Building a Cash Reserve
[by Jim Cavanaugh]
Are you building a cash reserve to get you through future financial tough times? Seems like a crazy question to ask in a tight economy. But it’s something you need to do. It’s simple. Just set aside a small percentage of your fees in an interest bearing checking or money market account every time you receive a payment from your clients. Just 5% to 10%. It’s a small amount out of every job, but the amount will grow quickly. If you put away 10% and have $150,000 in fees in a year, you will have built a $15,000 reserve by the end of the year. Start today!
2 Responses to 'Building a Cash Reserve'
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The idea of a cash reserve is critically important. I managed to build up a 4 month operating cash reserve before the economic melt down. It has gotten be through most of it. Now to rebuild.
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