Talking Billions with Bogumil Baranowski

Nick Maggiulli: The Wealth Ladder: Is Your Money Strategy Keeping You Stuck? - From Dollar Menus to Financial Freedom & Beyond

Jul 28, 2025
In this discussion, Nick Maggiulli, COO at Ritholtz Wealth Management and bestselling author of "Just Keep Buying," shares insights from his transformative wealth ladder framework. He reflects on his lower-middle-class upbringing and how contrasting experiences, like summers at Stanford, shaped his financial philosophy. Key topics include the importance of net worth over income for spending decisions and the interplay of strategy and effort in wealth-building, likening it to chess. Maggiulli also emphasizes using the wealth ladder to unlock financial freedoms at various stages.
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ANECDOTE

Nick's Early Life and Stanford Revelation

  • Nick Maggiulli grew up in a lower-middle-class family with financial struggles due to his parents' bankruptcy and divorce.
  • His Stanford experience exposed him to vastly different socioeconomic backgrounds, opening his eyes to new ways of life.
INSIGHT

Effort Needs Strategy to Win

  • Effort alone doesn't guarantee wealth; working harder without the right strategy won't maximize long-term income.
  • Like chess, mastering the right moves at the right time is crucial, not just repetitive effort.
ADVICE

Spend Based on Net Worth

  • Use your net worth, not income, to judge what spending is trivial and justified.
  • Apply the "0.01% of net worth" rule to allocate daily discretionary spending responsibly as wealth grows.
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