What do you think of the new Apple Pay System and the Apple Watch?

We’re excited because Sunday is the first episode of  the new Law and Reality Show – which will carry forward the passion and commitment of The Financial Crisis Talk Center ­– but with a broader spectrum of hot issues to cover. If you have a chance – catch the show on TV20 at 11 AM on Sunday.

This week we explain what Law and Reality is about and next week, Wayne County Sheriff Benny Napoleon is our guest to discuss the hot budget issues in Wayne County, the prospect of the Sheriff’s office working with Warren Evans – who is expected to win the County Executive seat in November – and the Sheriff’s perspective on the events in Ferguson, Missouri. Sheriff Napoleon began as a young African American street cop and worked his way to the top of his profession. Who better to listen to than the Sheriff himself as to the sensitive racial issues in play in Ferguson?

So did you hear the news? The new Apple iPhone6 and Apple Watch include a new system to allow you make card payments at checkout counters. As noted in The Wall Street Journal:

“While credit and debit cards represent more than half of the purchases made for retail goods and services in the U.S., cash continues to dominate in small transactions. A recent consumer survey conducted by the Federal Reserve found that cash represented 66% of transactions under $10 and 58% of transactions under $25. When the transaction was more than $50, cash was used in less than 20% of the payments.”

Is this the end of cash?  I, for one, hope not and I will tell you why. The best way to avoid credit card issues over the long term is to use cash to pay for your purchases. It’s much easier to hand plastic or click your phone to make an impulse purchase for a $150 pair of jeans or sweater, than it is to peel off eight $20 bills! Using cash creates an automatic mechanism inside you that says, “Do I really want this and need it?” For me, I use this rule and it has changed my shopping style. I like to shop and I like nice things – but I want to make sure I get the biggest bang for my buck – and now, by using cash, I look and wait for the item to go on sale. When I was a “yoot” – I was far more impulsive.

Do you remember the Pulsar Digital watch that first hit the market in 1972? There was an 18-carat gold version that sold for $2,100. At that time many people, excited by the new look and space age science, believed the day of the classic watch was over. I was an undergrad then and had a marketing class assignment to evaluate the marketplace for the digital watch in the years to come.  I stood before the class and made the case  that a watch is not about the time piece – it’s a fashion statement and that the classic watch will not be cast aside.

The class (but fortunately not the instructor) uniformly thought I was nuts and did not hesitate to tell me so. Needless to say – how many of us have a digital watch on our wrist? My take on the Apple Watch is no different. If you already have all the features in your iPhone, why would you fore-go the fun of a watch you enjoy to wear as a statement of persona and fashion in exchange for a device that duplicates your phone? Time will tell (appropriately stated!) – but I’m on record now that the Apple Watch will be viewed by all as a “what were they thinking?”

Enjoy the weekend and be sure to listen in on Saturdays from 8:30 to 10 AM on WDFN 1130 AM – on iHeart at CLICK HERE! – and watch the show on TV 20 on Sundays at 11 AM.

Ken Gross

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  • A complete snapshot of your current debt and financial situation.

  • Suggestions with the best options to resolve your Credit Card debt, Tax debts and Business related debt.Your Options for Mortgage Modification, Short Sale or what other
  • solutions may be available to keep you in your home

  • If you qualify for Chapter 7, 11 or 13 Bankruptcy

  • What other alternatives are available for resolving your debt


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Your Analysis Will Include

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