[Topspinmo]

Originally Posted by manaboutown

No silver spoon for me. I started from scratch as have most of us. I agree with Charlie Munger's observation and recommendation. Obtaining the first $100K is difficult and making sacrifices is inevitably necessary. At that point one then has some capital to invest and compound.

Many if not most people are simply unwilling to work hard and make enough sacrifices when starting out to accumulate adequate working capital. That is why they end up economically stressed later in life. Some sadly suffer misfortune through no fault of their own.

"Former Berkshire Hathaway co-chairman Charlie Munger, who passed away in November 2023, once told his shareholders that the secret to building wealth is amassing that first $100,000.

“I don’t care what you have to do,” he said. “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.”"

https://www.nasdaq.com/articles/charlie-munger-said-you-must-save-$100k-to-build-wealth:-10-tips-to-do-so#

Just cause you got 100K plus don’t mean somebody not going to steal it? Most have inside information when trading stocks. Several examples high levels that set on committees.