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The Adversity Advantage with Doug Bopst

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Nick Maggiulli On How To Survive Economic Hardship & Build Financial Wealth

Jun 2, 2022

Today, we welcome Nick Maggiulli. Nick is the chief operating officer and data scientist at Ritholtz Wealth Management where he oversees operations across the firm and provides insight on business intelligence. He is also the author of ofdollarsanddata.com, a blog focused on the intersection of data and personal finance. His work has been featured in the Wall Street Journal, CNBC, and the Los Angeles Times. Nick graduated from Stanford University with a degree in economics. The occasion for today's chat is not only to discuss what's going on with the economy today, but also to chat about his new book, Just Keep Buying, which I thoroughly enjoyed.    

We talk about our economy, how our financial decisions affect our long-term savings, the financial investments that we should put our focus on, why early financial education is important, why you shouldn’t wait and start planning your retirement funds, and so much more!

Thanks to this episode's sponsor:

Masszymes: Go to masszymes.com/DOUGFREE and you will automatically get access to your unique coupon code to claim your free bottle.

What to Listen For:

  • 00:00 Intro
  • 01:17 What’s going on with the economy?
  • 05:50 Don’t make these all or nothing financial decisions
  • 09:07 Debunking popular financing myths
  • 13:15 Focus on income as the foundation of wealth
  • 17:11 When should you invest even when you have debt?
  • 21:12 Be diversified in your financial future
  • 23:42 Are you good at stock picking?
  • 28:38 What are you going to do during retirement?
  • 32:20 Why is it important to invest in retirement early?
  • 35:30 Let’s talk about taxes
  • 37:52 How much should you invest in your business?
  • 40:38 “Buy quickly, sell slowly.”
  • 44:21 Crypto currency is a digital gold and a risk asset
  • 47:14 Where do you focus your time?

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