The Stacking Benjamins Show Understanding Your Financial Roadmap (with Nick Maggiulli) SB1712
22 snips
Jul 23, 2025 
This episode features Nick Maggiulli, Chief Operating Officer at Ritholtz Wealth Management and author of Of Dollars and Data. He shares insights from his book, The Wealth Ladder, discussing financial priorities from emergency funds to generational wealth. Nick emphasizes that increasing income is often more crucial than frugality. He talks about wealth plateaus, the trap of goal obsession, and the importance of understanding opportunity costs. Practical strategies for navigating wealth levels offer fresh perspectives on financial growth and fulfillment.
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The 0.01% Rule for Spending
- Use the 0.01% rule: consider 0.01% of your net worth as trivial spending money.
- This helps you relax about small spending as your wealth grows.
Effort vs Strategy in Wealth
- Effort alone doesn't determine success; focus where you apply your work.
- Habits can trap you; changing strategy is crucial for growth.
Apply Opportunity Cost to Time
- Consider opportunity cost by asking what else you could do with your time.
- Redirect efforts to activities that grow your wealth effectively.
