The $100k Secret

Why net worth takes off after $100k, Solo 401k deadlines, and a live overview of the Carry platform

Carry
December 18, 2023

Hey there! Welcome to the Independent Money newsletter 👋 We’ll be exploring the latest financial news and discussing how it affects entrepreneurs like you. Plus, we'll share some awesome wealth creation insights from successful entrepreneurs.

Let’s dive in! 🏊‍♂️

First time reader? Subscribe here.

In this week’s Independent Money Newsletter, we’re covering:

Decoding the first $100k: Why net worth takes off after $100k
What’s Happening at Carry: A live overview and demo of the Carry platform, and must know Solo 401k deadlines.

Why Net Worth Takes Off After $100k

Making your first $100,000 can be a game changer.

One billionaire's advice to Mark Tilbury: Forget millions, focus on the first $100k. After that, your net worth takes off. Charlie Munger agrees, calling the first $100,000 a challenge worth conquering.

Why's hitting that first $100k such a hustle? Two big reasons:

1. Earning Power

A Deloitte study uncovered that Gen Z is facing a whopping 86% less purchasing power than the baby boomers did in their 20s. One reason for this? Older folks sticking around the workforce longer, making those high-paying roles less available.

The good news? The internet opens more doors for younger generations—side hustles, social media, you name it.

(Already have a side hustle? Set up your Carry Solo 401k).

2. Compound Interest

The journey from the first $100k is all about boosting your investment pot. Which means you have to make more money in any way you can. Once you hit that milestone, compound interest goes from lame to mind-blowing.

Saving $10k annually at a 7% interest rate takes around 7-8 years for the first $100k, but the jump from $100k to $200k only takes about 5 years, and it accelerates from there (as you can see above). The financial chart starts going wild after the first $100k, making the key to financial success getting there as fast as possible.

My net worth journey:
- Took 7 years to get $100,000 invested.
- Took 15 months to get over $200,000 invested.
- Took 14 months to get over $300,000 invested.
- Took 7 months to get over $400,000 invested.
The first $100,000 is a b*tch, but you gotta do it.
— Decade Investor💸 (@DecadeInvestor)
1:01 PM • Dec 13, 2023

Decade Investor gives a real-world example of why how his first $100k propelled him into quicker and more earnings.

Long story short, make reaching that first $100k a priority—it's the secret sauce for financial success.

What’s Happening at Carry?

Here’s what you can expect in the coming weeks

See the full list of events here. ⏰

QUICKSTART: Overview of Carry Platform + Demo

Whether you’re thinking about joining Carry or just curious to learn what we’re all about, this workshop is tailored just for you!

Here’s what we’ll cover:

A step-by-step guide on setting up your Carry account, with insights into the diverse account options available
Unlocking the full potential of your account through features such as our financial advisor, robo-advisor, and seamless auto-contribution setup
How to do complex tax-saving strategies (like a Mega Backdoor Roth) in clicks
And much more!

Solo 401k December 31st Deadline

Are you self-employed and on the fence for getting a Solo 401k? Don’t wait too long! You should have your plan fully established by December 31.

It doesn’t have to be complicated, set yours up with Carry in clicks: carrymoney.com

Want More?

Still can’t get enough? Well, we’ve got you covered!

Think your friends might like it? Be sure to share it with them! 📩

If you want more resources on building wealth as a solopreneur/entrepreneur, check these out:

Let Us Know What You Think

What'd you think of this Email? Tap your choice below! Or leave a comment.

Reply

or to participate.