A conversation with The Wealth Ladder author Nick Maggiulli
This week’s newsletter is an exciting one! Doug here, and if you’ve spent any time in the personal finance world, chances are you know Nick Maggiulli.
Nick is the Chief Operating Officer at Ritholtz Wealth Management and the author of the bestselling book Just Keep Buying, a data-driven guide that’s become a go-to for investors looking to cut through the noise. His new book, The Wealth Ladder, builds on that foundation with a practical roadmap for building wealth, one rung at a time. As the Wall Street Journal put it, “Maggiulli is that rare finance writer who’s both analytical and approachable.” I couldn’t agree more.
Nick also happens to be a friend. We met years ago and bonded over our mutual love for personal finance and McDonald's (McNuggets, to be exact). We try to catch up several times a year over fries and finance. He likes the ranch dipping sauce. I am more of your classic BBQ and Sweet and Sour kinda guy. Honestly, you can’t go wrong. But, I digress.
For this week’s edition of The Joint Account, I asked Nick to apply some of the concepts in his new book to couples. Because as you know, climbing the wealth ladder looks slightly different when you’re doing it with a partner. We get into myths, habits, autonomy, and what it really takes to reach the top together. I think you’ll find it both insightful and real. Enjoy!
D: What wealth-building myths might hold couples back from climbing the wealth ladder, and how can you work together to overcome them?
N: The biggest financial myth for individuals or couples is that cutting spending is the way to wealth. Yes, cutting frivolous spending helps, but the data overwhelming indicates that raising your income is far more important than cutting spending.
The positive relationship between income and savings rate is one of the strongest relationships in personal finance. Those that earn more are more easily able to save more. This might sound obvious, but unfortunately many in the financial media still argue for cutting lattes when the data says that such methods are not the way to wealth.
D: When building wealth together, how should couples balance joint progress with individual financial autonomy?
N: My take on this is that you have to create a joint account where all the income goes into and all of the shared expenses come out of. If your income exceeds your expenses, then the balance in the joint account will increase over time. As a result, periodically you can send an equal-sized distribution to you and your partner.
This allows you to make joint progress while also preserving your financial autonomy as any progress is equally divided and sent to separate accounts that allow for autonomy.
Once again, the important thing to do here is to be on the same page and agree on how things are going to work beforehand. As long as that is true, everything else becomes much easier afterwards.
D: What advice do you have for couples who didn’t start on the same financial footing but want to reach the top of the ladder together?
N: If you want to reach the top of the ladder, you have to know what it takes and the sacrifices that are necessary to get there. This may require one or both partners to work more than would normally be excepted.
Of course, these sacrifices can also have consequences. I don’t think it’s a coincidence that, as Morgan Housel noted, “There are 13 divorces among the 10 richest men in the world. Seven of the top ten have been divorced at least once.”
If you want to reach the top, be careful what you could lose along the way.
D: What systems or habits do the best financial teams put in place early on to keep climbing steadily?
N: I honestly think a lot of the best financial habits are a form of automation. Make it easy to save and invest your money. Have it taken out of your paycheck and ensure that it’s auto-invested. The less work you have to do day-to-day, the easier it will be to move in the right direction.
Second, I’ll reiterate to create a system with your partner that allows for transparency and constant communication about what’s going on financially and how you feel. If you do those two things, it’s hard to mess things up.
D: If a couple wants to fast-track their progress up the ladder, what’s one move they can make together today?
N: Know where you are on the Wealth Ladder and figure out where you reasonably want to go. A lot of couples don’t even know their net worth and the first step here is to figure out yours before you can start climbing.
Know your asset allocation. Know your liabilities. And know your desired outcome. That’s not the hardest part, but you’d be surprised how many couples don’t even do that.
Thank you, Nick, for chatting with The Joint Account! Do yourself a favor and order his new book, The Wealth Ladder.
One of the greatest gifts we’ve given our daughter is the experience of attending sleepaway camp in the summer. We believe camp is a rare opportunity for young kids to unplug from screens, lean into independence, and build confidence in a place where friendship bracelets, the great outdoors, and color wars reign supreme. Camp teaches resilience and the kind of problem-solving you don’t get from a math worksheet. This photo is from visiting day last weekend, and I’ll admit, I’m doing a lot better with her being away this year. Last year, I was a hot mess. This year, I only checked the camp app 27 times a day. Growth!
TJA in the news
Heather and I were featured in this ThinkAdvisor Q&A on helping couples talk about money.
And for the financial advisor community, I wrote this guide for Investopedia on how to start your own wealth management firm.
Money Together: chapter preview for financial advisors!
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Shameless plugs
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And don’t forget, our forthcoming book, Money Together: How to find fairness in your relationship and become an unstoppable financial team, arrives October 28, 2025. You can pre-order your copy now!
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The content shared in The Joint Account does not constitute financial, legal, or any other professional advice. Readers should consult with their respective professionals for specific advice tailored to their situation.
Given the current economy, job losses at all levels, AI being seen as the solution to everything, how do we adapt? No one can tell you what skills you need to weather this change. I see lots of jargon but no clear explanation of concrete things to do to prepare or transition into these new positions.
As much as I appreciate the talk of building wealth, if you don’t have a job in the 80k range, paid off car, decent affordable housing and healthy food accessible you start out in a deficit you may not ever be able to overcome. Lots of elements have to be available to you, happen, faith and luck. Also reality is a big kick in the pants.