The Meb Faber Show - Better Investing What the Wealthiest Do Differently—And What They Get Wrong (w/ Nick Maggiulli) | 608
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Dec 5, 2025 
In this discussion, Nick Maggiulli, the COO of Ritholtz Wealth Management and author known for his data-driven insights, delves into the parallels between financial and medical advice, emphasizing individualized strategies. He explores the Wealth Ladder concept, illustrating how wealth levels affect asset ownership. Nick also tackles the complexities of wealth mobility, the balance between diversification and concentration in investments, and how luck influences financial success. A treasure trove of insights for aspiring investors!
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Tailor Financial Advice To Your Wealth Level
- Financial advice should be individualized like medical advice, tailored to your current net worth and life situation.
- Nick Maggiulli uses the "wealth ladder" to map strategies to six net worth tiers for better decision-making.
Wealth Levels Change Behavior Dramatically
- The Wealth Ladder defines six net worth levels from <$10k to >$100M that predict different behaviors and needs.
- Tenfold jumps between levels explain why lifestyle changes feel dramatic at lower rungs but smaller at higher ones.
Upward Mobility Is Slower Than You Think
- Wealth mobility is limited: most households stay in their wealth level over a decade or two.
- Only ~24% move up at least one level in 10 years and ~37% in 20 years, so mobility is modest.
