How Charlie Munger's Advice Transformed my Life

Charlie Munger's advice changed the future of my life. By now you have likely heard the quote, "The first $100,000 is a b*tch, but you gotta do it. I don’t care what you have to do – if it means walking everywhere and not eating anything that wasn’t purchased with a coupon, find a way to get your hands on $100,000. After that, you can ease off the gas a little bit.".

When I first heard this quote I took it as a personal challenge and motivation to get my hands on $100k and today I'm going to demonstrate just exactly why the first $100k is so powerful and how it changed my life.

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Please note that I am not an expert and I am not a financial advisor. My goal for this channel is to share online my Financial Freedom journey to reach FIRE (Financial Independence Retire Early) as a Canadian Investor.

Chapters:
Start Here: 0:00
Portfolio Forecasts: 2:39

#fire #investing #financialfreedom

[FinTrackFreedom]

Are you on your journey to reaching your first $100k? Or have you already surpassed it? Leave me a comment!

[buyDFL]

Just told my husband that we'll be having a family meeting tonight, to update our plans for that fist $100K!

[EmmaDavis-hkyw]

Wow! This video gave me soooo much more motivation to get there, thank you!!

[Mega_Moe]

thoroughly enjoyed this dude, you deserve way more subs and views...

[skeletonforce]

Great video, thank you for sharing. I remember my first $100, 000 and it is very true what they say.. It is the hardest.

[samueljimenez]

I was 21 and had about 30k in debt in student loans, before i decided to go work on the drilling rigs and pay off that debt, took about 6 months to pay off that debt and ever since then i decided to stay on the rigs and invest most of my money, started properly investing in September last year and just recently was able to invest my first 50k within my first year and I am on track to have 100k within the next 8 months, really excited to see where this goes and can say for sure watching your videos inspired me to invest this heavy.

[Iesous]

I'm almost 35 (started investing late) and I'm about a quarter to the 100k. It's hard to watch every single penny me and my wife spend especially with two kids, but we're doing ok month per month. Enough to invest a couple hundred a month.

[vincewoo]

Great video! I believe you ll hit 1 million much earlier than your expectations. I started my journey at 25 yo and it took me 9 years to reach 100k in my RRSP savings. Then three years to hit 200k, two years to 300k, 1 year to 400k ...
You will earn more in your 30s and youll save and invest more as long as you keep expenses under your means.

[dfuuqpy]

once u have 5 million. u can just live off of the annual return for generations and never even touch the 5 million.

[CanuckDividends]

Congrats on this achievement. You are set for a great life already and can have a massive total when you retire

[gabriel.casanas]

When Munger said this 100k was more valuable. Adjusted for inflation his advice would be to get to 160-180k i think

[timduffin]

Great analysis, but don't forget to include the effects of inflation. As it happens, 24 years is the time it takes for your money to HALVE in purchasing power due to 3% inflation.

So, your $750k is only worth $375k in "today's money". I build in a 3% reduction each year on my spreadsheets to keep things in current dollars.

I made my first $100k many many years ago, and it's literally all you have to do is just stick with it, and you WILL be a Millionaire!!

Good luck to you all!

[mrspeedy]

Hifi I'm also on my way to reach $200k (176k live)