#59: Data scientist and author Nick Maggiulli joins Chris to talk about the most important principles for saving money and building wealth. They also cover investing in a market decline, evaluating risk, reasons to not max out your 401(k), why he likes income-producing assets, and becoming comfortable spending your money. Nick also shares his biggest college admission hack and "maybe the greatest decision” of his life.

Nick Maggiulli (@dollarsanddata) is the Chief Operating Officer at Ritholtz Wealth Management and the creator of “Of Dollars and Data”. His book, Just Keep Buying: Proven ways to save money and build your wealth, explores optimizing personal finance and investing with the aim of increasing your wealth.

Full show notes at: https://allthehacks.com/just-keep-buying-nick-maggiulli

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Resources Mentioned

Connect with Nick Maggiulli: Twitter | Instagram | Website

Nick’s Book: Just Keep Buying: Proven ways to save money and build your wealth

Nick’s New York City Recommendations: Quality Branded, Sushi Seki, Ko, Ollie’s, Thyme

Podcasts mentioned:

All the Hacks #6: The Psychology of Money with Morgan Housel
All the Hacks #19: Becoming a Better Investor with Andy Rachleff
All the Hacks #51: Travel Hacking the Lifestyles of the Rich and Famous with Leigh Rowan

Full Show Notes

(2:48) How People Should Be Operating During a Decline in the Markets

(5:06) Making Minor Tweaks to Your Portfolio

(5:53) Holding Cash or Investing in the Stock Market, Fast-Risk vs. Slow-Risk Decisions, and Trying to Time the Market

(9:47) Taking Advantage of a Bear Market

(15:09) Investing in Income-Producing Assets

(19:21) Advice About Investing in Individual Stocks

(21:21) Three Reasons to Sell Your Stocks

(28:58) Investing in Non-Income-Producing Assets

(29:57) Should You Max Out Your 401K?

(34:37) Asset Location and Diversifying Your Portfolio

(36:34) Hiring a Professional When Doing Any Type of Tax-Loss Harvesting

(38:43) Focusing More on Income and Saving Rather Than Investing as a Young Adult

(44:39) Transitioning Your Mindset From Saving to Investing

(47:29) Reasons Why Merely Cutting Spending Isn’t the Path to Building Wealth in the Long Run

(49:29) The Importance of Having an Absolute Measure of Wealth, Especially If You Don’t Feel 'Rich'

(52:04) Nick Maggiulli's Top Principles for Saving Money and Building Wealth

(54:45) Nick Shares His Greatest College Admission Hack and Tactics (Outside of Investing) to Increase Your Efficiency

(58:17) Nick’s Favorite New York City Recommendations

(59:46) Where to Find Nick Maggiulli Online

Connect with All the Hacks

All the Hacks: Newsletter | Website | Membership | Email

Chris Hutchins: Twitter | Instagram | Website | LinkedIn

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