Charlie Munger famously told a young questioner that the first $100,000 is 'a b*tch, but you gotta do it.' The math behind his bluntness is worth understanding, because it changes what you should focus on at every stage of wealth building.

At a $10,000 net worth, a spectacular 10% annual return earns you $1,000, less than one good month of extra income or reduced spending. At this stage, your savings rate is 95% of the game and your investment returns are a rounding error. Act accordingly.