In this episode of Excess Returns, Matt Zeigler sits down with Nick Maggiulli — author of Just Keep Buying and his new book The Wealth Ladder. Nick shares his six-level framework for building wealth, why mobility between wealth levels is rarer than most people think, and how your financial strategy should evolve as your net worth grows. From grocery freedom to travel freedom, and from the risks of ego to the realities of taxes and investing at different stages, this conversation offers a practical guide to managing and growing wealth at any level.
Topics Covered:
The six levels of wealth and how to move between them
“Grocery freedom,” “restaurant freedom,” and “travel freedom”
Why moving down wealth levels is rare — and why moving up is harder than you think
Strategies for Level 2: the role of education and income growth
Strategies for Level 3: shifting focus to investing and compounding
The importance of diversification, taxes, and risk management at higher levels
How ego can derail wealth preservation
Behavioral shifts needed when your portfolio outpaces your income
The impact of interest rates, taxes, and spending habits on mobility
Planning for unknown future liabilities
Timestamps:
00:00 – Introduction to The Wealth Ladder framework
01:40 – Grocery freedom, restaurant freedom, and travel freedom
05:26 – Why moving down wealth levels is rare
09:20 – Strategies for moving from Level 2 to Level 3
15:35 – Shifting from income growth to investing focus
24:24 – Diversification and risk management in Level 4
33:20 – Ego as the most expensive thing some people own
39:15 – Interest rates, taxes, and spending across levels
46:00 – Planning for unknown future liabilities
50:45 – Wealth mobility across generations
