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(NPR)   Latest way that Gen Z and Millennials are trying to kill the economy? Living within their means, and paying with... I can hardly bring myself to say the word... cash. Can you imagine the state of Wall Street's sidewalks if this catches on?   (npr.org) divider line
    More: Obvious, Debt, Jamie Feldman, Finance, Money, Credit card debt, Jill Schlesinger, Consumer debt, so much debt  
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561 clicks; posted to Business » on 07 Dec 2022 at 5:48 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



42 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-12-07 5:12:24 PM  
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2022-12-07 5:51:49 PM  
I'm 50. I've lived my entire life never using credit. It's not weird.
 
2022-12-07 5:54:47 PM  
Carry on, my wayward sons.
Them youngins are being smart if'n ya ask me.
 
2022-12-07 5:59:09 PM  
Cash is king.
 
2022-12-07 6:00:14 PM  
Cash is the new vinyl
 
2022-12-07 6:09:43 PM  
I just threw up in my mouth
 
2022-12-07 6:09:50 PM  
There's some truth to TFA. Before you go out, take out an amount you are comfortable with. When you run out of money, go home (you're probably drunk).

This is especially helpful in cities with no last call.
 
2022-12-07 6:10:44 PM  
If she was having a hard time keeping within her means when using credit cards, then yeah, do what you need to to rein that in.

That said, if you use credit cards and pay them off in full every month, you get a lot of benefits. 1%-5% cash back depending on different cards. Points that can be used for tons of things. It's free money. If you can control what you buy and pay off the balance every month, it's free money.
 
2022-12-07 6:10:57 PM  
Living within your means isn't hard. The real challenge is not letting lifestyle creep burn your increased earnings as you advance your career. Temptation is a biatch, no matter if you are burning excess cash you could be saving or burning money you don't have on a credit card.
 
zez
2022-12-07 6:13:29 PM  
I showed my 14 year old this article and he's like "WOAH! So if you pay with money you have instead of putting it on the credit card, your credit balance doesn't get larger????"

media.tenor.comView Full Size
 
2022-12-07 6:22:07 PM  

Moose out front: If she was having a hard time keeping within her means when using credit cards, then yeah, do what you need to to rein that in.

That said, if you use credit cards and pay them off in full every month, you get a lot of benefits. 1%-5% cash back depending on different cards. Points that can be used for tons of things. It's free money. If you can control what you buy and pay off the balance every month, it's free money.


This.

I'm counting the days until the annual article explaining why an income tax refund is the result of an interest free loan to the IRS.

/ It would be fine if those articles started with "You may not know this" but they always seem to start with "Unprecedented life hack" or some such.
 
2022-12-07 6:23:08 PM  
This is like printing out web pages to read so that you're not distracted by facebook, youtube, social media etc.
 
2022-12-07 6:28:21 PM  
I mean, I'm not a young anymore, but I use both. Cash for some stuff, card for other stuff. It's not weird. Anybody who tells you no one uses cash anymore is an idiot. Lots of people still use cash. Despite what Zelle wants you to think.

Zelle, owned by the seven largest banks in America, if you weren't aware of that.
 
2022-12-07 6:36:55 PM  
Anybody who uses cash has something to hide.
 
2022-12-07 6:41:29 PM  
As several people quoted in the article observed, this is not new nor necessary.  Simply make a budget, track your spending, and make modifications to your spending/budget to achieve your goals.

But today people will go to absurd lengths and effort as long as something is a "life hack" or that "one neat trick" rather than just do simple, prosaic work.
 
2022-12-07 6:41:55 PM  
Credit?  For mortgages, largish vehicle loans with at least one third down, and and what?

I have one credit card and never put a charge on it that can not be PIFed in the next 28 days.  Learned this after huge surprise! credit card bills from my X.  Turned out I had apparently (not really) co-signed a bunch of sh*t.  Took a freakin' age, and legal fees, to cut through that Gordian's Knot.
 
2022-12-07 6:46:17 PM  
Back in HS I was dating this girl whose family would go into significant debt every xmas to buy presents and various baubles. Debt that took them months to pay off. And I always wondered, if maybe they could just cut back for a year, maybe they wouldn't need to go into debt. But I was a teenager and obviously blind to the reality of the adult world.
 
2022-12-07 6:50:26 PM  

AmbassadorBooze: Anybody who uses cash has something to hide.


We found the NSA agent..
 
2022-12-07 6:56:28 PM  

Priapetic: As several people quoted in the article observed, this is not new nor necessary.  Simply make a budget, track your spending, and make modifications to your spending/budget to achieve your goals.

But today people will go to absurd lengths and effort as long as something is a "life hack" or that "one neat trick" rather than just do simple, prosaic work.


This. You can even live the exact same lifestyle with credit cards. Just set it to be paid every month and keep track of your spending on the app. No more ATMs. Unless that's what you're into.
 
2022-12-07 7:04:33 PM  
I relied on credit cards for many, many years, racking up interest in the process.  I'm finally clear of that.  I still use my one and only credit card for stuff like online shopping or for anything where I want the protection that a credit card offers, but my current balance is something like $72, which I'll pay off on the 1st of next month.
 
2022-12-07 7:10:52 PM  
If it were up to Boomers, the latter generations would serve as their slave labor.
 
2022-12-07 7:11:10 PM  
media.makeameme.orgView Full Size
 
2022-12-07 7:20:06 PM  
My dad was a bankruptcy lawyer, and some summers I'd help out in the office, filing and stuffing envelopes at first, then typing and making runs to the clerk's office as I got older. I got a hell of an education there, seeing how people got swallowed up by credit cards and furniture rental. You learn to respect debt.

Apropos of nothing...
 
2022-12-07 7:23:41 PM  
Some people need something like this. If it works for them then good. Personally I hate dealing with cash and change nowadays, but I definitely understand how using even a debit card can lead you to overspending without thinking.
 
2022-12-07 7:37:41 PM  

Bslim: If it were up to Boomers, the latter generations would serve as their slave labor.


THIS!
 
2022-12-07 7:41:38 PM  
My third sister married a guy who was a salesman and like many salesmen, he couldn't resist a good pitch. After a short separation, he gave up his CCs and she gave him a cash allowance every week.  It worked for them.
 
2022-12-07 7:56:39 PM  
If wages stayed on pace with productivity, the minimum wage would be at least $25/hour *today*.

AmbassadorBooze: Anybody who uses cash has something to hide.


...except for me and my monkey.
 
2022-12-07 8:02:21 PM  
"Living within your means" is good advice, unless it isn't possible. I remember a time where I had no credit cards and had to lean on payday loans a couple times to pay bills (or buy groceries after paying bills). It sucked but I got by through such means.

Now I have one personal credit card. I think I have one bill autopaying on it and the balance being autopaid  just for credit purposes.
 
2022-12-07 8:18:53 PM  

adamatari: Some people need something like this. If it works for them then good. Personally I hate dealing with cash and change nowadays, but I definitely understand how using even a debit card can lead you to overspending without thinking.


That's one of the bits I really don't understand. Cash is already an abstraction, representing labor I've done, goods & services I can afford. I've come to think of a simple dollar value equivalent for one day of retirement. It's basically how much goes into retirement savings per workday for me. If I spend that much, I have to work another day. But bank and credit balances are no further from that idea than a bunch of bills and coins are.

BlazeTrailer: Now I have one personal credit card. I think I have one bill autopaying on it and the balance being autopaid just for credit purposes.


You don't need that activity to build or maintain a good credit score, but it probably will avoid the issuer closing it for inactivity. And that would have some negative credit impact.
 
2022-12-07 8:36:08 PM  
I think it's a push back by Gen Zs and Millennials seeing their boomer parents (or grandparents) who overspend and over-hoard material things. They're looking at a person who have rooms full of knickknacks that are both completely chintzy and obsoleted. And when said boomer pass away, the Gen Zers and millennials have to go into the home and clear it out. Anything that's worth keeping would be kept (thereby reducing the need to purchase new things), and the rest reveal a consumption culture that had metastasized.

It is also revealing that the younger generation accepts experiences over things. They don't want to buy things. But they will spend to gain experience, which means trips and unique restaurants are worth building up.
 
2022-12-07 8:36:58 PM  
What, they're not paying with crypto and NFTs?
 
2022-12-07 8:54:48 PM  
Boo farking hoo.

We saw how overleveraged and miserable Boomers were, and chose not to live that way. If the market requires people to be wage slaves to be healthy and functional, then the problematic part is the financiers, not the general public.
 
2022-12-07 10:57:08 PM  
What works for me is treating all my "should dos" as bills. Get my paycheck and pay the bills - power bill, internet bill, retirement bill, emergency savings bill. Once those are paid, the rest of the check is fun money that I can do whatever I like with.
 
2022-12-07 11:30:42 PM  

Moose out front: If she was having a hard time keeping within her means when using credit cards, then yeah, do what you need to to rein that in.

That said, if you use credit cards and pay them off in full every month, you get a lot of benefits. 1%-5% cash back depending on different cards. Points that can be used for tons of things. It's free money. If you can control what you buy and pay off the balance every month, it's free money.


Mobile Internet banking.

I use my CC for EVERYTHING I can. Every couple week I transfer from checking to credit account.
And now I have enough points for 2 tickets to Europe or I can redeem them to pay for purchases with a click of a button.

Using cash means either 1) you make cash and don't want it going through your bank account 2)you're buying things from places that don't take cards 3) You lack self discipline 4)you don't know how money works

It's not "cool" or "hip".
 
2022-12-07 11:51:30 PM  
The world is full of slaves.

Access to a person's privacy is being abused regularly. Advertising is everywhere, creating wants that morph into needs. Peer pressure from phones and constant bombardment from social networks all create a perfect storm of compulsive demand to fulfill all kinds of desires and obligations.

Couple that with payday loans, credit cards. debit cards, and various schemes and scams to get funds NOW, and you have made people into compulsive robots with deep pockets.

How do you short circuit that well-planned assault on your person? You don't. Most people don't. They are too poor to buy that car they want. They vape. They buy Starbucks and craft beers. They eat at restaurants. They buy products CHOSEN FOR THEM not products they choose. Certainly. Patently unnecessary products.

But you CAN defend yourself. One easy way to do it is to keep your hands out of your pockets all the time. Cash constrains you and puts a wall between your desires and your means.

Everyone wants to be free. Free to do what they want when they want to. They never consider why they want those things. All they know is that they want more. They will consume far beyond what they can pay for. Why even prioritize? Just ask for more.

And once you constrain yourself, prioritize your needs and desires, you become the master, not the slave.
 
2022-12-08 12:11:28 AM  

2fardownthread: The world is full of slaves.

Access to a person's privacy is being abused regularly. Advertising is everywhere, creating wants that morph into needs. Peer pressure from phones and constant bombardment from social networks all create a perfect storm of compulsive demand to fulfill all kinds of desires and obligations.

Couple that with payday loans, credit cards. debit cards, and various schemes and scams to get funds NOW, and you have made people into compulsive robots with deep pockets.

How do you short circuit that well-planned assault on your person? You don't. Most people don't. They are too poor to buy that car they want. They vape. They buy Starbucks and craft beers. They eat at restaurants. They buy products CHOSEN FOR THEM not products they choose. Certainly. Patently unnecessary products.

But you CAN defend yourself. One easy way to do it is to keep your hands out of your pockets all the time. Cash constrains you and puts a wall between your desires and your means.

Everyone wants to be free. Free to do what they want when they want to. They never consider why they want those things. All they know is that they want more. They will consume far beyond what they can pay for. Why even prioritize? Just ask for more.

And once you constrain yourself, prioritize your needs and desires, you become the master, not the slave.


Did you have a stroke?
 
2022-12-08 12:23:09 AM  

2fardownthread: The world is full of slaves.

Access to a person's privacy is being abused regularly. Advertising is everywhere, creating wants that morph into needs. Peer pressure from phones and constant bombardment from social networks all create a perfect storm of compulsive demand to fulfill all kinds of desires and obligations.

Couple that with payday loans, credit cards. debit cards, and various schemes and scams to get funds NOW, and you have made people into compulsive robots with deep pockets.

How do you short circuit that well-planned assault on your person? You don't. Most people don't. They are too poor to buy that car they want. They vape. They buy Starbucks and craft beers. They eat at restaurants. They buy products CHOSEN FOR THEM not products they choose. Certainly. Patently unnecessary products.

But you CAN defend yourself. One easy way to do it is to keep your hands out of your pockets all the time. Cash constrains you and puts a wall between your desires and your means.

Everyone wants to be free. Free to do what they want when they want to. They never consider why they want those things. All they know is that they want more. They will consume far beyond what they can pay for. Why even prioritize? Just ask for more.

And once you constrain yourself, prioritize your needs and desires, you become the master, not the slave.


If you have to put a wall between yourself and your desires to shield yourself from them the problem is you.
True self realization means your ego and desires flow from your true self without false ego in the way. There isn't  higher and baser pulling in different directions, it's a one horse chariot pulling towards the golden dawn.

And it means I can use a cc and never go over budget.
 
2022-12-08 12:54:47 AM  
Just keep a $30k-$40k in a coffee can, in case you need to visit hospital.
 
2022-12-08 2:40:04 AM  

zez: I showed my 14 year old this article and he's like "WOAH! So if you pay with money you have instead of putting it on the credit card, your credit balance doesn't get larger????"

[media.tenor.com image 556x369]


Now you just need to turn the article into a TikTok
 
2022-12-08 4:32:49 AM  

dericwater: I think it's a push back by Gen Zs and Millennials seeing their boomer parents (or grandparents) who overspend and over-hoard material things. They're looking at a person who have rooms full of knickknacks that are both completely chintzy and obsoleted. And when said boomer pass away, the Gen Zers and millennials have to go into the home and clear it out. Anything that's worth keeping would be kept (thereby reducing the need to purchase new things), and the rest reveal a consumption culture that had metastasized.

It is also revealing that the younger generation accepts experiences over things. They don't want to buy things. But they will spend to gain experience, which means trips and unique restaurants are worth building up.


The odd part of this is that this has occurred in part because the very concept of ownership is being undermined, deliberately, in favor of licenses and access. The younger generations have to accept experiences over things, because they increasingly can't afford things. They pay for access and licenses now.
 
2022-12-08 10:25:32 AM  

FormlessOne: dericwater: I think it's a push back by Gen Zs and Millennials seeing their boomer parents (or grandparents) who overspend and over-hoard material things. They're looking at a person who have rooms full of knickknacks that are both completely chintzy and obsoleted. And when said boomer pass away, the Gen Zers and millennials have to go into the home and clear it out. Anything that's worth keeping would be kept (thereby reducing the need to purchase new things), and the rest reveal a consumption culture that had metastasized.

It is also revealing that the younger generation accepts experiences over things. They don't want to buy things. But they will spend to gain experience, which means trips and unique restaurants are worth building up.

The odd part of this is that this has occurred in part because the very concept of ownership is being undermined, deliberately, in favor of licenses and access. The younger generations have to accept experiences over things, because they increasingly can't afford things. They pay for access and licenses now.


Why would they sell you something, when they can charge you 8.99 in perpetuity?
The move from selling to leasing is GENIUS. For businesses anyway. Consumers... Maybe? I mean you could buy one cd a month for $10.99 or you could pay Spotify and access millions every month.

I know which is better for businesses and consumers seem to like it but I have concerns about what it will do to society when the only music we hear is what Spotify wants us to hear. Will kids know the freedom of vehicles ownership? I think the box keeps getting smaller and lack of ownership is part of it.
 
2022-12-08 1:25:04 PM  
I lived in a cash-only society in a squalid 3rd world country for 9 years. No personal checks, no credit cards.
Upon moving back to the USA, I was astounded when people were paying for a candy bar at 7-11 with a credit card.
I still pay in cash occasionally, but when I do I ask " Do you take cash, with ID? "
I'd say 70% of people don't get it.
 
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