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Chapter 5. Coping with a Credit Crisis > Step 1: Figure Out How to Free Up Some...

Step 1: Figure Out How to Free Up Some Cash

One of the most common mistakes people make in a financial crisis is not cutting back hard enough, fast enough.

Charlie, our animator friend, is a classic example. He knew when his last project ended that hundreds of his fellow animators were out of work and that the next job could be a long time coming. But he hoped for the best. He and his wife even continued paying for their children's private schools; in fact, more than a third of the $150,000 they borrowed went for tuition.


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