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Millennial Investing - The Investor’s Podcast Network
MI Rewind: Just Keep Buying w/ Nicholas Maggiulli
Aug 11, 2023
59:12
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Nick Maggiulli, COO and Data Scientist at Ritholtz Wealth Management, discusses growing income to build wealth, building additional income streams, eliminating guilt in making larger purchases, dollar-cost averaging, and reconsidering maxing out 401k contributions.
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Quick takeaways
- Prioritizing growing income leads to better financial outcomes.
- Buying the dip strategy is not effective based on clear data.
Deep dives
The Importance of Growing Income Instead of Saving Money
The podcast episode focuses on the idea that many people should prioritize growing their income rather than saving more money to build true wealth. The guest, Nick Mijuli, highlights that putting more focus on increasing one's income can lead to better financial outcomes. He suggests that individuals should find ways to build additional streams of income on the side, and he introduces the concept of the 2x spending rule to eliminate guilt in making larger purchases. The episode also touches on topics such as the best use of money intended for emergencies or home down payments, the benefits of dollar cost averaging over market timing, and the potential drawbacks of maxing out a 401(k) plan.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode