On the eve of the Mint sunset by Intuit, I'm reminded how far I've come and how critical Mint was in my journey. I was such a fan boy of it from 2009-2013, which coincided with the initial full-time earning years. I credit Mint and Ramit Sethi for my early, healthy personal finance habits.
Mint helped many of us obsess over one key metric: net worth.
Charlie Munger was right...
The first $100,000 is a bitch, 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.
Back in 2009, my starting salary as an Associate Product Manager was $47,000. I received a 6% raise a year later to $50,000. It is really hard to manage any debt, save much, and invest while earning these amounts. If I didn't obsess over it, it would have taken me at least twice as long. I know this sounds a bit tone deaf to many but this blog lives in the tech echo chamber where this will resonate most.
It took me about 6 years to reach a $100,000 net worth. I believed saving as much as possible, as early as possible, would compound, and then it'd get easier from there. It took a lot of hard work and sacrifice. And it took a lot of education – I read every book I could find including those by the late Thomas Stanley like “The Millionaire Next Door” and Ramit Sethi’s “I Will Teach You To Be Rich.” Both should be required reading by young adults!
So, thank you Mint. Rest in peace. You played a pivotal role in my financial life and helped spark my passion for fintech and personal finance. And Charlie, you were right. That first $100k was a bitch. And to everyone out there just getting started with your careers, focus on that first $100k. It sucks for most of us, but you'll get there.