Paying cash these days.....

[Jeepnik]

You need to rethink that statement about who owns the money supply.

He is technically correct. The federal reserve bank is a non governmental entity. But since the President selects the members of its governing board.

There have been several central banks that issued US currency. The previous banks all went bankrupt.

Our money supply has and always will be a story of greed, deceit and skullduggery.

 

[jack black]

The BEP prints the money for the Dept. of the Treasury. and is part of the GOVT.
The treasury supplies the money out to federal Banks for distribution to other financial institutions.
The Fed reserve bank controls this they do not own the money.

This was taught back in third grade.

Best Wishes

 

[GasGuzzler]

Each time I need cash I take $300 out of the ATM and set aside $100. Pay cash for as much as I can using no coins. When the coin bowl is full, I take it to the free to use machine at my bank to count it and deposit it into my kids' savings until they are 18 (two done, two to go). Usually it's about $150 3-4 times a year. They smile on their 18th when we go to the bank to release the account to them, not knowing they had a few thousand dollars.

 

[Johnnu2]

Ignorance is bliss.......
I NEVER worried about any of this stuff....I just roll with it.
I do ask: "do you take cash here?" and then I help them count my change.
BUT, I STILL HATE electric cars and smart-phone (because they are smarter than me and scare me)....

J.

 

[epags]

If I pay cash the charge is what it is. If they take my credit card, I get a 2% cash back every month. Over the course of a year, using my CC for every purchase, my cash backs usually amount to about $2,000.00. That ain't chump change.

I pay my bill 100% every month, so I have NEVER paid a dime in interest.

If I see a store that won't take a credit card, I don't shop there. If I go to a store that charges a 2% premium for a credit card, I shop there only once, because then I only break even. If the charge is over 2% I shop elsewhere.

So far I have had no problem finding alternate stores that meet my requirements. If the time comes that my CC will end up costing ME money, then I'll change my method. Nevertheless, I will simply hate to have to spend my own time driving to the bank to get paper money.

Personal finances are all about responsibility. If you use the CC for necessary expenses, good for you. If you get carried away and spend money you really don't have, then shame on you.

All that said, there are 2 fantastic restaurants that we frequent near our mountain cabin. We simply have to eat their, the food is that good. Neither will take CC or check. But they DO have an ATM. In that case I surrender.

You spend $8,333 per month on your CC? Wow! ($2000/.02)/12=$8,333/month.

 

[GypsmJim]

You spend $8,333 per month on your CC? Wow! ($2000/.02)/12=$8,333/month.

By bad, a typo. It should have been $1200. That included auto / home / boat insurances, doctor bills and daily expenses.

 

[Bigbore5]

The BEP prints the money for the Dept. of the Treasury. and is part of the GOVT.
The treasury supplies the money out to federal Banks for distribution to other financial institutions.
The Fed reserve bank controls this they do not own the money.

This was taught back in third grade.

Best Wishes

Read the actual Taft Dodd act. And what they taught you in third grade doesn't match what I was taught at Rutgers when I studied finance in college.

Yes, the bills are printed by a government owned print shop to combat counterfeits on special government only "paper" (actually a cloth), but they are doing it for the Federal Reserve. Pull out any bill and look at it. It says plainly on it that it is a Federal Reserve Note.

 

[jack black]

Read the actual Taft Dodd act. And what they taught you in third grade doesn't match what I was taught at Rutgers when I studied finance in college.

Yes, the bills are printed by a government owned print shop to combat counterfeits on special government only "paper" (actually a cloth), but they are doing it for the Federal Reserve. Pull out any bill and look at it. It says plainly on it that it is a Federal Reserve No

Read the actual Taft Dodd act. And what they taught you in third grade doesn't match what I was taught at Rutgers when I studied finance in college.

Yes, the bills are printed by a government owned print shop to combat counterfeits on special government only "paper" (actually a cloth), but they are doing it for the Federal Reserve. Pull out any bill and look at it. It says plainly on it that it is a Federal Reserve Note.

With all due respect you are wrong.
The Reserve controls the flow of money they do not own it.

 

[Dan in MI]

A dam controls the flow of water. It doesn't own it, but it darn sure has complete control on how it affects everything downstream.

 

[DGW1949]

Read the actual Taft Dodd act. And what they taught you in third grade doesn't match what I was taught at Rutgers when I studied finance in college.

Yes, the bills are printed by a government owned print shop to combat counterfeits on special government only "paper" (actually a cloth), but they are doing it for the Federal Reserve. Pull out any bill and look at it. It says plainly on it that it is a Federal Reserve Note.

Interesting too, is the wording "note" being used on the face...."note" being a term which implies debt....think about that a while and it becomes obvious that Federal Reserve Notes ain't money at all. They are simply debt notes (AKA IOU's). In fact, they are borrowed into existence, meaning that they never existed until AFTER they were borrowed.....You know, like a magic trick.

DGW

 

[Cofaler]

We pay cash to local businesses, especially the ones we have a rapport with. We also pay tips in cash, especially when service is exceptional. I dated a lot of waitresses in my younger days when it was all cash, and a lot of change. It's a wonder any of them ever made it home with any money.

 

[roylt]

Dad always wrote down everything to the penny in his ledger. Paid cash for most things and if he didn't have cash we didn't need it that bad anyway. When I started out he encouraged me to log my expenses. I did some but got away from it. Not because I don't budget or watch what I spend but I just didn't feel I needed to so closely to be comfortable with my wallet. My three siblings on the other hand sometimes don't seem to have a pot to p... in. I count my blessings and try to encourage my kids to save and plan a bit. They are still teenage and they also have there mom(EX) who doesn't do well with money (about 18 months late on child support).

I do worry about the next generation, my kids and others. Things cost so much and houses are so expensive. A cheap car is 40K now a days so I just don't know how people are going to keep on.
Then there was the cashier at a thrift store (my girlfriend and I like to go to estate sales and thrift for something to do). I was buying a card game and the total came to 3.01. I handed her a 20 and then dug a penny out of my wallet. She didn't have a clue what to do. She said she already put in the total etc. and apologized. I tried to explain the penny would make a whole dollar so I didn't get 99 cents back. She didn't get it and apologized again. I was nice about it and didn't rock the boat. As she set all the change out I added the penny to the pile to try to help her see what was going on. Didn't say more or anything but she clearly had no idea. I said it was ok and she apologized once more. Swooped up the cash and put it all in my pocket.

Sad situation how a cashier can't understand how 1 penny added to 99 more would equal one paper dollar. Not the only time something like this has happened and won't be the last. Sad.

Rant and a bit long there. Point is I use cash like Dad did (mostly). I do use a credit card and pay it off each month to get "free" cash back.

 

[Kevin]

Dad always wrote down everything to the penny in his ledger. Paid cash for most things and if he didn't have cash we didn't need it that bad anyway. When I started out he encouraged me to log my expenses. I did some but got away from it. Not because I don't budget or watch what I spend but I just didn't feel I needed to so closely to be comfortable with my wallet. My three siblings on the other hand sometimes don't seem to have a pot to p... in. I count my blessings and try to encourage my kids to save and plan a bit. They are still teenage and they also have there mom(EX) who doesn't do well with money (about 18 months late on child support).

I do worry about the next generation, my kids and others. Things cost so much and houses are so expensive. A cheap car is 40K now a days so I just don't know how people are going to keep on.
Then there was the cashier at a thrift store (my girlfriend and I like to go to estate sales and thrift for something to do). I was buying a card game and the total came to 3.01. I handed her a 20 and then dug a penny out of my wallet. She didn't have a clue what to do. She said she already put in the total etc. and apologized. I tried to explain the penny would make a whole dollar so I didn't get 99 cents back. She didn't get it and apologized again. I was nice about it and didn't rock the boat. As she set all the change out I added the penny to the pile to try to help her see what was going on. Didn't say more or anything but she clearly had no idea. I said it was ok and she apologized once more. Swooped up the cash and put it all in my pocket.

Sad situation how a cashier can't understand how 1 penny added to 99 more would equal one paper dollar. Not the only time something like this has happened and won't be the last. Sad.

Rant and a bit long there. Point is I use cash like Dad did (mostly). I do use a credit card and pay it off each month to get "free" cash back.

Ya know, I just read this, and I'm not sticking up for the cashier, I don't know her and I wasn't there.

But she probably doesn't use cash. She probably doesn't spend dollars and cents, so she didn't make the connection between .99 cents plus one penny = 1 paper dollar.

Last weekend my daughter went to a high school football game. I gave her $20 in case she needed to buy something to drink or whatever. (And water was $5 per bottle…THIEVES!!!)

But she never spends cash. It's always Apple Pay (which is cash, but another kind.)

So perhaps, just maybe that is an explanation why teenagers and college kids can't give change. They just don't use it.

 

[DBnoise]

Bob. I must be right there with ya being antiquated. I keep mine in a coffee can. When I get "anxious" I take it to the credit union, run ut through the machine and take the cash and feed my additicion, a scope, a new pee shooter, something for my gun room.! Lol

 

[GasGuzzler]

"Pee shooter"???

 

[turd]

^^^I have one of those. It's not very big, but I'm pretty accurate with it most of the time.

 

[Yaworski]

I'm modern. I pay for nearly everything with my Discover card and then pay that bill everypay day. I usually don't carry more than $100 in cash for incidental purchases.

 

[Ale-8(1)]

Went to renew my truck license the other day. Did the paperwork and asked the nice lady "how much?" She told me #XX if you pay by check but there's an additional fee if you use plastic. So I whipped out my checkbook . . .

Didn't even ask if they took cash.

 

[Jeepnik]

Went to renew my truck license the other day. Did the paperwork and asked the nice lady "how much?" She told me #XX if you pay by check but there's an additional fee if you use plastic. So I whipped out my checkbook . . .

Didn't even ask if they took cash.

Yep, our DMV and the county tax collector charge a percentage based fee if you use a debit or credit card. They both use a third party to handle the transaction. Apparently the "fee" is to cover the third parties costs. But what I can't figure out is why is it a percentage. Does it cost more to process the payment on a $12,000 tax bill than a $1,200 bill?

So I just write them a check, stick on a forever stamp, staple the check to the paperwork and let them process it by hand. Then I usually email my legislators and tell them that hand processing costs more than electronic processing and ask them how much they are getting to keep this system in operation. None have ever responded. Wonder why.

 

[wheelgun1958]

^^^I have one of those. It's not very big, but I'm pretty accurate with it most of the time.

Muzzle velocity is reduced also.