I was reading Just Keep Buying by Nick Maggiulli hoping to increase my savings and build wealth to finally buy my dream house and a Ferrari. With my current trajectory and the lifestyle inflation creep, it looks like I’ll never reach that goal. But to make sure you reach your goals and don’t end up on the same path, here’s what I’ve learned from reading half the book.

  1. To build wealth, it doesn’t matter when you buy stocks - whether it’s a bull market or a bear market - as long as you keep buying.

  2. Buy investments like you buy food - regularly and consistently.

  3. Some interesting stats: The bottom 20% of income earners saved 1% of their income, the top 20% saved 20%, the top 5% saved 37%, and the top 1% saved 51%.

  4. Savings go up as income increases. This is why common rules like “save 20% by X age”, “6 months of salary” etc. is bullshit. Personal finance is well - personal.

  5. The fear of running out of money is greater than actually running out of money.

  6. The reason why poor people stay poor isn’t because of poor financial habits. It’s because of the lack of initial wealth. Studies show that when poor people are given assets that lift them out of poverty, they have better chances of escaping it. And poor people stay poor because they don’t have enough money to get access to better education and amenities, which keeps them stuck in the poverty trap.

  7. Cutting your expenses to increase savings is a sure-shot way to live a miserable life.

  8. A significant portion of millionaires are well-educated and are corporate employees. The notion that education is bullshit, is peddled by people selling online courses.

  9. On average, it takes 32 years to become a millionaire if you follow the traditional career path. Take this stat with a bucket of salt and don’t blame me if you die broke.

  10. Use the 2X rule to spend money guilt-free. For example, if you want to buy a guitar that costs 40k to advance your music career and you think you’re splurging, invest 40k into the markets to not feel guilty. I bought a 40k guitar and didn’t invest, and now I feel guilty.

  11. Spend money on things that give you long-term fulfillment. The guitar purchase is that for me.