The guy was fortunate, but most people don’t end up that well.
Paying cash for things and owning them is the best bet.
Then, if/when TSHTF, you have what you own.
For the most part that’s been our plan. The only debt we’ve ever had was the mortgage and occasionally a modest car payment. We run them till they’re dead.
Was it tough to go without stuff? Absolutely but guess what, our kids are all grown and on their own. They are well adjusted and all are debt free except for a small amount two owe us for education.