Charting the path to financial security

At the age of 42, Scott Galloway—a renowned professor, entrepreneur, and author—welcomed his son into the world. But instead of joy, he felt shame.

- SANJAY KUMAR SINGH

He could easily have built a safety net for his family by then but had instead squandered away the considerable sums he had earned. The problem lay not in a lack of knowledge: He had an MBA degree, had founded startups, and raised millions in funding. He was undone by a lack of discipline. During his 20s and 30s, the author contemptuously dismissed the notion of saving, believing his talents would always allow him to earn more. His son's birth served as a wake-up call.

Mr. Galloway is a professor of marketing at New York University's Stern School of Business. He has founded multiple companies, including Prophet, RedEnvelope, and L2 Inc, and hosts popular podcasts such as Pivot and The Prof G Show. His newsletter No Mercy, No Malice boasts over 500,000 subscribers. Yet, as his life story reveals, financial mismanagement can undermine the security of even a person of his caliber.

In The Algebra of Wealth, Mr. Galloway discusses why everyone, from an early age, must strive to achieve economic security. Financial independence, he asserts, alleviates anxieties and grants individuals mastery over their time. With this freedom, they can use their time as they deem fit, instead of peddling it all their lives for a paycheck.