How to Stay Calm in a Turbulent Market

Ritholtz Wealth Management COO Nick Maggiulli (@dollarsanddata), author of “Just Keep Buying: Proven Ways to Save Money and Build Your Wealth” and the popular finance blog Of Dollars And Data, joins Julia La Roche on episode 23. 

In 2017, Nick made it his New Year’s Resolution to publish a weekly blog post. His “Of Dollars And Data” blog has grown in popularity, and his writing habit turned into a book deal. 

In the conversation, Nick discusses his strategies for saving money and investing. He shared the biggest life perpetuated by personal finance experts, his “2X Rule” that lets you enjoy your money. Nick also explained his argument for why you shouldn’t pick individual stocks and why you shouldn’t max out your 401k. The self-described permabull also explained why investing is still the way to go, even during turbulent times. 

0:00 Intro 

0:31 Insights into the book publishing business 

4:20 New Year’s Resolution to write

7:59 Saving is for the poor, investing is for the rich 

12:13 How much should you save? 

14:08 Biggest lie in personal finance 

15:43 “The 2x Rule” 

17:39 Retirement is about more than money 

19:50 Thoughts on the FIRE movement 

21:21 Think like an owner

23:13 Don’t buy individual stocks 

26:35 Talented or lucky? 

28:54 Thoughts on dollar cost averaging 

31:46 How to buy during turbulent times

37:00 How do you know when it’s a buying opportunity 

40:56 Why you shouldn’t max out your 401k 

43:18 State of financial education 

44:33 Why you’ll never feel rich 

47:44 The most important asset 

48:49 Begin life as a growth stock, end as a value stock