warren buffett’s grandfather on having savings for a rainy day

“…the mental satisfaction of having $1000.00 (in 1939) laid away where you can put your hands on it, is worth more than what interest it might bring, especially if you have the investment in something that you could not realize on quickly.”

Warren Buffett’s grandfather Ernest Buffett writes a letter in 1939 on the importance of what Scott Pape calls Mojo Money, some money tucked away for just in case.

I can’t stress how important this is, or how much it changes your attitude to life. I have quit jobs I wouldn’t have without my mojo money. It allows you to think rationally in non-rational situations.

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