I wrote about @trydailypay — next-gen ATM, budgeting tool, or stop-gap for unsustainably low wages? https://www.inc.com/sonya-mann/dailypay-financial-insecurity.html … cc @RickPaulas
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As disheartening as I find society's need for DailyPay, I think
@jasondailypay is doing what he can to improve the existing system.2 replies 0 retweets 0 likesShow this thread -
I want to be explicit about that. There's no cartoon villain here, and
@trydailypay is a genuinely useful service.1 reply 0 retweets 0 likesShow this thread -
I know that we can't eliminate struggle or shield people from the harshness of life. But I think we could do better — much better, even!
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Replying to @sonyaellenmann
it is impossible for something like this to be a stopgap for "unsustainably low wages" ipso facto, cashflow is either positive or negative
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Replying to @alicemazzy @sonyaellenmann
over the long term the money's either there or it isn't, shuffling it around in crazy ways just makes it easier to ignore this fact
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Replying to @alicemazzy @sonyaellenmann
the primary utility of this (and payday loans, same function if different price structure) is to make up for unexpected one-time expenses...
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Replying to @alicemazzy @sonyaellenmann
...or to reduce volatility for someone with a highly variable week-to-week pay
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Replying to @alicemazzy @sonyaellenmann
worth noting middle class covers these same functions with consumer credit and savings
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but this is purely focusing on actual value, we all know much if not most of the use would amount to yet another tax on high time preference
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Replying to @alicemazzy
Oh definitely. Time preference is even explicitly built into their fee structure
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