6 Levels of Wealth with Nick Maggiulli | Author of The Wealth Ladder

In this episode of Bankless, Ryan Sean Adams interviews Nick Maggiulli, author of "Just Keep Buying" and "The Wealth Ladder," about the concept of the wealth ladder, a framework dividing net worth into six levels that each require different financial strategies. Maggiulli explains how each level, ranging from under $10,000 to over $100 million, represents significant lifestyle changes and spending freedoms, introducing the ".01% rule" for marginal spending decisions based on wealth rather than income. They discuss the challenges of climbing the ladder, especially from level four to five, and the importance of considering other forms of wealth, such as time and relationships, and the need to define personal goals beyond just monetary accumulation. The conversation also addresses the increasing difficulty for younger generations to achieve the "American Dream" and the pitfalls of risky investments, particularly in crypto, emphasizing the importance of diversification and focusing on skill development.