The Julia La Roche Show

#275 Nick Maggiulli On 'The Wealth Ladder' And Why Being A Millionaire Isn't Special Anymore

14 snips
Jul 22, 2025
Nick Maggiulli, COO at Ritholtz Wealth Management and author of 'The Wealth Ladder,' shares insights from his data-driven framework on wealth. He introduces his six-level wealth ladder system and the innovative 0.01% spending rule. Discussing his personal journey, Nick highlights the importance of content creation and networking in financial growth. He emphasizes the need for different strategies at each wealth level and advocates for a consistent investment approach for those at level three, all while challenging the notion that being a millionaire is still a significant feat.
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INSIGHT

Rise of Upper-Middle-Class Wealth

  • Wealth distribution shows a significant increase in upper-middle-class households over 30 years.
  • Nearly 18% of US households now have $1M to $10M in net worth, up from 7% in 1989.
INSIGHT

Changing Meaning of Millionaire

  • The term "millionaire" has evolved and become less exclusive over time.
  • Today, $4M is required to enter the top 7%, not $1M as in the early 2000s.
ADVICE

0.01% Spending Rule

  • Spend only 0.01% of your net worth on marginal daily purchases to avoid lifestyle inflation.
  • Adjust spending freedom based on wealth levels: grocery, restaurant, travel, house, then impact.
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