Interviews with the Next Generation of Experts, Commentators, Entrepreneurs and Creatives in and around wealth and the wealth management industry. From Frazer Rice, noted fiduciary expert, operator of frazerrice.com and author of "Wealth Actually".
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Interviews with the Next Generation of Experts, Commentators, Entrepreneurs and Creatives in and around wealth and the wealth management industry. From Frazer Rice, noted fiduciary expert, operator of frazerrice.com and author of "Wealth Actually".
NICK MAGGIULLI, successful author of "Just Keep Buying" has a new book out called "THE WEALTH LADDER." It's a well done framework on how one's relationship with money has to change as they move up the different strata of money and spending. We get into the book, how major life changes can shape our views, and the writing process.
How was the experience different from the last book?
Surprises in your findings?
Has getting engaged and married change your lens on any of these topics?
THE SIX LEVELS OF THE WEALTH LADDER
Level 1: Less Than $10,000
Level 2: $10,000 - $100,000
Level 3: $100,000- $1M
Level 4: $1M-$10M
Level 5: $10M-$100M
Level 6: $100M and beyond
TRANSCRIPT
Frazer Rice (00:02.178)Welcome aboard, Nick.
Nick Maggiulli (00:04.138)Thanks for having me back, Frazer. Appreciate it.
Frazer Rice (00:04.911)Easy to have you back and congratulations on two fronts. You just got married and you've also in a sense given birth to a new publication here. Tell us about the last few months and what it's been like.
Nick Maggiulli (00:14.41)It's just been very busy, lots of things. We were doing wedding planning. We got engaged late last year and so wedding planning did that, had a few small celebrations. And now it's book launch time. We're delaying our honeymoon until the end of August because the book's coming out now and the book's out, so going from there. So it's been fun.
Frazer Rice (00:38.094)Big things happen in three, so it's all coming together in a couple of months there. So I've been watching this book getting written over the course of last, I guess, two years now. What was the gist of the book for the audience here? What got you into the wealth ladder concept, having written Just Keep Buying?
Nick Maggiulli (00:41.374)Yeah. So the gist of the book is that your financial strategy needs to change over time. I think it's very easy to get caught in a certain set of habits and you can follow those to their logical conclusion. But if you're trying to kind of go to the next level, so to speak, as I say in the wealth ladder, you might need to change your strategy. And there's a ton of examples of this and it really depends where you want to go, how much wealth you want to accumulate, etc. Knowing all those things will help you better determine which strategy you should follow. That's the high level of the wealth ladder.
Frazer Rice (01:30.574)So as you were sort of getting into the research on it and you take a lot from your personal experiences, you've moved up the wealth ladder and have had to have a little self-discovery on that. What would have been the interesting findings in your own experience and in the research that you've had and maybe things that were surprising?
Nick Maggiulli (01:51.338) the Origins of the Wealth LadderI think this is something that I'm hoping a lot of people who have built wealth have come to the same conclusions, which is like as you build more wealth and have more money, like money doesn't mean the same thing to you anymore. It doesn't have the same value. Like I remember still being a, you know, semi-broke college student, you know,
Wealth Actually
Interviews with the Next Generation of Experts, Commentators, Entrepreneurs and Creatives in and around wealth and the wealth management industry. From Frazer Rice, noted fiduciary expert, operator of frazerrice.com and author of "Wealth Actually".
