There’s an old proverb that says, “a rich man’s wealth is like a fortress”. Fortresses are made to protect the people who live inside from attackers. If that fortress is solid, the folks inside can pretty much shut the gate and laugh at anyone trying to break in or climb over the wall. And watch as they get frustrated and then take an arrow in the backside.
Money acts as a defense against attackers– car repair bills, sudden medical expenses, etc. By saving money and having an emergency fund (or “mojo fund” as the Barefoot Investor calls it), the stronger and more solid your financial fortress becomes. If you have no saved money, then even scrawny attackers can barge straight into your finances and wreak havoc.
Even with pure intentions (“I’m paying down my credit card balance”) you can still be vulnerable to attack if you have no savings. If you’re planning to attack your debt and reduce your bills, make sure you have savings in place first to act as your defense while you’re busy inside the fortress getting stuff done. Fortify!