#230: The Wealth Ladder is a new philosophy for thinking about money and in this episode you'll learn exactly how to handle your spending, income, investments, and more, with tailored advice for every stage. We cover strategies to boost income, spend smarter with the 0.01% rule, avoid costly financial traps, evaluate new business opportunities, and achieve financial freedom.
Nick Maggiulli) is a financial writer, data expert, and the COO of Ritholtz Wealth Management). He’s the creator of the popular financial blog Of Dollars and Data) and the author of Just Keep Buying) and The Wealth Ladder).
Link to Full Show Notes: https://chrishutchins.com/the-wealth-ladder-nick-maggiulli)
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Full Show Notes
(00:00) Introduction
(02:15) Big Misconception: Wealth vs. Income
(04:43) Why You Should Think About Wealth as a Ladder
(08:54) Level 1: Living Paycheck to Paycheck
(11:18) How to Grow Your Income in Level 2
(14:04) What Is the 0.01% Rule?
(18:43) Leveling Up from Level 3: Investing & Side Hustles
(21:21) The Risk of Overspending
(22:41) Nick's Research Data Sources
(24:15) The Difference Between Level 3 and Level 4
(29:44) Risks People Face at Level 3 and 4
(33:40) Transitioning from Level 4 to 5
(35:56) How to Manage Lifestyle Creep
(38:49) Level 5 and 6 of the Wealth Ladder
(40:24) The 5 Different Types of Wealth
(41:47) How Does Happiness Correlate with the Wealth Ladder?
(43:47) The Average Timeline to Climb Up the Wealth Ladder
(47:30) Using the 1% Rule to Evaluate Business Opportunities
(50:20) Accessing Travel Freedom Through Points & Miles
(52:36) Biggest Lessons Nick Learned on His Wealth Journey
(53:54) The Impact of Understanding the Wealth Ladder
(55:02) Where to Find Nick's Book and Other Work
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