If food prices haven’t been high enough, now, thanks to Bidinflation, the price to eat is almost 12% over the last year, and the largest annual increase since May 1979.
Specifically, restaurant menu prices increased 8.2%, and grocery prices surged 13.8%.
Inflation, which reached a four-decade high earlier in 2022, increased far more than economists and corporate media told us it would be as summer came to an end. Consumer prices continue to rise according to the Bureau of Labor Statistics.
Although the Biden Administration pat themselves on the back for gas prices, since they have been in office these costs have for the most part, increased and are a chief contributor to inflation for most of the year.
According to data from Zillow, the typical U.S. monthly rent in August 2022 was right at $2,090, a 12.3% increase from a year earlier. By comparison, average U.S. rent was $1,660 before Biden entered the White House.
With rent hikes adversely affecting millions of Americans, 8.5 million people were behind on their rent at the end of August, about 4 million renters say they’re somewhat or very likely to be evicted before the 2022 Holiday season, according to data from the Census Bureau.
The Labor Department said real average weekly earnings decreased 3.4% over the last 12 months.
The Committee to Unleash Prosperity estimates that purchasing power of a median income household family was down about $4,000 over the past 14 months.
As the government artificially makes more cash available to compete over the same number of homes, prices will inevitably rise. These higher home and rental prices especially harm vulnerable populations and increases a dangerous recession.
Shelter costs had the biggest monthly rise since 1991, at 0.7% in August from the prior month– a giant jump by 6.2% compared to the same time in 2021, per the Bureau of Labor Statistics.
Meanwhile, mortgage rates also surged above 6% for the first time since the housing crash of 2008. The 30-year fixed rate stood at 2.86% a year ago and at 2.65% in January 2021, when President Biden entered the White House.
Food Costs Year Over Year Changes 2021-2022 September
Money scams are on the rise as more liberal district attorneys fail to charge crimes. With holidays approaching, it’s important to arm ourselves with knowledge.
Be wary of get-rich-quick schemes. If an offer seems too good to be true, it probably is.
Avoid sending money or giving your account information to anyone you don’t know or a company you can’t verify as a legitimate. If you send money as part of a scam, you may not be able to get it back.
Beware of scammers impersonating a tech support company, fraud department, or government agency through a phone call or pop-up message on your computer. Do not provide your account information or access code, or give them control to your computer.
Be wary of an unexpected request for payment for a good, service or fee through any form of communication (email, phone call, social media, etc.) Do your research and don’t be afraid to end communication with the person making the request.
Don’t send money back to someone who has provided a check or overpayment for goods or services.
Be suspicious if someone requests your account information or assistance with a financial transaction, such as cashing a check on their behalf or transferring money for them.
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Steer clear of these pitfalls to set yourself up for success
A credit card can be a great way to pay for purchases, earn rewards and build credit. But that’s only if you use it responsibly. Otherwise, you might run into things like penalties and fees.
And those can cost you money, and some may even hurt your credit. But by understanding how credit cards work, you can take advantage of perks and avoid pitfalls. Here are 10 common credit card mistakes to avoid.
1. Making Late Payments
The Consumer Financial Protection Bureau (CFPB) says a credit card payment will not be considered late if it is received by 5 p.m. on the due date. Missing your payment deadline could come with several consequences. For example, issuers can charge a fee the first time your credit card payment is late. And if you’re late again within the next six billing cycles, issuers can generally charge an even higher late fee.
Payment history is also an important part of credit scoring, according to the CFPB. Your scores could take a hit once a payment is 30 or more days past due. And that kind of negative information can stay on your credit reports for seven years—at least. Consider using automatic payments or setting a reminder a few days before the payment is due to help yourself remember.
It’s also important to consider how much you’re paying every month to avoid the second mistake…
2. Sticking to Minimum Payments
A minimum payment is the smallest amount you must pay on your credit card each month to remain in good standing. And making the minimum payment by the due date every month can help keep your account in good standing and help you avoid penalties and fees.
But if you’re making only the minimum payment every month, the CFPB says it can take longer to pay off your credit card debt. That’s because you’ll typically be charged interest on the unpaid portion of your balance.
But there’s more to know about interest. And learning how it works can help you avoid the next mistake…
3. Misunderstanding Interest
Credit card interest is the cost of borrowing money. The good news is you may avoid interest charges on new purchases if you pay your balance in full by the due date every month. But remember those minimum payments from above? If you carry over part of your balance to the next month, then you’ll probably be charged interest on it.
You might also have different interest rates depending on the type of transaction. So things like cash advances and balance transfers may have higher rates or additional fees. And those transactions may not have a grace period. You can check with your card issuer if you have questions.
You might also be able to check your card agreement, which can help you avoid the fourth mistake…
4. Ignoring Your Card Agreement
Card agreements might seem complicated at first, but reading yours can help you better understand how your credit card works. The agreement contains lots of information about your card’s interest rates, fees, limits and more.
Card agreements even have specifics about how interest is calculated and a glossary of important terms. Getting to know some common credit card terms may be helpful. And reading through all of it might help you avoid surprises.
But your card agreement isn’t the only document you should be aware of—at least not if you want to avoid the next mistake…
5. Neglecting Your Monthly Statement
Your credit card statement is a document that summarizes your credit card activity over the previous month—among other things. While that might sound boring, your statement is actually full of helpful information. And knowing what’s in it can help you keep your account in good standing.
For example, your billing statement includes your statement balance, minimum payment and due date. It also tells you how much interest you’ll pay if you make only the minimum payment. And it might be a chance to spot fraudulent activity on your account. At the very least, you can check your statement to find out how much you owe—and when.
You can also use your statement to keep an eye on how close you are to maxing out your card. That brings the list to the sixth mistake…
6. Hitting Your Credit Limit
If you’re approved for a credit card, the issuer will assign you a credit limit. This is the maximum amount you can charge to your card. While you’re allowedto use the entire credit limit, doing so could hurt your credit scores.
That’s because a portion of your credit score depends on the amount of credit you’re using compared with what you have available. This is known as your credit utilization ratio. According to the CFPB, getting close to your credit limit could hurt your credit scores. They say experts advise against using more than 30% of your total credit limit—across all accounts.
Maxing out your credit cards isn’t the only thing that can affect your credit. So can the next mistake…
7. Applying for Too Many Cards Too Soon
Nothing’s stopping you from applying for multiple credit cards, but you should understand how it might affect your credit. When you submit a credit card application, the card issuer will pull your credit history. This is known as a hard inquiry.
And submitting several credit card applications in a short time could cause your score to dip temporarily, according to the CFPB. Plus, the agency says it could give lenders the wrong impression about your finances. So it might be a good idea to apply for cards that fit your credit profile and to wait a few months between credit card applications.
Multiple applications over a short period could ding your credit. But don’t fall into the trap of the eighth mistake…
8. Not Comparing Credit Cards Before Applying
A credit card is a financial commitment, so it’s important to make sure the card fits your situation so you’re able to use it responsibly. Shopping around could help you avoid fees and find the card with the best interest rate, according to the CFPB.
One step might be pre-approval. Getting pre-approved is no guarantee of approval, but it can give you more confidence when you apply. And it might help you avoid unnecessary inquiries if you know your application is likely to be declined. Doing some research could also help. If you know you have a fair credit score, it might help you narrow down your options.
Applying for a bunch of cards could affect your credit and so can closing existing accounts. That brings the list to its ninth mistake…
9. Canceling Your Card Impulsively
Generally, you may be able to close a credit card account anytime by calling your credit card company or going online. Before your account is closed, the CFPB says you’ll need to pay down any balance on schedule. The agency also says your card issuer is allowed to charge interest on what you owe.
But closing the account might also affect your credit in other ways. First, it could affect the length of your credit history. And remember credit utilization in the sixth mistake above? If you have multiple credit cards, closing one might increase the percentage of available credit you’re using. So it might be helpful to fully consider the potential effects before closing an account.
But there’s one thing you don’t want to wait on, and it happens to be the final mistake to avoid…
10. Waiting to Report a Lost or Stolen Card
Whether your physical card is stolen or just your credit card information, your liability for fraudulent credit card charges tops out at $50. That’s according to the Fair Credit Billing Act. But that’s only if the fraudulent charges are investigated and verified. And for that to happen, you have to report them first.
If you act fast and report a lost credit card before it’s used, then you may not be responsible for any charges you didn’t authorize. That’s because some credit card issuers might waive your liability for any fraudulent charges. But the key is to report a missing or stolen credit card as soon as possible.
Make the Most of Mistakes
Mistakes happen. But learning from them can help you avoid repeating them. And identifying potential problems ahead of time might help you avoid mistakes altogether.
From the Federal Trade Commission, Division of Consumer & Business Education
If you get a call that looks like it’s from the Social Security Administration (SSA), think twice.
Scammers are spoofing SSA’s 1-800 customer service number to try to get your personal information.
Spoofing means that scammers can call from anywhere, but they make your caller ID show a different number – often one that looks legit. Here are few things you should know about these so-called SSA calls.
These scam calls are happening across the nation, according to SSA: Your phone rings. Your caller ID shows that it’s the SSA calling from 1-800-772-1213.
The caller says he works for the Social Security Administration and needs your personal information – like your Social Security number – to increase your benefits payments. (Or he threatens to cut off your benefits if you don’t give the information.) But it’s not really the Social Security Administration calling. Yes, it is the SSA’s real phone number, but the scammers on the phone are spoofing the number to make the call look real.
Hang Up and Report
What can you do if you get one of these calls? Hang up. Remember:
SSA will not threaten you. Real SSA employees will never threaten you to get personal information. They also won’t promise to increase your benefits in exchange for information. If they do, it’s a scam.
If you have any doubt, hang up and call SSA directly. Call 1-800-772-1213 – that really is the phone number for the Social Security Administration. If you dial that number, you know who you’re getting. But remember that you can’t trust caller ID. If a call comes in from that number, you can’t be sure it’s really SSA calling.
If you get a spoofed call, report it. If someone calls, claiming to be from SSA and asking for information like your Social Security number, report it to SSA’s Office of Inspector General at 1-800-269-0271 or https://oig.ssa.gov/report. You can also report these calls to the FTC at ftc.gov/complaint.
When you see “pre-qualified” or “pre-approved” on a credit card offer you get in the mail, it typically means your credit score and other financial information matched at least some of the initial eligibility criteria needed to become a cardholder.
Understanding the distinction between the two terms can get tricky because companies can use them differently.
Here are a few things to keep in mind if you have questions about pre-qualified and pre-approved credit card offers.
What Are Pre-Qualified and Pre-Approved Credit Card Offers?
Both pre-qualified and pre-approved credit card offers usually result from a credit card company working with a credit bureau to look at your basic credit information.
So when you get one of these offers, it likely means the information pulled by the credit card company showed that you’d be a good potential customer.
What’s the Difference Between Pre-Qualified and Pre-Approved?
While pre-qualified and pre-approved are sometimes used interchangeably, they could have slightly different meanings. That’s because issuers can apply their own meaning to these terms.
Some pre-qualified card offers could be reserved for those who meet a general credit score range. Other pre-approved offers may target those who meet more specific criteria, like the percentage of on-time credit card payments in your credit history.
How Do I Get a Pre-Qualified or Pre-Approved Credit Card Offer?
Some pre-qualified or pre-approved offers might come to you in the mail or by phone or email. If you’re interested in a new card, you can respond to these offers and apply to become a cardholder.
Keep in mind: You haven’t actually applied for the credit card when you receive one of these offers. But if you’re interested in a new credit card, you can use pre-qualified or pre-approved offers as an opportunity to compare options before applying.
If you’re actively seeking a new credit card, you can also research cards and their terms online.
Can Pre-Qualified or Pre-Approved Credit Card Offers Hurt My Credit Score?
Simple reviews of your credit are called “soft” inquiries and don’t affect your credit score. These include credit checks from the prescreening or preselection process that lead to pre-qualified or pre-approved credit card offers.
A second type of credit check, called a “hard” inquiry, is made only after you respond to a card offer by applying for the card. Once you apply for a credit card, an issuer will do a full check—a hard inquiry—of your credit report, which can affect your credit score. MyFICO.com explains that a hard inquiry typically has only a minor effect on your FICO score if most other factors (like timely bill payment) are in order.
This full credit check will help in determining whether you could be approved to get the card. If you’re approved, the issuer must offer you the same terms that appeared in the original pre-qualified or pre-approved offer.
If there are changes to your credit information in the time between the prescreening or preselection process and when you apply for a card, your eligibility might change too. For example, this might happen if there were any major changes to your employment, salary or debt.
Do Pre-Qualification and Pre-Approval Mean I’m Guaranteed a Credit Card?
“Pre” is the key part of both of these terms. When a credit card offer mentions that you’re pre-qualified or pre-approved, it typically means you meet the initial criteria required to become a cardholder. But you still need to apply and get approved.
Think of these offers as invitations to start the actual application process. Since you’ve already been pre-qualified or pre-approved, these offers can give you more confidence when you start the application process.
Responding to a Pre-Qualified or Pre-Approved Credit Card Offer
When you apply for a card, that’s when you’ll share more of your financial information, including your income level. That’s also when card issuers will conduct a full credit check.
If you decide you want to apply, that’s a good time to take a close look at things like interest rates and the other card terms to determine which card is right for you. Many cards offer additional benefits like earning cash back or travel rewards, $0 fraud liability for unauthorized purchases, travel insurance, premier access to events, and more.
The Millionaire Next Door (by Thomas J. Stanley and William D. Danko) is different. It is built on years of research, on a body of statistics and case studies. It doesn’t make hollow promises. Instead, it profiles people who have already become millionaires. This is a subtle but important difference.
The general premise of The Millionaire Next Door is that the pop culture concept of a millionaire is quite false and that most actual millionaires live a very simple lifestyle.
The authors, Stanley and Danko, did extensive profiling of people whose net worth defined them as millionaires along with those whose salaries and age defined them as likely millionaires and, using this data, created a detailed profile of who exactly a typical millionaire is.
From there, extensive interviews with these “typical” millionaires created a much more detailed picture of what it actually means to be a millionaire in today’s society.
Many people who earn high incomes are not rich, the authors warn. Most people with high incomes fail to accumulate any lasting wealth. They live hyperconsumer lifestyles, spending their money as fast as they earn it.
In order to accumulate wealth, in order to become rich, one must not only earn a lot (play “good offense”, according to Stanley and Danko), but also develop frugal habits (play “good defense”).
Most books focus on only one side of the wealth equation: spending less or earning more.
It’s refreshing to read a book that makes it clear that both are required to succeed.
Frugal wealthy breaking even (spartan) Spender breaking even (lavish) broke High-income spenders live in a house of cards. Sure they have the money now to fund their hyperconsumer lifestyle, but what happens when that money goes away?
It’s also difficult for low-income frugal folks to acquire wealth. They need to learn to play financial “offense”. But those with low incomes who spend are in the biggest trouble of all.
The wealthy, on the other hand, generally have a high income and a frugal mindset. They share other characteristics as well.
80% of America’s millionaires are first-generation rich. This is contrary to those who would have you believe that wealth is usually inherited.
20% of millionaires are retired
50% of millionaires own a business
The authors write, “In the course of our investigations, we discovered seven common denominators among those who successfully build wealth.” Those characteristics are:
They live well below their means. In general, millionaires are frugal. Not only do they self-identify as frugal, they actually live the life. They take extraordinary steps to save money. They don’t live lavish lifestyles. They’re willing to pay for quality, but not for image.
They allocate their time, energy, and money efficiently, in ways conducive to building wealth. Millionaires budget. They also plan their investments. They begin earning and investing early in life. The authors note that “there is an inverse relationship between the time spent purchasing luxury items such as cars and clothes and the time spent planning one’s financial future”. In other words, the more time someone spends buying things that look good, the less time they spend on personal finance.
They believe that financial independence is more important than displaying high social status. Usually millionaires don’t have fancy cars. They drive mundane domestic models, and they keep them for years.
Their parents did not provide economic outpatient care. That is, most millionaires were not financially supported by their parents. The authors’ research indicates that “the more dollars adult children receive [from their parents], the fewer they accumulate, while those who are given fewer dollars accumulate more”.
Their adult children are economically self-sufficient. This chapter is fascinating. The authors clearly believe that giving money to adult children damages their ability to succeed.
They are proficient in targeting market opportunities. “Very often those who supply the affluent become wealthy themselves.” The authors discuss how one of the best ways to make money is to sell products or services to those who already have money. They list a number of occupations they feel have long-term potential in this area.
They chose the right occupation. “Self-employed people are four times more likely to be millionaires than those who work for others.” There is no magic list of businesses from which wealth is derived — people can be successful with any type of business. In fact, most millionaire business owners make their money in “dull-normal” industries. They build cabinets. They sell shoes. They’re dentists. They own bowling alleys. They make boxes. There’s no magic bullet.
We advocate AMAC so much we offer this information for mature CLEVERJOURNEYS readers.
“The Association of Mature American Citizens represents Americans 50 plus. AMAC is centered on American values, freedom of the individual, free speech, and exercise of religion, equality of opportunity, sanctity of life, rule of law, and love of family, with benefits at all levels. AMAC plays a vital role in helping build the services that will enrich the lives of America’s seniors. AMAC Action, a 501 (C)(4) advocates for issues important to AMAC’s membership on Capitol Hill and locally through grassroots activism.”
Dodie and I moved farther away from civilization in May and have no regrets. We love it!
Before Dodie and I married in December 2019, we talked often about ridding ourselves of “things” and living a more simple life. The pandemic hit and changed everything. It was lemonade made out of lemons time.
After a 40 year career as a RN nurse in Phoenix, Dodie is now retired and back home in Texas living her lifelong dream in the Hill Country.
My home northwest of Boerne, Texas for years was where I raised my four children. It was a large home with five bedrooms, two kitchens, two living rooms, three and a half bathrooms and three fireplaces on a 1,865 foot hill overlooking a spectacular hill country.
After a divorce 14 years ago, I found myself living in an apartment for the first time since college days. It was a small efficiency, a few floors above the historic Majestic Theater in downtown San Antonio.
The beautiful River Walk was my backyard, with dining, entertainment and shopping just steps away. The adjustment was easy and benefits many.
Years later, I retired back to the Boerne area and lived in the wonderful Fair Oaks Ranch until May of this year. Several of my friends there mentioned over the years they had a desire to downsize after they became empty nesters. Some did and indicated relief with less burdens.
We moved about an hour from San Antonio and an hour further northwest of Boerne. Our home and yard is small. We’re surrounded by the tranquility of stunning picture postcard views of rolling and rugged hills, wildlife and a winding pristine river just a short walk away.
If we want, we can even kayak to my high school friend Randy Potts’ property and he can drive us back home a mile and a half away.
It was hardly news that downsizing our home could save money, but we didn’t realize we would cut all expenses in half!
We rent a small and simple house that my son Brady calls a cabin. In addition to no mortgage or tax burdens we spend far less on utilities and maintenance. Plus, our dog, Mr. Beefy is ecstatic. We’re happy!
But living in a smaller house wasn’t just a smart financial decision, it has also improved our quality of life.
Here are some ways that living in a small house has made my our lives better:
1. We Have Less to Clean
A large home is time consuming and can be quite the burden. It’s refreshing to feel like we’re not slaves to our home with housekeeping and maintenance burdens.
It’s all simple. Today I even did something I haven’t done since I was 12 years old. Using clothes pins to hang our pillowcases and sheets on the line brought back childhood memories with my mother.
2. We Can Improve Our Health
If we have less to clean, we are more likely to do the kind of dust-eliminating deep cleaning that only happens in larger houses if you employ an army of maids. Less dust (and pet hair and dander) means cleaner air and fewer allergic reactions.
In addition, our small house really encourages us to get outside more often. Why stay inside a small space on a beautiful summer day when we could go for a walk?
Dodie and I have noticed that with each passing mile away from cities, our relaxation factor goes up. We have far less tension driving on highways, especially those under constant construction.
3. We Become Less Focused on Stuff
Just as a goldfish will grow to fill the size of a bowl it lives in, a regular family’s need for stuff will grow to fit the space it has to fill.
Living in a large house meant more rooms to furnish and decorate. But it’s more than that. In our little “cabin,” it’s easy to browse in stores without buying because we don’t have room for new stuff.
Small living changes how we view making new purchases. In a large house, there’s always room for more, so you might as well indulge.
4. We Have More Free Time
Along with buying less stuff because we have no room for it, we also avoid the time costs of maintaining all that stuff, as well as the time cost of keeping a larger home clean and in good repair.
Living in a small house means that the needs for our home take a smaller bite out of your free time, allowing us to pursue the things in life that we are really passionate about. In fact, we spent most of June and July roadtripping the country and checking off our bucketlist.
5. We Have More Family Time
One of the selling points for big houses is that everyone gets to have their own space. And while I would never want to give up my me-time, I don’t think I need an enormous separate room to have it.
Families in very large houses don’t have to spend time together, because each person has a space to retreat to. When everyone is all thrown together into a small living area, that allows for more fun family time.
6. We Optimize Our Space
People will often want a big house for reasons that seem perfectly logical: they need space for overnight guests, or a large dining room for the annual Christmas party, or a restaurant-sized kitchen for when the whole family comes for Grandma’s birthday dinner.
But these kinds of reasons ignore how families actually use their space on a day-to-day basis. We found we’re much happier using all of our available space the 360 days of the year we don’t have overnight guests, parties, or dinner for 8, rather than having unused space for the majority of the year.
7. We Can More Easily Afford the In-Demand Neighborhoods
While every real estate market is different, I found that when I lived in the suburbs of the city years ago, we could generally count on small houses being more affordable than their big-blueprinted neighbors. It can often translate into living in a great neighborhood with good schools.
9. We’re Reducing Our Environmental Footprint
Small houses consume less energy and use fewer materials in the building process.
But in addition to these environmental benefits, small houses are also generally built in more walkable areas, which means we don’t have to jump in the car just to get a loaf of bread. And since buying a small house will often mean buying an older home, it will be preserving the environment by not building new—which is the ultimate in recycling.
The Bottom Line
Downsizing isn’t just for empty-nesters or those who bought more house than they can afford. If you live in a big house, think about how downsizing to a small one could improve your life, your relationships, and your bottom line.
Downsizing your home may be a way to save both money and time. Consider these 5 questions:
Do you want more free time? Downsizing can free up time spent on home upkeep and give you more time to pursue other things you enjoy, such as hobbies, traveling or family bonding.
Do you want to cut expenses? A smaller place may help trim costs, such as mortgage and insurance payments and utilities. But remember to consider the costs associated with selling a home, including realtor fees, closing costs and moving expenses.
Does your home meet your needs? You may look for a home with living spaces on one floor, a smaller yard, or a closer proximity to city life. While you may be able to adapt your current home, moving to a smaller home may be more convenient.
Do you want to improve cash flow? Selling your home may give you extra cash to put toward retirement savings or free up a portion of your monthly expenses. Downsizing from a $250,000 home to a $150,000 home could save about $6,250 a year.
Do you need room to host? The right-size home for your family may depend on if you anticipate adult children or other relatives moving in with you or frequently hosting visitors.
Forget about cash being dirty. Stop being so easily led. Cash has been around for a very, very, very long time and it gives you control over how you trade with the world. It gives you independence.
There’s a story going around where a man supposedly contracted Covid because of a $20 bill he had handled. There is the same chance of Covid being on a card as being on cash. If you cannot see how utterly ridiculous this assumption is, then there is little hope.
If there’s a power outage, how are you going to pay if you can’t swipe or insert your card?
A recent comprehensive study of 14,000 people by the Consumer Financial Protection Bureau found consumers spend less when paying by cash.
Bad for privacy
When you pay cash, there is no middleman; you pay, you receive goods or services — end of story. When a middleman becomes part of the transaction, that middleman often gets to learn about the transaction — and under our weak privacy laws, has a lot of leeway to use that information as it sees fit.
A cashless society means no cash. Zero. It doesn’t mean mostly cashless and you can still use a ‘bit of cash here & there’. Cashless means fully digital, fully traceable, fully controlled.
If you support a cashless society you aren’t fully aware of what you are asking for. The harms that can come from limiting everything to electronic systems can effect privacy invasion abuses, profiling, financial loses, etc.
The Federal Reserve stated that debit cards are the most frequently used means of making all purchases. Cash is employed in 26% of all transactions and 49% of those under $10. But now every age group up to the baby boomers have now shifted to digital means and plastic for making transactions than using cash and Not surprisingly, millennials lead the pack.
Despite these trends, a few states and cities have passed laws requiring businesses to accept cash, and here’s why: Some elderly people still don’t do technology. They don’t even have a cellphone, much less a PayPal account for transferring money.
Many poor people don’t have credit cards or even bank accounts. Some 6.5% of American households are “unbanked,” according to the Federal Deposit Insurance Corporation. Cashless establishments discriminate against this group.
In the Consumer Protection study mentioned above, they analyzed those who had a revolving balance on their credit cards. They wanted to see if financial “rules of thumb” could actually help these consumers lower their revolving credit card debt.
They tested two rules: one was paying cash for purchases under $20, and the second was reminding customers that paying with a card can add 20% to a purchase when you revolve that credit card balance.
They sent out these reminders via email and banner ads and even sent customers magnets that included one of two reminders:
“Don’t swipe the small stuff. Use cash when it’s under $20.”
“Credit keeps charging. It adds approximately 20 percent to the total.”
The study found that when consumers were reminded to pay with cash, they had less revolving debt six months later. Researchers concluded:
Consumers who received the first rule of thumb had, on average, $104 less in revolving debt six months later; their balances were 2 percent lower than their baseline average.
A cashless society means:
If you are struggling with your mortgage on a particular month, you can’t do an odd job to get you through.
Your child can’t go & help the local farmer to earn a bit of summer cash.
No more cash slipped into the hands of a child as a good luck charm or from their grandparent when going on holidays.
No more money in birthday cards.
No more piggy banks for your child to collect pocket money & to learn about the value of earning.
No more cash for a rainy day fund or for that something special you have been putting $20 a week away for.
No more charity collections.
No more selling bits & pieces from your home that you no longer want/need for a bit of cash in return.
No more cash gifts from relatives or loved ones.
What a cashless society does guarantee:
Banks have full control of every single penny you own.
Every transaction you make is recorded.
All your movements & actions are traceable.
Access to your money can be blocked at the click of a button when/if banks need ‘clarification’ from you which will take about 2 weeks, a thousand questions answered & many passwords.
You will have no choice but to declare & be taxed on every dollar in your possession.
If your transactions are deemed in any way questionable, by those who create the questions, your money will be frozen, ‘for your own good’.
If you are a customer, pay with cash. If you are a shop owner, remove those ridiculous signs that ask people to pay by card. Cash is a legal tender, it is our right to pay with cash. Banks are making it increasingly difficult to lodge cash & that has nothing to do with a virus, nor has this ‘dirty money’ trend.
Please open your eyes. Please stop believing everything you are being told. Almost every single topic in today’s world is tainted with corruption & hidden agendas.
Please stop telling others that we are what’s wrong with the world when you hail the most corrupt members of society as your heroes.
Politics and greed is what is wrong with the world; not those who are trying to alert you to the reality in which you are blindly floating along whilst being immobilized by irrational fear.
Fear created to keep you doing and believing in exactly what you are complacently doing.
Pay with cash and say no to a totally cashless society while you still have the choice.
Parts of this article has been attributed to Dave Ramsey, James Woods and others on the web. No matter who first wrote it, the information is important to your future and your freedom.