Originally Posted by Patriot Services
Second topic. Why does anybody need to have cash in their pocket while working?
First reason is I have 31 employees and in any given week at least 2 or 3 of them want a loan until payday. They're good workers and I'm a nice guy so I always do it. Long time ago we realized it was much easier for me to give them a personal loan (cash) and have them just repay me in cash after they cash their next paycheck rather than the alternative. Because the alternative creates a lot of extra accounting when you are running a corporation. This is much easier. And they always pay me back the day after payday. So that's the first reason.
Second reason is sometimes we have to buy stuff cash. Like on craigslist the other day we bought a motor for a machine. Had to pay cash. I just gave my mechanic cash to go get it.
Third reason is I got 3 kids that are usually needing money for something. School lunch money for the week, a special field trip, whatever.
Fourth reason would be if you got paid in cash. I'm not admitting that I've been paid in cash and not reported that. Because that would be illegal. But I am sure there are some people who sometimes get paid in cash once in a while. And sometimes for larger jobs. If you deposit that money into a bank account and later get audited, they're going to wonder where you got that money. But if you just put it in your pocket and spend it on immaterial stuff like groceries or dinners out or whatever, then there is essentially no trace of that money. Again, not saying I would do this..... but I am sure there are a lot who do.
Fifth reason is I still like to use cash. It's too easy to use your debit card and not know when you've run out of money in your account. Especially when the wife and you both use the same account. I don't want to be constantly checking my account balance to see how much is in there. It's just easier to pay with cash. If it's in my pocket, I know I still have money. If it's not, it's time to go get more before I buy something. Cash requires no PIN numbers, no balance tracking, no potential for mistakes.
Let me ask you this? You think you're safer NOT carrying cash? But carrying credit/debit cards instead? Really? A good thief could steal that card without you even realizing it was taken and charge up hundreds or thousands of dollars on your card within just half an hour. Another common method is for someone at a gas station or restaurant to copy down your debit or credit card number and pass it on to an underground network that uses it to charge hundreds or thousands before you realize it too. You're not any safer with credit cards. It's a false security.