The Pathless Path with Paul Millerd How much money do you need to quit? I debate with Nick Maggiulli (and rabbit holes: wealth > income, why COAST FIRE rocks, and more...)
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Jul 21, 2025 
Nick Maggiulli, COO and data scientist at Ritholtz Wealth Management, joins the discussion to share insights on financial independence. He highlights the 'Coast FIRE' strategy, which allows individuals to achieve balance between work and personal fulfillment. Nick shares his personal financial challenges shaping his perspective, and introduces his 'wealth ladder' concept aimed at empowering listeners to align spending with values. They explore generational perspectives on wealth, redefine success beyond money, and discuss the impact of AI on content creation.
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Childhood Shapes Money Mindset
- Nick Maggiuli grew up with financial scarcity despite basic needs being met due to his parents declaring bankruptcy.
- This shaped his early money mindset, focusing heavily on price consciousness, especially with small spending choices like ordering from a value menu.
0.01% Rule for Spending
- Use the '0.01% rule' to decide daily discretionary spending based on your net worth: spend no more than 0.01% of your wealth each day without worry.
- This approach allows for lifestyle upgrades in spending as wealth grows, contrasting income-based spending rules that fluctuate more.
Spend Based on Wealth, Not Income
- Shifting from income-based to wealth-based spending increases financial stability because income fluctuates more than net worth.
- The wealth ladder defines spending freedom at different net worth levels, matching typical price differences in spending categories like groceries, restaurants, and travel.
