Nick Maggiulli: Climbing the Wealth Ladder

Today on the podcast we welcome back Nick Maggiulli. He’s the author of a new book called The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life. His first book was called Just Keep Buying. In addition, Nick writes a wonderful blog called Of Dollars and Data, which is focused on the intersection between data and personal finance. In his day job, Nick is the Chief Operating Officer and Data Scientist at Ritholtz Wealth Management. He received his bachelor’s degree in economics from Stanford University.

Episode Highlights

00:00:00 Writing The Wealth Ladder

00:05:30 The Six Levels of the Wealth Ladder

00:09:52 How Wealth Changes Across Net-Worth Levels

00:16:16 Why People Rarely Fall Down the Wealth Ladder

00:21:00 Spending Rules and the 0.01% Rule

00:29:25 Career Choices, Income, and Opportunity Costs

00:37:42 Investment Risks and Ascending the Wealth Ladder

00:44:29 Money, Happiness, and Life Beyond Wealth

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