The First $100K is a B*tch
Saving can be hard. Getting to the first $100k is a B*tch. It can be hard to save that amount of money, but once you do everything changes.
“The first $100K is a b*tch, but you got to do it”. Charlie Munger
You have to go and invest. Firstly, you should do what is comfortable for you. Maybe it is $300 a month, which is like $10 a day.
This $100K will easily be able to compound even faster that you would expect. At a conservative 7% rate the $100K will make $7000 in the first year.
After 10 years, the money will have doubled to $200K. Another 10 years without doing anything to it the money will double to $400K
In about 35 years, the money will be over $1 million dollars and continuing to create more money. At $1 million dollars with a 7% return that is $70,000 a year.
It is time to keep that momentum flowing. Once you hit $100K the hard work is done. Not so fast. It is time to keep that snowball rolling. Continue to spend less than earn and invest
If your goal is to hit $100K and let that compounding create $1 million dollars follow these 3 Steps to make a plan.
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