Charlie Munger Said 'You Only Have To Get Rich Once' — But Warned The First $100K Is a 'B*tch' And The Most Important Step To Building Wealth

Charlie Munger wasn't just Warren Buffett's right-hand man—he was a billionaire in his own right, a master of patience, and a straight shooter when it came to wealth-building. 

For decades, Munger dished out life lessons and money advice like a guy who knew the cheat codes. And he did. When you work shoulder to shoulder with the greatest investor of all time, people tend to lean in when you talk.

One of his final gems came on the "Acquired" podcast in October 2023. Munger, sharp as ever in his final months, made it sound almost simple:

"The beauty of it is: you only have to get rich once."

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He wasn't talking about luck. He wasn't pitching get-rich-quick nonsense. He was saying: do the work, build the foundation, and once you're there—you can stop grinding and let the compounding do the heavy lifting.

Munger also made it painfully clear that the beginning is the toughest part. Back in the late ‘90s at a Berkshire Hathaway meeting, he put it bluntly:

"The first $100,000 is a b*tch, but you gotta do it. I don't care what you have to do—if it means walking everywhere and not eating anything that wasn't purchased with a coupon, find a way to get your hands on $100,000."

That $100,000 is equivalent to about $200,000 today when adjusted for inflation. So yes, the bar's higher now—but the principle still holds.

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Munger's reasoning? Once you've crossed that first financial threshold, wealth begins to build itself. That initial $100K isn't just a number—it's momentum. It's proof you can delay gratification, make smart choices, and keep money working for you instead of the other way around.

Compound interest becomes your new best friend.

When you invest that first $100,000 wisely, it starts to generate returns. Those returns earn more returns. The snowball effect kicks in, and before you know it, your money's doing more work than you are. But none of that happens if you don't push through that first stretch.

Of course, it's not just about math—it's about mindset.

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Here are the psychological roadblocks most people hit before even getting started:

Fear of losing money: The stock market can feel like a casino if you don't know what you're doing. But letting inflation quietly eat away at your savings in a checking account? That's a guaranteed loss.

Doubt: If you don't believe wealth is possible for you, you'll never bother trying. Munger's advice wasn't just for the Ivy League elite. It was for anyone willing to hustle and stick with it.

And while Munger didn't spell out every step to getting rich, he left behind a trail of practical wisdom: live below your means, invest early, and don't get distracted by noise.

The goal isn't to get rich overnight. It's to get there once—and let that be enough.

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