#59: Data scientist and author Nick Maggiulli joins Chris to talk about the most important principles for saving money and building wealth. They also cover investing in a market decline, evaluating risk, reasons to not max out your 401(k), why he likes income-producing assets, and becoming comfortable spending your money. Nick also shares his biggest college admission hack and "maybe the greatest decision” of his life.
Nick Maggiulli (@dollarsanddata) is the Chief Operating Officer at Ritholtz Wealth Management and the creator of “Of Dollars and Data”. His book, Just Keep Buying: Proven ways to save money and build your wealth, explores optimizing personal finance and investing with the aim of increasing your wealth.
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Selected Links From The Episode
Full Show Notes
How people should be operating during a decline in the markets [2:48]
Making minor tweaks to your portfolio [5:06]
Holding cash or investing in the stock market, fast-risk vs. slow-risk decisions, and trying to time the market [5:53]
Taking advantage of a bear market [9:47]
Investing in income-producing assets [15:09]
Advice about investing in individual stocks [19:21]
Three reasons to sell your stocks [21:21]
Investing in non-income-producing assets [28:58]
Should you max out your 401K? [29:57]
Asset location and diversifying your portfolio [34:37]
Hiring a professional when doing any type of tax-loss harvesting [36:34]
Focusing more on income and saving rather than investing as a young adult [38:43]
Transitioning your mindset from saving to investing [44:39]
Reasons why merely cutting spending isn’t the path to building wealth in the long-run [47:29]
The importance of having an absolute measure of wealth, especially if you don’t feel “rich” [49:29]
Nick Maggiulli's top principles for saving money and building wealth [52:04]
Nick shares his greatest college admission hack and tactics (outside of investing) to increase your efficiency [54:45]
Nick’s favorite New York City recommendations [58:17]
Where to find Nick Maggiulli online [59:46]
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