#07 The Truth About Wealth with the CEO of The Gallagher Company – Truthful Society
The episode I hosted this week was quite interesting, especially because I ended up having a CEO as a guest. The guy, Jacob Gallagher, is someone who used to go to my school actually, but another one of my previous guests introduced me to him.
Considering the topic of wealth, and the impressive accomplishments Jacob was known to have achieved, I thought he would make a good candidate for this podcast, and I was pretty correct. He literally brought up extra insights that I did not clearly mention in my post on the subject of wealth.
Needless to say, if even I ended up learning something from this podcast, I’m hoping that all of you also benefit from it.
But for real though, after this episode’s conversation, here’s what I got to say.
Wealth is a Self-Made Process
One thing that Jacob highlighted was that wealth is not always something passed down from family, like an inheritance or daddy’s money. Rather it is self-made and takes time to be perfected.
This makes sense because if you think about it, children who get “daddy’s money” will likely end up losing it in some way or another. When one is wealthy, their money keeps growing.
In this case, though, the money would be continuously lost until the steps of wealth are taken.
Considering that it doesn’t happen overnight, it’s really expected to take a while then. In the case of Jacob’s experience in the stock market, that could be 7 years or even more.
Live Below Your Means, Seriously
This one was really important. In the podcast, we brought up the fact that almost every successful person advises people to live below their means.
This comes through saving and buying what you can afford only, without needless expensive items and liabilities.
It’s important to remember that living under your means does not have to be something done forever. As long as its done in the beginning, you can buy greater things when financial stability and wealth is built.
Get Into Assets AS SOON AS POSSIBLE
One of the biggest takeaways from the whole entire episode, getting into assets as soon as you can possibly do so is so important. If you can now, then I advise you to stop reading this and get into it right now.
The more experience you have, the more knowledge you gain and thus the more you’ll know your way around assets.
In the case of the stock market, Jacob specifically mentioned that trying to time the market to buy at “the best time possible” will do no good compared to time in the market.
This time spent handling assets provides experience and knowledge, even if you make mistakes along the way. Once you start, a major step has been taken regardless.
It’s all about chasing the bag.
You’ve reached the end of this post, hopefully you got something from it!
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About the Author
M. Thaaer Alrajab, who is a high school senior, is the founder of Truthful Society and the host of the Truthful Society podcast. He uses his passion for writing and content creation within his website and podcast.
In 2019, he started his first website, The Political Times. After he finally began to grow, he realized that his audience wanted a different type of content. This led to the creation of Truthful Society.