Episode 376: Climbing The Wealth Ladder

In this episode of The Rational Reminder Podcast, hosts Benjamin Felix and Cameron Passmore interview Nick Maggiulli, Chief Operating Officer of Ritholtz Wealth Management, about his new book, "The Wealth Ladder." Maggiulli introduces the wealth ladder framework, which divides wealth into six levels and suggests that financial strategies should evolve as one climbs the ladder. The discussion covers the 0.01% rule for spending, the 1% rule for income decisions, and how spending and investment decisions change at different wealth levels. Maggiulli emphasizes the strong relationship between income and wealth, the importance of investing in income-producing assets, and the role of time in wealth accumulation. He also addresses the challenges and downsides of reaching extreme wealth and offers advice for financial advisors on how to guide clients in making informed decisions about their financial futures, considering not just financial wealth but also social, time, mental, and physical well-being.