How to Build Wealth on Less Than $60K a Year + Investing for Retirement Income (ft. Nick Maggiulli)
In this special Office Hours episode, Scott Galloway and Nick Maggiulli, COO of Ritholtz Wealth Management, answer listener questions on building wealth at every stage of life. They talk about paying down debt on a modest income, generating retirement income without over-obsessing on dividends, and whether young families should keep investing or wait on an inheritance.
Want to be featured in a future episode? Send a voice recording to officehours@profgmedia.com, or drop your question in the r/ScottGalloway subreddit.
Plus, you can now call or text Scott a question at our new Office Hours hotline: (201) 472-3656.
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6 Levels of Wealth with Nick Maggiulli | Author of The Wealth Ladder
Everyone wants to climb the wealth ladder - but very few ask if they should. In this episode, Ryan sits down with Nick Maggiulli to explore the six stages of wealth, how your strategy should evolve at each level, and why reaching the top isn’t always the win it seems.
From early savings and side hustles to ownership leverage and lifestyle trade-offs, Nick guides us through practical, data-driven ways to build wealth, without losing sight of happiness along the way. If you’re somewhere between $10K and $10M, this episode is for you.
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TIMESTAMPS
0:00 Intro
6:34 The Wealth Ladder Model
16:55 The 0.01% Rule & Smart Restraint
21:02 Time’s Role in Wealth Building
24:02 Demographics, Inflation & Shifting Rungs
30:29 How to Climb (and Avoid Falling)
41:19 The Ownership Threshold
50:20 Knowing When to Stop Climbing
54:45 Wealth vs. Happiness
1:08:01 Crypto, Leverage & Final Advice
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RESOURCES
Nick Maggiulli
https://x.com/dollarsanddata
Nick’s Blog
https://ofdollarsanddata.com/
The Wealth Ladder Book
https://a.co/d/1okUAwh
Sohail Bloom’s Episode
https://www.youtube.com/watch?v=n6Rywzypi64
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
How Not to Invest — with Barry Ritholtz
Barry Ritholtz, the co-founder, chairman, and chief investment officer of Ritholtz Wealth Management and the host of the Masters in Business podcast, joins Scott to discuss his new book, How Not to Invest: The Ideas, Numbers, and Behaviors that Destroy Wealth and How to Avoid Them.
They unpack why diversification is both boring and sexy, whether the U.S. market is overvalued, and if the alternative investment industry is one of the biggest grifts in economic history.
Follow Barry, @Ritholtz.
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Prof G Markets: Is Breaking Up Intel The Right Move? + The New Gold Rush
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Ed and Josh Brown, co-founder and CEO of Ritholtz Wealth Management, open the show by discussing January’s housing starts data, X’s latest funding round, and the growing wave of companies emulating MicroStrategy’s approach to bitcoin. Then Josh unpacks the potential breakup of Intel. He breaks down how Intel’s leadership struggles led to its decline and explains why having a true visionary at the helm is crucial for a chip company. Josh and Ed also break down gold’s record-breaking surge and explain why banks are rushing to fly the commodity into the U.S. Ed questions whether gold is really a smart investment, while Josh explains why owning it outright might not be as valuable as people think.
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How Josh Brown Created A Financial Media Empire
15 years ago was a pivotal moment for financial media. On the one hand, we were in the midst of a huge financial crisis, which shook everything up and exposed how little we knew about our own world. In addition to that, we were in the early moments of a revolution, which saw the rise of blogs, podcasts, "Finance Twitter" and other new platforms for disseminating information about markets and business. One of the winners from that era was Josh Brown, a former stockbroker who rose to fame in part on the back of his must-read blog The Reformed Broker. Now he's the CEO of a large investment advisory firm, Ritholtz Wealth Management. He's got a popular podcast. He's got a new book. He's a fixture on CNBC. And he even has a conference business. We talk about his career path, what he's learned, some funny stories from the good old days, and how he became a media giant.
See omnystudio.com/listener for privacy information.
Prof G Markets: How the Debate Moved the Market & Wall Street’s Take on Trump - with Josh Brown
Josh Brown, co-founder and CEO of Ritholtz Wealth Management, fills in for Scott to talk about how the markets reacted to the Presidential debate. Then Josh and Ed discuss how Trump and Biden presidencies could impact investors and Josh breaks down why he isn’t concerned about Trump’s potential tariffs on China.
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Decoding The NVIDIA Trade — With Michael Batnick
Michael Batnick is managing partner at Ritholtz Wealth Management and co-host of The Compound and Friends Podcast. Batnick joins Big Technology Podcast for a conversation that asks all the questions about NVIDIA's historic run. We cover the valuation, volatility, competition, chances to keep going, and AI fatigue. We also ask whether NVIDIA could give up its gains just as fast as it built them, whether it will become an Apple-like fixture in portfolios, and how algorithmic trading might play a role in its massive growth.
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Prof G Markets: Ozempic’s Market Impacts and Surging Bond Yields — with Downtown Josh Brown
This week on Prof G Markets, Scott shares his thoughts on which stocks and sectors could get a boost or take a hit from Ozempic’s increasing popularity. Then, Josh Brown, CEO of Ritholtz Wealth, joins the show to help break down why bond yields have surged the past few weeks.
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What Exactly Is The Market Telling Tech To Do? — With Josh Brown
Josh Brown is the CEO of Ritholtz Wealth Management and the host of the Compound and Friends podcast. Brown joins Big Technology Podcast to dig into why tech companies are still reeling from tighter financial markets even as their share prices return to something approximating normal after the 2022 bloodbath. In this episode, Brown shares what Wall Street demands from the tech industry and its employees and where it might be headed next. Stay tuned for the second half where we go company by company, looking at Meta, Apple, Google, Microsoft, Amazon, NVIDIA, Tesla, and Bitcoin.
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Downtown Josh Brown & Michael Batnick on Disney+, Peloton, Knicks, podcasting, markets, & more | E1496
Today, Jason is joined by the hosts of “What are your thoughts?” Downtown Josh Brown (CEO of Ritholtz Wealth Management) and Michael Batnick (Managing Partner at Ritholtz Wealth Management). They discuss the Knicks (1:22), Podcasting (14:25), markets (26:20), Disney (37:52), and more. Finally, Jason takes some audience questions (44:50).
(0:00) Cold Open
(1:22) Downtown Josh Brown & Michael Batnick join Jason: catching up and talking basketball
(13:10) Coda - The All-in-one doc for teams, get a $1,000 credit at https://coda.io/twist
(14:25) Audio as a media business
(18:50) Why can’t the Knicks get great young talent to want to come?
(20:35) ActiveCampaign - Get 10% off your ActiveCampaign subscription today at https://activecampaign.com/promo/twist
(21:46) What’s it like being involved with the Warriors?
(26:20) Market dynamics
(36:25) LinkedIn Marketing - Get a $100 LinkedIn ad credit at https://linkedin.com/thisweekinstartups
(37:52) Building a Disney position
(44:50) Questions from the audience: Jason’s thoughts on RobinHood
(59:12) Most exciting recent investment for Jason
(1:06:30) Last question
(1:07:30) Outro
Here's how the multi-trillion dollar wealth management industry is opening up to bitcoin
Wealth and financial advisors oversee trillions of dollars in assets.
While a wide range of financial services, from trading firms to exchanges to hedge funds, have warmed up to the crypto market, wealth and financial advisors have largely remained on the sidelines.
During the latest episode of The Scoop, Michael Batnick, director of research at Ritholtz Wealth Management, and Jeremy Schwartz, EVP and global chief investment officer at Wisdom Tree Asset Management, walked listeners through the RWM WisdomTree Crypto Index and the state of crypto wealth management today.
Ritholtz Wealth Management and Wisdom Tree Asset Management recently announced the launch of a new diversified crypto index for financial advisors in December 2021. Through a partnership with Onramp Invest, the index can be offered by financial advisors via separately managed accounts (SMAs).
"The US regulators still can't get their heads wrapped around a bitcoin spot ETF, which we think is the best structure for a 100 percent allocation," noted Wisdom Tree's Jeremy Schwartz.
In Batnick's view, the crypto market hasn't done a good job marketing itself to advisors.
A report released earlier this year by asset management firm Bitwise suggests that 16% of financial advisors have allocated to crypto in their clients' accounts — an increase from 9% in 2021.
Batnick suspects that number might be far lower.
"An informal survey, I'd say we're under 1 percent," he contended. "The reason why is because I think that the products that were available to financial advisers have not been suitable or at least had difficulties getting advisers comfortable wrapping their arms around the solution."
Episode 10 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Michael Batnick, Director of Research at Ritholtz Wealth Management and Jeremy Schwartz, EVP & Global Chief Investment Officer at Wisdom Tree Asset Management.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Fireblocks, Coinbase Prime & Chainalysis
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.
About Coinbase Prime
Coinbase Prime is an integrated solution that provides institutional investors with an advanced trading platform, secure custody, and prime services to manage all their crypto assets in one place. Coinbase Prime fully integrates crypto trading and custody on a single platform, and gives clients the best all-in pricing in their network using their proprietary Smart Order Router and algorithmic execution. For more information, visit www.coinbase.com/prime.
About Chainalysis
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
Meta's Stock Plunge + Market Volatility — With Josh Brown of Ritholtz Wealth Management
Josh Brown is the CEO of Ritholtz Wealth Management and a regular CNBC contributor. Brown joins Big Technology Podcast to discuss what's behind Meta's historic $251 billion stock plunge, and Amazon's equally shocking $190 billion rise. This is a discussion about Meta and Big Tech, but as you listen you'll get a window into market fundamentals like "whisper" earnings targets and why growth stocks are going out of style. We also discuss what happens inside companies when their stock prices plummet.
You can find Josh's podcast — The Compound and Friends — here: https://pod.link/1456467014
And here's my 'Metaverse or Bust' story: https://bigtechnology.substack.com/p/for-facebook-its-metaverse-or-bust
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Downtown Josh Brown on bitcoin, wealth management, and the big risk in the market
Wall Street is embracing crypto one headline-driving development at a time.
From Goldman Sachs to Morgan Stanley, major banks are moving from exploring the digital asset world to fully operating in it.
Goldman, for instance, announced Friday it would restart its market for non-deliverable forwards tied to bitcoin. Both Morgan Stanley and Goldman have said they will offer their wealthiest clients exposure to bitcoin. But one channel that has yet to fully embrace crypto is the independent wealth management market.
Josh Brown — the brains behind the well-followed Reformed Broker blog — is among the legion of wealth managers who have yet to start advising their clients to buy crypto.
The CEO of Ritholtz Wealth Management joined The Scoop to talk about how financial advisors are examining the fast-growing $2 trillion market, why he is skeptical of non-fungible tokens and decentralized finance, and how Covid-19 turned the idea of risk on its head.
Here's a blurb from the show:
"The most concerning is that what we’ve just witnessed completely flipped the entire concept of risk on its head because we’ve just had the biggest risk in 100 years. We had Spanish Flu 2.0 in the modern era, like traveling three times faster than the 1918 version, right? Like the biggest risk you could think of, millions of people suddenly dropping dead from a global pandemic. It turned out to be one of the biggest opportunities. And you didn’t have to wait three years or eight years like the Great Depression to figure that out. Literally. The stock market fell for 16 days and stopped. Think about that. So what even is risk anymore? What if I tell you the next thing is a nuclear bomb going off somewhere? Dow Jones might go up 50%."
This episode is brought to you by our sponsors Bakkt, Kraken, and Exodus
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Even The World's Greatest Investors Have Made Horrible Mistakes
Here's some good news for investors: If you've ever made a disastrous trade, you're not alone. All of the greats have made horrible moves as well. On this week's Odd Lots podcast, we speak to Michael Batnick, the director of research at Ritholtz Wealth Management, and the author of a new book 'Big Mistakes: The Best Investors and Their Worst Investments.' We talk about great errors from the likes of Warren Buffett, Bill Ackman, Jesse Livermore and many others. In addition to going through their blunders, Batnick explains some basic lessons that investors can take away from these going forward in their own money moves.
See omnystudio.com/listener for privacy information.
Team Ritholtz - The Wu Tang Clan of Finance - [Invest Like the Best, EP.52]
My guests this week don't need to be introduced. In celebration of the one year anniversary of invest like the best, I asked Josh Brown, Mike Batnick, and Barry Ritholtz to join me for a hour, during which I spent more time laughing than asking questions.
I chose this team because they are the pioneers of mold breaking honesty and personality in our industry. They all figured out that just being themselves yields incredible results. This is a strategy that everyone should try, but very few do. Honesty and transparency require vulnerability, which is hard for most of us. I still struggle with it. But the evidence is in. The Ritholtz team has grown as fast as almost any RIA. Listen to this and tell me you wouldn't want to spend your career working with people this friendly, funny and open. Hell, I want to give them some money just so I have an excuse to drop by more often.
Thanks to everyone who has listened in the past year. We are past 1.25mm listens, and growing fast. You own this thing as much as I do, because the size helps me penetrate deeper and get the best people, which begets more listeners. This podcast is one hell of a discovery machine, and the first year was our warm up. We have a ton of new angles, formats, and events coming in year two. Stay tuned. But first, time to laugh in celebration of year one. Please enjoy my conversation with team Ritholtz
For comprehensive show notes on this episode go to http://investorfieldguide.com/ritholtz
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Links Referenced
Barry @ritholtz on twitter
a16z Podcast
Scott Galloway and Aswath Damodaran on Bitcoin vs Gold
Latest 'These Are the Goods' post
Show Notes
2:35 – (First question) – What stock best represents you
5:09 – How was this team assembled at Ritholtz
8:50 – Why larger asset management firms are slow to pivot on new technology
10:00 – The humor of Barry @ritholtz on twitter
11:48 – What technology channels are working best
13:08 – What would happen in a Ritholtz stock picking contest
15:19 – How do you keep investors from wanting to move money into or out of buzzworthy trades
20:23 – Pricing out the news and the value premium
23:41 – Why people want complexity and activity in their portfolios
29:51 – People always want to be a part of the next frontier, example bitcoin
31:08 – a16z Podcast
33:13 – Exploring research in action and living the investments
39:35 – Biggest argument against bitcoin could be the underlying utility and what will make it successful
45:13 – The Hindenburg Omen
46:34 - Scott Galloway and Aswath Damodaran on Bitcoin vs Gold
47:38 – How the relationship with clients has evolved
49:50 – Mike’s new book project that he is working on
51:41 – Why the Mark Twain chapter is the most interesting in his book thus far
53:32 – How a business should balance sales and marketing
58:09 – Who would they draft to the Ritholtz team
58:22 – Latest These Are the Goods post
1:05:18 – Kindest thing anyone has done
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
Josh Brown – The Reformation - [Invest Like the Best, EP.14]
My guest this week is one of the reasons that this podcast exists. Josh Brown is a financial advisor and the CEO of Ritholtz Wealth Management. He is also the creator of TheReformedBroker.com, a blog about markets, politics, economics, media, culture, and finance that has become one of the most widely-read sites on the financial web. He is the author of Backstage Wall Street and Clash of the Financial Pundits. Josh was instrumental in finding me an audience years ago when he shared one of my research pieces with his rapid base of fans. This conversation includes a look at his journey, what he’s learned along the way, and most importantly, his top five, dead or alive.
Please enjoy!
For comprehensive show notes on this episode go to investorfieldguide.com/brown/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag