#59: Data scientist and author Nick Maggiulli joins Chris to talk about the most important principles for saving money and building wealth. They also cover investing in a market decline, evaluating risk, reasons to not max out your 401(k), why he likes income-producing assets, and becoming comfortable spending your money. Nick also shares his biggest college admission hack and "maybe the greatest decision” of his life. Nick Maggiulli (@dollarsanddata) is the Chief Operating Officer at Ritholtz Wealth Management and the creator of “Of Dollars and Data”. His book, Just Keep Buying: Proven ways to save money and build your wealth, explores optimizing personal finance and investing with the aim of increasing your wealth. Full show notes at: https://allthehacks.com/just-keep-buying-nick-maggiulli Partner Deals Inside Tracker: 20% off personalized wellness & nutrition plans backed by science Masterworks: VIP access to skip the waitlist Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth Selected Links From The Episode Connect with Nick Maggiulli: Twitter | Instagram | Website Nick’s Book: Just Keep Buying: Proven ways to save money and build your wealth Nick’s New York City Recommendations: Quality Branded, Sushi Seki, Ko, Ollie’s, Thyme Podcasts mentioned: All the Hacks #6: The Psychology of Money with Morgan Housel All the Hacks #19: Becoming a Better Investor with Andy Rachleff All the Hacks #51: Travel Hacking the Lifestyles of the Rich and Famous with Leigh Rowan Full Show Notes How people should be operating during a decline in the markets (2:48) Making minor tweaks to your portfolio (5:06) Holding cash or investing in the stock market, fast-risk vs. slow-risk decisions, and trying to time the market (5:53) Taking advantage of a bear market (9:47) Investing in income-producing assets (15:09) Advice about investing in individual stocks (19:21) Three reasons to sell your stocks (21:21) Investing in non-income-producing assets (28:58) Should you max out your 401K? (29:57) Asset location and diversifying your portfolio (34:37) Hiring a professional when doing any type of tax-loss harvesting (36:34) Focusing more on income and saving rather than investing as a young adult (38:43) Transitioning your mindset from saving to investing (44:39) Reasons why merely cutting spending isn’t the path to building wealth in the long-run (47:29) The importance of having an absolute measure of wealth, especially if you don’t feel “rich” (49:29) Nick Maggiulli's top principles for saving money and building wealth (52:04) Nick shares his greatest college admission hack and tactics (outside of investing) to increase your efficiency (54:45) Nick’s favorite New York City recommendations (58:17) Where to find Nick Maggiulli online (59:46) Connect with All the Hacks All the Hacks: Newsletter | Website | Facebook | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn