Charlie Munger: First $100K Bitch
on Saturday, October 23, 2021Charlie Munger Money Quote saying it’s tough to raise the table stakes, but once you have $100k you can relax a little. Charlie Munger said:
“The first $100k is a bitch, but you gotta do it. I don’t care what you have to do – if it means walking 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 of the gas a little bit” — Charlie Munger
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This quote from Charlie Munger is advising that the initial $100,000 is very difficult to accumulate, but it is an important milestone to reach. Munger is suggesting that extreme sacrifice may be needed in the early stages, such as limiting spending, walking instead of driving, only buying food with coupons, and focusing all efforts on earning and saving money.
However, he implies that once that first $100,000 is achieved, it will become easier to continue growing wealth. Munger seems to be emphasizing the value of grit and determination in the beginning phases of building financial stability and independence, even if it requires significant hardship, and that things can become less stringent after surpassing that initial hurdle.
Birthday: January 1, 1924 – Death: November 28, 2023