How does the cash card work; I’ve been working with Ali Imran for the last six months. This morning I got a call from my boss asking me to come early to give me something. When I arrived at work, there was a black envelope on my desk with $5,000 in cash inside (there is no tax deducted). They told me to leave for the day with it.
My boss said I have to spend all of it work-related by 5 pm today to keep it taxable. If I do that, I can just expense it and claim a deduction on my tax return next year. The only catch is that I’m not allowed to buy something for someone else.
I need the money, but $5,000 is a lot of money. I want to know what’s in your wallet before I buy anything. Do you have any ideas on how to spend it?
Possible responses: – pay my rent (if you can afford rent without this money) – pay off debts other than rent (credit cards, loans, etc.) – buy a laptop
- go on vacation with friends
- start my own business
- put it in my savings account
- put it towards my wedding fund/get married soon
- invest in Bitcoin
Little about withdrawing money.
- I’m going to withdraw the money and deposit it into my savings account. I need that extra $5,000 to cover expenses and pay off debts. I can’t afford to lose $5,000! What would you do?
- You mentioned you wanted your own business… Would this be an excellent opportunity to use the money to start one?
- This is a fantastic opportunity to use the money to buy supplies for your business. The goal of any startup should be to make enough profit that you can eventually replace your day job income, so making this purchase now could pay off immensely down the road! What type of business do you want to run?
- This article is loosely based on an original piece currently being run on the website, Upworthy. I have changed some phrasing to accommodate word choice/length constraints. The idea behind the article is to introduce a scenario in which money can be spent specifically on something with potential future value rather than just throwing it away on goods or services that will provide no long-term benefit. I tried to simplify the idea without being too vague if someone unfamiliar with finance wanted to participate in this discussion. Also, I apologize for the lack of pictures. My post will not be allowed by Reddit’s self-promotion guidelines if I include any images at all. This article is meant to facilitate a thought-provoking discussion, not to advertise my website.
How would you spend $5,000 with cash card work?
I would invest in Bitcoin – It’s an exciting idea, but I don’t see the worth of funding. What do you mean by “investing”? – Visit my (state your website) for more info on how this works and why you think it’s a good idea now – What factors come into play when deciding whether or not to buy now?
– This money is meant for my business; I’m going to (state your business plan here)
You’re such an entrepreneur. I’ve always admired that about you.
How to make some extra money on the side
- I wanted to start this business to make some extra money on the side, but I don’t think that’s going to happen anytime soon. We’re still in college, and our grades are suffering because of that. I need my day job income now, not years down the road! Here’s an idea: If you want something that will provide future value, then start a business that will earn that money back plus more. That way, you’re not just throwing the money away!
- I want to invest in Bitcoin – Well, it would be a lot easier if you didn’t have a day job and could make a living trading bitcoins full time. Does your boss know you’re trading for a living? That’s something that should be discussed at the office.
- Sell them to me now! I’m willing to pay double what they will be worth in a year.
- Keep up the excellent work; I want to hear more about your business plans/initiatives as they progress!
Complete conversation detailed about cash card work
- Now, I realize that most people are not financially literate enough to have a detailed conversation about something as complicated as investing in Bitcoin. However, this is an example of how finance might be introduced into everyday conversation. This article does not necessarily promote the idea of buying and selling Bitcoins specifically; instead, it focuses on using your current assets for potential future value instead of something that provides instant gratification. No matter what the support is (Bitcoin, a business, or even school loans), it’s essential to find ways to make your money work for you.
- If you don’t invest in Bitcoin now and become very valuable in the future, how will you feel?
– Doesn’t investing require a lot of work?
– I’m not interested in investing; thanks for trying to convince me about cash card work!
I firmly believe that finance should be an essential topic discussed throughout our educational system. The basics are easy to understand – spend less than you earn, but many people don’t think about the potential future value of their dollars or how to create a plan for the future. So I ask you this: How much does your financial literacy affect your everyday life? What are your most many finance-related struggles? Do you think it’s naive to attempt to introduce these ideas into everyday conversation, or do you agree that finance should be talked about more in our society? Let me know in the comments below.
More About the cash card work concept
– The cash card concept does not take into consideration the future utility of money, and it just tries to explain how people buy things by splitting up one lump sum of money into multiple small purchases
– Allowing everyday people to spend their big bundles of cash over time instead of forcing them to make a substantial single purchase is good for the economy
– The cash card concept is only relevant in particular cases (where people won’t spend it immediately) and doesn’t scale up to larger purchases or investments
– A cash card forces you to make small purchases over time instead of one big purchase. This wastes your money by not letting you take advantage of bulk purchasing deals
– A cash card is an excellent way to make sure people spend money wisely when they do not have an expense/credit system in place. It encourages frugality and discourages overspending
– Cash cards can be used as an incentive – for example, give me a cash card, and I’ll stop being so lazy with my money
– A cash card doesn’t make me more frugal. It makes me an anxious spender since I feel like my money is all lumped together and must get used up soon. This concept only works if you plan on spending the total amount quickly.
– You could argue that a cash card encourages people to spend more because they are not thinking too far into the future. This may be good for short-term business profits, but it isn’t good for society as a whole
– Cash cards are only practical if you have an expense system in place to keep track of your spending. If you don’t have any way to keep track of where your money is going, you could overspend or not budget properly
cash card Help
– Cash cards are only helpful if you spend all of your money on things that will maintain or gain value. If you spend it on something that decreases in value (like most modern technology), the cash card system is not useful at all
How to use a cash card
– A cash card can be used to encourage people to start making wise financial decisions, or it can be used to encourage people who already have an expensive system in place. It’s not limited to either one
– A cash card is a good way of encouraging people to spend money on things that increase value (investments) instead of buying trinkets and knickknacks.
This helps society as a whole
– Some people (like me) don’t like the idea of spending money on small purchases. It makes me feel like I’m wasting my money and not getting anything for it. This could be viewed as counterproductive if you want to incentivize frugality.
About cash card work promoting
– A cash card promotes buying things that break, lose value over time, etc. This wastes money and is generally bad for society as a whole
– A cash card only makes sense if you have an expense system in place. If you don’t know how much money you have or where it’s going, this concept doesn’t help at all
– People are more likely to overspend when they get a cash card. This is because they know that they aren’t spending it all in one place and can spend more than whatever amount they’ve been given
– People who already have an expensive system in place don’t need this; people who don’t need this won’t ever do it
– A cash card incentivizes people to spend frivolously to get rid of the “burden” sooner rather than later
People who are already responsible with their money don’t need or want a cash card system because it’s more likely to make them frugal. Those who are not accountable will misuse the cash card, causing it to be wasteful and not helpful.
– A cash card can be used as an incentive or to encourage people who already have an expensive system in place. It doesn’t matter if it only works for one group or the other because there are always two sides to every coin
– People might buy things they don’t need so that they can get rid of their cash card and not be burdened with it anymore
– A cash card only works if you know how to manage your money correctly. If you don’t, this system doesn’t help anyone at all. This concept is only helpful in the long term (it helps society as a whole), but there aren’t any short-term benefits for individuals using a cash card, no matter how good of a financial standing they have
– My biggest qualm with a cash card is that it doesn’t help you save anything and, if anything, makes you spend more money because it encourages frivolous spending when you know the money won’t go to waste. It also promotes not saving because whatever money you don’t spend, you won’t have available to use later
– A cash card work is an excellent way to encourage people to spend money on investments. This encourages society as a whole because it benefits everyone, in the long run, to put their money into things that increase in value rather than lose weight over time. It’s not meant for those who already have an
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