Scott Galloway is out with his new book, and in a smashing podcast, he brings up a tale about his father and his close friend:
What is the definition of rich?
When your Passive Income is Greater than Your Burn.
Those of you who are ages younger than 40 to 50 years old, you should be focusing on “the Top line“.
You would want this figure to be bigger and bigger.
Scott has a close friend who is a partner at the investment bank. He manages 200 investment bankers. He makes roughly $5 to $7 mil a year.
After all the taxes for staying in Manhattan, he takes home like $3.5 mil.
He has to pay alimony and child support for previous marriage, a town house, and a house in the Hampton.
Out of the $3.5 mil, he spends… $3.5 mil.
He has increase his standard of living
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