hired?
0:01:31 How do you make sure that at a minimum,
0:01:33 you don’t dilute your personal brand?
0:01:34 I’m grateful that 30 years ago,
0:01:36 a college alumnus gave me grace
0:01:38 when I was late to an informational interview
0:01:40 and the referral he gave me launched my career.
0:01:42 I hope I would do the same for my 22-year-old
0:01:44 neurodivergent self,
0:01:45 but I don’t know.
0:01:45 Thanks.
0:01:48 So I try to mentor at any given time
0:01:49 two to three young men.
0:01:52 One, I relate to young men.
0:01:55 Two, I believe young men especially,
0:01:56 a lot of them are struggling.
0:01:58 And three, I think I’m good at it.
0:01:59 I enjoy it.
0:02:00 I can offer good advice.
0:02:01 And by the way,
0:02:03 if you’re thinking about mentoring a young man,
0:02:04 just do it.
0:02:05 They’re everywhere.
0:02:08 Find the single mothers in your workplace
0:02:09 and just say,
0:02:11 would your son be interested in coming over,
0:02:12 washing my car,
0:02:12 going to a ballgame,
0:02:13 hanging out?
0:02:15 And you’re just going to find a lot of people
0:02:18 very willing to fort their 17-year-old
0:02:19 over to you for an afternoon.
0:02:24 And even if it’s your friends
0:02:26 who do have a male role model son,
0:02:28 I find they’re much more inclined
0:02:31 to listen to another dad.
0:02:32 I go out of the way,
0:02:33 or I go out of my way to make sure
0:02:35 my 14 and 17-year-old boys
0:02:36 spend time with other men
0:02:38 because I find the other men
0:02:39 say the same thing I’m saying,
0:02:41 but they listen to them.
0:02:42 There’s a healthy gag reflex
0:02:44 where young men are trying
0:02:45 to establish their own identity
0:02:46 and basically become allergic
0:02:47 to their parents.
0:02:48 There was an interesting article
0:02:48 in the New York Times on this,
0:02:49 and boy,
0:02:50 are we going through that right now.
0:02:51 I am fucking pollen
0:02:53 on top of cyanide
0:02:55 in terms of how my kids
0:02:57 respond to my advice right now.
0:02:58 The older one less so.
0:03:00 He’s kind of coming back to me.
0:03:01 Anyways,
0:03:02 I was at a dinner party last night,
0:03:04 and the woman next to me,
0:03:05 single mom,
0:03:06 son came over,
0:03:07 wanted to go to some party,
0:03:08 started cussing her out.
0:03:10 I wanted to stand up
0:03:12 and fucking slap this little bitch.
0:03:13 Was that wrong?
0:03:14 Anyways,
0:03:15 and she said to me,
0:03:15 she said,
0:03:17 she just sat down
0:03:18 and said it’s really difficult
0:03:19 not having a father figure
0:03:20 in his life.
0:03:20 Anyway,
0:03:23 how do I choose these kids?
0:03:24 A lot of it is just situational.
0:03:25 A friend asks,
0:03:26 somebody asks,
0:03:27 I get an email
0:03:28 that I respond to
0:03:29 or resonates with me.
0:03:31 Who I don’t mentor
0:03:32 is actually more interesting.
0:03:33 I don’t mentor kids
0:03:35 who just got out of MIT
0:03:37 and are graduating from Google
0:03:37 and want to mentor.
0:03:38 Fuck you.
0:03:39 Mentor me.
0:03:40 You should be mentoring kids.
0:03:41 You’re doing just fine.
0:03:42 By the way,
0:03:43 I’m not suggesting
0:03:44 you don’t need a kitchen cabinet,
0:03:46 but those kids don’t need help.
0:03:48 I don’t mentor kids,
0:03:49 or very few of them
0:03:51 are in or graduating from college.
0:03:52 I mentor young men
0:03:52 who, quite frankly,
0:03:53 are struggling.
0:03:54 Look,
0:03:55 the easiest thing to do
0:03:56 is your friend’s sons,
0:03:57 they’re going to listen to you
0:03:58 more than your friend
0:03:59 or the dad.
0:04:01 But mostly,
0:04:02 the kids who I try
0:04:03 and spend a little bit of time with
0:04:04 are the ones who really need help.
0:04:05 And as I was saying,
0:04:07 a lot of times,
0:04:08 I’m not afraid to call the parents
0:04:08 and say,
0:04:09 I’m not qualified to coach this kid
0:04:10 because I get the feeling
0:04:11 there’s a lot going on here.
0:04:12 I once had
0:04:14 a friend of mine
0:04:15 ask me to meet with his daughter
0:04:17 and she came over to the office
0:04:18 and she was so uncomfortable
0:04:19 in her own skin
0:04:20 and then her,
0:04:21 actually her aunt and uncle
0:04:21 showed up
0:04:23 and there was this like,
0:04:24 you could tell
0:04:25 there’s this visible release
0:04:26 of anxiety
0:04:28 and like exhale.
0:04:29 And I immediately called her dad
0:04:30 and said,
0:04:31 I can’t mentor your daughter.
0:04:32 I think she’s,
0:04:33 I’m not an adolescent psychiatrist.
0:04:34 I’m not going to diagnose her.
0:04:35 I’m just going to tell you,
0:04:37 I think she is really struggling
0:04:39 and needs professional help.
0:04:40 So,
0:04:42 the kind of the sweet spot for me
0:04:43 is a young man,
0:04:44 single mom,
0:04:46 who is struggling
0:04:47 and quite frankly,
0:04:48 just needs someone
0:04:49 to help him
0:04:51 make very basic decisions.
0:04:52 And this goes back
0:04:53 to the call out.
0:04:54 And the call out
0:04:55 is for more men
0:04:56 to get involved
0:04:57 in Big Brothers programs,
0:04:58 Big Brothers of New York
0:04:59 or whatever city you’re in.
0:05:00 there are three times
0:05:00 as many women
0:05:01 applying to be
0:05:02 big sisters in New York
0:05:03 as men.
0:05:04 And I think a lot of them
0:05:05 are intimidated
0:05:06 or they’re selfish
0:05:07 or they’re not stepping up
0:05:08 or there’s a stigma
0:05:09 to wanting to be involved
0:05:10 in a younger man’s life
0:05:11 or you think,
0:05:12 maybe I’m not a baller,
0:05:13 I’m not doing that well
0:05:14 or I don’t have my own kids,
0:05:15 who am I to help a younger?
0:05:16 I can tell you firsthand,
0:05:18 it is so easy
0:05:19 to add value.
0:05:21 These kids are just making
0:05:22 really bad decisions.
0:05:24 And it’s not that
0:05:25 they don’t get advice
0:05:26 from their mom
0:05:27 or their dad
0:05:28 on how to make
0:05:29 better decisions,
0:05:29 but they immediately
0:05:31 just have this natural
0:05:32 healthy instinct
0:05:32 not to listen.
0:05:33 Anyways,
0:05:35 very much appreciate
0:05:35 the question.
0:05:37 Our second question
0:05:38 comes from Ben
0:05:39 on Reddit.
0:05:40 He asks,
0:05:41 Prop G,
0:05:42 why is bankruptcy
0:05:44 seen a savvy financial tool
0:05:45 when used by the ultra-wealthy
0:05:46 but treated like a moral failure
0:05:47 when used by
0:05:47 working-class Americans?
0:05:49 I filed in 2017
0:05:50 when I was broken
0:05:51 on food stamps.
0:05:52 They gave me a second chance
0:05:53 and now I run a non-profit
0:05:55 called Upsolve
0:05:55 that helps others
0:05:56 do the same for free.
0:05:58 I’ve helped over 17,000
0:05:59 people file
0:06:00 and almost all of them
0:06:00 had to fight
0:06:01 an uphill battle
0:06:02 against shame
0:06:04 to make a life-changing decision.
0:06:05 It makes me wonder
0:06:06 why do we moralize
0:06:06 debt relief
0:06:07 for some
0:06:08 but not others?
0:06:09 It’s a really
0:06:10 interesting question, Ben.
0:06:13 On the whole,
0:06:14 relative to other nations,
0:06:16 we actually
0:06:19 stigmatize bankruptcy less.
0:06:20 Keep in mind,
0:06:20 many countries
0:06:22 used to have debtors’ prisons.
0:06:23 They used to put you in prison.
0:06:25 And one of the great things
0:06:25 about America
0:06:27 is we don’t embrace failure.
0:06:27 That’s bullshit,
0:06:29 but we tolerate it.
0:06:30 And bankruptcy laws
0:06:32 are an example of that.
0:06:33 You can declare bankruptcy,
0:06:34 be relieved
0:06:35 of most of your debts,
0:06:36 and kind of
0:06:36 start over.
0:06:38 And that’s a wonderful thing.
0:06:38 Now,
0:06:40 we tend to stigmatize it
0:06:41 for people much more
0:06:42 than corporations.
0:06:43 Corporations are inanimate
0:06:44 objects,
0:06:46 and when
0:06:47 iHeartRadio,
0:06:47 I think,
0:06:48 is declared
0:06:49 once,
0:06:50 or paper companies,
0:06:50 there’s also,
0:06:51 you know,
0:06:52 two of the three
0:06:53 automobile companies
0:06:54 declared bankruptcy.
0:06:55 We assume it’s not their fault.
0:06:56 We don’t hold them
0:06:57 personally accountable.
0:06:58 Also,
0:06:59 it’s a fantastic,
0:07:01 it’s a fantastic construct,
0:07:03 because sometimes companies
0:07:03 borrow too much money
0:07:04 or make bad decisions,
0:07:06 and they’re decent companies,
0:07:08 they just have bad balance sheets
0:07:10 or debt structure,
0:07:11 meaning they have taken on
0:07:12 too much debt for projects
0:07:13 that just didn’t work out.
0:07:14 And bankruptcy gives them
0:07:15 the cloud cover
0:07:16 to reorganize,
0:07:18 forgive them of their debts,
0:07:19 equitize their debt.
0:07:20 Their debt goes,
0:07:21 turns into equities
0:07:22 such that maybe the debtors
0:07:23 get some,
0:07:25 some of their investment back.
0:07:26 And basically,
0:07:27 the equity holders
0:07:29 who usually get more upside
0:07:30 when things are good
0:07:31 get wiped out,
0:07:32 but they might say,
0:07:32 okay,
0:07:33 if you’re,
0:07:33 like,
0:07:35 retailers are great companies
0:07:35 to take bankrupt.
0:07:36 Basically,
0:07:37 you could go through,
0:07:38 if they declare chapter 11,
0:07:39 you can go through
0:07:41 another 500 stores,
0:07:43 you can pick the 200 that work,
0:07:44 and you get out of the 300 leases.
0:07:46 You get to liquidate
0:07:47 or absolve your obligation
0:07:48 to those 300 leases.
0:07:49 And in retail,
0:07:50 leases are usually
0:07:51 what kills a company
0:07:52 or specifically bad leases
0:07:53 or stores that aren’t paying off.
0:07:55 So it gives the company,
0:07:56 it recognizes the company
0:07:57 may still have value
0:07:58 that people,
0:07:59 you know,
0:08:00 can get employment from
0:08:00 or shareholders
0:08:01 or debt holders
0:08:02 can get their money back from
0:08:03 or more money.
0:08:05 And it’s a fantastic means
0:08:07 of bringing new life
0:08:08 to a company.
0:08:09 My best investments
0:08:10 have been,
0:08:11 my two best investments
0:08:12 have been
0:08:13 corporations or investors
0:08:14 bringing a company
0:08:15 out of bankruptcy,
0:08:18 washing out the debtors,
0:08:20 washing out 100%
0:08:21 the equity holders,
0:08:22 turning some of the debt
0:08:23 into equity
0:08:24 and then putting new capital
0:08:24 into the company
0:08:25 and then using that
0:08:26 cloud cover of bankruptcy
0:08:28 to create a healthier,
0:08:29 leaner company.
0:08:30 One was a Yellow Pages company
0:08:31 called Dex Media.
0:08:33 The other was a consumer company
0:08:34 called Enjoy.
0:08:35 Those have been my two biggest,
0:08:36 two best investments.
0:08:38 If there was one asset class,
0:08:39 I would say
0:08:41 is the best investment,
0:08:43 it’s distress credit.
0:08:44 And that is going into companies
0:08:44 that are struggling.
0:08:46 Anyways,
0:08:47 another talk show.
0:08:49 But we do stigmatize it
0:08:50 for individuals.
0:08:51 And I think credit card companies
0:08:52 are now trying to pass
0:08:53 types of legislation
0:08:54 that make it harder
0:08:55 for people to be absolved
0:08:57 of their credit card debt.
0:08:58 And the most immoral
0:09:00 component of this
0:09:01 is that student debt
0:09:02 is not dischargeable
0:09:02 in bankruptcy,
0:09:03 meaning a kid
0:09:04 maybe comes from
0:09:05 middle-class families,
0:09:06 told they need to go to college,
0:09:07 goes to college
0:09:08 for two or three years,
0:09:09 racks up six figures in debt,
0:09:11 decides college
0:09:11 is not for him or her,
0:09:12 drops out,
0:09:13 and still has that debt
0:09:14 with no degree
0:09:15 and no ability
0:09:17 to kind of pay it back.
0:09:18 That is the real,
0:09:18 I mean,
0:09:19 you want to talk about
0:09:19 kind of like,
0:09:20 you know,
0:09:20 fucked at 22.
0:09:22 That’s the scenario.
0:09:23 And it’s just insane
0:09:25 that the one cohort
0:09:25 that should be,
0:09:27 we should have the most grace
0:09:28 and the most forgiveness for
0:09:29 is the one we decide
0:09:30 that the primary debt
0:09:32 they deploy
0:09:33 or there’s leveled on them,
0:09:34 student debt,
0:09:35 is not dischargeable.
0:09:36 So this is,
0:09:37 this is the lobbyists
0:09:39 from credit card companies
0:09:39 and from banks
0:09:41 deciding that student debt
0:09:44 should not be dischargeable.
0:09:45 So I applaud
0:09:45 what you’re doing.
0:09:46 I think bankruptcy,
0:09:48 there should be
0:09:49 some stigma to it.
0:09:49 You don’t want people
0:09:51 doing it over and over.
0:09:55 I think in the corporate world,
0:09:55 bankruptcy,
0:09:56 I think those laws
0:09:58 are actually really powerful.
0:09:59 I mean,
0:10:00 powerful in a good way,
0:10:00 a positive way.
0:10:02 The president is known
0:10:02 for bankrupting
0:10:04 several of his own companies.
0:10:05 After you do that,
0:10:06 it gets harder and harder
0:10:07 to borrow money.
0:10:08 He was always able to do that.
0:10:09 He was always able
0:10:09 to borrow more money
0:10:10 and kind of leave
0:10:11 a lot of banks
0:10:13 holding the bill.
0:10:13 To be clear,
0:10:14 he’s never declared
0:10:15 personal bankruptcy.
0:10:16 So you’re right,
0:10:17 we do stigmatize it more
0:10:18 for individuals
0:10:19 than we do
0:10:20 for corporations,
0:10:21 but I do think
0:10:22 our bankruptcy laws
0:10:22 are a feature,
0:10:23 not a bug,
0:10:24 of our country,
0:10:24 and that is
0:10:25 there is less stigma.
0:10:27 And generally speaking,
0:10:27 that’s true
0:10:29 of our entire approach
0:10:30 to risk.
0:10:31 We’re much more
0:10:31 risk-aggressive.
0:10:32 I’ve started several companies,
0:10:33 some have worked,
0:10:34 some have not,
0:10:34 and I wonder
0:10:35 if I’d been in Europe
0:10:36 and an entrepreneur
0:10:37 and my first company
0:10:37 had failed,
0:10:38 if I’d ever would have
0:10:38 been able to raise
0:10:39 subsequent capital.
0:10:40 So bankruptcy
0:10:41 and our willingness
0:10:43 to forgive and move on
0:10:44 are key components
0:10:45 of what makes
0:10:47 America unique
0:10:48 and more prosperous
0:10:49 and able to attract
0:10:50 more capital
0:10:52 and more human capital
0:10:53 that’s willing to take
0:10:54 outsized risks
0:10:55 knowing that if it doesn’t work,
0:10:56 it’s not the end of the world.
0:10:57 Thanks for the question.
0:10:59 We’ll be right back
0:11:00 after a quick break.
0:11:07 Support for the show
0:11:08 comes from SoFi
0:11:09 Small Business Lending.
0:11:10 You’re a small business owner,
0:11:11 you need capital
0:11:11 to find new opportunities
0:11:12 and grow.
0:11:13 And you can do that
0:11:14 with help from SoFi.
0:11:15 You might know SoFi
0:11:16 for student loans
0:11:17 and high-interest savings,
0:11:18 but now they help
0:11:19 small businesses too.
0:11:21 No more chasing bankers
0:11:22 or wasting time in a branch.
0:11:23 SoFi Small Business Marketplace
0:11:24 is your new go-to
0:11:26 fast and digital solution.
0:11:28 In one single simple search,
0:11:29 SoFi matches you
0:11:30 with vetted providers
0:11:31 for your business
0:11:32 in just minutes.
0:11:33 You can discover options
0:11:34 that meet your specific needs,
0:11:35 and if you find a quote
0:11:36 that works for you,
0:11:37 you may receive funds
0:11:38 as soon as the same day
0:11:39 you’re approved.
0:11:40 Say it’s working capital
0:11:41 you need or a line of credit
0:11:42 or an SBA loan
0:11:44 or equipment financing,
0:11:45 SoFi’s Marketplace
0:11:46 can help you find
0:11:47 all of the above.
0:11:48 It’s already helped
0:11:49 thousands of small businesses
0:11:50 find the funding they need.
0:11:52 SoFi also offers
0:11:52 business owners
0:11:53 curated tools,
0:11:54 vetted business bank accounts,
0:11:55 business credit card
0:11:56 recommendations,
0:11:57 and a ton of resources
0:11:58 to help you scale
0:11:59 your business like a boss.
0:12:00 SoFi,
0:12:01 now helping you
0:12:02 get your business right.
0:12:04 Visit SoFi.com
0:12:05 slash PropCheapPod.
0:12:07 and see your options
0:12:08 in minutes.
0:12:13 Hey, this is Peter Kafka,
0:12:14 the host of Channels,
0:12:16 a show about media and tech
0:12:16 and what happens
0:12:17 when they collide.
0:12:19 And this may be hard to remember,
0:12:21 but not very long ago,
0:12:23 magazines were a really big deal.
0:12:25 And the most important magazines
0:12:26 were owned by Condé Nast,
0:12:28 the glitzy publishing empire
0:12:30 that’s the focus of a new book
0:12:31 by New York Times reporter
0:12:32 Michael Grinbaum.
0:12:34 The way Condé Nast elevated
0:12:34 its editors,
0:12:36 the way they paid
0:12:37 for their mortgages
0:12:37 so they could live
0:12:38 in beautiful homes,
0:12:40 there was a logic to it,
0:12:42 which was that Condé Nast
0:12:44 itself became seen
0:12:46 as this kind of enchanted land.
0:12:47 You can hear the rest
0:12:48 of our chat on channels
0:12:49 wherever you listen
0:12:50 to your favorite
0:12:51 media podcast.
0:12:55 This week on Network and Chill,
0:12:56 I’m joined by Dan Rossi,
0:12:57 the hot dog king
0:12:58 of New York City
0:12:59 and the owner
0:13:00 of the most iconic
0:13:02 hot dog cart of all time.
0:13:04 From starting with a single cart
0:13:05 and a dream
0:13:06 to building up
0:13:07 a multi-million dollar empire
0:13:09 that dominated street corners
0:13:10 across Manhattan,
0:13:11 Dan’s story takes
0:13:12 an unexpected turn
0:13:14 when it all came crashing down.
0:13:15 Dan opens up
0:13:16 about the highs
0:13:17 of feeding thousands
0:13:18 of hungry New Yorkers daily,
0:13:20 the challenges of scaling
0:13:21 a street food business,
0:13:23 the mistakes that cost him
0:13:23 everything
0:13:25 and what he’s learned
0:13:26 about resilience,
0:13:26 failure,
0:13:27 and starting over.
0:13:29 What happened was
0:13:33 they took all the disabled vets
0:13:34 that were selling merchandise,
0:13:35 you know,
0:13:35 to see the guys
0:13:36 with the hats and stuff
0:13:37 and they kicked them
0:13:37 out of Midtown Manhattan.
0:13:38 Why?
0:13:39 You want me to name politics?
0:13:40 Yeah, let’s name.
0:13:41 Donald Trump?
0:13:42 He kicked every vet
0:13:43 out of Midtown Manhattan
0:13:44 by buying off
0:13:45 all the politicians
0:13:46 in Albany.
0:13:47 Listen wherever
0:13:48 you get your podcasts
0:13:49 or watch on
0:13:50 youtube.com
0:13:51 slash yourrichbff.
0:13:53 Welcome back
0:13:54 onto our final question
0:13:55 from Miami Peter
0:13:56 on Reddit.
0:13:58 Scott,
0:13:58 make the argument
0:14:00 for never getting married
0:14:01 and never having children.
0:14:05 Just come spend this afternoon
0:14:06 with me and my boys
0:14:07 and I’ll make the argument
0:14:08 for you.
0:14:10 I’m not one of these people
0:14:10 that thinks you have
0:14:11 to get married
0:14:12 and have kids
0:14:12 to be happy.
0:14:14 I just don’t think that.
0:14:16 Especially the having kids part.
0:14:18 I didn’t want kids.
0:14:19 I liked my life.
0:14:20 I recognized
0:14:20 I was self-aware enough
0:14:21 to know that I’m pretty selfish
0:14:23 and like to have my own weekends
0:14:23 and I like to spend
0:14:24 a lot of time alone.
0:14:25 That hasn’t changed.
0:14:28 And then something strange
0:14:29 happens when you have kids.
0:14:31 God reaches into your soul
0:14:32 and turns on a switch
0:14:33 and you just kind of
0:14:34 are in love with these things.
0:14:35 Although the switch
0:14:36 is more like a dimmer.
0:14:37 I fell in love with my kids.
0:14:38 I didn’t feel love right away
0:14:40 when I came marching out.
0:14:41 But I do think
0:14:42 that it gives you
0:14:43 a certain sense of permanence.
0:14:44 You wanted me to make
0:14:45 an argument
0:14:46 for not having kids.
0:14:46 Simple.
0:14:49 Look at gay people.
0:14:50 Typically gay marriages
0:14:51 don’t have as many kids
0:14:52 and it seems to work
0:14:53 really well for them.
0:14:54 When they have
0:14:55 more disposable income
0:14:56 and more time for each other
0:14:57 and more time for themselves
0:14:58 which creates
0:14:59 an absence of stress
0:15:01 and more healthy relationships
0:15:02 and more self-care.
0:15:04 I wonder if gay people
0:15:05 live longer
0:15:07 and just have
0:15:08 more disposable income
0:15:10 because they’re not taxed
0:15:12 with kids
0:15:13 or with this
0:15:14 preconceived notion
0:15:15 of what monogamy
0:15:16 is supposed to be.
0:15:19 So I would say that
0:15:19 if you decide
0:15:20 at some point
0:15:22 you know
0:15:23 you’re just not up
0:15:24 for don’t want to have kids
0:15:25 I probably would not be married
0:15:26 if I didn’t
0:15:27 if I decided not to have kids.
0:15:28 I was
0:15:28 I don’t want to say
0:15:29 I was forced to get married
0:15:30 but basically my partner
0:15:31 and this is
0:15:32 their right said
0:15:34 if you don’t want to have kids
0:15:34 I’m out of here
0:15:35 and I’m like
0:15:35 okay I’ll have kids.
0:15:38 And now I love it
0:15:39 it’s given me purpose.
0:15:41 Notice how I had to add that in
0:15:42 for orthodoxy
0:15:43 and virtue signaling.
0:15:44 What I would say
0:15:45 I don’t know
0:15:47 if you’re a dude
0:15:48 Miami Peter
0:15:50 look Miami Peter
0:15:51 what I would tell you
0:15:52 is that
0:15:53 the statistics show
0:15:54 that people live longer
0:15:56 are happier
0:15:57 are more productive citizens
0:15:59 build more wealth
0:16:01 when they’re in a relationship
0:16:03 and that
0:16:03 I can say
0:16:04 I don’t know
0:16:05 that many
0:16:06 super successful
0:16:07 super happy people
0:16:08 who kind of
0:16:09 die alone.
0:16:10 I just don’t
0:16:12 I think it’s fun
0:16:13 to build your life
0:16:13 with somebody
0:16:15 up until
0:16:16 when my mom died
0:16:17 I needed to call her
0:16:18 every time something good
0:16:18 happened such that
0:16:19 it was cemented
0:16:20 and now
0:16:21 I share those victories
0:16:22 with my partner
0:16:23 and my kids
0:16:24 because at the end of the day
0:16:25 what you want
0:16:25 and what you need
0:16:26 as a mammal
0:16:26 is you want
0:16:28 you want someone
0:16:29 to notice your life
0:16:30 you want someone
0:16:31 to witness you
0:16:32 you want someone
0:16:34 to share in your victories
0:16:35 you want to build
0:16:36 something with someone
0:16:37 even one of my
0:16:38 one of the guys
0:16:39 I co-invest with
0:16:40 we had a really
0:16:41 an investment workout
0:16:42 really well
0:16:42 and he said
0:16:43 it’s so much more fun
0:16:44 to make money
0:16:44 with your friends
0:16:47 it’s so much more fun
0:16:48 it’s so much more rewarding
0:16:49 to build your life
0:16:50 with someone
0:16:51 in addition
0:16:53 there’s a certain reward
0:16:53 and satisfaction
0:16:54 that you’re here
0:16:55 for a reason
0:16:56 when you’re able
0:16:58 to take your intelligence
0:16:58 and your grit
0:17:00 and your blessings
0:17:02 and help take care
0:17:02 of others
0:17:03 especially kids
0:17:04 because they are
0:17:05 just so vulnerable
0:17:06 and so dependent
0:17:07 upon you
0:17:07 that it gives you
0:17:08 a certain sense
0:17:09 of strength
0:17:10 and masculinity
0:17:11 and pride
0:17:12 so yeah
0:17:14 can you have a nice life
0:17:15 without kids
0:17:16 absolutely
0:17:17 can you have a nice life
0:17:18 without kids
0:17:19 or getting married
0:17:20 you can have a series
0:17:21 of relationships
0:17:22 but I would argue
0:17:24 on a risk adjusted basis
0:17:26 boss
0:17:26 there’s a reason
0:17:28 why most cultures
0:17:29 still have
0:17:30 the ultimate goal
0:17:31 is to have a family
0:17:32 and in general
0:17:33 most people
0:17:33 or most studies
0:17:34 have shown
0:17:35 that you would be happier
0:17:36 having said that
0:17:37 if you want to
0:17:38 roll us some time
0:17:38 in London
0:17:40 or grab a beer
0:17:41 I’m always up
0:17:42 for being single
0:17:43 for at least a night
0:17:44 or two a week
0:17:44 anyways
0:17:45 thanks for the question
0:17:49 that’s all for this episode
0:17:50 if you’d like
0:17:50 to submit a question
0:17:51 please email
0:17:52 a voice recording
0:17:52 to officehours
0:17:54 of profgmedia.com
0:17:54 again that’s
0:17:55 officehours
0:17:56 of profgmedia.com
0:17:57 or if you prefer
0:17:58 to ask on reddit
0:17:59 just post your question
0:18:00 on the Scott Galloway
0:18:00 subreddit
0:18:01 and we just might
0:18:01 feature it
0:18:02 in an upcoming episode
0:18:05 you
0:00:06 like the pricing, the marketing, the budgeting,
0:00:10 the accidents, the panicking, and the things,
0:00:13 and the things, and the non-stop things.
0:00:17 But having the right insurance can help protect you from many things.
0:00:20 Customize your coverage to get the protection you need
0:00:22 with BCAA Small Business Insurance.
0:00:28 Use promo code PROTECT to receive $50 off at bcaa.com slash smallbusiness.
0:00:31 Megan Rapinoe here.
0:00:35 This episode, we are riding the vibes of W All-Star.
0:00:38 We talk about our favorite moments on and off the court,
0:00:40 and we catch up with the breakout stars of The Weeknd,
0:00:42 Courtney Williams and Natisha Heidemann,
0:00:45 a.k.a. the Stud Buds.
0:00:47 Plus, we get into all the drama at the Euros.
0:00:49 Check out our latest episode of A Touch More
0:00:51 wherever you get your podcasts and on YouTube.
0:00:57 Welcome to Office Hours with Prop G.
0:00:59 This is the part of the show where we answer questions
0:01:00 about business, big tech, entrepreneurship,
0:01:02 and whatever else is on your mind.
0:01:04 If you’d like to submit a question for next time,
0:01:05 you can send a recording, a voice recording,
0:01:08 to officehours at propgmedia.com.
0:01:11 Again, that’s officehours at propgmedia.com.
0:01:14 Or post a question on the Scott Galloway subreddit,
0:01:16 and we just might feature it in our next episode.
0:01:17 First question.
0:01:24 Our first question comes from LowDefinition31-86 on Reddit.
0:01:25 They say,
0:01:28 Scott, how do you choose which people to champion and mentor
0:01:29 beyond the people you have hired?
0:01:31 How do you make sure that at a minimum,
0:01:33 you don’t dilute your personal brand?
0:01:34 I’m grateful that 30 years ago,
0:01:36 a college alumnus gave me grace
0:01:38 when I was late to an informational interview
0:01:40 and the referral he gave me launched my career.
0:01:42 I hope I would do the same for my 22-year-old
0:01:44 neurodivergent self,
0:01:45 but I don’t know.
0:01:45 Thanks.
0:01:48 So I try to mentor at any given time
0:01:49 two to three young men.
0:01:52 One, I relate to young men.
0:01:55 Two, I believe young men especially,
0:01:56 a lot of them are struggling.
0:01:58 And three, I think I’m good at it.
0:01:59 I enjoy it.
0:02:00 I can offer good advice.
0:02:01 And by the way,
0:02:03 if you’re thinking about mentoring a young man,
0:02:04 just do it.
0:02:05 They’re everywhere.
0:02:08 Find the single mothers in your workplace
0:02:09 and just say,
0:02:11 would your son be interested in coming over,
0:02:12 washing my car,
0:02:12 going to a ballgame,
0:02:13 hanging out?
0:02:15 And you’re just going to find a lot of people
0:02:18 very willing to fort their 17-year-old
0:02:19 over to you for an afternoon.
0:02:24 And even if it’s your friends
0:02:26 who do have a male role model son,
0:02:28 I find they’re much more inclined
0:02:31 to listen to another dad.
0:02:32 I go out of the way,
0:02:33 or I go out of my way to make sure
0:02:35 my 14 and 17-year-old boys
0:02:36 spend time with other men
0:02:38 because I find the other men
0:02:39 say the same thing I’m saying,
0:02:41 but they listen to them.
0:02:42 There’s a healthy gag reflex
0:02:44 where young men are trying
0:02:45 to establish their own identity
0:02:46 and basically become allergic
0:02:47 to their parents.
0:02:48 There was an interesting article
0:02:48 in the New York Times on this,
0:02:49 and boy,
0:02:50 are we going through that right now.
0:02:51 I am fucking pollen
0:02:53 on top of cyanide
0:02:55 in terms of how my kids
0:02:57 respond to my advice right now.
0:02:58 The older one less so.
0:03:00 He’s kind of coming back to me.
0:03:01 Anyways,
0:03:02 I was at a dinner party last night,
0:03:04 and the woman next to me,
0:03:05 single mom,
0:03:06 son came over,
0:03:07 wanted to go to some party,
0:03:08 started cussing her out.
0:03:10 I wanted to stand up
0:03:12 and fucking slap this little bitch.
0:03:13 Was that wrong?
0:03:14 Anyways,
0:03:15 and she said to me,
0:03:15 she said,
0:03:17 she just sat down
0:03:18 and said it’s really difficult
0:03:19 not having a father figure
0:03:20 in his life.
0:03:20 Anyway,
0:03:23 how do I choose these kids?
0:03:24 A lot of it is just situational.
0:03:25 A friend asks,
0:03:26 somebody asks,
0:03:27 I get an email
0:03:28 that I respond to
0:03:29 or resonates with me.
0:03:31 Who I don’t mentor
0:03:32 is actually more interesting.
0:03:33 I don’t mentor kids
0:03:35 who just got out of MIT
0:03:37 and are graduating from Google
0:03:37 and want to mentor.
0:03:38 Fuck you.
0:03:39 Mentor me.
0:03:40 You should be mentoring kids.
0:03:41 You’re doing just fine.
0:03:42 By the way,
0:03:43 I’m not suggesting
0:03:44 you don’t need a kitchen cabinet,
0:03:46 but those kids don’t need help.
0:03:48 I don’t mentor kids,
0:03:49 or very few of them
0:03:51 are in or graduating from college.
0:03:52 I mentor young men
0:03:52 who, quite frankly,
0:03:53 are struggling.
0:03:54 Look,
0:03:55 the easiest thing to do
0:03:56 is your friend’s sons,
0:03:57 they’re going to listen to you
0:03:58 more than your friend
0:03:59 or the dad.
0:04:01 But mostly,
0:04:02 the kids who I try
0:04:03 and spend a little bit of time with
0:04:04 are the ones who really need help.
0:04:05 And as I was saying,
0:04:07 a lot of times,
0:04:08 I’m not afraid to call the parents
0:04:08 and say,
0:04:09 I’m not qualified to coach this kid
0:04:10 because I get the feeling
0:04:11 there’s a lot going on here.
0:04:12 I once had
0:04:14 a friend of mine
0:04:15 ask me to meet with his daughter
0:04:17 and she came over to the office
0:04:18 and she was so uncomfortable
0:04:19 in her own skin
0:04:20 and then her,
0:04:21 actually her aunt and uncle
0:04:21 showed up
0:04:23 and there was this like,
0:04:24 you could tell
0:04:25 there’s this visible release
0:04:26 of anxiety
0:04:28 and like exhale.
0:04:29 And I immediately called her dad
0:04:30 and said,
0:04:31 I can’t mentor your daughter.
0:04:32 I think she’s,
0:04:33 I’m not an adolescent psychiatrist.
0:04:34 I’m not going to diagnose her.
0:04:35 I’m just going to tell you,
0:04:37 I think she is really struggling
0:04:39 and needs professional help.
0:04:40 So,
0:04:42 the kind of the sweet spot for me
0:04:43 is a young man,
0:04:44 single mom,
0:04:46 who is struggling
0:04:47 and quite frankly,
0:04:48 just needs someone
0:04:49 to help him
0:04:51 make very basic decisions.
0:04:52 And this goes back
0:04:53 to the call out.
0:04:54 And the call out
0:04:55 is for more men
0:04:56 to get involved
0:04:57 in Big Brothers programs,
0:04:58 Big Brothers of New York
0:04:59 or whatever city you’re in.
0:05:00 there are three times
0:05:00 as many women
0:05:01 applying to be
0:05:02 big sisters in New York
0:05:03 as men.
0:05:04 And I think a lot of them
0:05:05 are intimidated
0:05:06 or they’re selfish
0:05:07 or they’re not stepping up
0:05:08 or there’s a stigma
0:05:09 to wanting to be involved
0:05:10 in a younger man’s life
0:05:11 or you think,
0:05:12 maybe I’m not a baller,
0:05:13 I’m not doing that well
0:05:14 or I don’t have my own kids,
0:05:15 who am I to help a younger?
0:05:16 I can tell you firsthand,
0:05:18 it is so easy
0:05:19 to add value.
0:05:21 These kids are just making
0:05:22 really bad decisions.
0:05:24 And it’s not that
0:05:25 they don’t get advice
0:05:26 from their mom
0:05:27 or their dad
0:05:28 on how to make
0:05:29 better decisions,
0:05:29 but they immediately
0:05:31 just have this natural
0:05:32 healthy instinct
0:05:32 not to listen.
0:05:33 Anyways,
0:05:35 very much appreciate
0:05:35 the question.
0:05:37 Our second question
0:05:38 comes from Ben
0:05:39 on Reddit.
0:05:40 He asks,
0:05:41 Prop G,
0:05:42 why is bankruptcy
0:05:44 seen a savvy financial tool
0:05:45 when used by the ultra-wealthy
0:05:46 but treated like a moral failure
0:05:47 when used by
0:05:47 working-class Americans?
0:05:49 I filed in 2017
0:05:50 when I was broken
0:05:51 on food stamps.
0:05:52 They gave me a second chance
0:05:53 and now I run a non-profit
0:05:55 called Upsolve
0:05:55 that helps others
0:05:56 do the same for free.
0:05:58 I’ve helped over 17,000
0:05:59 people file
0:06:00 and almost all of them
0:06:00 had to fight
0:06:01 an uphill battle
0:06:02 against shame
0:06:04 to make a life-changing decision.
0:06:05 It makes me wonder
0:06:06 why do we moralize
0:06:06 debt relief
0:06:07 for some
0:06:08 but not others?
0:06:09 It’s a really
0:06:10 interesting question, Ben.
0:06:13 On the whole,
0:06:14 relative to other nations,
0:06:16 we actually
0:06:19 stigmatize bankruptcy less.
0:06:20 Keep in mind,
0:06:20 many countries
0:06:22 used to have debtors’ prisons.
0:06:23 They used to put you in prison.
0:06:25 And one of the great things
0:06:25 about America
0:06:27 is we don’t embrace failure.
0:06:27 That’s bullshit,
0:06:29 but we tolerate it.
0:06:30 And bankruptcy laws
0:06:32 are an example of that.
0:06:33 You can declare bankruptcy,
0:06:34 be relieved
0:06:35 of most of your debts,
0:06:36 and kind of
0:06:36 start over.
0:06:38 And that’s a wonderful thing.
0:06:38 Now,
0:06:40 we tend to stigmatize it
0:06:41 for people much more
0:06:42 than corporations.
0:06:43 Corporations are inanimate
0:06:44 objects,
0:06:46 and when
0:06:47 iHeartRadio,
0:06:47 I think,
0:06:48 is declared
0:06:49 once,
0:06:50 or paper companies,
0:06:50 there’s also,
0:06:51 you know,
0:06:52 two of the three
0:06:53 automobile companies
0:06:54 declared bankruptcy.
0:06:55 We assume it’s not their fault.
0:06:56 We don’t hold them
0:06:57 personally accountable.
0:06:58 Also,
0:06:59 it’s a fantastic,
0:07:01 it’s a fantastic construct,
0:07:03 because sometimes companies
0:07:03 borrow too much money
0:07:04 or make bad decisions,
0:07:06 and they’re decent companies,
0:07:08 they just have bad balance sheets
0:07:10 or debt structure,
0:07:11 meaning they have taken on
0:07:12 too much debt for projects
0:07:13 that just didn’t work out.
0:07:14 And bankruptcy gives them
0:07:15 the cloud cover
0:07:16 to reorganize,
0:07:18 forgive them of their debts,
0:07:19 equitize their debt.
0:07:20 Their debt goes,
0:07:21 turns into equities
0:07:22 such that maybe the debtors
0:07:23 get some,
0:07:25 some of their investment back.
0:07:26 And basically,
0:07:27 the equity holders
0:07:29 who usually get more upside
0:07:30 when things are good
0:07:31 get wiped out,
0:07:32 but they might say,
0:07:32 okay,
0:07:33 if you’re,
0:07:33 like,
0:07:35 retailers are great companies
0:07:35 to take bankrupt.
0:07:36 Basically,
0:07:37 you could go through,
0:07:38 if they declare chapter 11,
0:07:39 you can go through
0:07:41 another 500 stores,
0:07:43 you can pick the 200 that work,
0:07:44 and you get out of the 300 leases.
0:07:46 You get to liquidate
0:07:47 or absolve your obligation
0:07:48 to those 300 leases.
0:07:49 And in retail,
0:07:50 leases are usually
0:07:51 what kills a company
0:07:52 or specifically bad leases
0:07:53 or stores that aren’t paying off.
0:07:55 So it gives the company,
0:07:56 it recognizes the company
0:07:57 may still have value
0:07:58 that people,
0:07:59 you know,
0:08:00 can get employment from
0:08:00 or shareholders
0:08:01 or debt holders
0:08:02 can get their money back from
0:08:03 or more money.
0:08:05 And it’s a fantastic means
0:08:07 of bringing new life
0:08:08 to a company.
0:08:09 My best investments
0:08:10 have been,
0:08:11 my two best investments
0:08:12 have been
0:08:13 corporations or investors
0:08:14 bringing a company
0:08:15 out of bankruptcy,
0:08:18 washing out the debtors,
0:08:20 washing out 100%
0:08:21 the equity holders,
0:08:22 turning some of the debt
0:08:23 into equity
0:08:24 and then putting new capital
0:08:24 into the company
0:08:25 and then using that
0:08:26 cloud cover of bankruptcy
0:08:28 to create a healthier,
0:08:29 leaner company.
0:08:30 One was a Yellow Pages company
0:08:31 called Dex Media.
0:08:33 The other was a consumer company
0:08:34 called Enjoy.
0:08:35 Those have been my two biggest,
0:08:36 two best investments.
0:08:38 If there was one asset class,
0:08:39 I would say
0:08:41 is the best investment,
0:08:43 it’s distress credit.
0:08:44 And that is going into companies
0:08:44 that are struggling.
0:08:46 Anyways,
0:08:47 another talk show.
0:08:49 But we do stigmatize it
0:08:50 for individuals.
0:08:51 And I think credit card companies
0:08:52 are now trying to pass
0:08:53 types of legislation
0:08:54 that make it harder
0:08:55 for people to be absolved
0:08:57 of their credit card debt.
0:08:58 And the most immoral
0:09:00 component of this
0:09:01 is that student debt
0:09:02 is not dischargeable
0:09:02 in bankruptcy,
0:09:03 meaning a kid
0:09:04 maybe comes from
0:09:05 middle-class families,
0:09:06 told they need to go to college,
0:09:07 goes to college
0:09:08 for two or three years,
0:09:09 racks up six figures in debt,
0:09:11 decides college
0:09:11 is not for him or her,
0:09:12 drops out,
0:09:13 and still has that debt
0:09:14 with no degree
0:09:15 and no ability
0:09:17 to kind of pay it back.
0:09:18 That is the real,
0:09:18 I mean,
0:09:19 you want to talk about
0:09:19 kind of like,
0:09:20 you know,
0:09:20 fucked at 22.
0:09:22 That’s the scenario.
0:09:23 And it’s just insane
0:09:25 that the one cohort
0:09:25 that should be,
0:09:27 we should have the most grace
0:09:28 and the most forgiveness for
0:09:29 is the one we decide
0:09:30 that the primary debt
0:09:32 they deploy
0:09:33 or there’s leveled on them,
0:09:34 student debt,
0:09:35 is not dischargeable.
0:09:36 So this is,
0:09:37 this is the lobbyists
0:09:39 from credit card companies
0:09:39 and from banks
0:09:41 deciding that student debt
0:09:44 should not be dischargeable.
0:09:45 So I applaud
0:09:45 what you’re doing.
0:09:46 I think bankruptcy,
0:09:48 there should be
0:09:49 some stigma to it.
0:09:49 You don’t want people
0:09:51 doing it over and over.
0:09:55 I think in the corporate world,
0:09:55 bankruptcy,
0:09:56 I think those laws
0:09:58 are actually really powerful.
0:09:59 I mean,
0:10:00 powerful in a good way,
0:10:00 a positive way.
0:10:02 The president is known
0:10:02 for bankrupting
0:10:04 several of his own companies.
0:10:05 After you do that,
0:10:06 it gets harder and harder
0:10:07 to borrow money.
0:10:08 He was always able to do that.
0:10:09 He was always able
0:10:09 to borrow more money
0:10:10 and kind of leave
0:10:11 a lot of banks
0:10:13 holding the bill.
0:10:13 To be clear,
0:10:14 he’s never declared
0:10:15 personal bankruptcy.
0:10:16 So you’re right,
0:10:17 we do stigmatize it more
0:10:18 for individuals
0:10:19 than we do
0:10:20 for corporations,
0:10:21 but I do think
0:10:22 our bankruptcy laws
0:10:22 are a feature,
0:10:23 not a bug,
0:10:24 of our country,
0:10:24 and that is
0:10:25 there is less stigma.
0:10:27 And generally speaking,
0:10:27 that’s true
0:10:29 of our entire approach
0:10:30 to risk.
0:10:31 We’re much more
0:10:31 risk-aggressive.
0:10:32 I’ve started several companies,
0:10:33 some have worked,
0:10:34 some have not,
0:10:34 and I wonder
0:10:35 if I’d been in Europe
0:10:36 and an entrepreneur
0:10:37 and my first company
0:10:37 had failed,
0:10:38 if I’d ever would have
0:10:38 been able to raise
0:10:39 subsequent capital.
0:10:40 So bankruptcy
0:10:41 and our willingness
0:10:43 to forgive and move on
0:10:44 are key components
0:10:45 of what makes
0:10:47 America unique
0:10:48 and more prosperous
0:10:49 and able to attract
0:10:50 more capital
0:10:52 and more human capital
0:10:53 that’s willing to take
0:10:54 outsized risks
0:10:55 knowing that if it doesn’t work,
0:10:56 it’s not the end of the world.
0:10:57 Thanks for the question.
0:10:59 We’ll be right back
0:11:00 after a quick break.
0:11:07 Support for the show
0:11:08 comes from SoFi
0:11:09 Small Business Lending.
0:11:10 You’re a small business owner,
0:11:11 you need capital
0:11:11 to find new opportunities
0:11:12 and grow.
0:11:13 And you can do that
0:11:14 with help from SoFi.
0:11:15 You might know SoFi
0:11:16 for student loans
0:11:17 and high-interest savings,
0:11:18 but now they help
0:11:19 small businesses too.
0:11:21 No more chasing bankers
0:11:22 or wasting time in a branch.
0:11:23 SoFi Small Business Marketplace
0:11:24 is your new go-to
0:11:26 fast and digital solution.
0:11:28 In one single simple search,
0:11:29 SoFi matches you
0:11:30 with vetted providers
0:11:31 for your business
0:11:32 in just minutes.
0:11:33 You can discover options
0:11:34 that meet your specific needs,
0:11:35 and if you find a quote
0:11:36 that works for you,
0:11:37 you may receive funds
0:11:38 as soon as the same day
0:11:39 you’re approved.
0:11:40 Say it’s working capital
0:11:41 you need or a line of credit
0:11:42 or an SBA loan
0:11:44 or equipment financing,
0:11:45 SoFi’s Marketplace
0:11:46 can help you find
0:11:47 all of the above.
0:11:48 It’s already helped
0:11:49 thousands of small businesses
0:11:50 find the funding they need.
0:11:52 SoFi also offers
0:11:52 business owners
0:11:53 curated tools,
0:11:54 vetted business bank accounts,
0:11:55 business credit card
0:11:56 recommendations,
0:11:57 and a ton of resources
0:11:58 to help you scale
0:11:59 your business like a boss.
0:12:00 SoFi,
0:12:01 now helping you
0:12:02 get your business right.
0:12:04 Visit SoFi.com
0:12:05 slash PropCheapPod.
0:12:07 and see your options
0:12:08 in minutes.
0:12:13 Hey, this is Peter Kafka,
0:12:14 the host of Channels,
0:12:16 a show about media and tech
0:12:16 and what happens
0:12:17 when they collide.
0:12:19 And this may be hard to remember,
0:12:21 but not very long ago,
0:12:23 magazines were a really big deal.
0:12:25 And the most important magazines
0:12:26 were owned by Condé Nast,
0:12:28 the glitzy publishing empire
0:12:30 that’s the focus of a new book
0:12:31 by New York Times reporter
0:12:32 Michael Grinbaum.
0:12:34 The way Condé Nast elevated
0:12:34 its editors,
0:12:36 the way they paid
0:12:37 for their mortgages
0:12:37 so they could live
0:12:38 in beautiful homes,
0:12:40 there was a logic to it,
0:12:42 which was that Condé Nast
0:12:44 itself became seen
0:12:46 as this kind of enchanted land.
0:12:47 You can hear the rest
0:12:48 of our chat on channels
0:12:49 wherever you listen
0:12:50 to your favorite
0:12:51 media podcast.
0:12:55 This week on Network and Chill,
0:12:56 I’m joined by Dan Rossi,
0:12:57 the hot dog king
0:12:58 of New York City
0:12:59 and the owner
0:13:00 of the most iconic
0:13:02 hot dog cart of all time.
0:13:04 From starting with a single cart
0:13:05 and a dream
0:13:06 to building up
0:13:07 a multi-million dollar empire
0:13:09 that dominated street corners
0:13:10 across Manhattan,
0:13:11 Dan’s story takes
0:13:12 an unexpected turn
0:13:14 when it all came crashing down.
0:13:15 Dan opens up
0:13:16 about the highs
0:13:17 of feeding thousands
0:13:18 of hungry New Yorkers daily,
0:13:20 the challenges of scaling
0:13:21 a street food business,
0:13:23 the mistakes that cost him
0:13:23 everything
0:13:25 and what he’s learned
0:13:26 about resilience,
0:13:26 failure,
0:13:27 and starting over.
0:13:29 What happened was
0:13:33 they took all the disabled vets
0:13:34 that were selling merchandise,
0:13:35 you know,
0:13:35 to see the guys
0:13:36 with the hats and stuff
0:13:37 and they kicked them
0:13:37 out of Midtown Manhattan.
0:13:38 Why?
0:13:39 You want me to name politics?
0:13:40 Yeah, let’s name.
0:13:41 Donald Trump?
0:13:42 He kicked every vet
0:13:43 out of Midtown Manhattan
0:13:44 by buying off
0:13:45 all the politicians
0:13:46 in Albany.
0:13:47 Listen wherever
0:13:48 you get your podcasts
0:13:49 or watch on
0:13:50 youtube.com
0:13:51 slash yourrichbff.
0:13:53 Welcome back
0:13:54 onto our final question
0:13:55 from Miami Peter
0:13:56 on Reddit.
0:13:58 Scott,
0:13:58 make the argument
0:14:00 for never getting married
0:14:01 and never having children.
0:14:05 Just come spend this afternoon
0:14:06 with me and my boys
0:14:07 and I’ll make the argument
0:14:08 for you.
0:14:10 I’m not one of these people
0:14:10 that thinks you have
0:14:11 to get married
0:14:12 and have kids
0:14:12 to be happy.
0:14:14 I just don’t think that.
0:14:16 Especially the having kids part.
0:14:18 I didn’t want kids.
0:14:19 I liked my life.
0:14:20 I recognized
0:14:20 I was self-aware enough
0:14:21 to know that I’m pretty selfish
0:14:23 and like to have my own weekends
0:14:23 and I like to spend
0:14:24 a lot of time alone.
0:14:25 That hasn’t changed.
0:14:28 And then something strange
0:14:29 happens when you have kids.
0:14:31 God reaches into your soul
0:14:32 and turns on a switch
0:14:33 and you just kind of
0:14:34 are in love with these things.
0:14:35 Although the switch
0:14:36 is more like a dimmer.
0:14:37 I fell in love with my kids.
0:14:38 I didn’t feel love right away
0:14:40 when I came marching out.
0:14:41 But I do think
0:14:42 that it gives you
0:14:43 a certain sense of permanence.
0:14:44 You wanted me to make
0:14:45 an argument
0:14:46 for not having kids.
0:14:46 Simple.
0:14:49 Look at gay people.
0:14:50 Typically gay marriages
0:14:51 don’t have as many kids
0:14:52 and it seems to work
0:14:53 really well for them.
0:14:54 When they have
0:14:55 more disposable income
0:14:56 and more time for each other
0:14:57 and more time for themselves
0:14:58 which creates
0:14:59 an absence of stress
0:15:01 and more healthy relationships
0:15:02 and more self-care.
0:15:04 I wonder if gay people
0:15:05 live longer
0:15:07 and just have
0:15:08 more disposable income
0:15:10 because they’re not taxed
0:15:12 with kids
0:15:13 or with this
0:15:14 preconceived notion
0:15:15 of what monogamy
0:15:16 is supposed to be.
0:15:19 So I would say that
0:15:19 if you decide
0:15:20 at some point
0:15:22 you know
0:15:23 you’re just not up
0:15:24 for don’t want to have kids
0:15:25 I probably would not be married
0:15:26 if I didn’t
0:15:27 if I decided not to have kids.
0:15:28 I was
0:15:28 I don’t want to say
0:15:29 I was forced to get married
0:15:30 but basically my partner
0:15:31 and this is
0:15:32 their right said
0:15:34 if you don’t want to have kids
0:15:34 I’m out of here
0:15:35 and I’m like
0:15:35 okay I’ll have kids.
0:15:38 And now I love it
0:15:39 it’s given me purpose.
0:15:41 Notice how I had to add that in
0:15:42 for orthodoxy
0:15:43 and virtue signaling.
0:15:44 What I would say
0:15:45 I don’t know
0:15:47 if you’re a dude
0:15:48 Miami Peter
0:15:50 look Miami Peter
0:15:51 what I would tell you
0:15:52 is that
0:15:53 the statistics show
0:15:54 that people live longer
0:15:56 are happier
0:15:57 are more productive citizens
0:15:59 build more wealth
0:16:01 when they’re in a relationship
0:16:03 and that
0:16:03 I can say
0:16:04 I don’t know
0:16:05 that many
0:16:06 super successful
0:16:07 super happy people
0:16:08 who kind of
0:16:09 die alone.
0:16:10 I just don’t
0:16:12 I think it’s fun
0:16:13 to build your life
0:16:13 with somebody
0:16:15 up until
0:16:16 when my mom died
0:16:17 I needed to call her
0:16:18 every time something good
0:16:18 happened such that
0:16:19 it was cemented
0:16:20 and now
0:16:21 I share those victories
0:16:22 with my partner
0:16:23 and my kids
0:16:24 because at the end of the day
0:16:25 what you want
0:16:25 and what you need
0:16:26 as a mammal
0:16:26 is you want
0:16:28 you want someone
0:16:29 to notice your life
0:16:30 you want someone
0:16:31 to witness you
0:16:32 you want someone
0:16:34 to share in your victories
0:16:35 you want to build
0:16:36 something with someone
0:16:37 even one of my
0:16:38 one of the guys
0:16:39 I co-invest with
0:16:40 we had a really
0:16:41 an investment workout
0:16:42 really well
0:16:42 and he said
0:16:43 it’s so much more fun
0:16:44 to make money
0:16:44 with your friends
0:16:47 it’s so much more fun
0:16:48 it’s so much more rewarding
0:16:49 to build your life
0:16:50 with someone
0:16:51 in addition
0:16:53 there’s a certain reward
0:16:53 and satisfaction
0:16:54 that you’re here
0:16:55 for a reason
0:16:56 when you’re able
0:16:58 to take your intelligence
0:16:58 and your grit
0:17:00 and your blessings
0:17:02 and help take care
0:17:02 of others
0:17:03 especially kids
0:17:04 because they are
0:17:05 just so vulnerable
0:17:06 and so dependent
0:17:07 upon you
0:17:07 that it gives you
0:17:08 a certain sense
0:17:09 of strength
0:17:10 and masculinity
0:17:11 and pride
0:17:12 so yeah
0:17:14 can you have a nice life
0:17:15 without kids
0:17:16 absolutely
0:17:17 can you have a nice life
0:17:18 without kids
0:17:19 or getting married
0:17:20 you can have a series
0:17:21 of relationships
0:17:22 but I would argue
0:17:24 on a risk adjusted basis
0:17:26 boss
0:17:26 there’s a reason
0:17:28 why most cultures
0:17:29 still have
0:17:30 the ultimate goal
0:17:31 is to have a family
0:17:32 and in general
0:17:33 most people
0:17:33 or most studies
0:17:34 have shown
0:17:35 that you would be happier
0:17:36 having said that
0:17:37 if you want to
0:17:38 roll us some time
0:17:38 in London
0:17:40 or grab a beer
0:17:41 I’m always up
0:17:42 for being single
0:17:43 for at least a night
0:17:44 or two a week
0:17:44 anyways
0:17:45 thanks for the question
0:17:49 that’s all for this episode
0:17:50 if you’d like
0:17:50 to submit a question
0:17:51 please email
0:17:52 a voice recording
0:17:52 to officehours
0:17:54 of profgmedia.com
0:17:54 again that’s
0:17:55 officehours
0:17:56 of profgmedia.com
0:17:57 or if you prefer
0:17:58 to ask on reddit
0:17:59 just post your question
0:18:00 on the Scott Galloway
0:18:00 subreddit
0:18:01 and we just might
0:18:01 feature it
0:18:02 in an upcoming episode
0:18:05 you
Scott shares how he chooses who to mentor. He then responds to a listener who asks why bankruptcy is seen as strategic for the wealthy, but shameful for the working class. Finally, Scott makes the argument for never getting married or having children.
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.
Learn more about your ad choices. Visit podcastchoices.com/adchoices
Leave a Reply