Transcript
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This is Scott Becker with the Becker Business and the Becker Private Equity Podcast. We try to bring you each day a business episode or a market insight episode, plus typically an interview with a brilliant business leader. Today's discussion is titled Put the Money Away While Things are Going Good. So here's the discussion today. The market's been going up, things are going well. And there is a tendency, when things are going great, to spend money because people feel, at least on paper, a lot wealthier. There's also this tendency, and I see a lot of people do this when they're hitting their big cash flow, when their businesses are going great, their careers are going great, there is this tendency to believe that's always going to last. And some people end up buying the huge house or fancy cars or clubs or whatever it might be, or a lot of travel, a lot of expense, everything. And here's my reminder to everybody. The time to put money away. 20s, 30s, 40s, when it's going great. If you wait till later in life, many people find that it's really hard to put away money and you don't get the benefit of time being on your side. So there's this great concept that one of the greatest miracles of all is compounding and compounding interest. And I forget who said it was Einstein or somebody who said this, but it's, but it's really quite true. If you start putting your money away in your early 20s, even your early 30s, you are a billion times better than if you wait till you're 50 or 45 or whatever age to do so. The friends of mine that put it off till longer than that because they had so many family expenses, spent so much money or just had different challenges, have found it incredibly hard to maintain a lifestyle or put away money as they get older. So, so the, the, the lesson today really is put the money away while it's going good. It won't always keep going good, at least not for most of us. And so you want to do it while you can. Thank you for listening again to the Becker business the Becker Private Equity Podcast. This isn't meant as a warning. It's not as encouragement. Put the money away when you can. Even a small amount of money to get you in the habit of it. Putting it in Dex funds. Let it grow. God bless you all. Thank you for listening. Do us a favor, go online to Amazon and pre order our latest book, ideally the hardcover edition. That book is called Building Great Businesses, Great Momentum, Overcome Setbacks and Scale with Confidence. Thank you so much for listening to the Becker Business and the Becker Private Equity Podcast. God bless you all. Thank you very much.