Why the First $100,000 is so Hard (And the Next is Easy)

Why the First $100,000 is so Hard?

Are you struggling to reach that coveted $100,000 milestone in your wealth-building journey?
You're not alone.

Charlie Munger, famous billionaire investor and Vice Chairman of Berkshire Hathaway believes that the first $100,000 is the hardest to amass. It’s not just him, though.

Many people who have grown their wealth believe this to be true and the same thing is often said about achieving the first million.
Once you reach $100,000, the next one tends to come much more quickly.

Before you know it, you have $200,000, $300,000, and $400,000.

Then once you hit the million-dollar mark, the second one is right around the corner and seems to take a fraction of the time as the first.

This is reassuring for those of us who feel like their wealth is growing slower than they’d like but why exactly does it get easier?

Let’s see why it takes a disproportionately long time to reach the $100,000 mark and discuss some things you can do to speed up this process so you become wealthy years sooner.

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🕐 Time Stamp:

00:00 Introduction
00:48 Nr 1. The Power of Compound Interest.
01:34 Nr 2. Developing Financial Discipline.
02:18 Nr 3. Expanding Investment Opportunities.
02:49 Nr 4. Learning from Mistakes.
03:29 Nr 5. Reduced Financial Stress and Increased Focus.
04:10 Nr 6. Leveraging Your Assets.
04:50 Nr 7. The Network Effect.
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