"Accumulating your initial $100k poses the greatest challenge, while surpassing that milestone to reach $1M and beyond becomes easier."
That is especially hard to agree with.
When I started out on my first job, I was single and had no burdens.
That was back in 2001. Being a navigator doesn't make things any worse. I didn't have much chance to spend my salary when I'm spending most of my time onboard vessels.
After giving to my parents and for my own expenses, I saved at least 60% or more every month.
I started investing in 2007.
When I ended my 10 year contract in 2011, I was given a 10 months bonus. With that, I easily hit the 100k mark.
Fast forwards to 12 years later. I'm married, owns a HDB and with 3 kids in tow.
With all these commitments, I'm barely pulling through and only managing to save a few hundred a month at best.
With this current bad economy, my investment value suffered heavy paper losses.
$1m becomes easier? I'm still far from the halfway mark after all these years.