Episode
#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
1:23:36
Published: Mon Apr 18 2022
Description
Nick Maggiulli is the Chief Operating Officer for Ritholtz Wealth Management and an expert in personal finance using data analysis. Saving money and building wealth are some of the most popular content on the internet. But what are the absolute best ways to maximise your fortune? Nick has broken down the complex world of personal finance to find out what the data says about different strategies. Expect to learn why earning more is better than spending less, why buying the dip is a losing strategy, the easiest way to invest in the stock market, how to spend money guilt-free, why almost everyone has a backward retirement strategy, how to tell when you should sell, what the Vanderbilt's lost fortune can teach us about spending money and much more... Sponsors: Join the Modern Wisdom Community to connect with me & other listeners - https://modernwisdom.locals.com/ Get 30% discount on your at-home testosterone test at https://trylgc.com/modern (use code: MODERN30) Get perfect teeth 70% cheaper than other invisible aligners from DW Aligners at http://dwaligners.co.uk/modernwisdom (use code MODERN10) Get 5 Free Travel Packs, Free Liquid Vitamin D and Free Shipping from Athletic Greens at https://athleticgreens.com/modernwisdom (discount automatically applied) Extra Stuff: Buy Just Keep Buying - https://amzn.to/3OcdXID Check out Nick's blog - http://ofdollarsanddata.com/ Get my free Reading List of 100 books to read before you die → https://chriswillx.com/books/ To support me on Patreon (thank you): https://www.patreon.com/modernwisdom - Get in touch. Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/modernwisdompodcast Email: https://chriswillx.com/contact/
Chapters
This podcast covers various tips for better money management, including earning more instead of spending less, why buying the dip is not the best strategy, and how to invest in the stock market easily.
00:00 - 03:14 (03:14)
Summary
This podcast covers various tips for better money management, including earning more instead of spending less, why buying the dip is not the best strategy, and how to invest in the stock market easily.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
The best way to save money in a psychological way is to earn money because you will always outearn your ability to spend.
03:14 - 09:31 (06:17)
Summary
The best way to save money in a psychological way is to earn money because you will always outearn your ability to spend. The speaker contests that there's no one right way to do it.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
The use of leverage in investing can lead to both benefits and risks.
09:31 - 16:02 (06:31)
Summary
The use of leverage in investing can lead to both benefits and risks. While it can maximize returns, it also has the potential to lead to significant losses, and missing opportunities for profit.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
The practicality of savings and investing during Bitcoin volatility is discussed, highlighting the importance of focusing on saving and investing during such times.
16:02 - 19:35 (03:32)
Summary
The practicality of savings and investing during Bitcoin volatility is discussed, highlighting the importance of focusing on saving and investing during such times. Exceptional cases like NFTs that show a sudden increase in value need to be handled with caution.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
In this clip, the speaker emphasizes the importance of diversifying one’s investment portfolio and not going all-in on a single stock or asset.
19:35 - 25:15 (05:39)
Summary
In this clip, the speaker emphasizes the importance of diversifying one’s investment portfolio and not going all-in on a single stock or asset. He also recommends investing in low-cost index funds to minimize risk and maximize returns.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
This podcast episode explores the connection between money mindset and fulfillment, acknowledging that while experiences may fulfill some individuals, others may find fulfillment through material goods.
25:15 - 30:02 (04:47)
Summary
This podcast episode explores the connection between money mindset and fulfillment, acknowledging that while experiences may fulfill some individuals, others may find fulfillment through material goods. The host highlights the importance of understanding how an individual's money mindset influences their perception of what brings them fulfillment.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
The repeated message across different media channels about the importance of spending less can lead to a negative impact on people's spending habits as they find themselves struggling with the idea of spending money, even when necessary.
30:02 - 34:55 (04:52)
Summary
The repeated message across different media channels about the importance of spending less can lead to a negative impact on people's spending habits as they find themselves struggling with the idea of spending money, even when necessary.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
This podcast snippet briefly touches on the concept of lifestyle creep, explaining how high income earners can fall victim to it by constantly increasing their spending along with their income level.
34:55 - 41:05 (06:10)
Summary
This podcast snippet briefly touches on the concept of lifestyle creep, explaining how high income earners can fall victim to it by constantly increasing their spending along with their income level.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
The decision of whether to rent or buy a home is a personal one and depends on various factors.
41:05 - 48:55 (07:49)
Summary
The decision of whether to rent or buy a home is a personal one and depends on various factors. However, due to societal reasons and high inflation, most people in the US will eventually end up buying a home.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
Only about 10% of stock pickers show skill, and although it's still possible to make money picking stocks, it's likely to be less than if invested in index funds.
48:55 - 54:17 (05:21)
Summary
Only about 10% of stock pickers show skill, and although it's still possible to make money picking stocks, it's likely to be less than if invested in index funds. The emotional toll of seeing daily swings in a portfolio can also be challenging.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
The skill involved in stock picking is far outweighed by luck.
54:17 - 57:55 (03:37)
Summary
The skill involved in stock picking is far outweighed by luck. Choosing a world stock index fund is the default and safest option for investing.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
This podcast discusses the differences between lump sum and dollar cost averaging and when each method is appropriate, as well as the behavior behind each.
57:55 - 1:02:10 (04:14)
Summary
This podcast discusses the differences between lump sum and dollar cost averaging and when each method is appropriate, as well as the behavior behind each.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
The speaker shares his experience of witnessing a big crash and cautions against the dangers of having all investments concentrated in a single market.
1:02:10 - 1:05:49 (03:39)
Summary
The speaker shares his experience of witnessing a big crash and cautions against the dangers of having all investments concentrated in a single market. He advises diversification as a means of financial stability, sharing the quote "concentrate to get rich, but diversify to stay rich."
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
The retirement crisis is not as huge as we think it is.
1:05:49 - 1:10:59 (05:10)
Summary
The retirement crisis is not as huge as we think it is. Data shows that only a small percentage of retirees are pulling down their principal, but it's still important to consider stocks concentration.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
The key to financial satisfaction is understanding what is enough for you and not constantly chasing wealth to keep up with others.
1:10:59 - 1:13:35 (02:36)
Summary
The key to financial satisfaction is understanding what is enough for you and not constantly chasing wealth to keep up with others. For most people, the pursuit of wealth is often a social pursuit and has more to do with keeping up appearances than it does with actually needing the money.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
In this podcast, the speaker discusses the allure of private jets and how it is a symbol of extreme wealth, likening it to the Costco of exponential spending.
1:13:35 - 1:18:11 (04:35)
Summary
In this podcast, the speaker discusses the allure of private jets and how it is a symbol of extreme wealth, likening it to the Costco of exponential spending. He notes the small marginal benefits for flying private and how it is significantly more expensive than first class, explaining that it is only for those who can afford it without hurting their finances.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
Many Americans consider themselves to be middle class despite their actual class.
1:18:11 - 1:21:26 (03:15)
Summary
Many Americans consider themselves to be middle class despite their actual class. This notion is fueled by the illusion of the upper class and a lack of education on personal finance.
Episode#462 - Nick Maggiulli - The Best Way To Build Your Personal Wealth
PodcastModern Wisdom
This transcript contains ads for Athletic Greens, LGC, D Walliners, and Vesper 247.
1:21:26 - 1:23:33 (02:07)
Summary
This transcript contains ads for Athletic Greens, LGC, D Walliners, and Vesper 247.