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Tag: wealth

April 13, 2022By Paula Pant

#375: The 2X Rule (and Other Wealth-Accelerating Advice), with Nick Maggiulli

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.

Enjoy!

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August 29, 2015Written By Paula Pant

The 12 Essential Lessons You Must Learn About Money & Life

I’d like to explain … well … why this website exists.

Afford Anything promotes a handful of radical ideas:

#1: You can create financial independence — the ability to quit trading-time-for-money, because your investments cover your bills.

#2: Financial independence comes from passive income.

#3: To build passive income, you’ll first need to create a […]

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August 5, 2014Written By Paula Pant

Five People, One Income, and Self-Made Success

Myth: If you’re supporting 5 people on 1 income (and it’s not a high income), you’re screwed. You’ll never become a business owner or an investor. You’ll be lucky just to pay the bills.

Fact: Ladies and gentlemen, meet success story: Rental Randy.

In my last blog post, I re-emphasized that the best […]

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June 3, 2013Written By Paula Pant

I’m Upside-Down on My Home. Should I Rent It Out? Or Sell It?

An Afford Anything reader recently emailed me about this dilemma:

He’s upside-down on his home. He owes more than the house is worth.

But he wants to take advantage of today’s low housing prices, which will let him move his daughter into the best school district in town. He can put […]

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February 22, 2011Written By Paula Pant

You Are Not Entitled to Retirement (and That’s Great News)

Retirement is such a part of our cultural fabric that it’s viewed as a basic human right.

It’s the final chapter in the American Dream: a home, a family, a secure retirement.

But it hasn’t always been this way.

For much of American history, people worked until they were too sick to work anymore. […]

Keep reading...

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Afford Anything

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