“The first $100K is a b*tch, but you got to do it”. Charlie Munger said this at a Berkshire Hathaway meeting. It truly is hard to get your first $100k. It takes saving, investing, and staying out of debt. Plus it is all about consistency.
The question is how much do you want to hit that number. You need to also be able to invest your money. Investments will grow faster than money sitting in a bank.
The third step is to stop spending money.Your savings rate is quite important. The average American saves like 7-8 % of their salary, which is crazy low.
Time to Make a Plan and Goals
People have different goals in life. Some will want to work til they are 70 years old. There are others that want to work til 50 and have enough money to stop working.
Getting to that first $100k is going to be difficult and hard to do, but if you take little baby steps every day to hit that goal you will be able to achieve it.