Money Rule #7: Secret Account
Updated: May 21, 2020
The next of the rules of money is to have a secret account.
You always have to have a secret account.
What's a secret account?
It's an account no one else - including your spouse, parents, best friend, siblings - knows about.
A secret account is a crisis account and could be cash. It's an account that's sitting somewhere that no one else knows about. I know you may say, "Mandino, you talked about boredom." But this is an entirely different story. You have to have a crisis account that's not your emergency fund.
A secret account is what saved my business when we were going through a difficult time. I got cheated of my money. My bank account went down just to a few hundred bucks, and I still had debt, fees and everything to pay out of it.
The crisis account that I had is what saved me.
No one knew about it.
That money showed up, I put it back into the business, and was able to last through the tough times.
You always need to have a secret crisis account.