Paycheck to paycheck - its everywhere

But yours is $40-60/month depending on the carrier & tax deductible too.

 

Actually... wrong there. My monthly phone costs are currently paid for by CBA...


It's the addiction to PC that could be expensive.

 

This can be a common problem when people receive their income untaxed, but are subject to income tax in some way. Many small business owners struggle with this.

First step should be to average what income tax is payable, say 20% of salary. Each payday that proportion should be placed immediately into an untouchable account and saved specifically to pay tax.

PAYG employees have his done for them. Everyone else must do it for themselves.
Marg

 

Still tax deductible though.

 

True. And everybody is happy

 

Understandable. A lot of people have payments automatically come out of their accounts based on their pay day. Not me - I wait for a knock from a debt collector before I pay a bill.

 

You would hope that, with earning 100 000k per year, you would have enough in the bank to cover bills for 2 weeks...

 

Maybe go down the road of a cashless society have nothing over 20 dollar bills and all on cards would wipe out the massive cash only no tax economy overnight..

 

I would love a cashless society. But need to get rid of the bulls.hit '$20 minimum' thing. Any business who has a minimum I avoid - or walk out of.
I hate carrying cash. I carry two cards, that should be good enough.

 

Then I'd have to pay tradies with a suitcase of cash rather than a briefcase of cash.

Seriously, a sudden switch to a cashless society would have dramatic effects on the economy. Not sure exactly what. Huge inflation due to people not discounting for cash? Recession/depression due to that cash not cycling through the economy?

People would probably find a way around no govt issued currency and would use non govt issued currency. Barter? Back to gold? Shells?

 

Just do what they did in India ,cut all the big notes out over time and bring it back in 50 dollar bills,all the 100 dollar bills people hide would then be either cashed in or spent would put a lot of money into the economy ..

 

You obviously don't shop or dine in certain ethnically diverse areas. Some of the shops/restaurants I visit near my parents only accept cash. There's a large grocery store that must turn over at least $10-20k a day that only accepts cash. They're smart enough to have one of those dodgy ATMs in the shop for gringos.

 

The govt and banks have already tried to impose this.

I prefer the old way, with the convenience of electronic for select transactions.

I think it is BS that we cannot be paid in legal tender at the end of the week or whatever.

 

I didn't follow the Indian story closely, but didn't it create havoc?

Done slowly and incrementally it could get rid of the cash economy without troubles.

 

Listen to episode 1. The aftermath of India's demonetization.
Sometimes it can be a case of "Be careful of what you wish for".
Every Government action has subsequent reactions in the economy.
In India, they were saying there was an initial 60% collapse in RE transactions in some regions of the Country as a consequence of this policy.
They also talk about Australia & the push to ban the $100 note.

Adventures in Finance: A Real Vision Podcast by Real Vision on iTunes

 

As a commoner it is hard to evaluate the pros and cons for a country like India whose Black Market Economy is actually bigger than real Trillion $ GDP. But sure It hit one more Nail in the coffin of black market economy.

 

Yeahhh... nah. I'd leave my groceries at the front and walk out
It might be rude.. but come on. Get into 2017

 

You'd miss out on the best and cheapest seafood and restaurant meals.

 

This just awful. Poor souls.

I cant see any reason why a government guaranteed Platinum Amex is not justified in these examples.

Oh, wait a minute, maybe Robert McDougall is completely on the money.

 

We went to a restaurant recently and the bill had already assumed that it would be paid for on a card and included a 1.5%.card fee.

Fee applied for debit card too!