# @benzinga on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/C5mTKGytk0t
- **Gondola URL:** https://gondola.cc/posts/17856276-benzinga-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/legacy-do/8c5ed312d5483489803645b9dd909862edff0fd50cb09630fc75bc8ddeefe85f.jpg
- **Posted:** 2024-04-10T22:53:29.000+00:00
- **Account Owner:** Benzinga | News That Moves (@benzinga) — https://gondola.cc/benzinga

## Caption

Charlie Munger, the man who served as legendary investor Warren Buffett’s right-hand man for decades, died in December, just shy of his 100th birthday. 

Buffett credits him as the “architect” of Berkshire Hathaway and referred to him as “part older brother, part loving father.” Munger is renowned for his insightful and often blunt advice. 

One piece of wisdom that resonates with investors is his take on building wealth. In the late 1990s, during a shareholder meeting, Munger said, “The first $100,000 is a b****, but you gotta do it.” 

This statement emphasizes the initial hurdle many face in accumulating savings. Munger’s bluntness highlights the challenge of reaching that critical 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.” 

The reason behind Munger’s focus on this initial amount? The power of compounding. Once you have that base, the path to greater wealth becomes smoother. With compounding returns, $100,000 can grow significantly over time, providing a strong foundation for long-term financial goals.

“After that, you can ease off the gas a little bit,” he said. 

Munger made this statement in the mid-1990s, and when adjusted for inflation, $100,000 back then translates to roughly $200,000 today. However, the core principle of his advice remains timeless. Many financial advisers today echo Munger’s sentiment: Accumulating the first $100,000 is the hardest and most important.
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#charliemunger

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## Credits

These are the roles credited on Gondola. Credits may be incomplete.
A brand, account owner, or featured person is not necessarily the creator.

| Name | Username | Profile | Role |
| --- | --- | --- | --- |
| Benzinga | News That Moves | @benzinga | https://gondola.cc/benzinga | Brand |
| Jacob Shipley | @okcmayor | https://gondola.cc/okcmayor | Director of Social Media |

## Tags

charliemunger

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