Intro
Who said the first 100k is a b*tch? That man is Charlie Munger. Vice Chairman of Berkshire Hathaway with a current net worth of 2.2 billion. He’s been Warren Buffet’s right hand man since 1978 and in the 90s at a shareholder meeting a young man approached Charlie and started complaining about how hard it is to start building wealth and was frustrated at how slow the process was for him. Charlie told the young man, “well listen here”; okay, he didn’t actually say it like that but what he did say was,
“The first $100,000 is a b*tch, but you gotta do it. I don’t care what you have to do—if it means walking everywhere and not eating anything that wasn’t purchased with a coupon, find a way to get your hands on $100,000.00. After that you can ease off on the gas a little bit.”
This quote quickly became famous around the finance industry and is the bedrock of our conversation today.
Clarity
The first step to achieving your first 100k is to be really clear about why accumulating wealth is important to you. Without this level of clarity it will remain a wish and a dream. Hitting the 100k milestone needs to become the priority over things that take money away from you. If you’re stressing about paying bills, dread looking at the balance in your bank account, instantly regret the vacation you just took after paying the credit card bill and feel like you are behind in life then it’s time to stop playing games. Our economy and the money we use in it is a game that you play whether you are playing to win or not.
Understanding Where Your Money Flows To
The way you acknowledge the importance of this goal is by understanding where your money is flowing to. The money flows to things you are attached to. Things that you value even if you never looked at it that way.
For example it may sound weird to say you value something like sushi. But if sushi is the thing that is taking money out of your pocket and you are struggling to save the amount of money you need to hit your goal then it’s got to go. That’s how petty you have to be about all your little expenses. That’s what makes this process so hard.
When it comes to more necessary expenses like having a roof over your head and you live in a downtown high rise apartment with a view yet you don’t have 100k in the bank plus money invested all your doing is handing over your money to big companies and the rich people that own them all while guaranteeing you remain a wage slave forever. No amount of compliments or the feeling the view gives you is worth the time it took for you to make that money.
If you sit back and think about it… most people have so many hands reaching into their pockets taking money away from them while only have one source of income to fund it all. How silly is that?
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***Below has been added on February 15th, 2023***
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