Nick Maggiulli, author and creator of the blog 'Of Dollars and Data', discusses the economics of digital content and blogging monetization with Rob Walling.
Assertion Supported
Maggiulli: Kahneman-Killingsworth research showed $75k plateau applies to unhappiness, not happiness
“Kahneman got with Killingsworth. They went through all the data, and they basically found that the original paper was, the measure wasn't as precise, and so they were actually measuring unhappiness, and so above 75,000 dollars a year, you can't prevent unhappi…”
Insight
Maggiulli: Money increases happiness only for the poor or already happy
“If you're happy, more money will make you happier. If you're poor, more money is likely to make you happier. If you're not poor or you're not happy, more money is not going to do a thing.”
Insight
Maggiulli: Transition full-time only when cumulative side income exceeds job income
“I think where you really start to think about it is, is my side hustle paying me more than what I'm making from my full-time job. And I don't think it has to happen right at that moment, but I think a better way is saying, okay, cumulatively, since I've starte…”
Insight
Maggiulli: Tech founders holding US equities double down on startup risk
“If you have a tech startup, and like, tech is mostly the US economy now, you're kind of, if you own US stocks, you're kind of doubling down on your, what you're already doing, which is your income, right? So I actually could make an argument for why you might …”
Insight
Maggiulli: Reaching a $10M+ net worth requires entrepreneurship, not just passive investing
“People that are like, Hey, I want to get to a major exit. I want to go to ten million plus, et cetera. Just Keep Buying is not going to get them there either. They're going to have to become an entrepreneur, etc.”
Insight
Maggiulli: Dividing net worth by 10,000 shows conservative daily wealth generation
“Take your net worth, divide by 10,000. And that is how much your wealth is conservatively generating each day. .1%. You do that over 365 days. That's about 3.7% a year. I think it's a very conservative return.”