More from on The Smartest Advice I Ever Got

From Steven Levitt, author of Freakonomics: Don’t Save Too Much

The logic was simple: An academic’s salary rises steadily over time, as do outside opportunities (like writing popular books!). The right reason to save is so you can even out your consumption. When times are good, you should save, and when times are bad, borrow. Most likely I would never be that poor again, which meant I should be borrowing, not saving. I didn’t follow the advice as fully as I should have, partly because my wife insisted we save – she is not quite as good an economist as Milton Friedman.

Do you agree? It makes some sense to me. Love the last line!

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