The barefoot investor has sworn never to give in cash after spending a week on refusing to use other forms of payment.
Scott Pape revealed that he forced himself to follow a seven -day trial period in which he would only use cash to pay for everything.
The financial guru revealed that the setbacks of not using a bank card or credit card came to a head when he tried to pay for a burrito in a fast food restaurant.
The Teenage collection assistant told him that the location did not accept cash.
When he told her he had no card, she looked at him for 10 seconds and tried to find out what was going on.
“I wanted to tell her that I did an experiment to use only a week of cash, and that I was in fact a successful financial expert,” Mr Pape wrote in his column for the Daily Telegraph.
He also wanted to tell her that he was very hungry.
“But I didn't do any of those things. I just stood there as an idiot, “he said.
Financial expert Scott Pape (photo), also known as the Barefoot Investor, has come strong in favor of cash, despite an experiment of a week that has hungry and frustrated him
Then she asked in a pitying tone if there was anyone he could call. He told her he didn't have a phone with him. “And even if I did … my wife wouldn't help.”
He left without his burrito, the attempt at transaction would have failed.
Mr Pape's experiment left him so many coins in his pocket that his four -year -old asked: “Why Jingling as Captain Feathersword, Dad?”
He said that the pure weight of them hurt him in his back and wondered how much it costs to make this small used coins.
So he called the Royal Australian Mint and immediately got the run.
Then finally, days later, she went to a director of De Munt, he was told: “Your request is currently at the privacy department … because it is commercial in confidence.”
'Commercial in confidence? Who the hell do you compete with the Vietnamese Dong? “He joked, but the director didn't think it's funny.
“We don't give (information about the production of coins),” she added, in case he hadn't received the message.
Mr Pape said that Cash (photo) fan is a great visual help to teach children the value of money
According to the figures from Reserve Bank, however, in the 12 years to 2022 cash transactions in Australia fell from more than 60 percent to only 13 percent.
The end result is that the Mint makes much fewer notes and coins, which has led to much fewer things for Armaguard, which bring the currency to banks.
Mr Pape took his search to find how much it costs to make coins and note to Andrew Leigh, the minister who is responsible for the currency.
But a consultant in Mr Leigh's office was just as useless as the coin. 'If the coin will not tell you, we can't tell you. What the coin says is Gospel, “he was told.
Mr Pape replied that “No, your minister is God and he writes the gospel. And I think taxpayers have the right to know how many our coins cost us. '
'What was your name again? Is this for a podcast? How many followers do you have, “the adviser asked.
“I am barefoot the investor. Look for me, “he said.
Mr. Leigh sent him an SMS the next day and said: 'Scott, I am sorry that the coin was unable to give you the numbers you were on.
“As you would appreciate, De Munt makes the call itself about problems such as revealing costs.”
Spending seven days without using bank cards, led a teenager to standing in front of him, held his burrito and shook her head
But Mr Pape did not 'appreciate' that well -paid bureaucrats think that they are too important to answer the people who pay for their salaries.
He wrote in his newsletter that he is not only a big fan of cash, he believes it is worth the costs for taxpayers to keep it in circulation.
The barefoot investor explained that our currency is part of the national identity of Australia and our safety.
He explained that the step from Sweden to a cashless society means that they have “the lowest amount of physical cash that float around all countries in the world.”
But their government now has second thoughts.
In the midst of the current war in Russia-Ukraine, in November 2024, the Swedish Ministry of Defense sent each household a brochure called 'If Crisis of War Comes'.
It advised citizens to withdraw regularly and use cash, so that at least a week kept to hand, because if cyber criminals or warring countries disrupt digital payments, the tapping on your card does not work.
Another reason why Mr Pape is a fan of cash is because it is a great visual help to teach children the value of money.
His last reason is that “because the people who really do Canberra – the Australian Taxation Office – despise cash, because it can't be followed,” he wrote.
“They want every payment to be electronic, so that they can absorb all that data and feed through their AI -Supercomputers to follow our financial movement.”
He added that the bureaucratic runaround he had received this week is exactly why we should never surrender money '.
