Save Your Money People – Save Your Money

by James Hendrickson on July 16, 2018 · 0 comments

save your money people

Seriously, nobody saves any more – and its a shame. Having a healthy savings givse you a number of benefits like defending yourself against a lawsuit or enjoying a healthy retirement.

Yes, Save Your Money.


Emergency coverage

Crises can and do happen. These include events like your roof leaking, losing your job, unexpected medical events, a child arriving. If you have money in the bank you’ll be able to weather these events without going into debt.

Fund Retirement

Cash, or cash equivalents in the bank, are important for your retirement.  In a rising interest rate environment, the additional interest paid to you from savings and certificates of deposit can make a difference in your retirement income.

Hedge Longer Life Expectancy

Another reason to save your money is frankly because people are living longer.  This means your retirement will probably be longer and more expensive than you first anticipated.

Mitigate Political Risk

Most Americans are part of the social security system – meaning that you’re basically relying on the US congress to be sure social security money is there for your retirement.  A lot of intelligent observers aren’t counting on this.  Having a healthy amount of cash in the bank is a great way to hedge this risk.

Protection & Defense

Its not fashionable to say this, but Darwin’s rules still apply.  Smarter, richer and harder working people are better able to adapt to hazards in today’s world.  For example – the criminal justice system is stacked against people who can’t hire private attorneys. If you ever got arrested, rightly or wrongly, and charged with something, you’d need a healthy savings account to hire a private attorney.  Similarly if someone sued you, you’d need cash in the bank to defend yourself.


Its impolite to say this. A healthy saving account means power. Just $40,000 or $50,000 is enough to sway a local election, or otherwise drive social or political change where you live. If you have money and see something unhealthy coming (anti-gun legislation, anti-GLBT legislation), $40,000 would be enough to influence key voters.  Cash in the bank would also allow you to sue to compel someone to do something – like pay you money they owe you or leave you alone. Finally modestly donating to local politicians doesn’t necessarily impact their behavior, but they’ll take your calls.

Take Advantage of Opportunity

The world is full of opportunity.  To capitalize on a lot of these – buying a business or grabbing a stock position at a low price – you’d need to have cash in the bank, and a lot of it.

Develop Personal Mastery

A big part of overcoming adversity is developing a sense of personal competency in a particular skill. Learning to save money is a skill like any other. The process of developing this skill should increase your competency and self confidence. That alone is often worth the effort.

If you’re sold on the idea, but have had trouble saving, consider the following:

  1. Doing a Money Challenge.  Some people need time to build good savings habits – usually a month. Money challenges are old fashioned, but effective because they build good habits over time.
  2. Get community.  Lifestyle changes and shifting beliefs are much easier in community.
  3. Get educated. Education typically changes cognition and results in positive behavioral change.

For more on saving money, read:

  1. How The Dinks Saved Up $21,000
  2. A Savings Plan Can Help You Build Wealth
  3. Three Points To Maximize Your Savings
  4. Saving Vs. Investing
  5. Top Tips for Saving for College in 2018

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