Have $100,000? Here Are 2 Ways to Grow That Money Into $1 Million for Retirement Savings

The great Charlie Munger, who died in 2023 and formerly served as Berkshire Hathaway's vice chairman, always gave blunt financial advice to investors seeking his wisdom.One key piece of advice was to find a way to save $100,000 to invest. "The first $100,000 is a b****, but you gotta do it," he once said during one of Berkshire's annual shareholder meetings in the 1990s. "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."Munger's main reason for obtaining $100,000 is due to the power of compounding and how it can turn a sum of money into a much greater sum over time. So, if you've completed this monumental achievement and managed to save $100,000 to invest, here are two ways to turn it into $1 million.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool