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404 | Just Keep Buying | Nick Maggiulli

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 31 October 2022

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: income-producing assets, REITs, the 4% rule, optimal spending, saving too much, and why you will never feel rich.

It is believed that in order to reach FI, cutting expenses and limited spending seems like the ideal way to your end goal, but are you missing out on ways to spend-to-earn because it feels right? Well, this week we are rejoined by friend of the show and guest host Brian Feroldi to interview Nick Magguilli, author of the excellent book Just Keep Buying: Proven Ways to Save Money And Build Your Wealth. Together we discuss using data to grow your wealth and fighting the stigmatization of spending your money. On the journey to FI it is easy to focus more on saving so much that we’re afraid to spend, however, by not spending we could be missing out on assets, both monetary and non-monetary, that could bring us greater fulfillment in the present and future! By rethinking your approach to spending, rather than looking at it as something that is negative, you may find that your money can go farther for you when its spent rather than saved!

Nick Maggiulli

Brian Feroldi

Timestamps

  • 1:29 - Introduction
  • 2:31 - Just Keep Buying
  • 9:27 - Income Producing Assets
  • 10:55 - Macro-Level Mind Changers
  • 14:08 - REITs
  • 16:57 - You Can Save Too Much?
  • 21:40 - How Nick Thinks Through The 4% Rule
  • 26:20 - Spending Optimally
  • 30:59 - Catching Up Financially Through Exercise
  • 34:01 - Examining 401k Maxxing
  • 38:47 - Saving Raises
  • 41:50 - Why You Will Never Feel Rich
  • 46:16 - Investment Properties & Nick
  • 47:55 - Conclusion

Resources Mentioned In Today’s Episode

More Helpful Links and Resources:

Transcript

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0:00.0

Hello and welcome to Choose a Phi.

0:01.9

Today on the show, we have Nick Manjuli,

0:03.8

creator of the Dollars in Data blog

0:06.0

and the Chief Operating Officer for Ritholz Wealth Management.

0:09.3

And actually, he is the author of the new book,

0:12.3

Just Keep Buying, Proven Ways to Save Money and Build Your Wealth.

0:16.0

I think what's so interesting about Nick

0:17.8

is how he dives into really the use of data

0:21.4

to help grow your wealth and also just has really interesting

0:25.6

and kind of counterintuitive ideas,

0:27.5

especially for those of us in the Phi community at first glance,

0:31.3

but I think once you dive into it, you realize,

0:33.4

wow, this is perfectly in line.

0:35.2

For those reasons, I think you're really going to get a lot

0:37.5

of value out of this episode, so stay tuned.

0:39.8

Welcome to Choose a Phi.

0:41.6

You're listening to Choose a Phi Radio.

0:44.2

The blueprint for financial independence lives here.

0:49.2

If you're looking to unlock the secrets to financial independence

1:00.6

and early retirement, you're in the right place.

1:03.9

Stay tuned and join a community of like-minded people

1:06.7

who are getting all fans to be here

...

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