Saving First $100k is the Hardest But Then THIS Happens!

Anyone trying to save $100,000 should know it’s not easy, but it’s very possible. In this video I’ll share with you how to make this happen fast.

Charlie Munger, one of the most successful investors of all time said that accumulating the first $100,000 from a standing start, with no seed money, is the most difficult part of building wealth.

It took me about 10 years of investing without any kind of real strategy to get to my first $100k in my 401k and I can tell you the time it takes you to get the next $100k after that is much shorter, but why is that and what can you do to make it to your first $100k faster than 10 years?

[blackspiderman]

It took me 2 years to get from 10k to 100k. Wanna know how? I moved back to my parents house lol

[MrTedTederson]

I hit my first $100k from zero in just under 2 years. But that was due to spending a decade or more prior to getting debt free and career changing from restaurant line cook to truck driving. So my income went from 30k a year cooking to 90k a year trucking. So im able to invest 70% of my income, live on 20% and use that remaining 10% to take a couple nice vacations for myself. Don't underestimate the career change if you want to super charge your investing

[WtfReal]

Average rent for a 1 bedroom is like 1500 now. And even if you get a cheap car you’re probably spending around $500 for transportation. That’s already 2k out the window not including any other utilities or even food. Saving 1k a month is actually a lot for most people

[jo]

I been stuck within 88k to 98k all year. Hopefully the market recovers and will finally see 100k in my 401k. I been saving for 15 years and it definitely feels tought to save the first 100k.

[blackspiderman]

Median income is 40k per person. Median income is a more accurate picture than average

[wiv]

Thanks for the well rounded advice, Matt!

[thebostonkid]

I too am a student of Jack Bogle, what a wonderful teacher of investing he was, from understanding stay the course, owning the broad market and keeping fees low, to him saying there are two reasons you own stocks, One.. is earnings ...two is dividends. and of course Charlie munger and the first Great video! I'll be checking out your other videos... health and happiness to you keep investing keep learning, keep smiling....the kid

[OroborusFMA]

Wealth really does "snowball" at least if you are doing it right. The compounding of interest in investments is like rocket fuel for your wealth. It just takes off.

[GBezer]

Do you recommend only investing in the S&P or other index funds like all worlds funds because the S&P seems to perform better but people say to diversify

[mr.financial]

I saved 30k a year with some simple budgeting hacks. the biggest one was geo arbitrage. Everyone should check it out!

[Native]

I contribute 9% into 401k. Want to contribute more but don't make that much.

[thekreativepro]

Why is everyone promoting 10% APY!?? 10 years if the returns are NEVER consistent every single year…. Were down -18% just this year alone! 2 years setback …

[dashman]

I understand in the video you assume avg 10% return each year. But is the same true for a dividend focused portfolio? I mainly hold dividend aristocrats and kings. The growth isn't that high but the dividends are pretty good.

[TheJeanean]

I understand what earning compound interest is, what is the paying compound interest part?

[DailyDividends]

It’s the first hill on the mountain range but the hardest one no doubt

[deebo]

Does investing in diverse etfs and stocks reduce the effects of compound interest? Ex: investing $40 a month in 3 different ETFs vs $120 a month in 1 ETF.

Which would you recommend to get the most of compounding interest?

[terrallcoscarelli]

My advice to new investors: Buy good companies stocks and hold them as long as they are good companies. Just do this and ignore the forecasts and market views which are at best entertaining but completely useless

[EazyE]

Unfortunately my portfolio is a black hole where compound interest isn't a thing.

[sassysusie]

Great video. Glad I found your channel!😊

[wedgepressure]

The sad part about the 401k is when you take it out you only get about 70% of that.