>>> WELCOME BACK. I’M STEPHANIE RUHLE.
FELICITY HUFFMAN COULD BE FACING
JAIL TIME AFTER HE PLEADED IMPLT
YESTERDAY ADMITTING TO FEDERAL
PROSECUTORS SHE PAID THOUSANDS
OF DOLLARS TO BOOST HER
DAUGHTER’S S.A.T. SCORES AND HER
CHANCES OF GETTING INTO A TOP
UNIVERSITY.
UNIVERSITY. THIS CASE HIGHLIGHTS THE
PRESSURE PARENTS AND STUDENTS
FEEL TO GET INTO TOP SCHOOLS.
I DON’T KNOW IF IT’S PRESSURE.
THEY STRAIGHT UP CHEATED.
SOMETHING THEY BELIEVE IS A SIGN
OF SUCCESS.
OF SUCCESS. ENTREPRENEUR AND BUSINESS
PROFESSOR SCOTT GALLOWAY SAYS
THIS IS THE KIND OF THINKING
THAT CAN BE WILDLY DANGEROUS TO
SOCIETY.
SOCIETY. HE WRITES ABOUT HOW TO BLOCK OUT
THE NOISE AND ACHIEVE TRUE
SUCCESS IN HIS NEW BACKOOK "THE
ALGEBRA OF HAPPINESS".
SCOTT JOINS ME NOW.
SCOTT, YOUR BOOK --
CONGRATULATIONS ON THE BOOK.
WELCOME.
WELCOME. >> THANK YOU.
>> YOU TALK ABOUT HOW YOU GOT
INTO UCLA AND A STATE SPONSORED
EDUCATION WAS THE KEY TO YOUR
SUCCESS AND IN MANY WAYS
HAPPINESS.
HAPPINESS. WHAT WE’RE SEEING IS THE
OPPOSITE IN EVERY POSSIBLE WAY.
HOW DID WE GET HERE?
>> I THINK AS ACADEMICS WHEN YOU
HAVE TO DO THE MAN IN THE MIRROR
TEST.
TEST. I’M AN ACADEMIC.
I THINK WE’VE LOST THE SCRIPT.
WE USED TO SEE OURSELVES AS
PUBLIC SERVANTS IN LOVE WITH THE
UNREMARKABLE KIDS THAT HAVE
REMARKABLE FUTURES.
REMARKABLE FUTURES. AND WE THINK OF OURSELVES AS
LUXURY GOODS.
LUXURY GOODS. STANFORD AS INCREASED THE
UNDOUMT TEN OR 12 FOLD BUT
HASN’T INCREASED THEIR FIRST
YEAR SEATS BY ONE.
WE’RE DRUNK ON EXCLUSIVITY.
EVERY YEAR THE DEANS OF SCHOOLS
GET UP AND BRAG ABOUT THE FACT
THAT WE TURNED AWAY 90% OF OUR
APPLICANTS.
APPLICANTS. THAT’S TANTAMOUNT TO A HOMELESS
SHELTER BRAGGING IT’S TURNING
AWAY 90% OF THE PEOPLE THAT
SHOWED UP LAST NIGHT.
OUR JOB IS TO GIVE KIDS
REMARKABLE FUTURES.
REMARKABLE FUTURES. IT’S NEVER BEEN A BETTER TIME TO
BE REMARKABLE IN THE U.S.
IT’S NEVER BEEN A WORSE TIME TO
BE UNREMARKABLE.
BE UNREMARKABLE. THE REALITY IS 99% OF US AND OUR
CHILDREN ARE UNREMARKABLE.
>> BY UNREMARKABLE YOU MEAN THE
MASSES.
MASSES. I WENT TO PUBLIC SCHOOL IN NEW
JERSEY.
JERSEY. ARE YOU SAYING IT’S ALL OF THOSE
STUDENTS THAT UNLESS THEY’RE THE
TOP OR THE ABSOLUTE BOTTOM,
WE’RE THE ONES WHO ARE SIMPLY
GOING TO BE FORGOTTEN?
IF I WERE 18 TODAY, I WOULDN’T
HAVE THE CHANCE TO PURSUE THE
AMERICAN CREAM?
AMERICAN CREAM? >>
>> -- AMERICAN DREAM.
>> ON A RISK BASIS YOUR KIDS ARE
PROBABLY GOING TO BE IN YOUR
WEIGHT CLASS IN TERMS OF
CHARACTER, GRIT AND INTELLECT.
EDUCATION USED TO BE THE UPWARD
LUBRICANT OF UPWARD MOBILITY.
IT’S NOW THE SAND IN THE GEARS.
WE HAVE A CAST SYSTEM HERE.
IT’S CALLED HIGHER EDUCATION.
GIVE ME A KID’S ZIP CODE AND
WHERE HE WENT TO COLLEGE, AND
I’LL TELL YOU HOW MUCH THEY’RE
GOING TO MAKE BY THE TIME
THEY’RE 30.
THEY’RE 30. YOU CAN UNDERSTAND THE PRESSURE
THAT BUILDS ON KIDS AND ON US TO
GET THEM POOTINTO THE BEST SCHOO
POSSIBLE.
POSSIBLE. IT’S BEEN A CORPORATE RACKET.
>> BECAUSE WE VIEW THAT GIVING
OUR KIDS THE CHANCE TO LIVE A
BETTER LIFE THAN WE DID AS THEIR
PATH TO HAPPINESS.
>> YEP.
>> YEP. >> YOU ARE WRITING A BOOK ABOUT
HAPPINESS SAYING THAT THAT’S NOT
HOW YOU ACHIEVE IT.
>> I WANT TO BE CLEAR.
I DO BELIEVE THAT -- THERE IS A
CORRELATION, THERE’S RESEARCH
BETWEEN MONEY AND HAPPINESS.
THERE’S A CORRELATION BETWEEN
EDUCATION AND MONEY.
DESPITE THE FACT THAT JAY-Z,
THERE’S PUBLICIZED EXAMPLES OF
PEOPLE WHO DROPPED OUT OF
COLLEGE.
COLLEGE. YOU SHOULD ASSUME YOU NOR YOUR
SON ARE JAY-Z.
COLLEGE IS AN INVESTMENT.
WE’VE BEEN RACKING UP THE MIDDLE
CLASS WITH STUDENT DEBT.
SOMETIMES NOW COLLEGE IS NOT
WORTH THE INVESTMENT.
BUT THE MONEY PART, THERE IS A
CORRELATION BETWEEN MONEY AND
HAPPINESS ONCE YOU GET TO THE
UPPER MIDDLE CLASS.
THEN IT ENDS.
ONCE YOU GET DECENT HOUSING, YOU
CAN ABSORB AN ECONOMIC SHOCK, A
CHANCE TO TAKE CARE OF YOUR
KIDS, AT THAT POINT HAPPINESS
LEVELS OUT.
LEVELS OUT. MONEY IS YOUR INK.
IT’S THE INK IN YOUR PEN.
IT CAN WRITE DIFFERENT CHAPTERS
AND MAKE CERTAIN CHAPTERS BURN
BRIGHTER, BUT IT’S NOT THE
STORY.
STORY. YOU HAVE TO CRAFT YOUR OWN
STORY.
STORY. MY LESSON TO MY KIDS IS IN YOUR
20 AND 30s, BUST A MOVE TO
ECONOMIC SECURITY.
ECONOMIC SECURITY. IT’S REALLY IMPORTANT.
THERE’S NO GETTING AROUND IT.
AND BY THE WAY, THERE’S A MYTH
OF BALANCE.
OF BALANCE. IF YOU EXPECT TO BE ECONOMICALLY
SECURE OR YOU WANT TO LIVE IN
NEW YORK OR SAN FRANCISCO, I
WOULD SAY 20s AND 30s IS ABOUT
WORKING IT.
WORKING IT. BUT AFTER THAT, TAKE A PAUSE AND
SAY WHAT IS MY STORY?
MONEY IS JUST THE INK IN THE PEN
OF YOUR STORY.
>> YOU ALSO TALK ACT BRINGING
LOVE BACK.
LOVE BACK. THERE’S A LOSS OF HUMANITY.
IF COLLEGE ACCEPTANCE NOW IS ALL
ABOUT NUMBERS AND NOT EVEN
PERSONAL INTERVIEWS, IF OUR KIDS
AREN’T GOING TO PARTIES BECAUSE
THEY’RE FLAYING FORTNIGHT WITH
ONE ANOTHER WHILE THEY’RE
SITTING AT HOME OR LIVING THEIR
LIVES ON SOCIAL MEDIA, HOW DO
YOU CONNECT?
YOU CONNECT? HOW DO YOU FIND LOVE WITHOUT
HUMAN CONNECTION?
HUMAN CONNECTION? >> WELL, THE STUDY, THE SCIENCE
HERE IS CLEAR.
THE LARGEST STUDY OF ITS KIND ON
HAPPINESS THAT TRACKED 400 MEN
FROM 19 UNTIL THEY DIED EIGHTY
YEARS LATER.
YEARS LATER. THE LARGEST DATA COLLECTED ON
HAPPINESS.
HAPPINESS. THE ONE BEST PRACTICE, IF
THERE’S ONE KIND OF SILVER
BULLET AROUND HAPPINESS, IT’S
THE DEPTH AND NUMBER OF
MEANINGFUL RELATIONSHIPS.
MEANINGFUL RELATIONSHIPS. AT WORK DO YOU FEEL RESPECTED
ADMIRED AND DO YOU ADMIRE AND
RESPECT OTHER PEOPLE?
AMONG YOUR FRIENDS DO YOU GET A
SENSE OF JOY AND CAMARADERIE AND
DO THEY FEEL THAT FROM YOU?
>> YOU ONLY FEEL IT IF YOU GIVE
IT TO OTHERS.
>> AND AMONG YOUR FAMILY DO YOU
FEEL AN INTENSE LEVEL OF SUPPORT
AND LOVE AND JUST AS
IMPORTANTLY, DO YOU KNOW THEY
FEEL AN INTENSE LEVEL OF SUPPORT
AND JOY FROM YOU?
AND IT’S GOT THE GREATEST
OPENING LINE.
OPENING LINE. THE LARGEST ACADEMIC STUDY OF
ITS KIND ON HAPPINESS HAS THE
BEST OPENING LINE OF A REPORT
AND SAYS HAPPINESS IS LOVE FULL
STOP.
STOP. BUT IT REQUIRES INVESTMENTS.
JUST AS WE TALK ABOUT ON THESE
SHOWS, THE BENEFIT OF MAKING
LITTLE INVEST WANTS WHEN YOU’RE
LITTLE, THERE’S A COMPOUND
INVESTMENT TO LOVE.
FUNNY TEXT MESSAGES, A
HANDSHAKE, A PAT ON THE BACK.
THEY’LL SMALL INVESTMENTS.
YOU WAKE UP WHEN YOU’RE OLDER
AND THEY’RE PROFOUND IN TERMS OF
THE RELATIONSHIPS.
THE RELATIONSHIPS. WHAT’S THE SINGULAR RELATIONSHIP
IN EVERYONE’S LIFE?
THEIR MOTHER.
THEIR MOTHER. WHY?
WHY? BECAUSE SHE MADE THE SMALL
LITTLE INVESTMENTS MILLIONS OF
TIMES OVER THE COURSE OF YOUR
LIFE.
LIFE. >> I LOVE THIS SEGMENT.
I LOVE TALKING TO YOU.
LOVE IS ALWAYS THE ANSWER.
THANK YOU SO MUCH.
YOU MUST READ THIS NEW BOOK BY
MY DEAR FRIEND SCOTT GALLOWAY.