5 Amazing Facts About Money

Dollars (pixabay)

So we all use money every day, and most of you probably think you know basically all there is to know about that colored paper that you spend all the time. But what if i told you that it is in fact not even paper. Well in this fact and 5 i'm going to explain everything that you need to know about money in five minutes or less. And trust me some of these are going to surprise you. So let's jump right into it.

plastic money (pixabay)

This is facts and five all about money:

1. What is money?

Money is basically any item that is accepted as payment for goods and services, and it's usually a verifiable know. You know like a biller coin of some kind. Contrary to popular belief paper money isn't paper at all, it's actually cloth. In fact back, when Ben Franklin was around people actually used to use a needle and thread to sew up torn bills. Modern bills are much more high-tech utilizing trackable magnetic and color changing properties in its think that's used to print it. In Canada, over 1 billion coins are minted every year at a plant in Winnipeg, Manitoba. That's a lot of loose change.

2. Who invented money?

Bartering can be traced back over 100,000 years, evolving greatly over time to give greater and greater values too rare items such as gold and gems. Coins first began circulating in Lybia and India. Sometime between 700 and 650 bc and the first-ever paper money was used in China over 1400 years ago. In a funny turn of events the invention of the credit card occurred when diners club co-founder Frank McNamara was dining with clients and realize that he had left his wallet in his other pair of pants, so to avoid similar embarrassments he conceptualized a multi-purpose charge card. This is considered by historians to be the invention of the contemporary credit card.

3. Where is all that money?

Ironically far more money is printed each year for the Monopoly board game than real-valued circulation. In the United States banknotes are made at the US Department of Treasury and while there are over 1.2 trillion dollars in U.S. bills and coins in circulation over 66% of it isn't even in North America. It's actually overseas. How we store, spend and keep track of our money has significantly changed over the years. While tangible bills and coins have a value, most people have far more money in the digital realm using plastic cards online banking and now even smartphone apps. We use them all the time now to transfer money and keep track of where it spent. The days of bearing your money under the shed or stuffing it in your mattress are far over.

4. When is money bad?

A penny is worth one cent but in actually costs 2.4 cents just to manufacture. That's one of the biggest reasons in Canada among other countries why they discontinued them. If the United States followed Canada's lead and replaced their one-dollar bill with a one-dollar coin the country would save over 4.4 billion dollars over 30 years. Worldwide it's been reported that there's around 75 trillion dollars in various currencies which might sound like a lot until you learn that if that were equally distributed to every living person, each would only receive about $ 11,000.

5. Why do we need money?

The simple answer is of course that money pays for things. And the sad reality is if you have just $10 in your pocket right now and no debts to your name you are more wealthy than 25% of North Americans. And it's not getting much better. 34.5% of every dollar that the average North American brings home is spent on interest such as loans and credit cards. But that aside if you need happiness in your life multiple studies show that on average spending money on another person or people makes you happier than spending it on yourself. So if you've got enough to give away, it might actually make you feel a little less dreary to give money to those that are less fortunate.

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