6 Levels of Wealth with Nick Maggiulli | Author of The Wealth Ladder
Episode publishedPodcast: BanklessBankless
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If you wanna go past 10,000,000 a k a level five, you have to completely change your strategy. Unlike everything so far in the wealth ladder, like, going from level three to level four is usually just like having a higher paying job and just being able to save more and invest well and, you know, you just give it time and that's a lot of it too. Like, time's a piece of it. The difference between, you know, level four
and level five is not just time. Welcome to Bankless. This is Ryan Sean Adams, just me today. You guys know crypto is a technology for both generating and for storing wealth. The question is, what is wealth? Every once in a while, I like to do an episode on wealth just to set the foundation. Because just like crypto, wealth can be a freedom technology. And if it's used well, that's exactly what it is. It can also be a trap. Sahil Bloom reinforced this idea for me in his book, the five types of wealth. We did an episode on that. It's a great conversation. We'll include a link in the show notes
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Bankless nation, very excited to introduce you to Nick Majuli. He is the author of Just Keep Buying, and he is part of a wealth management company as well. And he's got a soon to be released book called The Wealth Ladder coming out. We're gonna learn from, him about the wealth ladder today. Nick, how are you doing? Good.
Thanks for having me on, Ryan. This
is actually from a blog post that I was telling you off air that I read in 2019, and it put an impression on me. This is really an opportunity to dive into the the mental model of the wealth ladder, which I think is really important for for bankless listeners to get inside of their heads. It's incredibly useful as they're going through this path of kind of building wealth in their own life. Let let me just start with a question, though. How did you learn personal finance and, like, wealth management in general?
I just spend a lot of time reading books, reading blog posts, and just I was very curious about it. And so I would just read a lot on it, crunched a lot of data on it, and started writing about it. I think, actually, writing about it helped me more than anything because that's when I really discovered, like, oh, here's my opinion on this. Is that correct? And, like, you know, you have to go through that process a lot and find research and do all that. And it's a lot easier now with AI to help with, like, finding datasets and things like that, but still, it's it's been a journey.
Do you think that's how people should learn it? Basically, a learn by doing mentality? Because it yeah. It strikes me that there's only so much you can get out of, you know, maybe a class you take on wealth management. Like, investing wealth management really feels like it's something that has to be partitioned. And, also, you have to learn through your mistakes over the years. Yeah.
Exactly. You have to I mean, with investing in particular, I mean, the good thing is we've had kind of some of these markets. You know, w
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