Open Book with Anthony Scaramucci The Money Expert: “Expenses Don’t Make You Poor! Your Income Does!” - Nick Maggiulli
Oct 28, 2025
Nick Maggiulli, COO at Ritholtz Wealth Management and author of popular finance books, shares his insights on financial independence. He emphasizes that raising long-term income is more crucial than merely cutting expenses. Maggiulli discusses the importance of investing consistently in diversified assets and shares motivational paths to financial freedom, like education and side hustles. He also advises on surviving market downturns and stresses the significance of owning income-producing assets to hedge against inflation.
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Raise Income Over Cutting Small Expenses
- Do prioritize raising your long-term income instead of obsessing over small expenses.
- Use promotions, side hustles, education, or new skills to increase earnings and savings capacity.
Income Drives Wealth More Than Expenses
- Income correlates far more strongly with wealth than individual expense choices.
- Higher incomes lead to higher savings rates and easier wealth accumulation.
Keep Buying Diversified Income Assets
- Do continually buy a diversified set of income-producing assets over time.
- Maintain long-term purchases across stocks, real estate, and other assets to build lasting wealth.
