What is Cash?
What is the Problem?
This one comes from Janice in Newcastle, and her question is…
“What is Cash?”
See video for oodles more information…
Your Due Diligence
There are many different definitions of the word ‘Cash’, depending where you look:
For example; a quick search on the “net” produces the following:
- legal tender or coins that can exchanged for goods or services. It can sometimes include the value of assets that can be converted into cash immediately;
- Bills or coins; currency,
- Liquid assets typically: bank deposits and marketable securities.
- Paying; in currency or by check: “paid in cash”.
The Outline Solution
Simon’s definition of cash:
"A promise to pay money" (check your bank notes)
Possible Arguments Against You
This raises another important question….
What is money?
The Almost Legal Info
For accounting purposes, numerous banking instruments are
"treated-as-cash" (in the capacity of cash).
In Fielding & Platt Ltd -v- Selim Najjar; CA 17 Jan 1969
References: (1969) 113 Sol Jo 160, [1969] 1 WLR 357, [1969] 2 All ER 150 Coram: Lord Denning MR, Davies, Widgery LJJ
Lord Denning said “We have repeatedly said in this court that a bill of exchange or a promissory note is to be treated as cash. It is to be honoured unless there is some good reason to the contrary.”
Helpful Paragraphs:
We’ve issued you some homework because this is something you have to see for yourself: investigate the etymology (root meaning) of the word ‘money’. You can do this on-line. This is where you put the grey matter to work.
Isn’t it funny how we “spend time”, to make money, in order to buy ourselves more time? Sounds like some kind of merry-go-round, or hamster wheel.
Need More Help?
If you want a more detailed guide to money, cash, and banking instruments, and you want to discover how this new found knowledge can help you challenge and wipe off loans and credit cards, go to the ToolBox and look for the GetOutofDebt Webinar.
If you want to learn more about money check out the videos here: Money The Game Changer
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