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Thread: cash in wallet
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05-10-2005, 09:35 AM #1Disabled
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cash in wallet
How much do you carry in your wallet? I carry about $120
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05-10-2005, 09:36 AM #2Web Hosting Master
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$5 dollars. 1 ATM/Debit/Credit Card and 1 MasterCard. I pay everything with my ATM/Debit Card. I never carry cash.
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05-10-2005, 09:57 AM #3Web Hosting Master
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$0 - I didn't realize people actually still carried the green stuff.
I use my debit card everywhere.Hendrick Networks - Technical, Security and Connectivity Solutions Built on T.R.U.S.T
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05-10-2005, 09:58 AM #4Web Hosting Master
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Usually very little.
With very few exceptions, unless a place of business takes credit cards, I just don't shop there. If you pay in full and play the game, you can take advantage of many credit cards rewards programs.
Volume is one thing credit card companies like. American Express sends me gifts all the time for one of my business charge cards due to volume. Recently they sent a potted plant for some reason.
Me: I have a plant here from you, what's up with this?
CSR: It's a customer appreciation gift, sir
Me: OK, well how do I take it in for some membership rewards points.
CSR: You can't
Me: Why not
Cash is also harder to track and you have to deal with change, etc. Just doesn't work too well for me...VOIPO - VoIP Telephone Service
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05-10-2005, 10:01 AM #5Web Hosting Master
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$5 or $10 at max, I also use my Paypal Debit/Credit card as much as I can.
Jean-Pierre Abboud / I'm the TekGURU
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05-10-2005, 10:06 AM #6Retired Moderator
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About £20 in notes + some coins. Normally just to pay for things like a sandwich or another quick snack. Everything above that goes on the Credit Card.
Steve
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05-10-2005, 10:13 AM #7Retired Moderator
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$0 - I do everything via debit card. This way I have a record of every penny I've spent if I ever need to look at it in the future (which I rarely do). It's handy for figuring out business expenses though
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05-10-2005, 10:22 AM #8Temporarily Suspended
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I used to carry a few hundred around in my wallet, then when I lost it I learned my lesson. Now I carry $40 at the most in my wallet and always use my debit card or paypal card.
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05-10-2005, 10:26 AM #9Web Hosting Master
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Guess what? I dont even have a wallet.
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05-10-2005, 10:30 AM #10Retired Moderator
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I could probably get away with not having a wallet, all I need to have with me is my driving license and credit card.
Steve
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05-10-2005, 10:39 AM #11Web Hosting Master
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Originally posted by adam
I used to carry a few hundred around in my wallet, then when I lost it I learned my lesson. Now I carry $40 at the most in my wallet and always use my debit card or paypal card.
The only disadvantage to using cards that I can see, is when it comes to making petty exchanges such as buying sweets (candy ) and bottled drinks. Many credit/debit card companies charge you a premium as your debit / credit withdrawal is less than a certain limit.
JordOur greatest glory is not in never falling, but in rising every time we fall. - Confucius
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05-10-2005, 10:58 AM #12Web Hosting Guru
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Normally carry about £20 at most.. unless I'm going out for the night.
I'd prefer just to carry my cards with meNew Shared & VPS Offerings Coming Soon!
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05-10-2005, 10:59 AM #13Disabled
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wow, I never realized how many people strictly depend on their debit card/credit card for purchasing items. I guess nobody is making money
This is a cool/strange topic to discuss, however, I usually carry $200-$400 cash in my wallet. And this is a bad thing too since you tend to spend more when the cash is right there available.
Either way, I prefer cash over plastic anyday...especially when you want to go for dinner and they tell you their debit machine is not working... that's when you see some people's face go what do you mean you can't accept DEBIT!!
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05-10-2005, 11:02 AM #14Junior Guru
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I pay everything with cash, All my bills, if not with cash then with a money order. I will never use credit cards because I dont want to pay any interest on what i buy. I know too many people with bad credit and huge credit card bills I do keep money in the bank, but most of my funds are on me or my safe in my home. In my wallet now i have around 200 maybe 220.
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05-10-2005, 11:03 AM #15Temporarily Suspended
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Originally posted by UniServe Hosting
wow, I never realized how many people strictly depend on their debit card/credit card for purchasing items. I guess nobody is making money
This is a cool/strange topic to discuss, however, I usually carry $200-$400 cash in my wallet. And this is a bad thing too since you tend to spend more when the cash is right there available.
Either way, I prefer cash over plastic anyday...especially when you want to go for dinner and they tell you their debit machine is not working... that's when you see some people's face go what do you mean you can't accept DEBIT!!
How does using a Debit Card mean that we are not making money?
A Debit Card is my bank card, where all my money is kept.
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05-10-2005, 11:07 AM #16Junior Guru Wannabe
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Originally posted by hoststylez
I pay everything with cash, All my bills, if not with cash then with a money order. I will never use credit cards because I dont want to pay any interest on what i buy. I know too many people with bad credit and huge credit card bills I do keep money in the bank, but most of my funds are on me or my safe in my home. In my wallet now i have around 200 maybe 220.
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05-10-2005, 11:15 AM #17Retired Moderator
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I will never use credit cards because I dont want to pay any interest on what i buy.
Just pay it off every month and you don't need to worry. Seems a bit silly to me carrying around hundreds of $ and missing out on interest had it been in the bank.Steve
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05-10-2005, 11:20 AM #18Disabled
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I believe the point he's trying to make is, there are a lot of people out there who purchase items ie: a new television set, a couch set, dinner table etc... get my drift. However, they do not make their payments on time and they end up paying $4000 for a set that was originally $3000. For example my neighbour bought a living room set for $7000 she is now only paying off the interest payments for her credit card. The credit card company loves her. So the $248 a month they pay is just for the interest it's not even an actual payment towards their living room set.
Whether you want to believe/realize this but there are millions of people out there who are just like this.
How does using a Debit Card mean that we are not making money?
A Debit Card is my bank card, where all my money is kept.
Also, cash is a beautiful thing. Say you were going to buy a brand new corvette which costs lets say 70,000. If you tell that guy i'll give you $65,000 cash right now they'll take it. The same applies for an array of products.
However, once you start making money you'll see why carrying cash is a better practice. The thing with debit cards too, if you strictly depend on them you may start spending money left and right as well and lose track this way where your money is spent. Yes you can update your book or if you have online banking may check the statements online etc.
Oh well, this isn't what the thread is about.
Take care
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05-10-2005, 11:30 AM #19
Normally I have about $20 on me. I pay for everything with my debit card. Today, however, I have $12,000 in cash on me. I'm going to buy a car this afternoon.
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05-10-2005, 11:34 AM #20Disabled
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Just pay it off every month and you don't need to worry. Seems a bit silly to me carrying around hundreds of $ and missing out on interest had it been in the bank.
A client of my mothers makes around 2,000 Interest a month but that's on $200,000 in RRSPs.
If the average person saves $200 a month that's $2,400 a year. In ten years that's $24,000 saved. By the time this person gets to $200,000 they'll be in a semi-comma.
However, RRSPs are good since you can take a maximum of $20,000 in your RRSPs and use it towards a down payment for your new home or for education purposes but then you got 15 years to pay (re-save that $20,000) into your RRSP account. This is good since it will ensure you are saving your money again and yet were able to use it for a good investment. However, if you had $10,000 in your RRSP and maybe $20 was interest off that 10,000 and you decide to pull out that RRSP because you need money badly the bank will automatically keep $1,000 so really you get $9,000.
However, come income tax time you make money. Bah hahaha this is a very interesting topic but to many details to cover.
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05-10-2005, 11:36 AM #21Disabled
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Today, however, I have $12,000 in cash on me. I'm going to buy a car this afternoon.
By the way what car are you going to purchase and congratulations.
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05-10-2005, 11:50 AM #22Web Hosting Master
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Originally posted by UniServe Hosting
However, once you start making money you'll see why carrying cash is a better practice.
I'm going to have to go ahead and disagree with you on that one... I make substantial amount of money (and I do mean substantial) and just don't do the cash thing.
The example with a car... It doesn't always work that way... In many instances due to relationships with lenders, dealerships make more money when you finance than when you pay up front... I know that for a fact.
In others (maybe smaller dealerships), they may offer a "cash" discount, but that kind of discount is generally just to save on CC processing fees. Generally uou don't use a credit card for car purchases, but instead you would obtain an installment loan.
If a dealership did offer a cash discount (I know there are some out there), I don't think they'd necessarily want to have their funds in dollar bills and change. Anyone that would carry 60K in cash would be insane. A cash discount could also be made available for a wire transfer or something more secure than large bags of bills.
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05-10-2005, 11:55 AM #23Web Hosting Master
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Strictly cash. It is very much a cash society where I live. All my clients pay cash. I would get about three cheques a year and I only accept cheques if there made out to cash and they bank locally. My business doesn't even accept cards. One of our largest electrical/furniture store advertises "great deals, lees for cash"
If I see somebody with something to sell privately they want the money as quickly as possible, I pull out cash and then get a better price. Lots of tradesmen will give a discounted prices for "cash in hand". The only way to get casual labour, is to offer cash in hand.
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05-10-2005, 11:56 AM #24Retired Moderator
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However, once you start making money you'll see why carrying cash is a better practice.
I don't quite understand why anyone would think carrying round large amounts of cash would be a good idea. Are you seriously saying that were you to go buy a new TV for $1000 you would pay in cash?
Lots of tradesmen will give a discounted prices for "cash in hand".Steve
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05-10-2005, 12:00 PM #25Web Hosting Master
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Have never carried money in my wallet and never will. All cash in front pocket. Let some pick pocketer try to get that cash.