“The greatest wealth is health.” Virgil wrote that centuries ago but it’s still true. Nick Maggiulli’s The Wealth Ladder addresses the necessary strategies needed to successfully manage each phase of your Life.
Obviously, I focused on what Maggiulli has to say about the Retirement Years and End of Life Decisions. Diane and I anticipated Maggiulli’s advice to transfer our assets to our children. Katie is now owner of the house we live in (Patrick opted out). Patrick and Katie will split our wealth 50-50 when the time comes. Also Diane and I have made plans to deal with catastrophic health problems should they strike us. I have donated my body to the State University of New York at Buffalo’s Medical School. So far, so good.
The early chapters of The Wealth Ladder counsels reducing Debt (we have none–the house is paid off, so are the vehicles, and we pay off our credit cards completely each month). Diane likes to buy clothes, I like to buy books, CDs, and Blu-rays, but neither one of us is extravagant. We don’t smoke, we have a glass of wine regularly, and we don’t gamble (other than the occasion Powerball ticket when the amount goes over a billionaire dollars).
Diane and I have two great kids, a loving family, great friends..and each other. We climbed the Wealth Ladder successfully and now we just have to deal with the Future. How about you? How was your climb on the Wealth Ladder? GRADE: A
TABLE OF CONTENTS:
- Introduction — ix
- Part I: Understanding the Wealth Ladder
- Chapter 1: Spending up the Wealth Ladder — 3
- Chapter 2: Earning up the Wealth Ladder — 17
- Chapter 3: Investing up the Wealth Ladder — 41
- Part II: Making the Climb
- Chapter 4: Level 1 (<$10k) — 59
- Chapter 5: Level 2 ($10k–$100k) — 71
- Chapter 6: Level 3 ($100k–$1M) — 85
- Chapter 7: Level 4 ($1M–$10M) — 99
- Chapter 8: Level 5 ($10M–$100M) — 111
- Chapter 9: Level 6 ($100M+) — 133
- Chapter 10: How Long Does It Take to Climb the Wealth Ladder? — 145
- Part III: Finding Your Summit
- Chapter 11: Does Money Buy Happiness? — 165
- Chapter 12: The Great Enhancer — 175
- Chapter 13: My Journey up the Wealth Ladder — 193
- Epilogue: Finding Simplicity in Complexity — 209
- Acknowledgments — 215
- Notes — 217
Wealth step-stool, so far. Or stepping into stool. Sounds like things are going sensibly and well, George…good!
Todd, Diane and I have had Good Luck in addition to our Financial Decisions. We have seen friends in similar conditions wiped out when they got sick…
We’re in pretty much the same boat—other than transferring our wealth to our kids (although they will be splitting everything when we go). Our mortgage will be paid off by the end of the year, we have no credit card debt, and our cars are paid for (we paid cash for the recent purchase of John’s new-to-him-but-actually-a-2023-model car). John retired this year, but I’m planning to work until June 2028. No one can predict the future, but right now we are comfortable.
Deb, same here: we’re comfortable…but careful.
We’re in much the same place, thanks largely to my wife’s foresight over the years.
The rungs on my wealth ladder are heavily termite-infested. Not much money; most of what we hade was given to the kids so they could buy their own homes. A dribble of income coming in every month, including my one-and-only $40 pension. But I have no debt and few expenses. My health (for a crippled old man) is surprisingly good; I fully expect at least ten more years before my warranty expires — but I live in Florida, which has eliminated all requirements for vaccines, so who knows? I have books and music and occasionally good television, as well as family and friends, and I am surrounded by the wonders of nature. Although some my disagree, I still have my wits, so what’s not to like?
Jerry, sounds like you’re enjoying a Life of books, music, occasional good TV and, of course, family and friends. It helps to have our wits about you, too!
Indeed, Jerry, what’s not to like?
George is definitely a role model for a lot of us. The climb took us some time, but we long since paid off our bills, and retirement has been very, very good to us. I found it hard to believe 20 years ago when she retired, but Jackie’s pension is bringing in more than she was making when she was working! And she arranged it so that if something happened to her, I would keep collecting. We both have Social Security, and we have nice retirement accounts.
Obviously, we were ahead of the trend as we always rented rather than owning a house, and we have no kids to put through college or leave our money to, so we’re free to do what we want, especially since we aren’t extravagant. Basically, we spend three months in Florida in the winter and a couple of other weeks away (New Orleans this November), we eat out regularly ( though less often than in years past), see a number of concerts and shows during the year, including several overnight hotel stays (Jackie is a Permanent Platinum Marriott member), and Jackie keeps Amazon in business.
Health wise, we’re mostly good.
As of now, our money will go to my siblings.
If we survive the Trump debacle, we should be OK for years.
Jeff, you and Jackie made all the Right Moves. Having no Debt is a factor. We have friends who still have mortgages on their houses. Many of our friends also lease expensive cars–BMWs, Lexus, etc.–and that sucks a lot of money our of their retirement accounts.
I live in fear of a bank failure or severe recession. I meet with my Merrill Lynch guy next week where he will tell me that won’t happen and I won’t believe him and stuff more money under my mattress. My house was paid for but now I pay enormous rent so I can live in downtown Birmingham and be able to walk to many places.
But that’s a good thing, Patti. Jackie read recently that only 2-3% live in walkable neighborhoods. We do too.
Jackie shares your fears- in her case, Social Security failure. But if it happened, it would affect people who are not getting it first.
For years, people told us we should buy rather than rent, but the pendulum has swung the other way. We never wanted to have to worry about home ownership problems – roof, furnace, termites, you name it. Plus, we keep saying, we have no one we have to leave it to.
Jeff, you’re right. Today, housing is expensive. We have a new development being built about a mile away. Starting prices: $600,000…and up. Home repairs and improvements are expensive, Our painter just painted the trim around our outside doors and the garage door in advance of the Reunion Diane is hosting on Saturday. Cost: $1000. We had a minor plumbing problem: cost $150. It all adds up.
Patti, I’m with you: a bank failure or severe recession is possible. Money guys like yours at Merrill Lynch like to sugar-coat the economic realities. Trump is damaging the Economy and soon everyone will feel it.
George, housing prices around here, which is not close to the most expensive in Brooklyn, are insane. And yet some people seem to have the money to put down big bucks for a house, then either gut them and totally rebuild, or just tear it down and start over.
Whereas we pay a (relatively) reasonable rent, and it includes all utilities, including three air conditioners.
Jeff, the housing prices in Western NY are still going up. And a lot of rental buildings are going up. But I’m guessing the Tariffs will make everything–lumber, steel, etc.–more expensive. Bill Crider told me that Judy’s medical bills were over a million dollars…only his excellent medical insurance protected them. But, even with the insurance, Bill had a lot of “out-of-pocket” medical expenses to contend with…
SS doesn’t constitute that much of what I live on but I worry for those who do need it. And I have only 25% in the market now but the daily toll of watching Trump in action, wondering if he has found a way to get everyone’s money, drives my fear.
Jackie ordered towels from Amazon and was told yesterday that they were “backed up ” in line at customs, so I can only imagine what more perishable things are going through.
Jeff, the WALL STREET JOURNAL reports “delays” of just about EVERYTHING we import. And, of course, increased costs.
Bah! I don’t need no steenking book to tell me how to live! I haven’t any debts and the best financial decision I ever made was to keep my funds separate from my wife’s!
Bob, don’t forget your “investments” at the casino!
Wow. Why aren’t we all marching in the streets? This is insane. He has created a worldwide crisis where there was none.
Patti, people are in shock. The Democrats need to lead the fight!