Why the first $100k is the hardest

6 Aug 2024 · 1 min

Watch on YouTube

0:40

This content was created by Eric Siu. This content was uploaded by Eric Siu. This is a YouTube video titled "Why the first $100k is the hardest" (uploaded 2024-08-06). The excerpt is a single-speaker personal finance monologue (labeled SPEAKER A) explaining how people typically reach their first $100k net worth — citing a study from fourpillarblog.com that attributes roughly 80% of the first $100k to savings and about 20% to investment returns, with a typical timeframe of 6–7 years when saving around $8,000–$10,000 per year. The speaker advises increasing income through side gigs (DoorDash, Uber), flipping items on marketplaces, and directing extra earnings into investments to grow the initial nest egg.

Chapters

How does someone get to $100K net worth ASAP? Typically, there was a study done on fourpillarblog.com. It actually showed that most people with their first $100K, it's not from investment returns, it's mostly from savings. So even at like, I don't know what the exact numbers are, but typically it's comprised of 80% savings and 20% are actually from investment returns. And the typical time it takes is about 6 to 7 years. And that's if you're saving like $8,000 to $10,000 a year. So if you want to get there as quickly as possible, increase your income, get side jobs, DoorDash, Uber, anything that you can get your hands on, flip stuff on Facebook Marketplace and put all that money towards your investments to grow that initial nest egg.