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Episode #661 ~~~ Episode Show Notes: https://www.biggerpocketsmoney.com ~~~ Connect with Nick Maggiulli: https://ofdollarsanddata.com/ The Wealth Ladder Book: https://a.co/d/1okUAwh ~~ Connect with Scott and Mindy: Scott: https://www.instagram.com/scott_trench/ Mindy: https://www.instagram.com/_mindyatbp/ ~~~ Follow BiggerPockets Money on Social: Facebook: https://www.facebook.com/groups/BPMoney Instagram: https://www.instagram.com/biggerpocketsmoney/ ~~~ In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench are joined by Nick Maggiulli, financial writer and creator Of Dollars and Data, to discuss his new book, 'The Wealth Ladder.' Nick explains the concept of the wealth ladder, which includes six levels based on net worth and how one's financial strategy should evolve at each level. The discussion delves into the challenges and strategies to advance through these levels, the importance of adapting financial strategies over time, and key amplifiers like increasing your income, investing and diversification that can accelerate wealth building. Nick also touches on his own financial journey and the changing landscape of wealth and financial stability in the U.S.. 01:11 Understanding the Six Levels of Wealth 04:19 Strategies for Level One: Building Safety Nets 05:46 Strategies for Level Two: Education and Skill Building 07:31 Strategies for Level Three: Focus on Investing 09:44 Strategies for Level Four: Deciding Your Next Move 11:35 Insights into Levels Five and Six 13:35 The 0.01% Rule Explained 20:17 Reevaluating Wealth Strategies 21:27 Personal Wealth Journey 23:43 Leverage Points for Wealth Building 27:07 The Upper Middle Class Dilemma 34:24 The FIRE Movement and Financial Independence 39:09 Connect with Nick!