First Million

(edited transcript) … [Daryl] There’s a saying that basically says, “Getting to your first $1 million is the hardest part.” And after that things get a little bit easier. [Ben] I think in reality, what it is, is the returns might not differ, but getting to the second hurdle, that $2 million mark, 10% of 100,000 is a very different number than 10% of a million. So, it’s like you start to see larger cash dollar amounts as a return. Right? Which gets people more excited because they see these larger dollar amounts. Instead of making 10,000 you’re making 100,000. [Daryl] Well and there’s also that point where you’re contributing– exactly, the same percentage is at play and it just looks like it’s, it’s basically a straight line. And then you hit that exponential piece– [Ben] Which is the same reason why we try to tell younger folks get started early. [Daryl] Exactly! [Ben] Get that 100,000, get that million built up. Because after that you’re going to get the benefit of that 10% return on a much bigger portfolio, which you’re not going to have to put as much of your own money in. And you’re going to be financially independent much earlier on. [Daryl] That also makes me think of a phrase that I like to tell people all the time. I have never met a person who hasn’t said, “I wish I started earlier.” Not a person. I’ve never heard that. But the reality is today is the very earliest that you can start. [Ben] You can’t change the past. [Daryl] You can’t change the past, but you can certainly change today.

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First Million

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