Scott’s Thoughts on Bitcoin, How to Stand Out When Applying to a Job, What to Do With an Inheritance

Summary

The Prof G Pod with Scott Galloway – Episode: Bitcoin, Job Applications, and Managing Inheritances

Release Date: February 19, 2025
Host: Scott Galloway
Network: Vox Media Podcast Network

---

Scott Galloway, a renowned professor, bestselling author, and entrepreneur, delves into pressing financial and career topics in this episode of The Prof G Pod. In this installment, Galloway addresses listener questions on Bitcoin's impact on personal wealth, strategies for standing out in job applications, and prudent management of inheritance funds. The episode is structured around the Office Hours segment, where Galloway provides insightful, actionable advice grounded in his extensive business acumen.

---

1. Bitcoin and the Future of Retirement Portfolios

Timestamp: 02:06 – 07:04
Listener: Mike from Long Island, Nassau County

Mike's Concern:
Mike, a 35-year-old with a modest job and a teacher wife, expresses anxiety about potential devaluation of his retirement portfolio in a future where Bitcoin becomes a dominant currency. He fears that without Bitcoin, his wealth might diminish as the U.S. possibly builds a strategic digital asset reserve.

Scott Galloway's Response:
Galloway begins by acknowledging Mike’s solid personal and professional standing, emphasizing the importance of being young and in a stable relationship. He candidly admits the unpredictability of Bitcoin's future, sharing his own fluctuating thoughts after conversations with Bitcoin proponents like Michael Saylor.

“The honest answer to your question is nobody knows.” – Scott Galloway [02:44]

Galloway outlines Bitcoin's unique value proposition as a credible store of value amidst inflationary pressures caused by continuous dollar printing. He explains Bitcoin’s scarcity model, capped at 21 million coins, which differentiates it from fiat currencies that lose value over time due to increased supply.

“Bitcoin is created this credible feeling that because of the algorithm or the structure where it requires more and more numbers to be thrown at an algorithm or at a math problem, that it takes more energy, it limits the supply.” – Scott Galloway [04:10]

Galloway advises a balanced approach:

• Diversification: Allocate a small percentage (2-4%) of the portfolio to Bitcoin as a hedge against inflation and currency risk.
• Caution Against Overexposure: Avoid concentrating investments in a single volatile asset.
• Traditional Investments: Maximize contributions to 401(k)s, especially matched or tax-deferred options, and invest in low-cost index funds to ensure broad market exposure.

“Don't put all 3 or 4% or 5% in at one time dollar cost in because it's a highly volatile asset.” – Scott Galloway [06:00]

Galloway concludes by emphasizing the importance of not panicking over Bitcoin’s potential impacts and maintaining a diversified investment strategy to safeguard personal wealth.

---

2. Standing Out in the Job Application Process

Timestamp: 07:04 – 10:06
Listener: Peter from Boston

Peter's Dilemma:
Peter, who has held his first job for nearly four years at a small firm, seeks to transition to a larger company. His concerns revolve around how to distinguish himself when his experience may overshadow the number of years on his resume, and whether he might be "a big fish in a small pond" aiming too high.

Scott Galloway's Guidance:
Galloway encourages Peter to overcome self-doubt, sharing his own experiences of feeling unqualified despite achieving significant milestones:

“I’ve never been qualified to do anything I’ve ever done.” – Scott Galloway [07:42]

Key Strategies Proposed:

1. Aiming High: Galloway advises Peter to apply for positions he aspires to, emphasizing that perceived qualifications often limit ambition.

2. Interview Mastery: Focus on answering critical questions effectively, such as:

   • “Why should we hire you?”
   • “What differentiates you from other candidates?”

   Galloway highlights the importance of demonstrating unique value propositions and sustainable competitive advantages.

“You want to show up and kind of act like they'd be crazy not to hire you.” – Scott Galloway [08:30]

3. Building Rapport: Encourage Peter to engage interviewers by asking insightful questions, thereby turning the interview into a two-way conversation and establishing a personal connection.

“Start asking them questions. People are narcissists or they're self-involved and they love talking about themselves.” – Scott Galloway [09:00]

4. Market Testing: By participating in interviews, Peter can gauge his market value and identify whether he truly stands out or needs further development.

“You miss all the shots you don’t take.” – Scott Galloway [09:30]

Galloway concludes by reaffirming the importance of persistence and continuous self-improvement, encouraging Peter to keep aiming high and learning from each experience.

---

3. Managing an Inheritance: Renting vs. Buying Real Estate

Timestamp: 12:35 – 18:00
Listener: Josh, 27, from Mexico

Josh's Situation:
Josh inherited a lump sum following his father's passing and is contemplating whether to invest in real estate by purchasing apartments or to rent and invest the funds in the stock market. He seeks guidance on the optimal use of his inheritance to secure his financial future and potentially fund graduate education.

Scott Galloway's Recommendations:
Galloway begins by advising Josh to prioritize safety and liquidity:

“The first thing you want to do is you want to put it in a bond fund or a treasury fund that’s getting 4.5% or 5% right now.” – Scott Galloway [13:37]

He suggests placing the inheritance in low-risk investments such as bond funds or certificates of deposit (CDs) to earn steady returns while evaluating further investment options.

Options Explored:

1. Investing in Real Estate:

   • Advantages: Potential for steady rental income and property appreciation.
   • Galloway’s Experience: He shares his success with owning nearly 30 rental units in Delray Beach, Florida, highlighting consistent cash flow and property value growth.

   “Rental units, if you have some advantage, do you understand the local market so you don’t overpay? Do you have the ability to manage them?” – Scott Galloway [15:00]

   • Considerations: Effective property management requires market knowledge, hands-on management capabilities, and the ability to handle maintenance and tenant issues.

2. Investing in REITs or Low-Cost ETFs:

   • Advantages: Diversification, lower management responsibilities, and exposure to broader markets.
   • Strategic Allocation: Galloway recommends a split between U.S. and international index funds to mitigate risks associated with U.S.-centric market valuations.

   “I would use a robo advisor, spend some time on AI and say I want low cost index funds and I also want to make sure that I'm not only diversified within the US but I'm diversified to a certain extent around my investments from the US.” – Scott Galloway [17:30]

3. Educational Investment:

   • Caution Advised: While further education can enhance career prospects, Galloway urges careful consideration of the return on investment, especially given the potential debt burden.

   “I was just saying if you're doing well, I'd be reticent or careful to blow that money or invest that money in grad school.” – Scott Galloway [16:45]

Final Recommendations:

• Diversification: Allocate funds across various asset classes to balance risk and return.
• Market Knowledge: If opting for real estate, leverage personal or local market expertise to maximize investment efficacy.
• Long-Term Planning: Consider the inheritance as a foundation for long-term financial security, potentially enhancing savings for retirement or further education.

“It's a good problem and I'm sorry about your father's passing. It's something we all deal with, but it's something I don't think any of us are prepared for.” – Scott Galloway [17:55]

---

Conclusion

In this episode, Scott Galloway adeptly navigates complex financial and career-related queries, providing listeners with well-rounded, practical advice. Whether grappling with the uncertainties of cryptocurrency, striving to distinguish oneself in a competitive job market, or managing a significant inheritance, Galloway emphasizes the importance of diversification, informed decision-making, and leveraging personal strengths.

Notable Quotes:

• On Bitcoin's Uncertainty: “Nobody knows.” – Scott Galloway [02:44]
• On Job Applications: “Everyone thinks they're aiming too high until they hit the target.” – Scott Galloway [07:42]
• On Managing Inheritance: “Put it into a bond fund or a treasury fund that's getting 4.5% or 5% right now.” – Scott Galloway [13:37]

Production Credits: This episode was produced by Jennifer Sanchez, with intern Dan Shalon and Technical Director Drew Burrows contributing to the technical aspects. Listeners are encouraged to submit future questions via voice recordings to [e-mail] and to follow Prof G Markets Pod on their preferred podcast platform for upcoming episodes every Monday and Thursday.

---

Note: This summary captures the essence of the podcast episode based on the provided transcript, omitting advertisements and non-content segments to focus on the core discussions and insights shared by Scott Galloway.

Transcript

[Charles Schwab]

Support for the show comes from Charles Schwab. At Schwab, how you invest is your choice, not theirs. That's why when it comes to managing your wealth, Schwab gives you more choices. You can invest and trade on your own plus get advice and more comprehensive wealth solutions to help meet your unique needs. With award winning service, low costs and transparent advice, you can manage your wealth your way at Schwab. Visit schwab.com to learn more.

[Scott Galloway]

It's time to review the highlights.

[Snoop Dogg]

I'm joined by my co anchor Snoop.

[Scott Galloway]

Hey what up doe snoop?

[Snoop Dogg]

Number one has to be getting iPhone 16 with Apple Intelligence AT T Mobile.

[Mike]

Yeah, you should hustle down to T Mobile like a dog chasing a squirrel chasing a nut.

[Snoop Dogg]

Number two at T mobile families can switch and save 20% on plans plus streaming services versus the other big guys.

[Mike]

What a deal y'all giving it away too fast. T Mobile slow down.

[Scott Galloway]

Head to T mobile.com and get iPhone 16 on them.

[Peter]

Yeah you can save on wireless and streaming versus the other big guys@t mobile.com switch Apple Intelligence requires iOS 18.1 or later.

[Natrol]

You think you know what working on your wellness sounds like, but there's one thing that truly sounds like the best thing you can do for your overall wellness. Every great performance starts with a great night's sleep. And every great night's sleep starts with Natrol, the number one drug free sleep aid brand in America. 100% drug free and non habit forming. Get yours now at Target or wherever you shop. These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease.

[Scott Galloway]

Welcome to Office Hours of Prophet. This is the part of the show where we answer your questions about business, big tech, entrepreneurship, and whatever else is on your mind. If you'd like to submit a question, please email a voice recording to office hourspropertymedia.com Again, that's office hourspropertymedia.com so with that first question and also, I have not heard or seen these questions.

[Mike]

Hi Professor Galloway. Thank you for your time. My name is Mike. I'm 35 years old. I live on Long island in Nassau County. I have a modest job and my wife's a teacher in Brooklyn. My question is what will happen to the value of my limited wealth and that of other Americans that don't have Bitcoin? When the US Buys a strategic reserve and there's more widespread adoption, will the value of my retirement portfolio collapse? I'm worried about losing everything in my family falling behind. I feel like I'm gambling on which currency will be more prevalent or even exist in 20 to 30 years. What should we do? Thanks.

[Scott Galloway]

Hi, Mike from Long Island. So you're 35. It sounds like you're in a good relationship. You both are working. Your wife's doing something important as a teacher. So the first thing is to recognize you're young. Sounds like you're in love. You're both employed. Things are pretty good for you. Okay, so the honest answer to your question is nobody knows. I talked to Michael Saylor and when I leave his. I had lunch with him. When I leave the lunch, I think I should put everything into Bitcoin. And then an hour later I'm like, wait, what is Bitcoin again anyway? So the bottom is, nobody knows. Trump recently announced that his administration will be considering the creation of a national digital asset stockpile. Well, this really isn't quite a strategic reserve. It could still have a massive impact on America's involvement with cryptocurrency. Specifically, if the US Government weighs in and buys a shit ton, the price would go up. Currently, America holds more Bitcoin than any other government as a result of large scale asset seizures. About 5 billion as of 2023. Even so, they've sold none of it. Countries including Germany, Hong Kong, Russia, Brazil and Poland are all taking steps to review Bitcoin as a reserve asset. In the past 10 years, Bitcoin is up over, Jesus Christ, 48,000% in the past year, it's 140%. Since the election, it's up 50%. So, okay, what do you do? The genius of Bitcoin in my mind is they've come up with this incredible means of creating a somewhat credible sense of scarcity. What do I mean by that? We keep printing more dollars. We've had inflation. So you could argue that the value of the dollar goes down every year. I bought a house. Every house I bought 30 years ago is worth. I wish I'd never sold it, is worth six to ten times what I bought it for. More than inflation. Is that because the assets gone up in value and it's producing more rent? No, it's because there are more dollars chasing fewer assets. That's the definition of inflation. Or simply put, the dollars you throw into your mattress get worth less and less every year because we keep producing more of them. Bitcoin is created this credible feeling that because of the algorithm or the structure where it requires more and more numbers to be thrown at an algorithm or at a math problem, that it Takes more energy, it limits the supply. And they say they're going to stop mining Bitcoin at 21 million coins. And the market believes it. So the market says, all right, this is a credible store of value and a place to hedge inflation. It's also a place to hedge currency risk. If you're in Argentina and your pesos are worth 30% less every month, you immediately get them and there's currency controls, meaning you can't trade it for dollars, you immediately go into bitcoin. So there is real use cases here, right? It's not a payment system. I've never been paid or paid anyone in bitcoin. I don't see it as having a lot of utility. I don't, you know, I, I just don't use the blockchain. Call, call me old fashioned. So the question is, what do you do? I think it's highly unlikely. And I, I wouldn't wring your hands too much or spend too much time worrying that your assets are going to go to zero because of bitcoin and the America's decision or not decision to create a strategic reserve of bitcoin. What you might want to do is maybe put 2, 3, 4% of your net worth into Bitcoin. That way you're a little bit hedged and if it does go up two, three, ten fold, you feel as if you've participated in the upside. I would not go all in on this, much less really any one asset. If you're making some money, my guess is your wife has good benefits. If you max out your 401k, anything that's matched or tax deferred, try and match that out. Try and get money taken out of your paycheck so it's never in your hands and make sure you're diversified and in low cost index funds. So if you're worried about crypto or you think that in fact it's going to be something that might take off, put a little bit of money, money in. Don't put all 3 or 4% or 5% in at one time dollar cost in because it's a highly volatile asset. But if you want to hedge a little bit against the upside or the downside of your current portfolio, then yeah, put a little bit of your money into. I would just probably do bitcoin. I think some of shitcoins are just too volatile and you end up staring at your phone all day. But sure, dip your toe if you think, if that's going to make you feel a little bit better. But I wouldn't I wouldn't lose sleep thinking that all other assets are going to crash. Thanks for your question. Question number two.

[Peter]

Hi, Prof. G. I'm Peter from Boston. I got my first job out of school nearly four years ago at a small firm and for the first time I'm looking to change positions to a larger company with a deeper talent pool for mentorship and better growth opportunities. In my current role, I was able to take on a lot of responsibility early on due to the fact that we were a small team and grew rapidly since I started. As someone who has been on the other end of the hiring process. Do you have any advice on how to stand out when my experience and abilities are greater than what the number of years on my resume might suggest. Phrase another way. How do I know if I'm just a big fish in a small pond? Aiming too high. Thanks for your time.

[Scott Galloway]

Everyone thinks they're. Well, thanks for the question. Everyone thinks they're aiming too high until they hit the target. I. I've never been qualified to do anything I've ever done. I wasn't qualified to get a job at Morgan Stanley. I definitely wasn't qualified to get into business school. I wasn't qualified to start a strategy. I've never been qualified to do anything I've ever done. So just put that away thinking that you're aiming too high. You may not hit the target. You know, you may apply to be a VP somewhere and they say, sorry, you really aren't qualified. But the way you do this is you start interviewing and the easiest questions are the hardest to answer. And that is, you know what they're going to ask you. Why should we hire you? What's different about you? Right? What do you bring to this company that's unique? Why do you want to work here and what do you do to try and improve your, you know, your sustainable advantage or these assets that are differentiated. Right. In sum, what differentiates you? Why is it relevant to us and how do you. What practices or what do you do that makes it sustainable? So you literally want to show up and kind of act like they'd be crazy not to hire you. Right. I also find it kind of a hack in interviewing to get the person to like you because a lot of this is based on relationships and how they feel about you. After the interview is start asking them questions. People are narcissists or they're self involved and they love talking about myself. So Lisa, how did you get involved at Salesforce or you know, what do you like about working here? Or when you look at my skills, what do you think? Do you think I'd be a good fit here? So, you know, you. What you want to figure out and you want to be confident is to say, okay, I think I'd be great at this, but is this the right fit for me? You know, start asking them questions. Who. Who does really well at Salesforce? Or I'm just using that as an example. But the key here is you, you know, you miss all the shots you don't take. Just start interviewing and find out if in fact you're in that weight class. But circling back, you know, everyone's an imposter. Everybody thinks they fooled people. Not everybody. Most people think they've fooled people when they get the job or get into graduate school or get a high character boyfriend or girlfriend. So, yeah, aim high. If you miss, don't take it too seriously. Keep aiming. And if you really want to see what your currency is in the marketplace, then go into the marketplace and try and start interviewing. Thanks for the question. We have one quick break before our final question. Stay with us. Foreign.

[Domo]

Comes from Domo. A lot of people think that data.

[Scott Galloway]

Is just cold, hard facts, about as.

[Domo]

Impersonal as you can get. But wouldn't it be great if you could ask your data anything at any time, like, how are sales this quarter? Or how's the new marketing campaign performing? Or what does the overall health of the company look like? And what if that data could get you those answers right away? Complete with charts and graphics and actionable information? Well, with Domo's AI and Data products platform, you can get just that. Domo lets you channel data quickly, securely and innovatively to deliver measurable insights wherever and whenever you need them. Anyone on your team can use Domo to easily prepare, analyze, visualize, automate, and distribute data, all amplified by. AI. Domo goes beyond productivity. It's designed to transform your processes, helping you make smarter and faster decisions and drive real growth. All powered by Domo's trust, flexibility, and years of expertise in data. Top companies across several industries rely on Domo to make smarter decisions. See how DOMO can help transform yours? Learn more at AI Domo. That's AI.domo.com.

[Snoop Dogg]

Okay, business leaders, are you playing defense or are you on the offense? Are you just. Excuse me. Hey, I'm trying to talk business here. As I was saying, are you here just to play or are you playing to win? If you're in it to win, meet your next MVP. NetSuite by Oracle. NetSuite is your full business management system in one suite. With NetSuite, you're running your accounting, your financials, HR, E commerce, and more, all from your online dashboard. One source of truth means every department's working from the same numbers with no data delays and with AI embedded throughout, you're automating manual tasks plus getting fast insights for your next move. Whether you're competing on your home turf or looking to Conquer International Markets, NetSuite helps you get the W Over 40,000 businesses have already made the move to NetSuite, the number one Cloud ERP.

[Scott Galloway]

Right now.

[Peter]

Get the CFO's guide to AI and.

[Scott Galloway]

Machine learning at netsuite.com Vox get this free guide at netsuite.com Vox okay guys.

[Charles Schwab]

This episode is brought to you by Amazon Business. We could all use more time. Amazon Business offers smart business buying solutions so you can spend more time growing your business and less time doing the admin. I can see why they call it smart. Learn [e-mail] welcome back.

[Scott Galloway]

Question number three hey Prof. G. I'm.

[Josh]

Josh, a 27 year old from Mexico working in marketing for a large multinational company. Thank you for everything you do. Your content really inspires and helps my day to day, so I really appreciate it. Sadly, my father passed away last year and left me with an inheritance that I will just receive. This has left me with a financial question. My first thought was to buy two apartments since it's money that I didn't really work for and see it as securing something my dad left me. However, I know today renting and investing the money in the market might make more sense. This would also leave me the opportunity to use the money for grad school if I needed it. Since I know it's something that could boost my career. I've been lucky enough to land a job that makes good money and have advanced quickly in the corporate world. So my question is what's your stance on renting versus buying and what would you do if you were a 27 year old male that suddenly received a lump sum like this? Again, thank you for your thoughts and all the content. Cheers.

[Scott Galloway]

So the first thing you want to do is you want to put it in a bond fund or a treasury fund that's getting 4.5% or 5% right now. If it's $100,000, that's 5,000 a year, low risk or no risk. So you're getting $400 a month. But don't just let it sit there. Put it into some sort of, you know, T bill fund or what do they Call it certificate of deposit, whatever you want to call it. Basically, if you put money in at Interactive Brokers or Schwab, I think you get between 4 and 5% while you're trying to figure this out. Okay, so in terms of where to put it, you want to lean into your advantage if you understand the local real estate market and you or someone in your life could manage those apartments and you're scrappy and maybe know how to fix up an apartment. Buying real estate, fixing it up and turning into rental properties is a fantastic way to build wealth slowly. I own almost 30 rental units in Delray Beach, Florida and they've been one of my best investments. It's obviously a lot. It's about when you buy, where you buy. And I bought in Florida when no one else wanted to buy, which is the time you want to buy because prices were really, really low. I bought these things for about an average of 100, sometimes 120,000. They produce really good rental income. And my guess is they've tripled in value since then. But I don't want to sell them. I want to have cash flow as I get older. So I think rental units, if you have some advantage, do you understand the local market so you don't overpay? Do you have the ability to manage them? Do you have some skills to improve them, to upgrade them? Otherwise you'd be better off just buying REITs than managing your own real estate. Because there really is some headache around managing these things. I would suggest if you don't have those advantages or market knowledge around real estate, that you just take the money and you put it in low cost ETFs, not only SPY or QQQ, the NASDAQ, but start thinking about maybe putting half of it even in some sort of diversified low cost world index sans the US Why do I say that? The US has become very expensive. And while, I mean, what do you know, you want low cost, you want diversification, you want an index fund or an etf, but you're still to a certain extent trying to find alpha and pick stuff. So even though you're picking all of the S and P with spy, I think the S and P I would argue is historically expensive, maybe even overvalued. I was with a buddy of mine who runs private wealth for JP Morgan and he was saying, I said the market cap of the US right now is equivalent to half of the total market cap of the globe. And he said, actually it's worse than that because if you counter in debt 70% of the capital markets are in the US so if you add up the money corporations have borrowed and US borrowing or consumer borrowing plus the value of our stock market, 70% of the value is supposedly registered in the US. So if someone said to you, you can buy the US for $70 or you can buy the rest of the world for 30, I would argue there's more upside to buying the rest of the world for $30. So I would use a robo advisor, spend some time on AI and say I want low cost index funds and I also want to make sure that I'm not only diversified within the US but I'm diversified to a certain extent around my investments from the US but low cost ETFs or index funds. Also it sounds, if you're doing well, I'd be reticent or careful to blow that money or invest that money in grad school. Unless you really think it's going to pay off because you've been given a gift from your father, his hard work, his time, and at your young age, at 27, I don't know, say it's $50,000 by the time you're 67, which will happen much faster than you think with a low cost etf, you're probably going to have a really nice nest egg or something to fall back on. So. And I would imagine that's what your father wanted. So I'm not saying don't invest in yourself, don't go to grad school, but maybe be very selective if you're doing well at your job and make sure you can get some financial aid. Just because I hate to see kids borrow a lot of money or spend a ton of money on grad school when it may not provide the pop that they're anticipating. That never used to be an issue. It always used to be worth it. Now you actually have to do the math.

[Domo]

Let me back up.

[Scott Galloway]

This is a really good problem. Congratulations to you. But again, low cost ETFs. And I would do, say 50, 60% US, 40% international. If you want to lean into real estate, make sure you know what you're doing and you have some advantages there. But again, this is a good problem and I'm sorry about your father's passing. It's something we all deal with, but it's something I don't think any of us are prepared for. It's heartbreaking when it happens. So I'm sorry about your dad. That's all for this episode. If you'd like to submit a question, please email a voice recording to office hourspropertymedia.com Again, that's office hourspropertymedia.com this episode was produced by Jennifer Sanchez. Our intern is Dan Shalon. Drew Burrows is our Technical Director. Thank you for listening to the propji Pod from the Vox Media Podcast Network. We will catch you on Saturday for no Mercy, no Malice as read by George Hahn. And please follow our Prophet G Markets pod wherever you get your pods for new episodes every Monday and Thursday.