If you were committed to the goal of accumulating $1milion in savings, which half do you think would be the hardest to achieve – the first $500,000 or the second?
Now just about everybody would say the first half, as once the $500k is achieved, you can invest it to generate returns on top of your regular saving. And this is probably correct.
But the human is a complex being. And sometimes we have a tendency to relax, or celebrate a bit early. For example, it would be normal to pat yourself on the back when you see that $500,000 in the account and perhaps – buy the spa for the backyard, carry $250 cash in your wallet instead of the $50 you carried before, or weaken and lend the money to that unreliable relative who is always asking. It’s normal psychology at play.
The hunger to succeed is a lot stronger in that first half and that’s why we think it’s not such an obvious answer to this question.
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