Why YOUR FIRST £100k Is The MAGICAL Number For Reaching £1m | Charlie Munger

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MARY:

I'm married to Ken and we have two boys aged 6 and 4. I'm a Londoner, born in Hackney! :)

Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni.

KEN:

I'm a husband, dad, and a First-Generation Immigrant to the UK. I started life poor in the UK and I've spent the last 20 years on a steep journey of Personal Development.

Former CFO with over 12 years experience in the investment business. I'm also a Chartered Accountant and hold an MBA from Cambridge University.

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0:00 - What Charlie Munger said
2:03 - The 2 Scenarios I'll cover
2:57 - Scenario 1: Impact of 7% Growth on 100k
3:38 - Reaching Your First 100k
3:57 - How every 100k grows quicker
5:16 - Scenario 2: Impact of 5% Growth on 100k
6:13 - Why Your First 100k Matters So Much
10:04 - The Reality of Getting Your First 100k
12:32 - Why You Should Stay Realistic
12:49 - What If Your Stocks Have Been Falling?
13:44 - Conclusion

★★ About this video ★★

Why YOUR FIRST £100k Is The MAGICAL Number For Reaching £1m | Charlie Munger

Massive thanks for watching and following our channel :) ♥

Best, Mary and Ken Okoroafor

NOTE: For FULL Transparency, some links above may be Affiliate Links. We do NOT offer Financial Advice.

#stockmarketforbeginners #charliemunger #compoundinterest

[TheHumblePenny]

How far away are you from your first £100k? Comment below.

[legend]

I originally had a target of 30k and 100k did not even come into my mind It would have been unfathomable. Seeing other 'normal' people hit these goals and beyond opened my mind and changed the way I think. I'm currently at 39k which is 39 percent of the way there, that's the mindset shift right there

[FormerCityFinancier]

I'm 38, family home mortgage paid and am at around 850k in rental property (all unencumbered).

But the journey never ends. Your videos are a good reminder to always keep going for more!

[akshay]

I got to £100k in 2021. I started in 2017 and got there in 4.5 years. Reaping the rewards now 🎉

[CarraodeDois]

What people do not say normally is that £10k 40 years ago was a hell lot of money... Similarly, 2 millions 40 years from now will be nothing

[justin.trading]

My pension pot has gone through the £500k but now as I get to 53 I want to De-risk, I want to clear mortgage in 2 years time, I also have no income so will be reliant on this for drawdown at 55. I figure if I can get mortgages paid I can survive on £12, 500 a year until I get the full state pension. Well that’s where I am at.

[ChudiO]

Really good video, it's given me perspective and the motivation to focus on getting to that £100K. Thank you for your informative and educational content, keep up the good work!

[melalblas]

Love love love this video, you explain it so well, no jargon just easy to understand thank you 🙏🏼 love your account so much so so inspiring both of you. Just wanted to send some Wednesday gratitude 💜

[Blackfeet]

I'm -£3000. I can't wait til I'm -£100.000.

[marietaylor]

I did it in 28 months because I am completely debt-free with a decent income.

[arialfred]

Thanks a lot, I don’t have a target, but now I do

[cryptojoe]

Im almost there! I have almost $100, 000 in dividend stocks! Took so much sacrifice. I came up from homeless so it was painful. But oh my lord I am right on the threshold! Im so flipping excited every time I see the growth! Heck I remember a time I was getting literally pennies in dividends. Now I get thousands! I hope everyone realizes the power of investing!

[sebastiangorin]

Fantastic video, really informative, I an doing a combination of Value Investing and ETF's, this video is great motivation and make me feel that i am on the right path, just at the 50k mark, (70k if i include the early seed investing) invested a few years ago, though looking to hit the 100k as soon as i can,

[e.d.zenterdazoneofpain-totalga]

Compounding and reinvesting, words I always relate to when it comes to investing.

[missbetz]

Great video as always. I’m got 130k in a property I own outright and live in not sure what to do with it at the moment. Any advice? I was just reading your 2021 blog post a few days ago

[karinaajayi]

This is the best video I've watched in a long time

[mides]

Ah! The video I was waiting for 👌🏾.. almost there in my S&S ISA.. next tax year will be the year hopefully..🙏🏾

Thanks Ken!

[allclairesbears]

I'm at around 85, 000. Not including the value of my home. The money is in 4 index funds and split between my government super plan and private investments. I'm guessing that I would start to see greater returns faster if the money was all in one place.

[clarenceishmael]

When you get to that point should you leave it in the equity markets or put it somewhere safer?
Also with FSCS at 85k, what's your view on growing the million in a single institution?
Long winded but thanks for any advice you can offer. 👍🏾😊

[koneism]

I think 5% offered by Shawbrook bank might a good fix for a year, after I've filled my isa allowance. Might look at Vanguard s&p and world tracker too. It's whether i want stability of 5% or volatility of the market's no?.