What a Cashless America Looks Like
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- čas přidán 25. 07. 2024
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What a Cashless America Looks Like
If you haven’t noticed, more and more businesses are only accepting digital payments-especially following the pandemic. And some people are pretty freaked out about cash and coins going away for good.
So, today we’re going to answer the question: when will America go cashless?
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
My employer pays me cash. I work at a grocery store. They write my a check and I go to customer service to cash the check!
My job is tipping category, so I receive a lot of cash and so I pay for everything that’s not a bill, in cash! Grocery store, department stores, hardware stores, gas, food, etc, cash!
I USE CASH EVERYDAY!
Me too. I hope this doesn't happen . I don't think it will ? People gotta stand up
Right on, I'll stand with you. Any business that decides to not give me an option to use real money, is automatically pushing me right over to their competitors.
The biggest issue with CBDCs beyond privacy is programmability. Imagine whatever administration in the office at the time having 100% control of what you can and cannot spend your money on. Third gas fill-up of the week? Sorry, you've hit your carbon credit limit for the month, no gas for you.
Awesome example!
Or what if a politician turns off the cashless payments of ethnic or minority groups they don't like? Wouldn't want a bigot or populist to be in charge of our money
Buy Monero from now 😂
The scary thing is California is already dangerously close to actually doing this. Insert a CBDC into the situation and I guarantee the first thing California would do is exactly what you just said.
It's just USD but with a blockchain on the backend processing transactions. That's it.
Earlier this year, I was purchasing a TV mount and a few other things. I tried to pay with my debit card but the card reader wasn’t working. I had to open my wallet and handover two crisp Benjamins and then wait for my change. It was an emotional experience.
😂
I use cold hard cash as much as possible. My second choice is my debit.
Thanks George. I still like the option of cash even though I use it rarely.
Yes, well use it more or lose it. If there is less demand for the use of cash then it will disappear much faster.
That 60% of the population that uses cash is mostly rural America. Cash is lifeblood in rural America
So they're not paying their fare share of taxes
@@Username_CC_ it's interesting that your mind goes to tax evasion first. Do people evade taxes? Sure, happens a lot. Do rural small business and farmers who use cash and checks evade taxes? I'm not confident of that conclusion. Businesses that use digital currency evade taxes too, they just do it differently. Most small businesses in my area will not come to your house with a card scanner. They usually want a check, or they prefer cash. They wouldn't ever deal with PayPal, venmo or apple pay.
@@warriorlink8612 Yes. Cash is mostly used for tax evasion purposes, and it has always been that way. It's easy to evade taxes when you don't have trackable cash flows.
That being said, I don't want physical cash to be eliminated either. I always pay tip with cash.
The other issue I have with going cashless is that every time you use a card at a business, that credit card company, or debit card is charging the business a percentage to use it… So we are paying more to use cards.
We are making more money for the banking industry… Does anyone really want to do that?
Yes, people from the bank and the government who tracks transactions.
There are certainly a lot of reasons to use cash rather than cards.
Businesses who operate in cash likely dodge tax, including their employees. They pay less income tax so you and wider society have to pay more income tax. Want that?😂
@@michaelchristensen2621 Cash is better for a lot of reasons, I could write a book on it. I’m glad people are paying less income taxes, in that case… It should be illegal anyway. Personally, I do not pay income taxes… For 23 years now. Js
@@truthbetold4350I'm ONLY using cash. I hope they don't actually approve the whole digital pay crap. I dnt think it will in America 🙏 I saw some places Europe have digital 😮😮😮
Businesses will always need cash. Recently I was in a town that experienced a power outage. No POS system was working so, cash was the only way to operate. This happens often enough to never eliminate cash.
Agreed. Something similar happened at my job where we lost our internet connection. Our cash registers are connected to the internet, so for a while we were only accepting cash payments until it was restored.
That's very rare
And doesn't happen a lot
@@blacklyfe5543 agreed, it does not happen a lot. But it happens enough. And black outs happen more or less depending on where you live. Also, plenty of small businesses (like me) want to keep cash and trades people.
@@FnVRGaming I'd rather live cashless like China and Japan
1:33
I need a full version of that song 😂💸
Been waiting for that guitar....and it didn't disappoint!
I'm not even half way through to the video, and I have laughed so much and found this so informative. Thank you guys 🤣❤️
You're easily entertained, but, I was hoping he might have a few ideas for stopping cashlessness from marching on, not simply telling me that cash was alive and well. I would have thought that it was becoming clear that cash is alive and well. However, cash is under attack, by people who stand to gain a lot of money, and even more power by its disappearance. Cash is under threat. This is serious. We need an alternative bank to stop it from slowly disappearing,
Great singing voice George 👏
Then you face a holiday weekend like I just had when my card stopped working in the digital readers. Cash still worked! I also like that the government doesn't have ability to track or control my spending.
Same.
I don't think this can actually get approved in America??? It better not. I have high hopes this will get banned but this shittt is real scary.. I see sum of Europe has digital already😮 but America?I don't think we the people will stand 4 this crap
To reference Virginia state Delegate Nick Freitas, I’m just waiting for someone in the government to say “no one wants to completely replace cash with digital currency.” That when you’ll know they absolutely want it replace cash with digital currency.
The Dr. John clips are killing me! 😅
Cash is nice because it is physical markers where you can organize it into different categories. It’s harder to seethe different categories with a digital lump sum unless you open multiple accounts. Sounds like a bit of a nightmare. Thanks for the video.
Excel sheet
I RARELY carry cash, maybe for a flea market or food trucks in town where they take cash. My wallet has a money clip and it is 99% of the time not used.
I live in Maine and many smaller, locally owned business don't take credit or debit cards because of the transaction fees so I do keep some cash on hand.
Or in my area, you pay extra to cover the fees if not using cash.
Great episode, George! Thank you for clearing this up.
I've been trying to pay cash. I've even walked away from a card only self checkout. I've even saved a little when paying cash at a small business. They charge you for using a card. I'm not sure if people realize that.
me too… I’ve had several businesses over the past few years offer me a discount for using cash… That’s because the credit card companies are making money every time you use a card and they charge the business.
Privacy and control is why I still use cash. The government wants control and see what everyone is using with digital currency.
Some food spots are cash only, even going to some beach bars during the summer are cash only. I always pay with a card if I can, but I do keep small amount of cash on me. But even going out to eat with friends, someone pays the bill with a card and we venmo/paypal them the money.
🤣🤣🎶 loved the jingle
That Mario kart cut made me lmao for the first time ever watching a George video
Keep up the good content George 👍
You always make me laugh 😂😂. Loved what you did with Alan Jackson bit
Thank you so much George
I really like being able to take out cash and pay for things online. It is way easier for me to budget with cash so the idea of having to go ful digital leaves a real ba state in my mouth.
I always look forward to your videos. They're informative and funny! There are certain things that I pay cash for (my mechanic and my hair stylist come to mind) because I don't want them to incur the cost of credit card fees. They are small businesses and seem to get taxed and fee'd to death. I also have several friends that actually get their pay checks in check form. They said they actually like the feeling of gong to the bank and either cashing their check or depositing into their account - they feel like they are seeing the money they have earned. A cashless society would affect a lot of people in ways we don't even realize. Kinda scary though to think of leaving our finances in the government's hand when they have trouble managing their own budgets. Just thinking out loud...lol
Love your vids, George
0:14 That dang dress got me again. I saw white and gold in the clip, replayed it, then saw blue and black.
Will always need a back up plan when the network has problems, and cash is time tested
You're awesome, George! I realize this isn't coming super soon. But, I'm concerned about the next generations and what they'll experience. I'm also concerned about CBDC being tied to ESG. We all saw bank accounts frozen at the beginning of last year with the truckers convoy. Even folks who JUST donated money to the truckers were locked out of their accounts. When I look at where this "could" go, I'm not comforted. Plus, there was the MIT study on cash vs. digital payments that concluded we spend less money using cash. I think that is a good thing until it's not there anymore...
I need more live music from George Kamel! What would it cost for George to play, sing and tell jokes at my birthday party?
George: The US still values personal freedom.
The Government: 😂🤣😂🤣 keep thinking that.
I think you should focus your energy on investing on yourself and forget an the government think about it .
I just heard George Kamel sing and play the guitar. I don’t know what to do with this information…
Good Job George, Great Info.
Most transactions are made digitally nowadays. Cash is good when you need "liquid" money-for things like girl scout cookies, craigslist purchases, birthdays, etc. While I do carry some cash for emergencies, most of my transactions are digital & on autopay.
I use cash alot. No way I am paying 2.50 on a card. Just pay with cash. When paying for big purchases, I use card.
Who charges you 2.50 for what
@@nicholas802 I am just giving an example, such as snacks or candy. I see customers will pay that amount on a card and not use cash because they don't carry any.
You freaking crack me up 😂 great song!
Y’all ngl this video fire 🔥
Agreed. Glad I found a likeminded person.
Hi big g thanks for video
Remember when really brought back the feelings
Sure thing
Hi g how are you
I haven’t used cash in so long… the only time I have cash is it I sell something on Facebook Marketplace and the buyer doesn’t have cashapp/venmo
I love the Guitar George and Arabic George cameos on this channel.
I’m 26 and would’ve never guessed 10 yrs ago having joined my first gym with cash that ten years later planet fitness refuses cash along with many other places we lose cash we lose what freedom we have left
Ok, I lol’d when Timo popped his head in! 😂
Loved the singing segment! Please put out more music
one of the best channels out there. Love the humor
I wasn't expecting a musical number!
1:50 love the song!
It's all for total control. Forcing you to only buy what they'll allow you to buy.
Sounds like someone isn't paying their fair share of taxes
They want to monitor every transaction and shut it down if you say something they don’t like on the internet.
@@Username_CC_taxation is theft
@@HashPhantom what kind of extremist values do you hold that would get you shut down? Sound like a bad person
@@Username_CC_it’s not just that. If they think we should be eating bugs, your card won’t work to buy that steak you want. Or if you want to fill up your vehicle for the second time that week, it won’t work because they think your carbon emissions are too high.
At 10:26 he's saying it in kind of a joking way but paying in cash really helped me get my spending on track. With a card it deducts the amount and it just doesn't feel real until you check your account later. Also I like collecting coins and that's only possible if you're getting change back.
Same here… I do the cash envelopes and love collecting coins.. they really add up
It’s true! Cash really is king especially when your watching the budget closely to get out of debt or save for something like vacation, a new car, a home renovation or holidays.
I was paying for everything with credit cards, but lately I have been paying for fast food with cash because of the stupid screens they have demanding a tip when I pay with credit card. Fast food is just not worthy of a tip. It's not a sit down restaurant.
So... We're gonna get a full version of that song, right?
Some appreciation for George’s guitar/singing skills
Remember When………..😂😂😂😂. George that was the best thing you’ve ever done! 😂😂
I use cash 75% of the time and a debit card the other 25%. If the business charges more for using a card, I pay with cash 100% of the time. I am not paying their exchange fees.
I love using cash and whenever I’m told no cash I simply don’t spend my money with them even tho I always have my debit card on me 😀
Same here… love cash and collecting coins
Partial roll out of fed now for payments was friday.
Oh hooooh the Tim Robinson cut in! I'm all in!
The people that raised me would trade food stamps at the gas station for cigarettes and alcohol. Digital currency would NOT stop the illegal activity. People would just trade the items that are legal for the items that are illegal. Illegal activity would just become barter systems.
I had to figure out how to get food for myself as a child because of this abuse of the system.
This guy 😂,great content always.
Canadian truck driver during the protests bank account got frozen
Haha love the ‘Remember When’ remake haha. Love that song and Alan Jackson was one of my fav concerts went to!! Love him ❤ 🤠 🎶 great voice George!!
Awesome video!! Love the guitar part aaaaand the SIMS reference. If it was only so easy to make 1 mil in real life like it’s in SIMS 4 :))
We are quick to forget what happened to Canadians truckers a few years ago.
It was only last year. That was a very scary time as a Canadian. I have zero trust in my government since the pandemic started.
They are using Monero now without censorship.
The guitar song is priceless
😂
You made reference to "Scotty" from Star Trek. By coincidence, I was reading about James Doohan only yesterday. I had no idea that he had served in WWII, or that he had been injured during the D-Day invasion, getting shot a half-dozen times and losing a finger (visibly missing in a few Star Trek scenes).
I’ve been wanting to change to a cash envelope budget anyway. It’s always good to keep the government out of my personal business too! 😂
Many gun shops give you a discount for cash since they don't have to pay a transfer fee. There is also a way to never be seen by Govt.
For a man that hates on country music, that was beautiful…
How many takes did it take you to do "Remember when" with a straight face?
I’m a consummate professional, but I think it was 2 or 3 takes max. The hand offs were the trickiest part.
That country song alone is worth hitting the like.
Even though for the most part mainly use debit or credit for my payment methods (I pay the credit cards off every month), I still like to have the option of cash. Cause what would happen if the credit card machines go down? Well then it's cash to the rescue.
Even though cashless payments are quicker and faster, cash will always be king!
Your tribute to Alan Jackson was awesome, very fun to listen to, maybe you should cover all the popular country songs!!! you're in nashville so why not
Great video George! Funny and educational for the win! However we still have a few places locally that prefer cash or charge a fee to use debit or credit. For those of us who are wise with money, we will just spend less if we move to a cashless system. Will prioritize places that take cash and especially those that give a cash discount.
What happens to do the budgeting -paper money George?
Paying cashless means paying the bank everytime you buy something. Paying with cash means the whole amount is for service / product.
I prefer cash, i dont like giving my money to banks. They are rich enough.
If you have a bank account than your money is being deluded every single day
You're giving your money to the bank
Ever heard of cashback and reward points?
I love paying using card. It's so convenient. hate fumbling around coins for changes.
00:12 YES ...
I use cash every day.
I’m here for the guitar tunes!
Blind people and the poor largely depend on cash payments. Also what about bus fare and coin operated machines? Or if you've gotta pay a bill at a kiosk and you only have cash? My lights almost got cut off because I only had cash once and the place I usually used to pay DTE removed the kiosk
I am screaming at the impromptu song! 😂
I have used checks, since check 21 come into effect around the mid 90s. I don't carry cash, because I can use my credit cards, debt card, or phone.
Credit cards 😬
That moment of silence after the song had me 😂
Imagine everything you can buy get hit with a higher payment. They can take as much as they want. Like power of attorney
I sneak in popcorn 🍿 too haha! (Mainly because I make it organic/healthier with olive oil and sea salt 😉) plus healthy treats and even maybe a Zevia soda 👍 😜 but also way too pricey. Haven’t been to a movie in years though lol.
That song was good George!
George Kamel is a real American hero
Imagine a government limiting what you can purchase because of "climate change" or a low social credit score. The coming digital currency isn't just numbers. It's a programable blockchain ledger.
China 2.0 in the making
The Mario party guess on the emojis... Haha!
I used Cash the other day
I find the opposite to be happening .. cash only signs, “systems downed “ hmmm
3 times this week alone .. spas and salons have been doing this forever
Your videos are laugh out loud funny! Thanks for making my day!
😂
That Zenon reference was something that I didn't know that I needed lmao
Come on men, this has to stop 😂 "for all three of you" I use samsung pay 😢
In the UK we have been able to send money between accounts in seconds for years.
What are strippers going to do ? Lol 😅
They gotta put like their Venmo name on their outfits I guess