The True Power of Saving for the Future

Preparedness for the future is a common theme of some of the oldest stories that humanity has passed down through the ages. Many parables, legends, myths, and fables tell similar stories. One character works diligently and makes sacrifices in the short term to ensure their long-term stability while another character spends their time unwisely and later finds themselves needing help from others to make it through hard times.

Don’t underestimate the real benefit of building up your escrow. Having enough money set aside for unexpected expenses can smooth out the rough patches. I struggled to keep my escrow funded even for the expected expenses. Even though I was driving about a hundred thousand miles a year and I knew that maintenance costs and tax time were on the way, I was steadily saturating my income with standard-of-living improvements. You know the score, 720p to 1080p to UHD, nicer ride, better house, etc.

I rarely kept my escrow or tax account funded and suffered a lot of anxiety for it. I’d think, “Well, I have some credit cards.” That’s all fun and games until you’re $5–10k in credit card debt, interest piling up, and you need a set of steers—and now there’s a weird new clunking noise. New king pins couldn’t be that much, right? Anxiety.

I don’t think I had any worse luck than most but I made some bad business decisions. If I could go back and make proper use of all of the wisdom shared with me by my elders through the years, I can’t imagine how much easier things would’ve been.

I’ll leave you with some quotes and proverbs:

• Saving for the future pays dividends in peace of mind.
• Hope for the best but prepare for the worst.
• Make hay while the sun is shining.
• Prepare while others are daydreaming – William Arthur Ward
• A man who does not plan long ahead will find trouble at his door. – Confucius
• In fair weather, prepare for foul. — Thomas Fuller