 I am done with cash what's up money geeks mr. V here welcome to another video guys so into this video we're going to be talking about why I stopped using cash and debit cards over the years I've actually transitioned to never want to use cash or even my debit card I don't even carry my debit card in my wallet anymore so if you were to open my wallet in my wallet I got two credit cards the green one is my business credit card and the gray one here is my personal credit card and the reason why I stopped using a debit card number one is just a simple fact that the money in your in your bank account comes directly out of your debit card so if somebody was still at my debit card and go use it somewhere they are using that money directly out of my bank account and it's a hassle once that money is out of your bank account when you go back to the bank to try to figure out if somebody stole your debit card it's a bigger hassle so I try to avoid that at all costs the reason why I don't use cash as we all know man some people say cash is king right cash is not really king to me anymore because once you pull cash out of your bank account and it's out here this is nobody's money I don't see your name or my name or anybody's name on this thing so if I were to drop it it's gone if somebody picked that money up it's their money there's no way I can kind of tie that money to me there's no relationship between me and that money at that point so when you move cash out of your bank account it's out there in the world floating around if you drop it it's gone I know a lot of people talk about using the cash envelope system right right here so put money in there and use that to pay your bills um it sounds really awesome but if you look at the details and the nuances that comes with it up I don't want to deal with it so assume that you have your monthly expenses like say three thousand dollars and you go to your bank and pull out three thousand dollars right you're hoping that when you get home you're going to break it up into your little tiny envelopes and and then spend them the way you need and you get out of the bank and for some reason you drop that envelope it's gone three grand disappeared like no trace I don't want to be a victim of that no way and even still if you don't drop it by yourself what if somebody just you know rob you and just grab your back and run away um what are you gonna do if they run away turn the corner and take out the money and leave your back there and you show up that money is gone and there's no way you can go and save these are my dollar bills because it has my name dollar bills don't belong to anybody get free for anybody to hang on to so um yeah that's why I don't do the cash envelope system I hit carrying cash around and that's one reason why I don't carry my debit card because the money that gets pulled out of my debit card comes directly from my bank account and I hate it you know I hate losing money so now let's talk about why I carry these two bad boys again like I said this is my business credit card and this is my personal credit card so all our monthly expenses are bills everything so starting from insurance to groceries to just name every little thing that we do in our house we put them on our credit card if a credit card can accept the payment I'm putting it on a credit card so first reason is because um my personal credit card I get a 1.5% cash back each time I spend a dollar on that credit card um likewise for my business credit card I get 2% cash back each time I spend money on my business so and even by spending money when I buy materials or I buy stuff for for my projects um again I'm buying stuff for my project to get paid and I still get cash back so it just makes sense and then since I pay my balance in full every month I'm just getting free money and I know a lot of people use um maybe there's some other credit cards that do points or airline mileage and stuff like that no no no no spare me that I don't want to have to do any conversion my math is really bad just give me the dollar bills that's it so that's why I prefer the direct cash back the points and my airline mileage and all that stuff doesn't apply to me just give me the money and that's all we I care about so um again like I said my wife gets cash back on expenses that she does just running the household I get cash back running our business and and and just paying my bills my business bills every month which is really really awesome so if you are one of the people that really believe in this system it's totally cool again no knock on the people that believe in this for me I'm always looking for ways to to improve my finances looking for ways to bring in more as opposed to giving out I know it's like about hey when you have cash you cannot spend beyond your means over the credit card would encourage you to spend beyond your means um and I push back on that and say hey we are disciplined enough we know how much we have in our bank account I'm not stupid to go and spend $10,000 knowing full way that I only have $2,000 in my bank account I'm not that delusional so if if people are delusional enough to think that they can spend a hundred thousand dollars on the credit card and they only have $10,000 in their bank account well you got bigger problems than the credit card itself because you're going to blame the credit card but I don't think the credit card is the issue at that point the issue is you because your math is whacked like you need to go and double check your math um go talk to your math teacher because you're not doing you're not thinking the right way so um just to put things into perspective again I use um a credit card 99% of the time given the opportunity um I don't carry my credit my debit card with me in my wallet I don't carry cash like you said this I don't carry this around and for obvious reason the cash that I carry around doesn't have my name inscribed on it if I drop it lose it it's gone nobody is obligated to pick that money come give it to me um like likewise if I should you know drop my debit card and somebody uses my debit card that money is gone it doesn't come back to me so um based on that I don't want to carry cash around and I don't want to carry debit card so question of the day why don't you use a credit card for your everyday payment let me know in the comment section if you like the video go ahead and give that thumbs up if find it useful share it with one friend and if you think what we're doing here is awesome hey how about you hit that subscribe button and as always stay motivated