In “Just Keep Buying: Proven Ways to save money and build your wealth”, Nick challenges much of the conventional wisdom in personal finance and investing. He uses data and evidence to answer some of the biggest questions that people face when it comes to money.
Here are 7 of the many insights you will glean from the book:
1. SAVE LESS THAN YOU THINK. Maggiulli shows that saving too much can actually be detrimental to your long-term wealth, as you miss out on the power of compounding and the opportunity to invest in income-producing assets. He provides a simple formula to calculate how much you need to save based on your income, expenses, and desired retirement age.
2. DON'T TRY TO TIME THE MARKET. Maggiulli explains why saving up cash to buy market dips is a losing strategy, as you are likely to miss the best days of the market and pay higher taxes on your gains. He also debunks some of the common myths and indicators that people use to predict market movements, such as the yield curve, the CAPE ratio, and the presidential cycle.
3. SURVIVE THE CRASH. Maggiulli reveals how to prepare for and cope with market crashes, which are inevitable and unpredictable. He advises readers to diversify their portfolio, rebalance regularly, and avoid panic selling. He also shares some of the psychological tricks and tools that can help investors stay calm and rational during turbulent times.
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