I have blogged about how it is important to have a war chest a number of times before. I have also said during my talk at Invest X Congress that it was precisely because I had a war chest during the GFC that I was able to take advantage of the very low prices offered by Mr. Market. I also said that I lost quite a bit of money before which set my retirement plan back by about 2 years and how having a war chest ready helped to propel my plan forward by 10 years. What did I mean by this?

Bilbo had a good life.

Now, before I continue, I have to caution that this was something that I thought about a long time ago when I just started working life as a young adult. I was trying to grow my wealth through investments and I was a......