Both in business and the world of investments, timing is an important issue. Do I buy or sell this share today or tomorrow? Should I close this deal now, or hold off for a higher or lower price tomorrow? While I can’t give you the answers to these questions, one timing question I can confidently answer is that of the correct timing for accessing money.
I am often asked the question, “When is the best time to access money?”
My answer each and every time is “NOW!”. The best time to get credit from a bank is when you don’t need it. If you don’t need money right now then NOW is the best time to start getting access to more of it. If you do need money now, then don’t worry, NOW is still the best time to get it.
Why is now the best time? Well, one of the reasons is that banks and other lenders are very good at sensing desperation. If you come across as being very desperate, then you’re either very likely not to get that line of credit, or get it, but as a very unfavorable rate. If you don’t need access to the money now, you will likely find yourself more successful in your request.
Approximately 50% of small businesses fail in the first five years, according to the Small Business Alliance. Of these, the number one reason is under-capitalization. If you are able to access the money you need NOW, then when you need it tomorrow, you will have it. No waiting…
Abraham Lincoln once said “Things may come to those who wait, but only the things left by those who hustle”.
One of the biggest mistakes wealth creditors make is not making the acquiring of capital a high enough priority. They don’t take the time to understand how to get it or think that it is out of their reach. If you want to master creating wealth, then you need to understand that NOW is the best time to acquire the skills to access capital.
Chris Wise
720-524-3907