Part 3/4:
The discussion then turns to the topic of wealth and income inequality in America. Galloway is critical of the growing concentration of wealth among billionaires, arguing that there's no reason for anyone to be worth more than $100 million. He believes in much more aggressive progressive tax rates above high income levels, as the incremental joy of making more money diminishes significantly after a certain point.
Galloway recounts his own experience of nearly going bankrupt after over-leveraging his business, emphasizing the importance of diversification as a "risk-free return." He advises young people to focus on developing expertise in a high-demand field, saving diligently, and diversifying investments rather than trying to hit a home run.