1856: Proven Ways to Climb the Wealth Ladder and Level Up Your Net Worth

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 23 July 2025

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Where do you think you are on the wealth ladder? Just starting out and struggling to save? Sitting on six figures and wondering what’s next? Or maybe you’ve hit a financial milestone—but it doesn’t feel as life-changing as you expected.

Today’s episode is all about understanding what changes—and what should change—as you move up the financial ladder.

My guest is Nick Maggiulli, author of The Wealth Ladder, a new book that introduces a six-level framework for wealth building and financial strategy. We dive into the key questions we all face on the journey to financial independence:

How do you break out of Level 1 when you’re living paycheck to paycheck?
Is a side hustle actually worth your time—or just another distraction?
And how should your mindset and money strategy evolve as your net worth grows?

Plus, we explore his 0.01% spending rule and 1% earning rule—two powerful benchmarks to help you spend smarter and pursue income opportunities that truly move the needle.

More about Nick: He is the Chief Operating Officer and a data scientist at Ritholtz Wealth Management. He's also the author of the blog Of Dollars and Data and the books Just Keep Buying and The Wealth Ladder.

Transcript

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0:56.8	Mmm, that spices things up.
1:02.2	So Money episode 1856, proven ways to climb the wealth ladder and level up your net worth.
1:10.2	You're listening to So Money with award-winning money guru Farnoosh
1:14.1	Torabi. Each day, get a 30-minute dose of financial inspiration from the world's top business minds,
1:20.3	authors, influencers, and from Farnoose yourself. Looking for ways to save on gas or double your
1:27.1	coupons? Sorry. You're in the wrong place. Seeking profound ways to save on gas or double your double coupons sorry you're in the wrong place
1:30.0	seeking profound ways to live a richer happier life welcome to so money i just need to take care of
1:37.7	my family and so whatever that means that's how i'm thinking about my career and my future so i've no
1:42.2	real desire to get to level five
1:44.5	if it happens great, but I'm not going to go out of my way and say yes to every single thing and work
1:49.5	myself to the bone to do that. I don't think it's going to improve my life. And if anything,
1:53.7	it could have, you know, detract from my life. And I talk about a lot of these things. I know
1:56.6	it's like very first world problems. What do you mean having $10 million would detract from your life? How? And I talk about this in the book because there's so many stories about this type of stuff that people don't know about. And just chasing money for money's sake has led to many more bad outcomes than good outcome. Welcome to So Money, everyone. I'm Farnash Tarabi. Question for you, where do you think you are on the wealth ladder? You know,
2:18.7	when we were growing up, it was, were you middle class, upper middle class? Today we're talking
	...

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