Just Keep Buying Book Summary - Just Keep Buying Book explained in key points
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Just Keep Buying summary

Nick Maggiulli

Proven ways to save money and build your wealth

4.2 (514 ratings)
22 mins

Brief summary

'Just Keep Buying' by Nick Maggiulli is an informative and engaging guide to investing in the stock market. It emphasizes the importance of a long-term investment strategy, diversification, and avoiding common investment mistakes.

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    Just Keep Buying
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    The first rule of saving? Save more when you’re earning more.

    We’re going to be talking about money in this Blink. But our journey doesn’t start on Wall Street or the trading floors of London and Frankfurt. Our first stop is southern Alaska. 

    We’re in the world’s largest temperate rainforest. Anglers prize this area for its clear streams, which are filled with large, trout-like fish known as Dolly Varden charr. 

    These Pacific streams contain little sustenance – until the early summer. That’s when salmon laden with eggs arrive. Charr love these eggs, and what follows is a months-long feeding frenzy. But then the salmon leave. The streams once again become a food desert. 

    For years, biologists couldn’t figure it out. There just weren’t enough calories to support so many charr year round. Yet there they were, month after month – hundreds and thousands of thriving fish. 

    So how does it work? The answer is phenotypic plasticity – a species’ ability to adapt its physical form to suit its environment. Dolly Varden charr shrink their digestive organs and slow their metabolism when there’s little food. When the salmon arrive, by contrast, those organs double in size and their metabolism speeds back up.

    1. So what’s that got to do with finance? Quite a lot, actually. Adapting your behavior to your environment also holds the key to saving. 

    Let’s break that down. Google the question, “How much should I save?” and you’ll get 150,000 hits with very precise answers. You should save 20 percent of your income, one self-proclaimed expert claims. No, another says, you should have three times your income saved by the age of 40. 

    All of those answers share an assumption – that everyone has the same ability to save. That’s just not true, though. As economists point out, the biggest determinant of savings is income. In the United States, folks in the bottom 20 percent of earners typically save just 1 percent of what they earn. For the top 20 percent, that rises to 25 percent. The idea that everyone should save X amount flies in the face of empirical evidence, which shows that not everyone can

    And the thing is, lots of people move up – and down – those income brackets. Life, after all, isn’t static. Often, you’ll earn less when you’re young and more when you’re older. But high earners also quit the rat race to take on more fulfilling work in less well-paid industries. Some jobs force you to live in expensive cities; others don’t. Then there are life’s highs and lows and their financial consequences – marriages and divorces, children, promotions and layoffs, leaking roofs and Christmas bonuses. To find a single, neat rule that covers so much messy reality is a fool’s errand. 

    This brings us back to our Dolly Varden charr, which lower and raise their caloric intake according to how much food is available. Their maxim? Eat what you can, when you can. And that’s a great principle for saving, too: save what you can, when you can. In practice, that means saving more when you’re earning more and less when you’re earning less. 

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    What is Just Keep Buying about?

    Just Keep Buying (2022) is a no-nonsense guide to personal finance that delights in busting myths and dispelling old clichés. Tackling all-important questions like saving and investing, it digs into the psychology behind money and provides a realistic guide to making sound financial decisions. 

    Just Keep Buying Review

    Just Keep Buying by Nick Maggiulli (2022) is a thought-provoking exploration of our consumerist culture and the psychology behind our buying habits. Here's why this book is worth adding to your reading list:

    • With insightful analysis and compelling research, it unravels the complexities of our relationship with money and offers valuable perspectives on how to navigate consumerism.
    • Maggiulli's real-life examples and relatable anecdotes bring the content to life, making it relatable and applicable to readers from all walks of life.
    • This book challenges conventional thinking and encourages readers to question their own behavior in a thought-provoking way, ensuring that it is anything but boring.

    Who should read Just Keep Buying?

    • Would-be savers 
    • Guilty spenders
    • Future investors

    About the Author

    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. 

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    Just Keep Buying FAQs 

    What is the main message of Just Keep Buying?

    The main message of Just Keep Buying is the importance of consistency and persistence in investing.

    How long does it take to read Just Keep Buying?

    The reading time for Just Keep Buying varies depending on the reader's speed, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.

    Is Just Keep Buying a good book? Is it worth reading?

    Just Keep Buying is worth reading because it provides valuable insights on investing and encourages a long-term approach to wealth accumulation.

    Who is the author of Just Keep Buying?

    The author of Just Keep Buying is Nick Maggiulli.

    What to read after Just Keep Buying?

    If you're wondering what to read next after Just Keep Buying, here are some recommendations we suggest:
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    • The One-Page Financial Plan by Carl Richards
    • The Psychology of Money by Morgan Housel
    • Buy This, Not That by Sam Dogen
    • The Index Card by Helaine Olen and Harold Pollack
    • The New Retirement Savings Time Bomb by Ed Slott
    • Your First Million by Arlan Hamilton
    • 21st Century Investing by William Burckart and Steven D. Lydenberg
    • I Will Teach You To Be Rich by Ramit Sethi
    • Thinking, Fast and Slow by Daniel Kahneman