Finding a Niche and Going on Offense

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Episode notes

They discuss the concept of finding a niche and becoming the best person in that niche. They also explore the idea of using small income to go on offense and generate more income in the future. Additionally, they talk about the two X rule, which suggests buying something twice to eliminate spending guilt.

Robert Leonard chats with Nick Maggiulli about building additional income streams and growing income to build wealth.

Nick Maggiulli is the Chief Operating Officer and Data Scientist at Ritholtz Wealth Management, where he oversees operations across the firm and provides insights on business intelligence.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

06:02 - Why many people should put more focus on growing their income to build wealth.

12:10 - How one should go about building additional income streams on the side.

15:46 - How using the 2x spending rule can help you eliminate guilt in making larger purchases.

25:54 - Nick’s thoughts on what to do with money intended to be used as an emergency fund or a home down payment.

36:27 - Why dollar-cost averaging is better than trying to time the market.

46:04 - Why you should reconsider maxing out your 401k if you’re currently doing so.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Check out Nick’s new book, Just Keep Buying.
Check out Nick’s blog, Of Dollars and Data.
Related episode: Listen to MI115: Young Investors Getting Started w/ Kelly Lannan, or watch the video.
Related episode: Listen to MI143: Good Money Revolution w/ Derrick Kinney, or watch the video.

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