Quote · The Prof G Pod with Scott Galloway
How to Build Wealth on Less Than $60K a Year + Investing for Retirement Income (ft. Nick Maggiulli)
Where this was said
Q3: Young Family with Two Kids — Invest Now or Wait?
At 21:35 · chapter starts 19:18
The final listener question is the most emotionally charged. A couple in their early 40s has relocated to a lower-cost state to be near family, has some part-time childcare and a small savings base, and expects to inherit a house within ten years. They ask whether to keep investing or hunker down. Nick Maggiulli immediately reframes the inheritance question as a personal one: do they actually want to live in that house? Scott Galloway takes a different, more personal angle. He describes having made what amounts to the same geographic arbitrage move himself — relocating to Florida, where private school fees ran $12,000–$14,000 per year versus $58,000 in New York City [1] — Scott Galloway "Moving to a lower-cost state can slash expenses dramatically — Scott's school fees dropped from $58K to $12K a year in Florida. But the big…" 20:00 . But his deeper point is about partner alignment. He recounts working obsessively when his children were young, acknowledging it strained his relationship and meant less time with his kids — a cost he accepted because he and his partner were explicitly aligned on the goal. He points to evidence that daughters earn more when they see their mothers working, adding a gentle nudge toward two-income households. The overall prescription: do the math on what you want, get explicit alignment with your partner on the trade-offs, and then automate savings to match those commitments.
Moving to a lower-cost state can slash expenses dramatically — Scott's school fees dropped from $58K to $12K a year in Florida. But the bigger priority is getting aligned with your partner on earning, saving, and the real trade-offs.
Scott Galloway moved to Florida partly because private school tuition there cost $12,000–$14,000 a year versus up to $58,000 in New York City.
With mortgage rates at 6.5–7%, Nick Maggiulli is deliberately oversaving in Treasury bills rather than borrowing. His plan: buy with a large down payment or cash in a few years rather than lock in a painful rate.
