Cash Flow is King

Yep. Self-explanatory title.

Especially with the oncoming real recession hitting us real soon (nope, it has not really hit yet, unfortunately), money matters are going to be the talk of the town. If it's not already the talk of your home, you'd better do it now.

How are you working on your income? If you are likely going to face retrenchment, do you have something else in the works? Why wait till you are laid off then start looking for something else.

There are other side-income earning opportunities (I'm sorry but I can't really help very much in this area, but this fella and this fella may be able to) that you can just source about for. Or, you can work on brushing up on your skills, or take this opportunity to explore new markets for your company while the majority are curling up in fear.

That's the offensive.

And you have to take care of the defensive. Be tactful of expenditure. I am currently in the process of reducing a client's insurance portfolio premiums by 25%! When the paperwork is complete, he will save a whopping $51 a month, or $612 a year! And mind you, his new portfolio will have much more comprehensive coverage. It makes sense that this can happen, when you bought insurance plans from agents who know nothing about the insurance product market except for their own companies', and are more concerned about their commissions.

Then there are also those things that you spend on. Robert Kiyosaki calls them doodads, meaning things that are desirable to buy, but aren't really helping you financially. That could be the car that you bought because of the low COE, but didn't really need. That could be the condominium that you are thinking of buying, even though if it means squeezing your CPF dry for the next few years unless you get a raise (... unless you get a raise??). Or simply those snacks you buy from the supermarket and food stalls, and cigarettes and beer, where you can save on not taking, because it's not only good for your wallet, but your health too.

Recessions are usually good to force out all those unnecessary expenditures that we carelessly lavish on, and also a motivating factor to create income and improve your work.

Know that "cash is king" is not entirely correct. You must have cash flowing in -- not just sitting around looking pretty -- thus cash flow is more important.