6 ms·

On the one hand seems convenient, but on the other, I'm not a fan of tech that lowers the friction between my money and my pocket.

wahnfrieden 3y ago
Let’s go back to mailing personal checks to shareware companies
- deleted 3y ago
  [deleted]
- thecosas 3y ago
  Don't forget to mail them the floppies to load up and send back :-)
tantalor 3y ago
What are you going to use the money for, if not spend it on something? Are you going to make a pile of gold and sit on it like a dragon?
- bern4444 3y ago
  Some people like to save and invest instead of spending every single cent they have. We'd be a much more stable society if the majority of the population wasn't one paycheck away from being financially ruined. 37% of Americans don't have enough savings to cover a $400 emergency[0]. That percentage goes up as the amount goes up and a $400 emergency is easy to hit - medical bill, moving expense, car repair, etc. It becomes 68% at $1,000[1]. [0]https://fortune.com/2023/05/23/inflation-economy-consumer-finances-americans-cant-cover-emergency-expense-federal-reserve/ https://fortune.com/2023/05/23/inflation-economy-consumer-fi... [1]https://fortune.com/recommends/banking/57-percent-of-americans-cant-afford-a-1000-emergency-expense/ https://fortune.com/recommends/banking/57-percent-of-america...
  - uoaei 3y ago
    Saving and investing are not realistic options for you if you're living paycheck to paycheck. That's why it's called that, because you have no money left over after paying for your necessities. Sometimes you don't even get to cover all your bills and you start racking up debt or are forced to be clever with frugality (read: giving up recurring payments like healthcare).
  - EGreg 3y ago
    Saving money is basically buying into the baning industry’s narrative of a fat bank account, or of borrowing money in order to pay it off for 30 years. Now investing is another story! Buy durable things with your cash that hold value over time!
    - deleted 3y ago
      [deleted]
  - dantheman 3y ago
    Those studies are horribly misinterpreted. Look at the original data, it includes using a credit card as not having the money...
    - Tade0 3y ago
      That still counts in my book. If you have to borrow money then you don't actually have it.
      - unmole 3y ago
        Right, because people don't use credit cards for the additional protection, points or miles. It's because they are all borrowing money they don't have. And billionares who borrow money because it's tax efficient must all be secretly broke too. /s
        Tade0 3y ago
        > Right, because people don't use credit cards for the additional protection, points or miles. I actually don't know, because I'm not American. Over here just having a credit card draws questions about one's financial stability and responsibility. At the end of the day it's really not your money you're spending like that. I mean - it's in the name even. You'll have to pay it back eventually.
- uoaei 3y ago
  I think maybe the focus of GP was on impulse purchases, but more likely it was just a cheeky comment.
- koprulusector 3y ago
  That’s what I ask all the 401k nerds. You could literally die next week. Sure seems like a great way to live; when you’re young and in your prime, live below your means to max out your 401k, which there’s a fair risk you won’t live to see or enjoy, or… just stop hoarding money and live your life (I’m not saying be financially ignorant or irresponsible). 17.27% of men don’t live to age 60, and another ~6%, or 23.57% of men overall, don’t make it to age 65.[1] For reference, one must typically be age 59.5 before they can withdraw from their 401k without penalty. So, if you save for 40 years, live below your means so you can maybe have a chance at enjoying all that money you’ve socked away. Pretty crazy to think that nearly a quarter of us won’t live to see or use the money beyond 5 or 6 years after retirement. * [1] - https://www.ssa.gov/oact/STATS/table4c6.html https://www.ssa.gov/oact/STATS/table4c6.html
  - shadowgovt 3y ago
    As someone who spends quite a bit of his time counting the sand in the hourglass that is one of his relatives' retirement funds... There's no definite win-strategy here. It is possible to die young. It is possible to outlive your savings and live a miserable final years. We can't guarantee a happy solution. (Well, TBF, we could decrease the misery of the one option by deeply funding social security, not to sustain it but to raise to a higher standard of living than previous generations ever knew because we currently live in a world with a higher productive capacity than previous generations ever knew. So I'm speaking of transient political reality and not concrete laws of the universe.)
    - unmole 3y ago
      > Well, TBF, we could decrease the misery of the one option by deeply funding social security, Take from the young (poor) to pay the old (rich). Yeah, that sounds amazing, where do I sign up? /s
      - shadowgovt 3y ago
        Not necessarily. The source of funding for social security was an arbitrary decision. We could fund it with a wealth tax.
- theandrewbailey 3y ago
  > Are you going to make a pile of gold and sit on it like a dragon? If you want to buy a house, yes. A pile of gold is also handy to start a business.
ricardobayes 3y ago
That friction could use some lubrication, at least in Europe. I loathe outdated/misconfigured card payment terminals outright declining payments that go over the 100€ cumulative total on contactless. The better configured ones just ask for a PIN and that's it. But there are many which just decline the transaction, leaving both me and the shopkeeper frustrated requiring me to "try again".
- doublerabbit 3y ago
  Contactless in the UK lets you use the card five times before you have to Chip&Pin and too reset. Pointless and all is displayed is "Declined". Embarrassing if your paying in the party.
  - lozenge 3y ago
    That's not my experience, it lasts many more times for me and it says "INSERT CARD". Which is also what it says when you haven't got money to cover the payment.
    - wdb 3y ago
      Yeah, I think it's based on an amount instead of times. I have been to my local shop for months and they never asked for card yet. Each time spending like £3-4
_23sd 3y ago
I think this would add friction on the whole, adding an authentication step to transactions where you currently just type in your card number and hit submit. It reduces friction compared to an alternative where you confirm transactions with SMS codes, but I don't think that is very common.
- sofixa 3y ago
  It's mandatory in the EU since PSD2 to have an extra validation step like authorising in the bank's app or via SMS.

wahnfrieden 3y ago

Let’s go back to mailing personal checks to shareware companies

deleted 3y ago
[deleted]
thecosas 3y ago
Don't forget to mail them the floppies to load up and send back :-)

tantalor 3y ago

What are you going to use the money for, if not spend it on something? Are you going to make a pile of gold and sit on it like a dragon?

bern4444 3y ago
Some people like to save and invest instead of spending every single cent they have. We'd be a much more stable society if the majority of the population wasn't one paycheck away from being financially ruined. 37% of Americans don't have enough savings to cover a $400 emergency[0]. That percentage goes up as the amount goes up and a $400 emergency is easy to hit - medical bill, moving expense, car repair, etc. It becomes 68% at $1,000[1]. [0]https://fortune.com/2023/05/23/inflation-economy-consumer-finances-americans-cant-cover-emergency-expense-federal-reserve/ https://fortune.com/2023/05/23/inflation-economy-consumer-fi... [1]https://fortune.com/recommends/banking/57-percent-of-americans-cant-afford-a-1000-emergency-expense/ https://fortune.com/recommends/banking/57-percent-of-america...
- uoaei 3y ago
  Saving and investing are not realistic options for you if you're living paycheck to paycheck. That's why it's called that, because you have no money left over after paying for your necessities. Sometimes you don't even get to cover all your bills and you start racking up debt or are forced to be clever with frugality (read: giving up recurring payments like healthcare).
- EGreg 3y ago
  Saving money is basically buying into the baning industry’s narrative of a fat bank account, or of borrowing money in order to pay it off for 30 years. Now investing is another story! Buy durable things with your cash that hold value over time!
  - deleted 3y ago
    [deleted]
- dantheman 3y ago
  Those studies are horribly misinterpreted. Look at the original data, it includes using a credit card as not having the money...
  - Tade0 3y ago
    That still counts in my book. If you have to borrow money then you don't actually have it.
    - unmole 3y ago
      Right, because people don't use credit cards for the additional protection, points or miles. It's because they are all borrowing money they don't have. And billionares who borrow money because it's tax efficient must all be secretly broke too. /s
      - Tade0 3y ago
        > Right, because people don't use credit cards for the additional protection, points or miles. I actually don't know, because I'm not American. Over here just having a credit card draws questions about one's financial stability and responsibility. At the end of the day it's really not your money you're spending like that. I mean - it's in the name even. You'll have to pay it back eventually.
uoaei 3y ago
I think maybe the focus of GP was on impulse purchases, but more likely it was just a cheeky comment.
koprulusector 3y ago
That’s what I ask all the 401k nerds. You could literally die next week. Sure seems like a great way to live; when you’re young and in your prime, live below your means to max out your 401k, which there’s a fair risk you won’t live to see or enjoy, or… just stop hoarding money and live your life (I’m not saying be financially ignorant or irresponsible). 17.27% of men don’t live to age 60, and another ~6%, or 23.57% of men overall, don’t make it to age 65.[1] For reference, one must typically be age 59.5 before they can withdraw from their 401k without penalty. So, if you save for 40 years, live below your means so you can maybe have a chance at enjoying all that money you’ve socked away. Pretty crazy to think that nearly a quarter of us won’t live to see or use the money beyond 5 or 6 years after retirement. * [1] - https://www.ssa.gov/oact/STATS/table4c6.html https://www.ssa.gov/oact/STATS/table4c6.html
- shadowgovt 3y ago
  As someone who spends quite a bit of his time counting the sand in the hourglass that is one of his relatives' retirement funds... There's no definite win-strategy here. It is possible to die young. It is possible to outlive your savings and live a miserable final years. We can't guarantee a happy solution. (Well, TBF, we could decrease the misery of the one option by deeply funding social security, not to sustain it but to raise to a higher standard of living than previous generations ever knew because we currently live in a world with a higher productive capacity than previous generations ever knew. So I'm speaking of transient political reality and not concrete laws of the universe.)
  - unmole 3y ago
    > Well, TBF, we could decrease the misery of the one option by deeply funding social security, Take from the young (poor) to pay the old (rich). Yeah, that sounds amazing, where do I sign up? /s
    - shadowgovt 3y ago
      Not necessarily. The source of funding for social security was an arbitrary decision. We could fund it with a wealth tax.
theandrewbailey 3y ago
> Are you going to make a pile of gold and sit on it like a dragon? If you want to buy a house, yes. A pile of gold is also handy to start a business.

ricardobayes 3y ago

That friction could use some lubrication, at least in Europe. I loathe outdated/misconfigured card payment terminals outright declining payments that go over the 100€ cumulative total on contactless. The better configured ones just ask for a PIN and that's it. But there are many which just decline the transaction, leaving both me and the shopkeeper frustrated requiring me to "try again".

doublerabbit 3y ago
Contactless in the UK lets you use the card five times before you have to Chip&Pin and too reset. Pointless and all is displayed is "Declined". Embarrassing if your paying in the party.
- lozenge 3y ago
  That's not my experience, it lasts many more times for me and it says "INSERT CARD". Which is also what it says when you haven't got money to cover the payment.
  - wdb 3y ago
    Yeah, I think it's based on an amount instead of times. I have been to my local shop for months and they never asked for card yet. Each time spending like £3-4

_23sd 3y ago

I think this would add friction on the whole, adding an authentication step to transactions where you currently just type in your card number and hit submit. It reduces friction compared to an alternative where you confirm transactions with SMS codes, but I don't think that is very common.

sofixa 3y ago
It's mandatory in the EU since PSD2 to have an extra validation step like authorising in the bank's app or via SMS.