Welcome to Money for the rest of us. This is a personal finance show on money, how it works,

how to invest it, and how to live without worrying about it. I'm your host, David Stein. Today is

Episode 528. It's titled Climbing the Wealth Ladder with Nick Mojouli. Nick Majuli is the chief

operating officer at Rittholt's wealth management, but he's also the creator of dollar and data.

At blog, he's been writing regularly since 2017.

The goal of his work at dollars and data is to help you make better financial decisions using the best information available.

His new book, The Wealth Ladder, Proven Strategies for Every Step of

Your Financial Life, is about the different rungs of wealth and our decision framework should be

different based on our levels of wealth. And we talk about the rungs on the ladder, how luck can

impact our wealth, either up or down. Sometimes bad luck is

amplified at lower levels of wealth. Good luck can be amplified at higher levels of wealth. We talk

about how AI is impacting what Nick does in his work and how it can impact us as we think about this wealth ladder framework.

I hope you enjoy this conversation with Nick Majuli.

Well, Nick, thanks for being here.

I saw on Instagram, you said that it's been five years working on this book, which I'm glad

took that long because that means it's good, and I thoroughly enjoyed

the book. It was very well done. Could you briefly, though, describe the wealth ladder framework?

We'll dig into it in more detail through the interview, but maybe just a shorter version.

How did you come up with this? And what are the different rungs of the wealth ladder?

Yeah, well, thanks for having me on. I appreciate you liking the book. In terms of theungs of the wealth ladder? Yeah, well, thanks for having me on.

Appreciate you liking the book. In terms of the framework, the wealth ladder is basically the

idea that your financial strategy should change as you build wealth. And in particular,

...