Winners and Losers: a cashless society

In Sweden, cash retail transactions have fallen 80%

Digital transactions in China have risen from 4% in the past 20 years to 34% in 2017.

A cashless society provides many benefits to society

Countries spend roughly 0.5% of their GDP managing physical cash

Consumers have better tracking of their money in digital forms, more convenience, and quicker and easier access to payments

Black market transactions dealt in cash will be strapped down

But consumers who value data privacy will also lose, as governments will likely use digital transactions as data

The poor and unbanked will lose out if cash is phased out

And society may become less democratic, with more power funneling towards institutions, governments, and financial corporations who control the digital system

 

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Calculated risks

We make calculated risks every day – intuitively

How quickly can I jaywalk without getting hit by a car?

What if I run through a yellow light?

Eating spicy food

As I learn more about investing and trading, I’ve tried to apply those skills to life in terms of making calculated risks.

But not just intuitively. I love the idea of making decision matrices or weighing the options at hand.

My senior English thesis in High School was about the Paradox of Choice and how too many options in this world can put us in a state of paralysis of analysis. I found it interesting because I’ve used that knowledge to better my understanding of making – and going through with – certain decisions I make.

Of course, life offers many options. I chose Villanova over Toronto. I chose Economics over Finance. Every choice I make, I have to forsake something else due to opportunity cost.

But being too focused on opportunity cost may make your completely paralyzed and fail to actually make a decision.

And so there are two parts to being a great decision-maker: taking calculated risks (intuitively and planned), and making decisions and going through with them.

Being a great decision-maker. That is a strong skill to have.

a little hiatus

I took an 11-day hiatus from daily blogging here.

It’s the longest hiatus that I’ve gone. For the past 610 days, I’ve been writing nearly every day, missing maybe 1-2 days occasionally.

I’m not entirely sure how the hiatus started, but it was slightly premeditated.

I wanted to know how it would feel to bottle up my thoughts instead of writing them down and sharing it to the world.

It’s a weird feeling, and one I hope to not experience again in the near future.

I believe that my daily posts have been important in self-reflection and maintaining a clear mind.

Nonetheless, the past 11-days have been quite eventful. I got back home from Hong Kong and before I could fix my jetlag I got on another flight from Vancouver to Toronto to visit family on my step-dad’s side. His mother celebrated her 90th’s bday and we drove 5-hours to get to her party, then drove 5-hours back to Toronto.

I saw Niagra Falls.

I explored downtown Toronto.

I went to Toronto Island today and plan to go to the CNE tomorrow (big event, rides, shops, performances, food, etc).

And I’ll be flying back to Philadelphia to start school on Saturday.

Excited. Everything happens so quickly. I need to remember to self-reflect and write my thoughts down.

I wish I hugged them

Today I had to say farewell to my co-workers as I leave for Hong Kong tomorrow

Because I switched departments half-way through my internship, I essentially had to say goodbye to two departments of people

Although short-lived, 3-weeks, I still got to know these people

And I’d be lying if I said I didn’t get a little sentimental

It’s the realization that people, humanity, all around the world, is beautiful

All of us, each living these lives, each pursuing individual goals, but together forming a community with other people doing their own sh*t

Hong Kong culture is not something I can say I am fully familiar with. And because I wasn’t sure of the etiquette, I didn’t get the feeling that a hug was appropriate.

But I wish I hugged them

I don’t know if I’ll ever see these people again.

But it’s the same as when I had to leave Singapore last year (where I did get to hug my co-workers before leaving)

3-weeks and I formed genuine connections. Doing this around the world makes me truly and fully love humanity.

This life is so beautiful.

Just make sure you hug the people you care about.

Add Oil, Hong Kong.

It’s actually so difficult to go your own path

Going your own path is always difficult and it always will be

Those that forge their own path are either crazy or maybe just crazy enough to succeed

But if you’re not willing to break the societal mold that we’ve fabricated, then you won’t survive on that arduous path

The path is meant for people who don’t care about what others think

I’m still trying to learn how to foster that type of mindset

Then I can truly live life on my own terms