Unfortunately, most firms lack liquidity. To make sure there is sufficient cash flow to meet day-to-day financial needs, financial managers adopt short-term financing methods to raise needed capital to meet debt obligations in time while maximizing profitability through investment with cash surpluses.

Respond to the following in a minimum of 175 words:

Discuss a management strategy used to retain or increase cash. Share an example of a time when youve used a similar strategy in your personal finances. How are the applications of these strategies similar or different for businesses and individuals?