Golden Rules for Making Money (1880) • Hacker News Board

Re: Golden Rules for Making Money (1880)

#161

Post by fapjacks » Mon, Mar 25, 2019, 8:52 PM UTC

kileywm wrote: post #69

Interesting snippet of wisdom from the article: > The real comforts of life cost but a small portion of what most of us can earn. Dr. Franklin says “it is the eyes of others and not our own eyes which ruin us. If all the world were blind except myself I should not care for fine clothes or furniture.” In reading a few of the chapters, it was really interesting to see the dollar amounts written. They seemed rather high…

The world we live in is an astonishing exception compared to pretty much any point in human history and one of the outcomes of this is that our instinct for price has been greatly skewed by the cheapness of things because of mass-manufacturing. Though certainly true in some cases, it's not that good, quality items of sturdy construction have gotten more expensive, it's that everything else we use normally -- all the cheap plastic shit from China -- is so cheap to manufacture, that the quality stuff seems so expensive.

Re: Golden Rules for Making Money (1880)

#162

Post by moate » Mon, Mar 25, 2019, 8:59 PM UTC

ngngngng wrote: post #28

fartcannon wrote: post #12

Earlier quoted context omitted.

Some millennials are in their mid 30's. Isn't it time to pick on a new generation?

Millenial here. Did this happen with other generations? Where the term was just used as a derogatory way to refer to young people?

It started with Baby Boomers. Generations prior to that didn't pay nearly as much attention to generational cohorts. The whole idea of generational cohorts feels like a marketing construct, and its adoption into the normal lexicon coincides with increases in middle-class wealth and expansion in the advertising industry.

Prior to boomers it was just "kids these days"...

Re: Golden Rules for Making Money (1880)

#163

Post by jhallenworld » Mon, Mar 25, 2019, 9:04 PM UTC

"Once you have their money, never give it back."

https://memory-beta.fandom.com/wiki/Ferengi_Rules_of_Acquisi...

Re: Golden Rules for Making Money (1880)

#164

Post by jweir » Mon, Mar 25, 2019, 9:46 PM UTC

ska wrote: post #137

dr_dshiv wrote: post #120

Earlier quoted context omitted.

In the Netherlands, credit cards aren't widely accepted because the local debit card system has no transaction fee. Without 3% card fees, the consumer prices are lower, so the whole country saves extra money.

In north america, I think they mostly (still?) aren't allowed to offer differential pricing - by law - which helped the rise of credit cards. There has been a lot of back and forth on this in law so YMMV depending where you are.

Been to a gas station? Cash vs Credit pricing. My local beer store does the same thing.

Re: Golden Rules for Making Money (1880)

#165

Post by HenryBemis » Mon, Mar 25, 2019, 9:49 PM UTC

billfruit wrote: post #109

One modern trick to earn a tiny bit of extra money: Use credit cards for buying/paying anything at all, never use debit cards or cash: Credit cards usually pay a small reward point for spends which can often be redeemed as a cash discount later, and also since the expenses go to the credit card, the cash in the savings account stay untouched till the day you make the credit card bill payment, which will keep earning…

The only (imho) benefit for a credit card is the safeguard and the ability to get your money back.

I have stopped using credit cards for more than a decade.

In the UK I bank with RBS and when I have fallen victim to a fraud (e.g. my card been cloned or an online service stupidly saving more data than they should) I always gotten my money back.

I understand collecting points, but a debt is a debt and a credit card is a gateway to debt. Cash is king!

Edit: by 'cash' I mean debit card, not carrying £1000 on me :)

Re: Golden Rules for Making Money (1880)

#166

Post by asynchronous13 » Mon, Mar 25, 2019, 9:51 PM UTC

zamfi wrote: post #158

ska wrote: post #137

Earlier quoted context omitted.

In north america, I think they mostly (still?) aren't allowed to offer differential pricing - by law - which helped the rise of credit cards. There has been a lot of back and forth on this in law so YMMV depending where you are.

I'm not pointing this out to be pedantic, but because I think it's interesting: it was actually not by law that merchants were not allowed to offer different prices for cash vs. credit card purchase, it was by contract . That is to say, in the merchant agreement required to accept credit cards, merchants promised to the credit card companies that they would not charge users of credit cards more than cash payers. As a…

There are still laws at the state level in the US that make it illegal for a merchant to charge more for credit cards. I lived in Colorado when the law passed there. It was impressive marketing by the credit card companies under the guise of consumer protection. Sucks because most people fell for the propoganda and now it's law.

  Colo. Rev. Stat. §5-2-212 
  “(1) Except as otherwise provided in §§24-19.5-103 
  (3) and 29-11.5-103 (3), C.R.S., no seller or lessor 
  in any sales or lease transaction or any company 
  issuing credit or charge cards may impose a surcharge 
  on a holder who elects to use a credit or charge card 
  in lieu of payment by cash, check, or similar means. A 
  surcharge is any additional amount imposed at the time 
  of the sales or lease transaction by the merchant, 
  seller, or lessor that increases the charge to the buyer
  or lessee for the privilege of using a credit or charge
  card. For purposes of this section, charge card includes
  those cards pursuant to which unpaid balances are 
  payable on demand.”

Re: Golden Rules for Making Money (1880)

#167

Post by HenryBemis » Mon, Mar 25, 2019, 9:53 PM UTC

dr_dshiv wrote: post #120

billfruit wrote: post #109

One modern trick to earn a tiny bit of extra money: Use credit cards for buying/paying anything at all, never use debit cards or cash: Credit cards usually pay a small reward point for spends which can often be redeemed as a cash discount later, and also since the expenses go to the credit card, the cash in the savings account stay untouched till the day you make the credit card bill payment, which will keep earning…

In the Netherlands, credit cards aren't widely accepted because the local debit card system has no transaction fee. Without 3% card fees, the consumer prices are lower, so the whole country saves extra money.

I was in NL a few days ago. The taxi driver asked me to change me €5 extra for a €10 ride. Of course I declined and paid what was in the meter. Stealing is not ethical. If they don't want to use cards then they should remove their VISA/MC stickers and we will use other ride services (or a tram!)

Re: Golden Rules for Making Money (1880)

#168

Post by GuB-42 » Mon, Mar 25, 2019, 9:54 PM UTC

billfruit wrote: post #109

One modern trick to earn a tiny bit of extra money: Use credit cards for buying/paying anything at all, never use debit cards or cash: Credit cards usually pay a small reward point for spends which can often be redeemed as a cash discount later, and also since the expenses go to the credit card, the cash in the savings account stay untouched till the day you make the credit card bill payment, which will keep earning…

This advice is specific to the US and maybe a few other countries.

In most other countries, the general idea is that you should be saving money and a credit is the opposite of that. As a result, you are not likely to be offered more than "no fees" for your credit.

Note that in many countries, debit cards are called "credit cards" and US-style credit cards don't exist.

Re: Golden Rules for Making Money (1880)

#169

Post by defertoreptar » Mon, Mar 25, 2019, 9:58 PM UTC

sigmaprimus wrote: post #50

Don't Blab >>> This chapter/paragraph goes against everything I believe in, the entire opensource community is based on sharing. I am an aspiring farmer with a tech addiction and if it wasn't for people sharing their successes through YouTube and a lesser extent farmers that write books, this "City Boy" wouldn't have survived my first year on the farm. I also agree Internet sucks in the country, but it's still better…

And yet Barnum chose to publish "The Art of Money Getting" in the first place, breaking his own rule!

Here's what he said:

> Say nothing about your profits, your hopes, your expectations, your intentions.

So it doesn't appear that he's talking about sharing tutorials. Instead, he seems to be giving practical advice on not talking about money and business-tactics.

Re: Golden Rules for Making Money (1880)

#170

Post by slothtrop » Mon, Mar 25, 2019, 10:02 PM UTC

billfruit wrote: post #109

One modern trick to earn a tiny bit of extra money: Use credit cards for buying/paying anything at all, never use debit cards or cash: Credit cards usually pay a small reward point for spends which can often be redeemed as a cash discount later, and also since the expenses go to the credit card, the cash in the savings account stay untouched till the day you make the credit card bill payment, which will keep earning…

These cards typically have annual fees. The rewards are worth it if the volume of purchases is sufficient to yield benefits in excess if that fee, e.g. $100 a year.