The topic for this week in the Hive Reachout community is a thoughtful one, and I cannot stop imagining the situation where the money we earn from work or receive as gifts has to expire within 24 hours, and one must make use of it, otherwise it becomes useless. What a situation the world would be.
If that situation comes into play, where money you earn, as soon as it enters your hand or your account, has just 24 hours before it expires, the only solution would be to spend it immediately as it comes into the account. It would be much easier for people who earn small amounts because with just a few purchases, the money would be exhausted. However, it would be a bit difficult for people who earn large amounts because they would have to buy a lot of items or pay for something huge. Sometimes, it would be hard to exhaust the money before the 24 hours elapse, and some part of the money would end up being wasted.
For my own situation, I would not find it hard to cope because I earn a very small amount of money that does not cover all my expenses. So, it would be very easy to spend once the money comes in and before it expires. I would not need to calculate much because my budget is always on standby even before the money enters my account.
https://unsplash.com/photos/a-woman-sells-vegetables-at-an-outdoor-market-BlWcPysIKUs
If we talk about how this would affect the world at large, I think it would be favourable to almost everyone.
It would enable faster sales of goods and services. If I get paid 100,000 naira today and I am required to spend it within the next 24 hours, I would use the money to buy food. Once the money enters the hands of the seller, they would use it to restock. Once the money enters the account of the production companies, they would quickly pay their staff and also move on to produce another round of food. Once the money gets into the hands of the staff, they would go out and spend it, and it would continue like that in a cycle. A cycle we already have, but this time around, it would be a very fast-moving one and not the sluggish type that we experience today.