The Rundown How to Build Wealth When the Economy Feels Rigged | Nick Maggiulli
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Sep 7, 2025 
Nick Maggiulli, COO at Ritholtz Wealth and author of 'The Wealth Ladder', discusses the mounting financial challenges faced by younger generations. He provides insight into navigating rising costs and economic uncertainty while emphasizing the need for proactive income growth. The conversation covers strategic portfolio adjustments, the importance of aligning investments with personal timelines, and how technology is empowering financial education. Maggiulli also introduces the concept of the 'Wealth Ladder' for climbing toward financial independence.
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Elevated Valuations Signal Caution
- U.S. stock valuations sit near historical extremes across many metrics, suggesting elevated risk.
- Nick treats current conditions as a signal to slow equity purchases, not to abandon long-term investing.
Adjusting Portfolio For A Home Purchase
- Nick stopped buying U.S. stocks outside retirement accounts because he's saving for a house.
- He kept buying in retirement accounts but at a slower rate and reduced overall risk exposure.
Protect Near-Term Goals From Market Risk
- If you have a short-term goal, keep that money in low-risk vehicles like high-yield savings or short-term bonds.
- Avoid putting funds needed within five years into stocks because their short-term returns are unpredictable.
