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| Name | Why Your First 100K Is Hard But Your First MILLION Is Easy! |
| Video Uploader | Video From MLNSMND |
| Upload Date | This Video Uploaded At 24-01-2023 16:00:08 |
| Video Discription | Building wealth is typically a slow process, especially when you're just getting started. This has been confirmed by plenty of people who have made large amounts of money themselves. Charlie Munger is one of them, and he once said, "The first 100k is a b*tch." And, while he said it during a Berkshire Hathaway shareholder meeting in the 1990s, it is still true today and will be for the rest of our lives. In fact, for most people, their first $100,000 is one of the most challenging milestones to reach. The same applies to your first $1,000,000. Consider having a million dollars to retire early. With careful planning and budgeting, your money could provide a comfortable income for many years to come. Or, finally, after many years of hard work, to build your dream house in the location of your dreams. However, saving $1,000,000 would require $33,000 every year for 30 years. In other words, not realistic since you want to go on vacation every year, have a mortgage to pay, children to raise, and send to school... It's simply too much, and you can't do it with a regular job. Most people forget about $1,000,000 because they have no plan to reach it. “It is just for those that start a business or get lucky with rich parents.” So you decide to give up and focus on smaller goals. In this video, I'll help you re-imagine your $1,000,000 by going over some basic math and explaining why it's so difficult to reach your first $100,000 but why it’s easy to get to your first $1,000,000. Chapters: 0:00 Intro 1:35 The First Action: Investing! 3:01 The First 100k 5:08 Your First Million 7:16 The Math Works At Every Level Disclaimer: We are not financial advisors, any information provided in this video is for entertainment purposes only, for any investment advice please speak to a qualified financial advisor. Millionaires Mind and the author of this content excepts no responsibility for any financial loss. Do your own research before investing in anything be it business, stock shares or any financial vehicle. |
| Category | People & Blogs |
| Tags | charlie munger | personal finance | compound interest | compound interest explained | personal finance tips | Why the First $100000 is so hard (and the next is easy) | why the first $100000 is so hard | first $1000000 is easy | investing for beginners | why the first 100k is so hard here is they easy way | why your first 100k is too hard to reach | why is is so hard to make your first 100k | why is the first 100k is so hard and the rest is easier? | why making your first 100k is so hard |
