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Just Keep Buying

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Just Keep Buying

Proven Ways to Save Money and Build Your Wealth

Harriman House,

15 min read
7 take-aways
Audio & text

What's inside?

A data scientist offers sound recommendations for building wealth – with a dose of irreverent wit.

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Data scientist and financial blogger Nick Maggiulli offers sound advice for building wealth. Despite his witty and irreverent commentary, Maggiulli is a conservative investor whose skillful dissection of numbers and historical trends underlies his recommendations of proven methods for creating wealth. Although he disagrees with the absolutists who abhor credit card debt, he also doesn’t suggest taking out a huge credit card advance so you can jet to Las Vegas. Before you invest, he advises, learn all you can – and proceed with caution. But be sure to proceed. You’ll win in the long run.


To build wealth over time, save and invest consistently.

To build wealth, you have to save and invest. Whether you invest in the stock market, real estate or any other income-producing instruments, saving and investing your money consistently holds the key to creating wealth. Make investing a habit: something you do regularly, just like paying your mortgage or purchasing food. In the long run, your investments will yield a far greater sum than your savings.

When you don’t have much money to invest, focus on building your savings until you do. As  long as the amount you can easily save far exceeds the amount your investments produce, saving should remain your priority. For example, suppose you’ve determined you can painlessly save $1,000 a month in the coming year, so your total expected savings will amount to $12,000. Suppose you also have $10,000 in investments that you anticipate will grow by 10%, providing an expected investment growth of $1,000. Since the first number far exceeds the second one, you should save more and thereby increase your investments. If the expected growth in your investments exceeds the amount you can easily save, then ...

About the Author

Nick Maggiulli is COO and data scientist at Ritholtz Wealth Management. His blog, Of Dollars and Data, focuses on the intersection of data and personal finance.

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