A nail in the coffin for "cash"?

[OneTeamInBristol]

7 hours ago, TRL said:

Cash is dead, anyone who holds onto the mantra cash is king is living in a different century. With inflation long term effectively making you money worth less year on year, it makes little sense to hold the vast majority of your money in standard bank accounts. Even with the ability to withdraw cash and or pay by card, in my opinion keeping your money here and making transactions in this way is not the way to go if you want to grow your wealth. People need to open there eyes to the value of their earnings and how they should invest pay and store their earnings. Cash and card are going to.leave a lot of people very poor in the future, those willing go pay and those willing to be paid by other means are going to be the winners longer term.

 

Once the only unit of measurement to pay is buy card (if enforced by banks) it won't be long before we go back to the bad old day of paying for the privilege of depositing and withdrawing of our hard earned cash.

Time for the greater population to open their eyes.

That's a very narrow minded view on the matter.

[Phileas Fogg]

7 hours ago, TRL said:

Cash is dead, anyone who holds onto the mantra cash is king is living in a different century. With inflation long term effectively making you money worth less year on year, it makes little sense to hold the vast majority of your money in standard bank accounts. Even with the ability to withdraw cash and or pay by card, in my opinion keeping your money here and making transactions in this way is not the way to go if you want to grow your wealth. People need to open there eyes to the value of their earnings and how they should invest pay and store their earnings. Cash and card are going to.leave a lot of people very poor in the future, those willing go pay and those willing to be paid by other means are going to be the winners longer term.

 

Once the only unit of measurement to pay is buy card (if enforced by banks) it won't be long before we go back to the bad old day of paying for the privilege of depositing and withdrawing of our hard earned cash.

Time for the greater population to open their eyes.

I am genuinely surprised at how many people still diligently save into ISAs and savings accounts that provide such a measly interest rate - often below inflation in real terms.

Much better to use an index fund - Plum is very easy to use if you don't have a strong knowledge on financial management/investing. They'll invest your savings into various funds on your behalf with typically an 8-10% return which isn't bad in the current climate.

I only use cash when I really have to. 

[TRL]

2 hours ago, OneTeamInBristol said:

That's a very narrow minded view on the matter.

you may think that, and that's fair enough, but its based on monetary fact.  Just take a look at what was in your shopping trolley 30 years ago for £20, and compare it today, what's is in that trolley now, wasn't the cost of everything supposed to go down with the mass purchasing power of Supermarkets? hmmmmmmm.

 

Tell me how much money you would have earned if you had left 10k in your bank account compared to putting that 10k say for instance in 5 random shares or a ETF or crypto or something other than some where a bank can make money off your money while giving nothing back. If you keep your money in a bank account, a cash isa or in a savings account or under the bed, what  you are effectively doing is throwing some money down the drain every year, you are giving you money away as it is effectively worth less year on year, this will keep happening until interest rates are back up to the 4.5%-5% level, which I can't see happening any time soon.

 

Cash is dead, it is the tool of those who do not want to be traced and those not wanting to pay tax and cook the books. Bank accounts for anything other than some quick access to buy something is also dying.  You are better buying stuff on credit cards (While ensuring you have readily accessible money which you can get within 1 month to ensure you pay that credit card off in full)  10 years ago I was making a loss leaving the vast majority of my cash in bank accounts and Savings accounts, I saw the light.  Since 2011 I have been making about 24% profit average each ear over those 10 years

 

Narrowminded, maybe, but very effective for growing my personal wealth

[TRL]

2 hours ago, Phileas Fogg said:

I am genuinely surprised at how many people still diligently save into ISAs and savings accounts that provide such a measly interest rate - often below inflation in real terms.

Much better to use an index fund - Plum is very easy to use if you don't have a strong knowledge on financial management/investing. They'll invest your savings into various funds on your behalf with typically an 8-10% return which isn't bad in the current climate.

I only use cash when I really have to. 

100% agree, I think its fear of losing money, when in reality they are already doing that. I can understand it especially if you have little spare money.  People need to take a little time out of their lives to look what actually happens in the world of finance with their money, once they have done that, maybe some of the fear of losing money will go.

 

Obviously personal circumstances dictate, and it might not be right for some, but the vast majority if they have a long term plan to be financially free, it is a no brainer.