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b'#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\\u201d of his life.\\nNick Maggiulli (@dollarsanddata) is the Chief Operating Officer at Ritholtz Wealth Management and the creator of \\u201cOf Dollars and Data\\u201d. 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.\\nFull show notes at: https://allthehacks.com/just-keep-buying-nick-maggiulli\\n\\xa0\\nPartner Deals\\nInside Tracker: 20% off personalized wellness & nutrition plans backed by science\\nMasterworks: VIP access to skip the waitlist\\nFor all the deals, discounts and promo codes from our partners, go to:\\xa0allthehacks.com/deals\\n\\nResources Mentioned\\nConnect with Nick Maggiulli:\\xa0Twitter | Instagram | Website\\nNick\\u2019s Book: Just Keep Buying: Proven ways to save money and build your wealth\\nNick\\u2019s New York City Recommendations: Quality Branded, Sushi Seki, Ko, Ollie\\u2019s, Thyme\\nPodcasts mentioned:\\n\\nAll the Hacks #6: The Psychology of Money with Morgan Housel\\n\\n\\nAll the Hacks #19: Becoming a Better Investor with Andy Rachleff\\n\\n\\nAll the Hacks #51: Travel Hacking the Lifestyles of the Rich and Famous with Leigh Rowan\\n\\n\\n\\xa0\\nFull Show Notes\\n(2:48) How People Should Be Operating During a Decline in the Markets\\n(5:06) Making Minor Tweaks to Your Portfolio\\n(5:53) Holding Cash or Investing in the Stock Market, Fast-Risk vs. Slow-Risk Decisions, and Trying to Time the Market\\n(9:47) Taking Advantage of a Bear Market\\n(15:09) Investing in Income-Producing Assets\\n(19:21) Advice About Investing in Individual Stocks\\n(21:21) Three Reasons to Sell Your Stocks\\n(28:58) Investing in Non-Income-Producing Assets\\n(29:57) Should You Max Out Your 401K?\\n(34:37) Asset Location and Diversifying Your Portfolio\\n(36:34) Hiring a Professional When Doing Any Type of Tax-Loss Harvesting\\n(38:43) Focusing More on Income and Saving Rather Than Investing as a Young Adult\\n(44:39) Transitioning Your Mindset From Saving to Investing\\n(47:29) Reasons Why Merely Cutting Spending Isn\\u2019t the Path to Building Wealth in the Long Run\\n(49:29) The Importance of Having an Absolute Measure of Wealth, Especially If You Don\\u2019t Feel \'Rich\'\\n(52:04) Nick Maggiulli\'s Top Principles for Saving Money and Building Wealth\\n(54:45) Nick Shares His Greatest College Admission Hack and Tactics (Outside of Investing) to Increase Your Efficiency\\n(58:17) Nick\\u2019s Favorite New York City Recommendations\\n(59:46) Where to Find Nick Maggiulli Online\\n\\xa0\\nConnect with All the Hacks\\nAll the Hacks:\\xa0Newsletter\\xa0|\\xa0Website\\xa0|\\xa0Membership\\xa0|\\xa0Email\\nChris Hutchins:\\xa0Twitter\\xa0|\\xa0Instagram\\xa0|\\xa0Website\\xa0|\\xa0LinkedIn\\n\\nEditor\\u2019s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author\'s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.'