All the Hacks with Chris Hutchins

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

30 snips
Jun 1, 2022
Guest
Nick Maggiulli
Nick Maggiulli, Chief Operating Officer at Ritholtz Wealth Management and author of "Just Keep Buying," dives into the essentials of personal finance. He discusses why maximizing your 401(k) isn’t always the best approach and advocates for income-producing assets. Nick emphasizes the importance of emotional management during market volatility and shares unique insights on college admissions. He even challenges the myth that cutting expenses is key to wealth, proposing that increasing income may be the smarter route to financial stability.
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INSIGHT

Volatility as a Mental Fee

  • Market volatility is a mental fee, not a financial one, if you hold diverse income-producing assets long-term.
  • Emotional costs of holding through market fluctuations are the real challenge.
ADVICE

Small Portfolio Tweaks

  • Avoid large, all-or-nothing moves in response to market changes.
  • If worried, make minor portfolio tweaks to improve sleep without jeopardizing long-term goals.
INSIGHT

Fast vs. Slow Risk

  • There are two types of risk: slow risk (like inflation on cash) and fast risk (like market crashes).
  • Holding cash can be slow risk while investing presents fast risk; choose based on risk tolerance.
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