rob-2

Yes, I 100% do think that way.

I have a safe big enough to fit you inside in at my main house...and that's not the only safe.
The safe(s) is/are where I keep a 'reasonably sized withdrawal' to cover me, which avoids making multiple trips to the ATM.

I never ever carry a large quantity of cash on me, ever.
(Well, unless I'm meeting a complete stranger on CL to buy a s2k car part from...irony!!)
Walking around daily with $500 in my wallet would be a pointlessly risky exercise, especially with my tendency to lose things.

I do agree there are downsides to cash, and I still have a debit card I use for online and convenience purchases. I also deliberately have a bulk spare coin collection that I build up with the cash-only mentality. It's much like that credit card plan where they deposit the coin value to add up to the next dollar in your savings account.
[/quote]

I'm giggling over here. You see more risk with a credit card, someone else's money, and you have zero responsibility/cost for fruad but you have invested heavily in storing cash safely at your home. In the same crazy thought process you use debit card for online purchases, which if the number is exposed to fraudsters they play with your actual bank account.

I cannot be sure if you're putting us all on, or simply have not thought any of this out.

Credit Card = Zero Risk
Cash = moderate - loss limited to on hand
Debit Card = Could clear your entire account. Proving fraud gets more complicated if your pin is exposed. (Should you use it at a store).

Banks are doing a great job reducing the perceived risk of debit cards, because they make more in fees. MC/Visa over the years has become less and less profitable.

If you're going to suggest you're really smart with money. Visa 30 days free float, average return for one months investing over the last 2 years, 2.1%. That means yearly you'd be earning ~25% by floating a 30 day balance on card and paying it off monthly in full. Plus the 1-2 cash back or points you could get.

Too make this more interesting if you'd kept $1000 in cash it's lost 20%/year in value. So if you're not getting 25%+ after fees, all your cash is loosing money. This is stupid but you can thank bush/obama for a tanking dollar.

This logic of savings/safety/convenience of cash, is flat out foolish. One dollar from 1920 is lost 97% of it's value.

TougeHorseman

Yes, I 100% do think that way.

I have a safe big enough to fit you inside in at my main house...and that's not the only safe.
The safe(s) is/are where I keep a 'reasonably sized withdrawal' to cover me, which avoids making multiple trips to the ATM.

I never ever carry a large quantity of cash on me, ever.
(Well, unless I'm meeting a complete stranger on CL to buy a s2k car part from...irony!!)
Walking around daily with $500 in my wallet would be a pointlessly risky exercise, especially with my tendency to lose things.

I do agree there are downsides to cash, and I still have a debit card I use for online and convenience purchases. I also deliberately have a bulk spare coin collection that I build up with the cash-only mentality. It's much like that credit card plan where they deposit the coin value to add up to the next dollar in your savings account.
[/quote]

I'm giggling over here. You see more risk with a credit card, someone else's money, and you have zero responsibility/cost for fruad but you have invested heavily in storing cash safely at your home. In the same crazy thought process you use debit card for online purchases, which if the number is exposed to fraudsters they play with your actual bank account.

I cannot be sure if you're putting us all on, or simply have not thought any of this out.

Credit Card = Zero Risk
Cash = moderate - loss limited to on hand
Debit Card = Could clear your entire account. Proving fraud gets more complicated if your pin is exposed. (Should you use it at a store).

Banks are doing a great job reducing the perceived risk of debit cards, because they make more in fees. MC/Visa over the years has become less and less profitable.

If you're going to suggest you're really smart with money. Visa 30 days free float, average return for one months investing over the last 2 years, 2.1%. That means yearly you'd be earning ~25% by floating a 30 day balance on card and paying it off monthly in full. Plus the 1-2 cash back or points you could get.

Too make this more interesting if you'd kept $1000 in cash it's lost 20%/year in value. So if you're not getting 25%+ after fees, all your cash is loosing money. This is stupid but you can thank bush/obama for a tanking dollar.

This logic of savings/safety/convenience of cash, is flat out foolish. One dollar from 1920 is lost 97% of it's value.
[/quote]

I'm not going to ever suggest I'm really smart with money.
But so far I've been 'smart enough' with my spending habits and money management to avoid being a victim of fraud.
I've never had a debit card pin stolen, or cash stolen for that matter (paranoia set to 'high', and fingers still crossed).

All these numbers you present are over my head now.
I'm not too good with this money math stuff...
I pay for tax guys and investment guys to handle the bulk of my funds, wouldn't trust myself to do that.
Most of my money goes into tuition now a days, though that phase of life is almost over.

Safes can be used for storing more than just cash.
Cash just sits in a tiny little secondarily locked cash drawer.

It's so annoying that the value of the dollar is decreasing, at the same time that all products are increasing in price, at the same time that hourly wages and salaries are NOT increasing. What gives!

danvuquoc

Yes, I 100% do think that way.

I have a safe big enough to fit you inside in at my main house...and that's not the only safe.
The safe(s) is/are where I keep a 'reasonably sized withdrawal' to cover me, which avoids making multiple trips to the ATM.

I never ever carry a large quantity of cash on me, ever.
(Well, unless I'm meeting a complete stranger on CL to buy a s2k car part from...irony!!)
Walking around daily with $500 in my wallet would be a pointlessly risky exercise, especially with my tendency to lose things.

I do agree there are downsides to cash, and I still have a debit card I use for online and convenience purchases. I also deliberately have a bulk spare coin collection that I build up with the cash-only mentality. It's much like that credit card plan where they deposit the coin value to add up to the next dollar in your savings account.
[/quote]

I'm giggling over here. You see more risk with a credit card, someone else's money, and you have zero responsibility/cost for fruad but you have invested heavily in storing cash safely at your home. In the same crazy thought process you use debit card for online purchases, which if the number is exposed to fraudsters they play with your actual bank account.

I cannot be sure if you're putting us all on, or simply have not thought any of this out.

Credit Card = Zero Risk
Cash = moderate - loss limited to on hand
Debit Card = Could clear your entire account. Proving fraud gets more complicated if your pin is exposed. (Should you use it at a store).

Banks are doing a great job reducing the perceived risk of debit cards, because they make more in fees. MC/Visa over the years has become less and less profitable.

If you're going to suggest you're really smart with money. Visa 30 days free float, average return for one months investing over the last 2 years, 2.1%. That means yearly you'd be earning ~25% by floating a 30 day balance on card and paying it off monthly in full. Plus the 1-2 cash back or points you could get.

Too make this more interesting if you'd kept $1000 in cash it's lost 20%/year in value. So if you're not getting 25%+ after fees, all your cash is loosing money. This is stupid but you can thank bush/obama for a tanking dollar.

This logic of savings/safety/convenience of cash, is flat out foolish. One dollar from 1920 is lost 97% of it's value.
[/quote]

Thank goodness someone here has this thought through. I pay EVERYTHING that I can through my AMEX because they assume I am right every time theres an issue -- I actually feel like they're on my side -- 1 call and everything is reversed/fixed. Not only that but the cash back provides me with quite a bit in return every year, and I can take it out in $20 increments whenever I want.

dcdomain

Thanks for the note! I usually jiggle the CC scanner just to make sure there isn't a skimmer placed in front of it. Guess that method is useless now.

S2020

wow!
thanks for the head up.
looks like I'm gonna be using cash (for a while until I get lazy and go back to card again)

herrjr

just happened to my coworker

bCaHnIaCnKa

omgosh