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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 gotta do it. In Hindi it means little joy. Making that first $ million or $2.5 million is 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 lakh. But why? What is the magic in this first milestone? Why 90% of us spend our entire lives trying to reach savings of 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 0 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. Wealth creation is also 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? ₹000. 20,000 will not make any difference in your life. You might think, friend, you worked so hard, didn't party, did n't buy new shoes and what did you get in return?
Only 20,000. This is the point where people give up. They feel that saving is useless and they start spending again. He doesn't realize he's on the runway right now. He hasn't taken off yet. Now let's look at the magic number ₹1 lakh. How does the game change when you have ₹1 lakh in your account ? If the market now gives 20% return then you get ₹ lakh.
This ₹ lakh is probably equal to your 4 to 5 months salary. This means that you earned 4 to 5 months' salary without working or going to office. This is where the snowball effect begins. Let's see the calculation. Suppose you save some money every month. It will probably take you 5 to 7 years to reach 10 lakh from zero because all the money is coming from 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 from Rs 20 lakh to Rs 30 lakh. 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 10 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 coupons. Find a way to get your hands on that first stake. 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 are never able to accumulate that seat 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 ₹1 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. Jai Hind.
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