Let's talk about cash. Cold hard cash. The Green Stuff. Our primary economic medium of exchange. For the last 12 years, we've treated cash pretty poorly. Many of the major banks will pay you essentially nothing for keeping cash with them. The Federal Reserve Bank has continued a strategy of lowering interest rates so that the return for those of us who hold cash is next to zero.

But it doesn't have to be that way. Cash is a very important component of your overall wealth strategy. And I feel, that you should spend some time managing your cash position, just like you manage your stock portfolio.

So if you'll bear with me, I'll walk you through the way I manage cash for my own account and my clients.