Experience Tech

What determines the amount of cash in a country's economy ❓

Cash is only a fraction of all the money in the country. Their number depends on:

🔵 On how developed and widespread modern payment instruments are, such as bank cards, payment via mobile communications and the Internet

🔵 From the infrastructure, for example, are there enough ATMs, payment terminals, and devices for accepting payment cards

🔵 On the scale of the economy and its needs

🔵 From the attitude to cash in the country

In different countries, people have different attitudes towards cash.

🇨🇭 In Switzerland, due to tradition and psychology, citizens love cash. There are many stories about the Swiss who keep vast sums of money home. For example, about how the mansion burned down and a massive amount of cash hidden behind the fireplace. But the story's ending is happy: the burnt remains of banknotes were restored by numbers, and the Central Bank of Switzerland returned the money to the owner.

🇸🇪 In Sweden, residents are indifferent to species and use less and less cash. More than 95% of all retail purchases are made by Swedes non-cash, using electronic payments.

Credit Card Recommendations 💳

🔵 There are two important things to note about the use of credit cards. The first is that money is most often the primary motive for hacking, and in the realities of cybersecurity in 2021, this is especially true. The second point is that you can lose money without your credit card information.

🔵 With the onset of the lockdown, children's and teenage entertainment moved into the online zone: online games and social networks. And many parents have encouraged this behaviour by giving their children a smartphone or other device to distract them and work quietly. It would seem that the solution is quite simple: both the child is busy, and the parents can calmly work. What could go wrong here?

🔵 According to a recent survey, approximately 8.2% of parents said their children spend more than 100 euros per month on purchases of mobile games. Unfortunately, there are not so many statistics explicitly collected for schoolchildren, but over the past couple of years, the number of stories when a child spent several hours on the phone, and after a while, parents find a three-digit minus on the balance sheet, happens more and more often.

🔵 The same can be seen in the total revenue of mobile games during the lockdown, which already exceeds 80 billion, and further growth is predicted.

What to do with it? 🤔

💁‍♀️ There is a solution. We don’t urge anyone to switch children's attention to mobile games or vice versa to block access completely, but if you decide to use this method, it is better to do it right.

🙌 We recommend opening a family account to solve this problem. Now for children under 18 years old, you can open a separate credit card with a specific limit and transfer a certain amount of money there every month. You can also set a family control.

🪙 At the same time, it is also essential to conduct financial education for the child. So, for example, a child can be encouraged with some bonuses for helping around the house or other achievements. Thus, from an early age, children will develop the skill of handling money and not just transferring some coins from the account of mom or dad into currencies in their favourite game.

7 Ways To Avoid Side Hustle Burnout 🔥

1️⃣ BUDGET YOUR TIME 👇
❗️ A side hustle aims to enhance your lives and your customers’ lives. If it’s detracting from your life instead, you may need to reevaluate the number of hours you’re dedicating to activities outside of work.

2️⃣ SET SPECIFIC, SHORT-TERM GOALS FOR YOUR BUSINESS 👇
❗️ When looking at your long-term goals, you may only see the gaping difference between where you are now and where you want to be. When that happens, it’s easy to lose hope and motivation because you start to question whether those goals are even attainable.

3️⃣ START EVERY DAY WITH YOUR HIGHEST-VALUE WORK 👇
❗️ When you prioritise the most critical work, you’re more likely to make progress on your business goals. These small victories motivate you to keep persisting and reduce your risk of side hustle burnout.

4️⃣ KEEP YOUR EXPENSES LOW 👇
❗️ Financial stress can be a significant source of discouragement when building a side hustle. The more financial stress you put on your business, and thus, yourself, the more likely you will experience side hustle burnout.

5️⃣ PROFIT BEFORE YOU SPEND 👇
❗️ If you want your side hustle to be profitable, set aside a percentage of every check you earn for profit. Then, use whatever is left over for taxes and business expenses.

6️⃣ SYSTEMATISE YOUR SIDE HUSTLE 👇
❗️ For example, if you spend a lot of time emailing back and forth with potential clients, you could create a few email templates. When a new person inquires, you won’t have to think of a response from scratch.

7️⃣ USE A SMALL BUSINESS ACCOUNTING SOFTWARE 👇
❗️ Fortunately, you don’t have to hire a bookkeeper to stay on top of your business’s finances. You can easily do it yourself if you have the right software tools!