“Follow your passion!” is perhaps the most common career advice most young people receive. However, professor, author and entrepreneur Scott Galloway calls this advice “bullshit.”

In an interview with financial influencer Codie Sanchez, Galloway said, “Anyone who tells you to follow your passion is already rich. »

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Many wealthy and successful people are older and more disconnected from the economic realities of those trying to create wealth in today’s economy.

Instead of following your passion, Galloway offers four ways young people can become rich despite the many headwinds they currently face.

1. Focus

Galloway’s first piece of advice to all young people looking to make money is to “find something you’re good at” and “focus” on it.

The importance of intense focus has been echoed by other famous business leaders, including Steve Jobs and Bill Gates.

However, legendary investor Warren Buffett offers a simple strategy to help people improve their focus, according to author James Clear.

Buffett reportedly proposed his “two lists” strategy to his personal driver Mike Flint to help him focus more intensely and improve his career. The strategy is to create a list of your top 25 career goals, then create another list containing only the top five items from the first list. By focusing on the second list, you can prioritize the most important goals and targets for your career.

2. Build your savings muscles

“The only thing you control is spending,” Galloway told Sanchez. “If you’re young, you need to understand this savings muscle.”

Unfortunately, this muscle is underdeveloped for most Americans. Since September 2024, the the personal savings rate was only 4.6%according to the Federal Reserve. Rising interest rates and inflation in recent years may have put a strain on many households.

Surprisingly, 52% of Americans reported meeting or exceeding their 2023 savings goal despite these challenges, according to New York Life’s recent “Wealth Watch.” investigation.

What is even more surprising is the fact that young Americans have managed to save more than their elders. Gen Z Americans saved $6,441 last year, while millennials saved an average of $9,299, compared to $4,060 for baby boomers.

It turns out that young people are already flexing their savings muscles.

Learn more: I’m 49 years old and I haven’t saved anything for retirement, what should I do? Don’t panic. Here is 3 of the Easiest Ways to Catch Up (And Fast)

3. Take your time

“I can make you rich, that’s the good news,” Galloway says. “The bad news,” he continued, “is that it will happen “slowly.”

This philosophy also echoes Warren Buffett. Billionaire Jeff Bezos once request the Oracle of Omaha why others didn’t copy his simple strategy and he simply replied: “because no one wants to get rich slowly.”

The power of compound growth truly gains momentum over longer time horizons. For example, someone who starts investing $1,000 per month with a 10% rate of return would only have $73,261 after five years, but that same strategy would earn $5.3 million after 40 years. Building wealth like Buffett and Galloway takes time, patience and consistency.

In other words, building wealth is a marathon, not a sprint.

4. Protect your wealth through diversification

Galloway admits that a “little bit of focus” could help someone get rich, but to stay rich he needs to diversify his portfolio.

Young people looking to advance must understand the risk-reward of each opportunity that presents itself. It doesn’t make sense to put all your money into a single stock or asset hoping for a sudden windfall, when doing so puts you at risk of losing all your money. Instead, a well-diversified approach stabilizes your finances and puts you on the path to financial freedom over time.

“I have never believed in risking what my family and friends have and need to pursue what they do not have or need,” Buffett wrote in the owner of Berkshire Hathaway.

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This article provides information only and should not be considered advice. It is provided without warranty of any kind.