The Wealth Ladder Framework with Nick Maggiulli

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Oct 13, 2025

Nick Maggiulli, a finance expert and author behind the Of Dollars And Data blog, joins to explore the pitfalls of thinking a million-dollar net worth guarantees security. He reveals the six levels of the ‘wealth ladder’ and why strategies must adapt as one climbs. Nick emphasizes the critical role of business ownership in wealth growth, introduces the '1% rule' for evaluating opportunities, and offers insights on navigating the challenges of selling a business. Get ready for a fresh perspective on financial independence!

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INSIGHT

Wealth Ladder Structure

The Wealth Ladder splits household net worth into six levels from <$10k to $100M+ using a log-10 scale for clarity.
This framework shows changing strategies are required as wealth progresses.

INSIGHT

The Math From $1M To $10M

For a wage earner, going from $1M to $10M by saving large amounts still takes decades due to compound math.
Even saving $100K/year at 5% real growth requires about 28 years from $1M to $10M.

INSIGHT

Business Equity Drives Extreme Wealth

Business ownership dominates asset allocation among the very wealthy and rises sharply at higher ladder levels.
Level five and six households hold a large share of assets in private businesses, often driving extreme wealth.

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Reaching a million-dollar net worth is a significant achievement, but finance expert Nick Maggiulli argues it can be a "dangerously misleading" milestone, creating a false sense of security. He joins Michael to reveal why your next financial moves are far more crucial than your last. Drawing on extensive data, Nick uncovers the surprising realities of wealth accumulation, highlighting the critical role of business ownership, strategic decision-making, and long-term consistency. If you’re a business owner aiming for true financial independence, Nick offers a fresh perspective and a practical roadmap for the journey from $1 million to $10 million and beyond.

In this episode, you will learn about:

Why a million-dollar net worth can be a misleading financial milestone.
The six distinct levels of the "wealth ladder" and how financial strategies must adapt at each stage.
The surprising math behind the journey from $1 million to $10 million for wage earners versus business owners.
Why business equity and entrepreneurship are the primary drivers of extreme wealth.
The "1% rule" framework for evaluating new income opportunities and prioritizing high-value clients.
How to strategically approach selling your business, avoiding forced sales and planning backward from your idealized life.
Key financial and business metrics to benchmark your progress on the wealth ladder.
The immense power of compounding, consistency, and outlasting your peers in building wealth.
How to navigate the AI era by identifying automation-resilient business opportunities.
Understanding inflation and the "4% (or 5%) rule" for sustainable long-term financial security.

Welcome to the Consulting Success podcast. I'm your host Michael Zipursky, and in this podcast, we're going to dive deep into the world of elite consultants where you're going to learn the strategies, tactics and mindset to grow a highly profitable and successful consulting business.

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Nick Maggiulli is the creator of ‘Of Dollars And Data’ and COO at Ritholtz Wealth Management. He started blogging in 2017 as a New Year's Resolution, combining his passion for personal finance with data-driven insights. This journey led to his role at Ritholtz and the release of his bestselling book, Just Keep Buying, which has sold over 100,000 copies globally, and his latest work, The Wealth Ladder. Nick's work, featured in WSJ, CNBC, and Money, empowers you to make better financial decisions, act smarter, and live richer by understanding markets, managing risk, and increasing long-term wealth.

Connect with Nick Maggiulli: https://www.linkedin.com/in/nickmaggiulli/

Discover more about Ritholtz Wealth Management: https://www.ritholtzwealth.com/

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