Stansberry Investor Hour

The Six Levels of Wealth – And How You Can Move Up


Listen Later

On this week's Stansberry Investor Hour, Dan and Corey are joined by Nick Maggiulli. Nick is the chief operating officer of Ritholtz Wealth Management and founder of the financial blog Of Dollars and Data. His new book, The Wealth Ladder, comes out next week. 

Nick kicks off the show by discussing The Wealth Ladder, including the six different levels of wealth and why income is a more crucial factor to building wealth than behavior. He also talks about jobs that will be a safe haven once artificial intelligence ("AI") becomes more prevalent, the mistakes people make when buying income-producing assets, the importance of diversification, and why he prefers to invest in index funds. (0:40)

Next, Nick goes in depth on the spending mistakes people make that prevent them from moving up to a higher wealth level. He touches on diversification again, using Elon Musk versus Bill Gates as an example. Plus, he covers the different strategies for different wealth levels, why it's important to still focus on the nonfinancial things in life, statistical data for whether money can buy happiness, and the significance of money being a quantifiable thing. (17:27)

Finally, Nick discusses the things that financially successful people may be overlooking, why the strategy for success may vary on a case-by-case basis, and the different levels of spending freedom. He says that level two allows freedom in the grocery store, level three allows freedom at restaurants, and level four allows freedom for traveling. And he shares a handy formula for people to use when it comes to nonessential spending. (35:15)

...more
View all episodesView all episodes
Download on the App Store

Stansberry Investor HourBy Stansberry Research

  • 4.3
  • 4.3
  • 4.3
  • 4.3
  • 4.3

4.3

668 ratings


More shows like Stansberry Investor Hour

View all
The Disciplined Investor by Andrew Horowitz - Host

The Disciplined Investor

681 Listeners

Financial Sense(R) Newshour by Jim Puplava

Financial Sense(R) Newshour

377 Listeners

Wall Street Unplugged - What's Really Moving These Markets by Curzio Research

Wall Street Unplugged - What's Really Moving These Markets

1,084 Listeners

Sprott Money News by Sprott Money

Sprott Money News

149 Listeners

We Study Billionaires - The Investor’s Podcast Network by The Investor's Podcast Network

We Study Billionaires - The Investor’s Podcast Network

3,385 Listeners

Macro Voices by Hedge Fund Manager Erik Townsend

Macro Voices

3,062 Listeners

The Meb Faber Show - Better Investing by The Idea Farm

The Meb Faber Show - Better Investing

931 Listeners

Real Vision: Finance & Investing by Real Vision Podcast Network

Real Vision: Finance & Investing

908 Listeners

Palisades Gold Radio by Collin Kettell

Palisades Gold Radio

251 Listeners

The Acquirers Podcast by Tobias Carlisle

The Acquirers Podcast

305 Listeners

Rebel Capitalist News by George Gammon

Rebel Capitalist News

1,028 Listeners

Doug Casey's Take by Matthew Smith

Doug Casey's Take

123 Listeners

Wealthion - Be Financially Resilient by Wealthion

Wealthion - Be Financially Resilient

380 Listeners

The Jay Martin Show by Jay Martin

The Jay Martin Show

75 Listeners

Thoughtful Money with Adam Taggart by Adam Taggart | Thoughtful Money

Thoughtful Money with Adam Taggart

390 Listeners