How do you protect your cash and use credit wisely? Carl Gould gives advice to keep operational. Catch every episode week days at 7am.
Read full transcript:
Hi Everyone, Carl Gould here your #70secondCEO, just over a minute of investment per day for a lifetime of results.
In the old days, when I first started I’d take myself a little bit. I started my business in the 80’s. A credit Card was 18%, 20%, 22% it was crazy, well today that’s not the case. There’s plenty of credit cards out there with 4, 6, 8%. And If you get a charge interest for one month. The difference might be 50 bucks instead of 20 bucks
Because using a credit card is essentially a bridge loan. Even if you pay a little bit more. In interest, it’s still a load dollar amount. Now I’m not sitting here advocating credit cards, that’s not my purpose today. But I’m just giving you an example that in today’s environment, borrowing is so inexpensive. The money is so cheap, the debt services so cheap, it’s worth having it and using it. Because you protect your cash and make sure that you have at least 6 months worth of operating expenses in buying power. And I say that cash plus lines of credit that you can get through 6 months, if you absolutely had to without interrupting your business.
Like and follow this podcast so you can learn more. My name is Carl Gould and this has been your #70secondCEO.