Here’s Why The First $100K Savings Is Very Important:
“The first $100,000 is a bitch, 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” – Charlie Munger
The above quote is adapted from Charlie Munger who’s a popular name in the investing world. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett. There is much truth in his words as I personally experienced it myself saving the first $100,000. It was real hard, very hard at the start. After that, its true that it gets easier.
To illustrate the point why saving the first $100K is very important, I’ve put the numbers into various charts to visualise how …