303: Why $100K is Key to Becoming a Millionaire
Invest Like a Boss
Sam Marks Johnny FD Derek Spartz
4.8 • 518 Ratings
🗓️ 5 September 2024
⏱️ 33 minutes
🧾️ Download transcript
Summary
Johnny and Derek break down the power of compound interest in this back to basics reminder episode. They cover why getting to $100K in investments is a huge milestone in the path to becoming a millionaire. They give real life examples of how fast your wealth can grow when you stay focused and don't pull out your investments on frivolous expenses. Share this episode with someone that is just starting out their investment journey or could use a push to start!
Discussed:
Where we are:
- Johnny FD – Kyiv, Ukraine / IG @johnnyfdj
- Sam Marks - Bangkok, Thailand / IG @sammarks12
- Derek – Los Angeles, USA / IG @DerekRadio
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Time Stamp:
- 02:45 - Why $100K is So Important
- 07:40 - Charlie Munger's Model to Get $100K
- 11:52 - How Fast $1K a Month Becomes $1M
- 21:20 - The Argument to Spend Your Money vs. Save
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Copyright 2024. All rights reserved. Read our disclaimer here.
Transcript
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| 0:00.0 | Derek and everyone listening. Let me ask you a question. If you had to choose and without doing any math, would you rather have a thousand dollars today right now or one penny doubled every day for the next month? Quick, make a decision. |
| 0:14.6 | We're going to take the thousand dollars. I think everyone else would too. Yeah. Because, you know, in your mind, you're like, okay, you know, one, one cent, next day, you get two cents, next day you get four cents, then it eight, then 16, and you're like, okay, it's trump change. It's not going to reach a thousand dollars, right? Have you done the math to see what it would be if you doubled it every day for 30 days? I'm going to try to lie to you, Johnny, but I can't because I'm gonna send you a message right now. |
| 0:41.3 | Look what I did last night. |
| 0:43.3 | Ah, you actually did check it out. |
| 0:45.3 | So for everyone who's listening and you haven't done the calculation yet, it is such an insane number that just highlights how magical of a beast |
| 0:58.0 | compound interest is or what compounding is. On day one, you have a penny. On day 10, |
| 1:05.0 | you have five bucks. Sounds pretty good. Okay. Yeah. Still quite short of the thousand though. |
| 1:09.9 | Yeah. But on day 20, you have $5,000. |
| 1:14.3 | Okay. |
| 1:14.8 | I could wait three weeks to buy my money. |
| 1:18.6 | And actually, you know, if you just waited day 15, that you would have already, |
| 1:22.9 | you'd still only have 100 bucks, 160 bucks. |
| 1:26.3 | But if you actually waited till day 30, the number gets so |
| 1:31.2 | insane that it's hard to believe. It is $5.3 million. You started with one cent and 30 days later |
| 1:38.5 | you had $5.3 million. Yeah. And obviously this is an exaggeration because, you know, in real life, |
| 1:46.8 | you're not going to get a hundred percent interest compounded every single day, you know, |
| 1:50.7 | like you might double your money over a year if you had a really good year, but you're not going to do |
| 1:55.0 | it every day for the next, you know, X amount of years. But this just shows how strong compound |
| 1:59.9 | interest is and why it's so important |
| 2:01.8 | to get that first initial nest egg to let that compound interest work for you. So today's |
| 2:07.9 | topic is going to be the most important one that you'll ever listen to. If you haven't already |
| 2:12.4 | reached a hundred grand in your bank, and if you have, this is something that you want to send to |
... |
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