Roundup: Articles From Around the Web
Here are some posts from around the web that I thought you may find interesting. Let me know if there is anything good I missed. Email me anything awesome that you find, or write, at Mark@milestomemories.com.
Articles
I was shocked to see my friends pay a restaurant bill with debit cards, but it turns out they’re perfectly representative of millennials on the whole – Business Insider
While I don’t find a lot of the recommendations great in the article, airline cards are terrible everyday cards and using the Freedom cards as cash back cards..ouch. I did find one piece of info interesting however, 23% of millennials do not use credit cards. I thought millenials had latched onto credit cards more than that since they were a big part of the Chase Sapphire Reserve success.
An Elaborate Scam That Was Very Realistic – Tahsir Ahsan
While not miles or points related I thought this was worth sharing. We have covered other elegant scams in the past with Visa gift cards but this thing is on a whole different level.
Giving Children Vacations Instead of Toys Can Lead to Advanced Brain Development, Experts Suggest – Travel & Leisure
While there are always hot take studies / articles like this I thought people would find it interesting. I don’t really care about the study much but it does coincide with a change I have made the last few years. We have been doing trips more and more as gifts versus the normal hot toy. We will usually buy them something of their choice while on the trip. For their birthdays it was a Harry Potter wand at Universal. But I think this will continue to be the case going forward for us and it will be more travel and less presents overall. It is the gift of seeing something new and spending quality time together.
Conclusion
Which article did you find most interesting? Remember to let me know of anything you come across that you want added into the next edition at Mark@milestomemories.com.
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@Jason
It really boggles my mind how most parents are comfortable with sending their kids to an institution 7-8 hours a day 5 days a week to be programmed by people who may not share their beliefs with biased information and an agenda. So many people nowadays say how personal finance should be taught in schools but discount that many of the people teaching their kids are idiots who thrive in academia but not in reality. It should be up to parents to teach their kids and not rely on others. Still, lack of self control isn’t going to be fixed by teaching. Alcoholism, drug addiction, excessive gambling and reckless spending will happen no matter what. Ignorance nowadays is no excuse. All of this stuff is available with a 10 minute DuckDuckGo search and read.
Damn millennials, first they eat up all the avocado toast, now this. What outrage will they perpetrate next?
Not sure why it would be bad for people to use debit cards. Keep in mind that most people are terrible with money, and banks make tons on credit card interest and late fees. If people don’t trust themselves to avoid overspending, then a debit card makes lots of sense. With that said, banks also make tons of money on overdraft fees so there is no perfect solution (except cash) for people who are really terrible at managing their spending.
I am in the millennial range, but am hugely averse to using debit cards. Reward losses aside, card skimming either through simple writing down a card number behind the counter or more sophisticated by using electric skimmers or whatever is a very real thing. I can’t imagine having my actual money tied to something so easily nabbed. I know banks are generally good about resolving that stuff, but in my experience they are way better about it with credit cards, or at least if I have to fight with them, I am not risking a missed bill or something (assuming a huge amount was stolen). Unless these are reloadable debit cards it seems like a bad choice on both sides, no points/cash back (or very minimal as I know some banks have some reward system on debit cards), and higher chance of real money being stolen.
Bob if they are not financially sound then Debit cards are probably the best bet. But if they are under control of their spending they are missing out on the perks, rewards and protections that credit cards offer. I don’t think most people realize that because of the Dave Ramsey type of talk that simply says credit cards are bad for everyone when they are only bad for the financially irresponsible.
I work in a school and students tell me all the time the business teacher tells them that credit cards are bad for you because they make you fall into debt. So why would it be a shocker that 23% of millennials use a debit card if that is what they are being taught.
I am surprised to hear they are taught that. Yikes!
Especially from a business professor when cash flow issues close down even profitable companies.