On The Market Why 62% of Americans Never Break into Millionaire Status w/Nick Maggiulli
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Aug 28, 2025 
Nick Maggiulli, COO at Ritholtz Wealth Management and bestselling author, discusses the challenges faced by Americans in achieving millionaire status. He delves into the current housing market, exploring scenarios like a potential 'long fizzle' in home prices and offering strategies for navigating economic uncertainty. Nick emphasizes the importance of income growth, steady investment, and understanding the wealth ladder. He also tackles the happiness-wealth paradox, reminding listeners that true fulfillment often goes beyond financial success.
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Housing Is Driving Current Market Flows
- Housing demand is the hidden driver pushing money into either risk-on assets or cash instruments right now.
- Money that normally funds home purchases is sitting in T-bills or chasing meme assets, distorting markets.
Three Ways The Housing Cycle Could Resolve
- Nick outlines three plausible housing paths: melt-up then crash, a long fizzle, or a supply-driven crash.
- He rates the supply-driven national build-and-crash outcome as least likely due to politics and NIMBYism.
Match Strategy To Your Wealth Level
- Use the Wealth Ladder to change financial strategy as your net worth grows across six 10x buckets.
- Identify your level and adapt spending, income, and investment choices suitable for that stage.
