

How To Build Wealth Starting From $0 & Why Cutting Expenses Won't Make You Rich | Nick Maggiulli
Jul 21, 2025
Nick Maggiulli, author and COO at Ritholtz Wealth Management, shares insightful strategies for building wealth from ground zero. He argues that cutting expenses isn't the key to becoming rich, and reveals the importance of generating income instead. Maggiulli discusses why buying a house can be a poor investment and debunks prevalent money myths. He emphasizes leveraging relationships and technical skills to enhance financial growth, while promoting a holistic view of wealth that includes life experiences beyond mere finances.
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Income Drives Wealth Building
- Income is the strongest correlate to wealth, not spending habits or education.
- Financial media myths blaming small expenses like coffee don't match the data.
Secure Financial Safety First
- Focus on building a financial safety net before accumulating wealth.
- Protect yourself from financial emergencies to avoid spiraling into debt.
Build Skills to Increase Income
- Develop valuable skills like software engineering, sales, or professional credentials to boost income.
- Leverage your existing strengths and build complementary skills for career growth.