The newly emerging “cash only” mentality

Dec - 21 2013 | By

cash only, please

For many of you, working on a cash-only basis started a long time ago. And especially those of us who have felt the overbearing weight of debt, we’re now realizing that cash can be a very good thing.

cash only, pleaseMy wife and I realized this in a new way today as we walked into Target store with a different feeling than ever before. Because as most of us know, Target stores nation-wide just became a literal “target” for credit card fraud and identity theft. So the last thing we wanted to do is make a purchase at Target using a credit or debit card. And we were glad to have roughly $200 cash in our pockets at the time.

But what other benefits are there to using cash only?

Well, for one, it means the banking system and the courts have less control over your life. Meaning, no judge or court order can easily “garnish” your wages if all your earnings are converted to cash and used independently of any bank account or virtual money system.

Also, as in the case of Target, your accounts can be drained and you’ll still have money to buy Christmas presents! So cash can be very good in lots of ways.

However, cash does have to be handled responsibly. For example, keeping $2k in a coffee cup in your kitchen probably isn’t the safest bet either. Because that junior-high friend of your son who is just coming in to grab a drink of water may stumble across more temptation than he can handle! And as your savings grow, you definitely have to think about how to safeguard it, even from your kids.

So what’s my point with this article?

I’m realizing more and more that being a “big man” financially means that we have to look at finances objectively, and not just go the way that marketers and the banking system tell us to go. Just because you can get an extra $150 credit to open a Chase bank account doesn’t mean you should. And once you have that bank account, it doesn’t mean that you should have your paycheck direct-deposited along with all other liquid assets to be used in paying bills.

I’m saying that we need to be open to other options. Options that keep us free from the worries of government control. And options that reduce our risk at the hand of any number of foreign and domestic credit card and banking system hackers.

When it comes down to it, cash really is king.

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