Cash Is King But For How Long
At the moment, if you talk to almost anyone, there is one thing on people’s mind besides the recession. And that is to keep cash. In times of trouble and economic uncertainty, the usual adage is Cash Is King! True but I’d like to add but for how long?
If there is anything all of us can take away from the financial fiasco is this, even the experts (many of them) have been wrong. What you need to do now is to keep an eye on things and prepare for when the situation turns around. Also remember that no one can spot when the turn around will come. Wait too long and you’ll miss the boat.
By the way, things are NOT all doom and gloom. I know of several entrepreneurs, for them, business can’t be better. One of them, have to get his staff to put in overtime to meet the order requirements!
What if you are short of cash but see the opportunity? Then my advise is to really dig hard to find the money. Perhaps sell some stuff you don’t use anymore. Go to the banks and close accounts that you no longer use. There could be a few hundred to a few thousand spread out in several bank accounts. Put all that together and you have a small stash of cash.