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Warren Buffett's partner, Charlie Munger, was one of the world's most intelligent investors. He once said a very strange thing. He said The first $1000 is a [ __ ] but you got to do it. In Hindi it means a little harsh. Earning the first ₹1 lakh or $25 lakh is like hell. This is the most difficult task.
But whatever you have to do, walk, use coupons, stay hungry, but first save Rs 10 to Rs 1 lakh. But why? What is the magic in this first milestone? Why do 90% of us spend our entire lives trying to save Rs 5 to 10 lakh and never become rich? Today, using mathematics and psychology, we will prove why the biggest battle in your financial life is from zero to 10 lakhs and how after 10 lakhs, money starts working like a slave for you.
To understand this concept, let us take the example of rocket launch or airplane. An airplane spends 80% of its fuel just in getting up from the ground, that is, in taking off. Once it's in the air, it goes into cruise mode and uses very little fuel. Consider another simple example. Suppose you have a large stone that is square on all sides.
In the beginning it takes a lot of effort to shape the round wheel . It has to be carved, cut and reshaped again and again. But once that stone takes the shape of a round wheel , it becomes very easy to move it. Now less effort is required and more work is done than before. Wealth creation is exactly the same.
When you're at zero, gravity, your expenses, inflation, low salaries , pulls you down. The problem is that compounding isn't working in the beginning. Suppose you saved ₹1 lakh with great difficulty. If the market is 20% that is too much. Even if it gives returns, how much will you get per year? ₹00.
₹00 will not make any difference in your life. You'd think, man, you worked so hard, didn't party, did n't get new [musical] shoes, and what did you get in return ? Only 20,000 is the point where people give up. They think saving is useless and they start spending again. He does n't understand that he's on the runway right now.
He hasn't taken off yet. Now let's look at the magic number 1 lakh. How the gain changes when you have ₹1 in your account . Now if the market gives 20% return then you get ₹1 lakh. This ₹1 lakh is probably equal to your 4 to 5 months salary. This means you earned 4 to 5 months' salary without working, without going to the office.
This is where the snowball effect begins. Let's see the calculation. Let's say you save something every month. It will probably take you 5 to 7 years to reach 10 lakh from zero. Because all the money is going out of your pocket. The interest is low. But it will probably take you only 3 years to reach from Rs 10 lakh to Rs 20 lakh.
And it will probably take you 1.5 years to reach 20 to 30 lakhs. You see the destination is the same. 10 lakh ads are being added every time. But time is running short. Why? Because earlier only you were working for ₹1 lakh. In the second ₹1 lakh, both you and your money i.e. interest are working. That's why Charlie Munger says that the first ₹1 lakh is the most difficult because there you are fighting alone.
Now the question arises how to climb this mountain? It features Charlie Munger's Advice Brutal. He says I don't care if you have to walk to work. I don't care if you have to use coups. Find a way to get your hands on that first stick. The biggest mistake of our generation is that in the pursuit of looking rich, we forget to be rich.
As soon as you get a job, first there is iPhone EMI, then car loan, then expensive trip. We never would have been able to raise that seed capital. If you want financial freedom, you will have to remain poor for 3 to 5 years of your life. Even if your salary is good. This sounds bad. But math says that unless you have Rs 10 to 15 lakh in investment, you cannot afford luxury.
There is no EMI for success, its down payment has to be made and that currency is sacrifice. But friends, the ending of the picture is very beautiful. The day you cross this first milestone of ₹10 to ₹15 lakh, you will get a different level of confidence. Your money will compound and grow so fast that a day will come when your investment returns will be more than your job salary.
That day is called financial freedom. If you understood this concept then like the video and subscribe to the channel.
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