Charlie Munger: 'Your First $100K Is The Hardest' - How To Get There Faster

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Disclaimer: I’m not a financial advisor. The information contained in this video is for educational and entertainment purposes only. Any purchases of stock that I show during the video should not be considered financial advice and you should consult a licensed financial advisor before making any investment decisions. I will not be held liable for any losses incurred for investments or trades that mirror my strategy. Please be careful!

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[Nbrimmer]

Started at zero in Sep 2018. Worked my ass off with overtime and hit 100K in Jan 2021. In saying that, I didn't sacrifice a good social life, just didn't waste money on shit and still travelled.

health worker wage circa 85k without overtime.

[passdasalt]

The first million is the hardest. I recently got there with well below average income. It's taken waaay too long, but it can be done even for someone like me who made plenty of mistakes and never prioritised wealth. Keep at it, but don't lose sight of your real values.

[wedgetailleather]

Love it, feeling freshly inspired after watching this one. My portfolio is non-existent after the pandemic saw me unemployed with a newborn at home and nobody hiring in my line of work... having a safety buffer saved our bacon, but really showed the importance of having multiple income streams.

I’m back in the saddle now, and keen to build a passive income stream.

I’m also totally inspired by the side hustle ideas too. My leather working has been on hiatus since I moved house a year and a half ago. So I used the 5 months I was unemployed to build a new workshop and home office in the back yard. Any proceeds of my leather work will go straight into the portfolio.

[aerime]

My first 100k took me around 5 years, I basically just save like crazy. I saved about $500 a week. I didnt know how to invest, only started last year, because the interest rate is so low, so I decided to put some of the money into stock and ETFs

[LodgicalThoughts]

Excellent video idea mate! This one will be a hit
That SEO experience coming in handy 😎

[trishyu]

Nice one Dave 👍 yep need to put in the work to get the ball rolling. Lifestyle habits and savings account for the bulk of the initial $100K. Substantial investment returns kick in later in the journey, gotta keep at it!

[frankveps]

Good stuff, what do you use for your Aus portfolio?

[wottagunn]

Another great video, cheers!
One question though - when you mention investing more (selling your car etc) what thoughts do you have around how much "rainy day" cash you should put aside? I am a little old fashioned like this, having money sitting aside in case it is required, when financially it would be better off invested. Thanks!

[nathenhoang]

I love the power of compound interest 🚀

[samueldanby]

always love your stuff man. Impressive work!

[lukepilky_ar]

When doing many transactions over the year to dollar cost average, how do you avoid racking up massive brokerage fees?

[jacquelinefeng]

Great video David! Thanks for sharing your investment journey. Very valuable for beginners like me.
As a beginner I’ve always been wondering how much (%) I should invest in the traditional stock market vs. crypto. Would like you hear your thought. Cheers.

[cheesebiscuits]

Smashed the like button... Gently though, of course :)

[sukuti]

Doge, gme, amc. It's not that hard!