Office Hours: American Teacher’s Shortage, Why You Shouldn’t Have a Side Hustle, and What to Do if Your Employer Wants to Defer Your Pay | The Prof G Pod with Scott Galloway

Intro

In this episode of “The Prof G Pod with Scott Galloway,” Scott Galloway discusses various topics, including the K-12 teacher shortage in the US, the importance of focusing on one main hustle for economic security, and what to do if your employer wants to defer your pay. The episode begins with an introduction about Unexplainable and a sponsor message for BetterHelp Online Therapy.

Main Takeaways

Insights on the teacher shortage:

• Public schools often face challenges with students from single-parent homes dealing with mental health, hunger, and homelessness issues.
• Teachers are expected to take on roles beyond teaching due to lack of resources, and there’s a need for increased compensation and resources for universities.
• The education system is biased against boys, and there’s a need to attract more male teachers to provide role models for boys.
• The system favors girls, and teachers often relate more to girls, leading to a gender imbalance in the education field.
• There’s a need to value teachers more and allocate more funds to education, as schools often lack resources for after-school programs.
• Raising taxes or closing loopholes could help provide the necessary resources for schools.

Why you shouldn’t have a side hustle:

• Economic success and professional currency are achieved through 110% focus on one thing, not through side hustles.
• The speaker advises a listener to focus on one main hustle rather than multiple side hustles for economic security.
• Encourages having a side hustle for a while, and if it begins to grow, quit the current job and go all in on the side hustle for economic security and success.

What to do if your employer wants to defer your pay:

• It’s not uncommon for young companies with limited cash flow to ask employees to defer some of their salary until later in the year.
• However, it’s important for employees to be adequately compensated for taking on this risk.
• Employees should consider negotiating for additional upside or equity ownership in the company in exchange for deferring salary.
• Taking on this risk effectively means investing in the company, and employees should be treated as investors and offered additional upside beyond just being paid back.
• If a company is not financially strong and does not appreciate the risks employees are taking, it may be worth considering looking for another job.

Summary

The K-12 teacher shortage in the US:

Scott Galloway discusses the challenges faced by public schools, including students from single-parent homes dealing with mental health, hunger, and homelessness issues. Teachers are expected to take on additional responsibilities due to lack of resources, and there’s a need for increased compensation and resources for universities. He also highlights the gender imbalance in the education field and the importance of attracting more male teachers to provide role models for boys. Galloway suggests valuing teachers more and allocating more funds to education, possibly through raising taxes or closing loopholes.

The importance of focusing on one main hustle:

Galloway advises against having multiple side hustles and instead emphasizes the importance of focusing on one main hustle for economic security. He shares his personal experience of achieving economic success through focus and dedication. According to Galloway, economic success and professional currency come from giving 110% focus to one thing, rather than spreading oneself thin with side hustles. However, he also acknowledges the value of having a side hustle for a period of time and suggests quitting the current job and going all in on the side hustle if it begins to grow.

Dealing with deferred pay from your employer:

Galloway addresses the issue of employers asking employees to defer their pay, particularly in young companies with limited cash flow. He advises employees to ensure they are adequately compensated for taking on this risk, either through negotiating for additional upside or equity ownership in the company. Galloway suggests that employees should be treated as investors and offered additional benefits beyond just being paid back. If a company does not appreciate the risks employees are taking or is financially weak, he suggests considering looking for another job.

Conclusion

In this episode, Scott Galloway provides insights into the K-12 teacher shortage in the US and the need for increased compensation and resources for educators. He emphasizes the importance of focusing on one main hustle for economic security and success, while also acknowledging the value of having a side hustle. Galloway offers advice on dealing with deferred pay from employers, highlighting the need for adequate compensation and additional benefits. Overall, the episode provides valuable insights for educators, professionals, and individuals navigating the challenges of the modern workforce.