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FUNNY MONEY

09/22/09

 

 

Gift Cards, the other funny money.  If I were to give a store gift card, the recipient is limited to that store.  They would then have the choice of spending less than the value on the card, or spend the value on the card and more.  Guess what, they are counting on us to spend more money than the value on the card.  It is kind of like the buffet mentality (we will tend to over eat in order to feel as if we have received a good value).  So, if  we are to give a store gift card…  we are giving a gift which is encouraging  the recipient to spend, spend, spend, money, money, money.

 

General purpose gift cards give more locations to spend, spend, spend, money, money, money.   BUT it is going to cost. There are all kinds of fees that can be attached like: monthly administrative, lost or stolen, inactivity, close an account, balance inquiry, international fees, expiration, and the list goes on …   that is not all, there are rules that apply and expirations 6 months to a year generally. Yes, you also have to pay to load the card. A standard rate on a $25 - $74.99 gift card is $4.95. So lets say you would like to give a loved one a $25 general purpose gift card. First it is going to cost you $25 + $4.95 =  $29.99 (I wonder what they could have done with an extra $4.95). This is like giving a gift with all kinds of rules and hidden costs that  is worth 17% less in value and encourages them to spend, spend, spend, money, money, money. Let’s not forget one can only use the card  at  locations that pay to process the particular card. When the  current average yield on a 6 month CD is 1.275%,  losing 17% is a lot to lose.

 

Gifts of Cash can be spent anywhere: farmers markets, kids selling lemonade, classifieds purchases,  used cars, boats, lawn and garden equipment, yard sales, flea markets, auctions, and who knows... they may actually purchase something with more value than it costs, or invest the cash gift  and     receive more value then they had originally received.

What a concept.

 

Yes, I do give and receive gifts of checks and $ CASH $…  THANK YOU!

 

“A gift with all kinds of rules and hidden costs that  is worth 17% less in value, and encourages the   recipient to spend, spend, spend, money, money, money…  the only ones laughing  

are the companies that sell them.”

 

 

BE HAPPY - BE HEALTHY

BE WEALTHY - BE GRATEFUL

PASS IT ON!

 

 

 

 

David DesFosses

InspireUon

© 2009