I just think it was, to me, it was as natural as breathing, and of course I knew how compound interest worked!
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\u201cLike Warren, I had a considerable passion to get rich, not because I wanted Ferraris \u2013 I wanted the independence. I desperately wanted it.\u201d Charlie Munger https://t.co/wZE7NrSrO3
— Dividend Growth Investor (@DividendGrowth) January 1, 2021
Charlie Munger has said that accumulating the first $100,000 from a standing start, with no seed money, is the most difficult part of building wealth.
— Dividend Growth Investor (@DividendGrowth) September 6, 2020
Making the first million was the next big hurdle. To do that a person must consistently underspend his income
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After 34 years in the business, I just can\u2019t get my head around how an adviser can justify charging a client any more that $2,000 per year for financial advice, and 0.25% per year for asset management if needed. There may be outliers that cost more, but those are the expectation.
— Rick Ferri (@Rick_Ferri) June 15, 2021