Why Saving Cash During Good Times is the Key to Thriving in a Recession
Why Saving Cash During Good Times is the Key to Thriving in a Recession
There’s no better position to be in than sitting on cash during a recession, when people need to sell things quickly to pay their bills. The best time to save is when times are good, even though it’s the hardest time to do it. When everything feels great, people are making money, and times are good, the smart ones are squirreling money away because they know the music will eventually stop.
In 2008, I saw a guy who had paid $134,000 for a Maserati come to me desperate for $30,000 to avoid losing his house. He offered me the car for that cash. I didn’t want a Maserati, so I didn’t buy it, but situations like this happen all the time.
If you can save money during the good times when you don’t really need it, you’ll be in an amazing position when times get bad. Let me know what you think in the comments!
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