Here’s the deal:
The majority of people who write about personal finance repeat the same tired aphorisms and cliches.
“Millennials aren’t investing enough,” they’ll lament. “Millennials are amassing wealth at a slower pace than previous generations!”
But when you ask for their source, they turn up blank. Each writer points to a headline, which sources another headline, in a neverending circular secondary-source-citation that fails to point to any primary data source.
Nick Maggiulli doesn’t play that game.
If you haven’t heard the name Nick Maggiulli yet, prepare to meet one of the most original, insightful voices in the media landscape of personal finance and investing. (His last name is pronounced “ma – julie,” and his godfather refers to him as “paper hands,” but that latter point is a different story for another day.)
Nick is a data scientist with a knack for clear written communication, a rare Venn Diagram intersection of skill sets. He holds a laser-focused interest in the arenas of personal finance and investing, and he’s eager to share fresh, nuanced, evidence-backed takes about savings, spending and investing with anyone who will listen.
He recently released his first book, Just Keep Buying; the title reflects a user-friendly reminder to continue dollar-cost averaging. It also speaks to the main idea behind wealth creation: accumulate income-producing assets, consistently, for as long as you possibly can.
It’s an honor to welcome Nick Maggiulli onto the Afford Anything podcast for what I hope is the first of many appearances. In today’s episode, we discuss actionable strategies for managing your money, including assessing your spot along the save-invest continuum, implementing the 2X rule into your spending decisions, and saving half of your inflation-adjusted future raises.
Thanks to our sponsors!
AARP advocates for you, offers financial and job resources, fraud protection help, and much more. AARP members enjoy access to hundreds of benefits, discounts and social programs – from saving an average of 61% on prescription drugs not covered by Medicare, to financial planning and family caregiving support. Go to aarp.org/paula to join for just $12 for your first year, and you’ll get a second membership for free, plus the AARP magazine and a free gift!
Want to streamline your leasing process and find the perfect tenant? Apartments.com lets you list your units, screen and receive applications, create leases, collect rent, and track maintenance and expenses, for free. It’s the number one rental network. Go to apartments.com/paula to get started.
Native creates safe, simple, effective products with trusted ingredients and performance. Their deodorant doesn’t have aluminum and comes in a wide variety of scents for everyone. They even have bar soap, body wash, toothpaste, and plastic-free deodorant. Try it risk-free – Native offers free returns and exchanges in the US. Go to nativedeo.com/paula for 20% off your first order!
In minutes you can work out how much life insurance coverage you need and compare personalized quotes to find your best price. Go to policygenius.com for free quotes and comparisons across more than 30 insurers. It only takes a few minutes to get started, and Policygenius never sells your information to other companies.
Grove makes shopping for natural products easy. You don’t have to search for a local store hoping that they carry what you want, and you don’t need to worry about overpaying for “organic” products from questionable sites. Interested? Go to grove.co/affordanything to get a free gift set worth up to fifty dollars with your first order.