Specifically he writes;
The most often-repeated financial advice she gave me was also the simplest: Save your money. Long before Suze Orman and Dave Ramsey made fortunes selling books about living beneath your means, this old lady, like many children of immigrants who survived the Depression, understood the importance of frugality and delayed gratification. As a child, she’d reward me for good behavior with a few coins while asking how much of it I intended to put away. “If you get a dollar, save a quarter,” she’d implore. That discipline stuck with me at an early age.
Market participants seem to be questioning the viability of markets and investing more than any time I can remember. It should be obvious that a big part of the solution can come from our own behaviors, independent of market volatility, of spending and saving. Reducing the monthly nut means the portfolio has to do less work and a larger savings pile means a greater margin for error along the way.
As a very obvious example a $15,000 monthly income funding a $10,000 lifestyle where $4000 goes to taxes and $1000 into savings leaves very little room for the unexpected. These people would not make it one month in the face of job loss. The same income funding a $3000-$4000 lifestyle will have a much easier time enduring the unexpected.
I realize some folks do their best under financial pressure, but if that is not you (it certainly is not me) I would look to behaviors of spending and saving instead of hoping the market bails you out by going up a lot. Too many people rely on this form of denial.