Meaning of the word "cash in" in English

What does "cash in" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

cash in

US /kæʃ ɪn/
UK /kæʃ ɪn/

Phrasal Verb

1.

to exchange something for money, especially a financial asset or a winning ticket

Example:
He decided to cash in his lottery ticket after winning a small prize.
You can cash in your airline miles for a free flight.
2.

to take advantage of a situation for personal gain

Example:
The company tried to cash in on the new trend by releasing a similar product.
He's always looking for ways to cash in on other people's ideas.