Save Money, Build Wealth and Just Keep Buying with Nick Maggiulli
All the Hacks with Chris Hutchins
Coordination in Tax Loss Harvesting
Effective tax loss harvesting involves coordinating the buying and selling of index funds to optimize taxes. Lack of coordination among individuals or systems can lead to suboptimal results.
#59: Data scientist and author Nick Maggiulli joins Chris to talk about the most important principles for saving money and building wealth. They also cover investing in a market decline, evaluating risk, reasons to not max out your 401(k), why he likes income-producing assets, and becoming comfortable spending your money. Nick also shares his biggest college admission hack and "maybe the greatest decision” of his life.
Nick Maggiulli (@dollarsanddata) is the Chief Operating Officer at Ritholtz Wealth Management and the creator of “Of Dollars and Data”. His book, Just Keep Buying: Proven ways to save money and build your wealth, explores optimizing personal finance and investing with the aim of increasing your wealth.
Full show notes at: https://allthehacks.com/just-keep-buying-nick-maggiulli
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Resources Mentioned
Connect with Nick Maggiulli: Twitter | Instagram | Website
Nick’s Book: Just Keep Buying: Proven ways to save money and build your wealth
Nick’s New York City Recommendations: Quality Branded, Sushi Seki, Ko, Ollie’s, Thyme
Podcasts mentioned:
- All the Hacks #6: The Psychology of Money with Morgan Housel
- All the Hacks #19: Becoming a Better Investor with Andy Rachleff
- All the Hacks #51: Travel Hacking the Lifestyles of the Rich and Famous with Leigh Rowan
Full Show Notes
(2:48) How People Should Be Operating During a Decline in the Markets
(5:06) Making Minor Tweaks to Your Portfolio
(5:53) Holding Cash or Investing in the Stock Market, Fast-Risk vs. Slow-Risk Decisions, and Trying to Time the Market
(9:47) Taking Advantage of a Bear Market
(15:09) Investing in Income-Producing Assets
(19:21) Advice About Investing in Individual Stocks
(21:21) Three Reasons to Sell Your Stocks
(28:58) Investing in Non-Income-Producing Assets
(29:57) Should You Max Out Your 401K?
(34:37) Asset Location and Diversifying Your Portfolio
(36:34) Hiring a Professional When Doing Any Type of Tax-Loss Harvesting
(38:43) Focusing More on Income and Saving Rather Than Investing as a Young Adult
(44:39) Transitioning Your Mindset From Saving to Investing
(47:29) Reasons Why Merely Cutting Spending Isn’t the Path to Building Wealth in the Long Run
(49:29) The Importance of Having an Absolute Measure of Wealth, Especially If You Don’t Feel 'Rich'
(52:04) Nick Maggiulli's Top Principles for Saving Money and Building Wealth
(54:45) Nick Shares His Greatest College Admission Hack and Tactics (Outside of Investing) to Increase Your Efficiency
(58:17) Nick’s Favorite New York City Recommendations
(59:46) Where to Find Nick Maggiulli Online
Connect with All the Hacks
All the Hacks: Newsletter | Website | Membership | Email
Chris Hutchins: Twitter | Instagram | Website | LinkedIn
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