Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.
Sentiment: NEGATIVE
To finance longer life spans, we must convince individuals to start investing now for the long term. But longevity should be an asset that can be levered, not a curse. They must understand that there's a cost to sitting in cash. No one talks about that cost.
Much of the traditional thinking about cash is well intentioned but unrealistic. Should you have six months of living expenses in the bank for emergencies? Sure. Do you? Probably not.
After two decades of personal finance reporting, I've heard every excuse in the book for not saving money. That said, none of them really hold up - at least over the long term.
Money is time. With money I buy for cheerful use the hours which otherwise would not in any sense be mine; nay, which would make me their miserable bondsman.
I love cash.
My biggest asset is not cash - it's a large, growing, devout fanbase.
A grown man should always carry cash, right? I don't know who told me, but someone told me that a long time ago, and the biggest turnoff is when a guy doesn't have cash on him.
I don't like gross monetary inequities. I firmly believe that the wrong people and the wrong professions are being rewarded, and rewarded absurdly, and that the hardest work the obscenely rich do is ensuring that they preserve their privileges, status symbols, and bloated bank accounts.
A currency designed for long-term storage and investment doesn't do so well at encouraging transactions and exchange in the moment.
I always encourage our people and young business people that I meet to have a respect for cash, keeping some in their pockets and purses at all times. To me, that's essential.