Definition & Meaning of "while the getting [is] good"

What is the origin of the idiom "while the getting is good" and when to use it?

The phrase "while the getting is good" is an idiom used to suggest that one should take advantage of a favorable situation or opportunity at the present moment because it may not last. The origin of this phrase is not precisely documented, but it reflects the idea of making the most of a situation when circumstances are in one's favor.