Starting your own business might sound like the ultimate path to financial freedom, but NYU Stern professor and entrepreneur Scott Galloway believes many people overlook a less glamorous way to build serious wealth: getting a good corporate job and sticking with it. During a recent appearance on the “BiggerPockets” podcast, Galloway challenged the obsession with entrepreneurship and side hustles, saying that climbing the corporate ladder can be just as financially rewarding, without the constant uncertainty of running a business.
‘Don’t Be Stupid. Go To Work For Google’ Galloway said students regularly visit him for career advice, sometimes with job offers from companies such as Google and JPMorgan Chase (NYSE:JPM).
Despite having those opportunities, some tell him they’re considering starting their own businesses. Don’t Miss: Your 401(k) Isn’t The Only Place Your Retirement Money Can Go.
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And Money Isn’t The Only Reason. His response is straightforward: “Don’t be stupid.
” “It’s easy to romanticize entrepreneurship. S.
corporation,” Galloway said. He pointed to the salaries, stock options, benefits and career opportunities available at major corporations.
Companies invest heavily in attracting talented employees, offering everything from generous parental leave to equity compensation that can build substantial wealth over time. Galloway also shared a personal comparison.
After graduating from college, he spent two years at Morgan Stanley (NYSE:MS) before leaving to start businesses. His former boss, just two years older, stayed at the investment bank and steadily climbed the ranks.
Decades later, Galloway said they have roughly the same net worth. “I have endured way more stress and ups and downs than him,” he said.
While Galloway experienced business failures and financial setbacks before rebuilding his fortune, his former colleague continued advancing through corporate positions and earning money along the way. Trending: A Real Estate Investment With No House, No Tenant And No 10-Year Hold?
Why He Isn’t Sold On Side Hustles Galloway also questioned the idea that everyone needs a second business to get ahead. “If you constantly have side hustles, it means your main hustle isn’t working,” he said.
He believes many successful people concentrate their energy on one career, becoming exceptionally good at what they do. Side businesses can make sense when someone wants to test an idea before committing fully, but constantly juggling projects can come at the expense of professional growth.
That doesn’t mean entrepreneurship is always a bad choice. Galloway said the decision depends on someone’s financial circumstances, family responsibilities and readiness to take risks.
He described an attractive middle ground: joining a growing company with 30 to 500 employees that already has a proven business model, particularly when the job comes with an ownership stake. For those determined to start businesses, he emphasized two requirements: an extraordinary tolerance for risk and the willingness to sell.
“Most people are not willing to sell,” he said, pointing out that entrepreneurs must constantly persuade customers, employees and investors. See Also: He thought real estate was out of reach on a $60K salary — then he discovered Arrived lets eligible investors start with as little as $100.
Galloway also stressed the importance of getting advice from people you trust, especially when making big career decisions. The same goes for managing the money you earn.
com can help with that by matching you with a fiduciary financial professional who fits your needs. Its free, five-minute quiz can connect you with vetted advisers who help with everything from budgeting and investing to taxes and estate planning.
If you find someone you like, you can book their services directly. Ultimately, Galloway’s message is that building wealth doesn’t always require starting a business.
Sometimes, it means finding the right company, putting in the work and making the most of the opportunities available. ” Image: Shutterstock Read Next: More Than 440 Data Centers Are Planned Across Texas.
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