April 27, 2015

The First $100,000 Is Hardest

“Munger has said that accumulating the first $100,000 from a standing start, with no seed money, is the most difficult part of building wealth.  Making the first million was the next big hurdle.  To do that a person must consistently underspend his income.  Getting wealthy, he explains, is like rolling a snowball.  It helps to start on the top of a long hill – start early and try to roll that snowball for a very long time.  It helps to live a long life.” – Page 242, Damn Right!  Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe

Years ago, when I first came across this quote from Charlie Munger, I liked it so much I wrote a special at About.com, a division of The New York Times called How to Amass the First $100,000.  I was cleaning off my desk and came across the book; of course, I couldn’t help but sit down and start reading through it, again.