3. Build an “opportunity fund”
Warren Buffet makes sure that Berkshire Hathaway has at least $10 billion in cash in reserves. Why? So that when the opportunity comes for an attractive deal, Berkshire can immediately act on it. If they didn’t have the money, the opportunity could be gone forever.
Similarly, you should prepare an “opportunity fund.” Prepare certain amount of money that you can use to take advantage of the opportunities that come your way. Don’t let opportunities slip by just because you don’t have the cash to act on it.