Earning the first $100,000 in building wealth is the hardest, but once achieved, it gets easier. It can take years to build up the necessary skills and reputation in a chosen field, and it requires a lot of sacrifice, including long hours, side hustles, and frugal living. Mentors can offer invaluable advice, and it is important to stay focused on long-term goals, manage finances wisely, and seek expert advice on investing and wealth management. Charlie Munger says the first $100K is the hardest, and you really need to do whatever it takes to get there. It takes 7.84 years to earn just the first $100K, but you can earn 4 times as much in less time toward the end.
Saving Your First Million
When it comes to building wealth, the first $100,000 is often the hardest to earn. It takes an average of 7.84 years to earn just the first $100K, and this can be a discouraging fact for many aspiring entrepreneurs. However, once you hit that first milestone, things start to get easier. In fact, it’s not uncommon for people to earn four times as much in less time toward the end of their journey.
So why is the first $100K so difficult to earn? For one, it takes time to build up your skills and expertise in your chosen field. You need to establish yourself as an authority and build a reputation that will attract clients and customers. This can take years of hard work and dedication.
Another reason why the first $100K is so challenging is that it requires a lot of sacrifice. You may need to work long hours, take on side hustles, or live frugally to save enough money to invest in your business. This can be a difficult and stressful time, but it’s important to stay focused on your goals and keep pushing forward.
One of the best ways to overcome the challenges of earning your first $100K is to seek out the guidance and support of a mentor. Someone who has already achieved the level of success you’re striving for can offer invaluable advice and insights that can help you navigate the ups and downs of entrepreneurship.
It’s also important to stay focused on your long-term goals. Building wealth is a marathon, not a sprint. You need to have a clear vision of where you want to be in five, ten, or twenty years, and work tirelessly toward that vision every day.
Finally, it’s important to remember that building wealth is not just about earning money. It’s also about managing your finances wisely and making smart investments. This means taking the time to educate yourself about personal finance, investing, and wealth management, and seeking out the advice of experts in these areas.
Building wealth is a challenging but rewarding journey, and the first $100K is often the most difficult to earn. However, with hard work, dedication, and the guidance of a mentor, you can overcome the challenges and achieve your financial goals. Remember to stay focused on your long-term vision, manage your finances wisely, and never give up on your dreams.
References for « Why the first $100 000 is the hardest? »
- Investopedia: Why the First $100,000 Is the Hardest
- Forbes: Why the First $100K Is the Hardest
- CNBC: Why the first $100,000 is the hardest to save
- Business Insider: Why the first $100,000 is the hardest to save
- Money Under 30: Why The First $100,000 Is The Hardest
A video on this subject that might interest you:
TO READ THIS LATER, SAVE THIS IMAGE ON YOUR PINTEREST: