When the global economy crashed in 2008 everyone was affected, from the top income bracket people all the way down to the poor. While the economy has slowly improved the lesson learnt from the crash has taken a deep hold into the lives of the rich, as they continue to stash cash away where it is easily accessible.
As a child a lot of people would hear their parents or grandparents saying “Save money for a rainy day” and although the phrase would stick it would seldom stretch further than just a phrase. The rich people of the world have now realized the importance of this phrase.
When you have money invested in companies, the stock market and other areas which generate a good interest rate you are doing well, but when there is a crisis like the one which struck in 2008 that money is either lost or totally inaccessible when you need it.
Having a savings account where you deposit a set amount of money each month you have money available to you when there is a crisis, now even the rich are accepting this rule of thumb as a better way to be financially stable regardless of the economy.
Source: CNBC
It is always a good idea to diversify your money. Keep some in accessible accounts and then have some invested to make money. You should do just one or the other.
I wish I’d saved for a rainy day! Saving is definitely very important if one is to become wealthy. It’s something that I intend to start seriously once I’m debt free.