Charlie Munger is right, haul ass for your first $100k.

I can only prove how true this quote is by sharing my own experiences.

Here's how I hauled ass for that first $100k and how it materially changed my life/wealth

Out of university, I worked for Deloitte as a consultant. But I knew I wanted to be an entrepreneur/investor, specifically a real estate investor. But I needed cash to do this.

My $50k entry-level salary wasn't going to cut it, so I had to find another source of income.

The only way I knew how to make fast cash at the time was driving cabs for my dad.

So I would work my office job during the week & drive cabs both Friday/Saturday nights.

This meant an extra ~$500 per week or ~$25,000 per year, increasing my income by 50% to around $75,000.

I remember one night I actually picked up one of my colleagues from Deloitte, he was shocked to see me as the driver (it was really embarrassing lol).

Oh well, I had a goal in mind, I stuck to it and sacrificed all my free time and ego in the process.

Earning is 1/2, saving is the other 1/2.

I lived with 2 roommates, I took the den (cheapest of the 3 rooms). It had no windows, my bed barely fit in there & it didn’t even have a lock on the door.

The most prized possession in my room was an MJ poster that I printed for free.

I did all the standard money-saving things like walking to work, keeping a small wardrobe, & cooking at home.

I’d show up to work with 2 briefcases – 1 containing work stuff & 1 containing my lunch + dinner (gave me the appearance of being super busy while hiding my frugality).

Within 2 yrs I was able to save ~$100k (the exact amount was between $80-$90k). I used that to put 20% down on a cash-flowing triplex in a town north of Toronto.

I now had a steady stream of passive rental income, allowing me to more comfortably quit my job & launch my 1st biz.

Cash flows from my first business and my triplex allowed me to reinvest into more real estate and stocks.

As my cash flows and asset values continued to snowball, it enabled me to invest in riskier/higher potential opportunities like my eCommerce business and tech startups.

I now manage a diversified portfolio of investments full-time & haven’t had to worry about a salary in years. It also enabled me to have a lot more free time to read/write, travel the world, and work on projects I want.

And it all started from that first $100k I hauled ass for.

For the full story, with some more hilarious details, check out: https://jayvas.com/charlie-munger-is-right-haul-ass-for-your-first-100k/

I didn't mean for this to come off as "hustle porn" btw.

What Charlie (and myself) are trying to articulate is: obtain & invest ~$100k as early as possible. It will compound over time, giving you a bit of freedom to take your foot off the pedal a bit (if you’d like to).

This is in stark contrast to a lot of advice I've been seeing on Twitter lately.

"Be prepared to invest the next 5-10 yrs of your life in your startup & pray for a huge exit. That's how you'll achieve your financial freedom."

We need more Charlie Mungers on here, keep it real.

I share this story because people always ask me: “how can I quit my job & start a biz/get into investing?”

I never had a great answer for this.

Then I came across this Munger quote & thought, wow, this is super practical advice, especially because I can relate.

So here you go.