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Wednesday, September 12, 2018 8:24:26 AM
However, two weeks ago I needed one of those four-load, front-loading washing machines to quickly wash a rug. I was surprised to learn that not only had the laundromat recently changed owners but all of the equipment had been switched out. All front-loaders. Plus, many of the machines were accepting electronic payments.
There are pluses and minus with cashless payments. One potential negative is there is now less cash to launder. Electronic payments provide an audit trail, so potential higher taxes for those who used to skim some off the top.
A not so funny story. I was interested in purchasing a car wash for income during our retirement years. My wife and I had friends who once owned one and sought their advice. They told me about one operator they knew that tended to keep a very large inventory of quarters in a closet in their home. It became a real issue when there was a house fire. The government, especially the IRS, was very interested in the size of the "coin collection" that the fire department found. Hopefully, there wasn't a large amount of cash in a vault, too? ;o)
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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