Not more than 100 years ago, a working man would have to wait in line at a company accountant window or store to be paid for his weeks’ worth of work. His payday typically came in the form of cash or paper money. This working man would then take that paper cash and fold it up and put it in his pocket. Later he would use that paper cash to pay his rent or mortgage, to buy his food and feed for his animals, and any other necessities which were quite limited 100 years ago. He would typically run out of cash before his next payday but with all necessities paid for, he didn’t have much need for cash until those bills came due again.
Fast Forward 50 years and working men no longer had to wait in line at the company accountant window or store for their (paper cash) money. Their money (paychecks) would arrive in the form of a company check and be typically delivered by a mailroom worker in an envelope. They then had to wait in line at a bank teller window to deposit their paychecks into their own bank accounts. They could then write their own checks to pay their rent, insurance, utilities, and any other necessities which were limited compared to today. They kept quite a bit of cash on hand to use at the many stores and vendors that did not accept checks. Just like 50 years earlier, they would typically run out of money before their next paycheck arrived. It was at this point in time that the working man learned about credit.
Fast Forward another 50 years to today. Men and Women don’t wait in line today at either the company accountant window or bank teller window. Their paycheck or money arrives into their bank accounts automatically or electronically in the form of a direct deposit from their employers. They can then send money electronically to their Mortgage Company, car finance company, an insurance company, any trading groups, Cell Phone Company, cable company, electric company, gas company, internet company, credit card companies, and so on and so forth. They typically keep very little cash on hand because oftentimes they have to pay a small fee to withdraw cash from a bank ATM machine and most stores and vendors today take debit and or credit cards. In fact, just the opposite is occurring, more stores and vendors are refusing to accept cash and only accept cards.
Some people still like to hold cash in their hands and spend it wisely. But those days are quickly disappearing as a new generation of working men and women are being treated to a lifestyle where paper cash is a nuisance and electronic currency is the only way to go. In 2013, we can go months without ever having any paper cash on hand and survive just fine. Almost too fine in fact because the typical working man or women’s paychecks are spent long before they even get them and most if not all of their paychecks are sent directly (electronically) to and creditor. Most working men and women today are nothing more than middlemen that pass electronic currency from one big company to another…