Save Money, Build Wealth and Just Keep Buying with Nick Maggiulli

#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

Connect with Nick Maggiulli:  Twitter | Instagram | Website

Nick’s Book: Just Keep Buying: Proven ways to save money and build your wealth

Nick’s New York City Recommendations: Quality Branded, Sushi Seki, Ko, Ollie’s, Thyme

Podcasts mentioned:

• All the Hacks #6: The Psychology of Money with Morgan Housel
• All the Hacks #19: Becoming a Better Investor with Andy Rachleff
• All the Hacks #51: Unlocking Travel Lifestyles of the Rich and Famous with Leigh Rowan

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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