I prefer to use cash for a lot of transactions, a fact that means I get frowned upon a lot considering the current pandemic debacle we're in as card payment, contactless, is preferred as a method of controlling the spread of the virus (apparently). It all sounds a bit dodgy to me, but that's the world we live in.
I have a credit card...Well no not really. I have a VISA Debit card linked to an account so when I use it I am spending my own money. My wife has a credit card though which she runs all the business payments through for trackability purposes and Xero Accounting software takes bank account feeds making things a little easier for the accountant, who still charges me like a wounded bull mind you! Anyway, I have a secondary card linked to that credit card she has but in the last five years haven't used it once.
John Monash, engineer and Lieutenant-General Australian Army, looks pretty annoyed that he may soon be redundant. I for one will lament the arrival of a cashless society.
For us, anything that is tax deductible, business expenses, and needs to be tracked is payed for by card, my debit card or my wife's credit card and other things are payed for with cash. It's not as easy to do so of course but I don't think the government need to know everything I purchase...So cash it is. For the record, my wife's card is paid off in full at the end of each payment cycle - We're not one's to rack-up credit debt, or to pay interest.
It's becoming increasingly difficult to live without a credit card, not impossible mind you, before you jump all over me for this statement, just more difficult each year. I feel that eventually we will be in a totally cashless economy but until then, analogue people like me prefer cash for as many payments as possible - I would use it for everything if I could.
There's a lot of talk about crypto-currency becoming more mainstream these days, and despite me calling myself analogue back there I actually have a VISA card that loads with crypto-currency; I don't count that as a true VISA card though which is why I didn't mention it above, but I should I guess as it works the same. I have the Wirex VISA in case you're wondering.
Here's the thing though, the government still know when I use it! That's right, it's treated like any credit card and, here in Australia at least, it's trackable by the government, like all VISA cards. That sucks.
I have used it once so far as a purchase-test, and once at an ATM to withdraw some funds, also as a test. It works so I have a way of spending crypto-currency if I choose to, but it still makes me nervous knowing the government track it for taxation purposes. I guess it's the way of the future though...And As the use of cash declines, so will our financial-anonymity.
How about you? Are you a cash-user like me where possible or do you use your credit card for everything, a much easier way to purchase considering people have their cards on their smart phones these days. Do you see it as risky or is credit cards on phones safe in your opinion? What are the pitfalls, the negatives of credit cards, besides the obvious debt-scenario people get themselves into. How will crypto-currency change things? How will the inability to use cash affect you, and society in general? I'm not an expert here, so if you have some opinions please let me know!
How much in the wad?
I posted this photo a couple says ago and asked you to guess how much is there, also saying as a joke, that you'd win it if you guessed correctly.
The wad of Australian $100's.
I was truly amazed by the guesses to be honest; I found it interesting that they came in from around $2,000 to $14,600 or so. I think it goes to show how seldom people actually see wads of cash like this...Largely due to the cashless society ethos I suppose. Trust me, $2,000 is not an impressive looking stack of money.
You can see that post here and below the actual figure which no one guessed, unless I missed it. Not that it matters, clearly I'm not parting with it.
The amount in the wad of cash is $13,600
I know, it doesn't look like much but money is thin right? It also doesn't go as far as we would like I guess and I'd be happy if I had some more of these wad's laying around the house. Having said that, when hyper-inflation comes along $13,600 might be what I need to buy a loaf of bread - Time will tell, probably sooner than most expect.
Anyway, let me know what your thoughts are, *cash or card? What's your thoughts?
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Be well
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