Just Keep Buying

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Nick Maggiulli is the chief operating officer and data scientist at Ritholtz Wealth Management. He is also the author of Dollars and Data, a popular blog that takes a data-driven look at personal finance. Maggiulli has written about money for the Wall Street Journal, the Los Angeles Times, and CNBC.

Building wealth through savings alone is limited by how much you can cut back, whereas the potential to increase income is far greater. For most, growing income is the better strategy, though high earners may sometimes prioritize free time or avoid heavily taxed raises. This concept is illustrated by Jeff Seder’s discovery in horse racing: focusing on a single key factor—heart size—unlocked a reliable predictor of success. Similarly, Warren Buffett’s advice to consistently invest in stocks aligns with the long-term upward trend of markets, even amid fluctuations. Diversifying investments globally can further enhance growth. On saving, it’s essential to assess your finances practically—tracking income and expenses to determine your savings potential. If savings fall short, increasing income is often more sustainable than cutting expenses. Nature offers parallels, like desert plants using bet-hedging to survive droughts, a strategy mirrored in financial decisions like managing debt during uncertainty. Debt, while risky, can be a lifeline in emergencies if aligned with broader goals. Beyond numbers, money’s psychological impact is profound, often causing stress and guilt. Instead of striving to save excessively, focus on spending that fosters long-term fulfillment through autonomy, mastery, and purpose. Ultimately, money is a tool to create a life aligned with your values and aspirations.

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