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Tom Corley returns with his new book Rich Kids: How to Raise Our Children to be Happy and Successful in Life.
Tom Corley exposes the information from his studies:
- Why poor parents are to blame for the poverty in America
- Five activities that will guarantee you will avoid living a life in poverty
- How one Hello Call helped him make $60,000 in 3 hours
- The 3 Paths of Wealth
- Are sports better than after-school activities?
- And the Future Mirror Strategy
Want to hear more about Rich Habits? Listen to Episode 148
“Coin” is Doomed
In December 2013, I was really excited about Coin – a debit card sized payment card that can store up to eight credit, debit, gift, and membership cards and switch between them at the press of a button.
The promise was they would deliver Coin in the Summer 2014. My reason for having a Coin is simple: Nobody really knows what kind of card you are using to pay for your goods or service. In other words, I could swipe my coin with my debit card selected and the customer service rep at the car rental counter wouldn’t be able to tell the difference.
BOOM! The “you can’t rent a car with a debit card” myth is forever busted (again)!
An article was released last month by ValleyWag said “Coin Cards Will Be Obsolete Months After They Are Released“. I disagreed with some of the reasons they gave in the article and wrote my rebuttal in an article for LibertyInvestor.com. The article was submitted on August 26th but wasn’t released until September 9th – the day Apple Pay was announced!
UGH! What horrible timing. Many of the reasons stated in my article still stand, but Apple Pay is showing the next stage of payment technology that will kill Coin before the iPhone7 comes out.
Did you order a coin? Are you still excited about its release?
Please leave comments in the show notes. Please leave reviews in iTunes or Stitcher. Thank you.
Steve, this was an awesome episode. I was especially interested in Tom’s thoughts on kids who are really involved in sports and really made me question what my kids are really getting out of them. I think they may be better served if I encouraged them not only to participate in sports but to also broaden their horizons to try many other things to broaden their horizons. Great episode!
Thanks Chris. I’m with you, I think that was the best part of the interview too!
I ordered the Coin and I got a full refund when they pushed back the release date. When I did the pre-order I new the thing was going to be a toy. Those new EMV chips were going to murder Coin; but for a year, I could enjoy and play with it.
After the push back, I asked for a refund. I thought for a little over a week whether I was going to or not. Finally I asked for the refund and got it. A little more than a week later and Apple Pay is announced. Coin is dead. This is probably the nail in the coffin for the little black card. They may be able to spin off into an app that works similarly to Apple Pay, but I seriously have my doubts.
I am considering asking for a refund but still want to have the experience. Besides, it’ll be another one of those conversation pieces like my “Yeah, I used to have a MiniDisc player”.
I loved how he talked about teaching your kids skills that will maybe some day allow them to make money. He talked about his daughter’s writing. I listened to this podcast with my oldest daughter who is 11. She is always trying to find ways to make money. I think that’s great but I told her she also needs to focus on learning skills and developing her talents for later.
It makes sense, doesn’t it? We become what we focus our time and ATTENTION on – and so do our kids (although they have fewer responsibilities than adults, so play time also becomes character development time)
Steve,
I was also looking forward to receiving and using the Coin. However, I requested and received a refund. It had nothing to do with the changing technology. Their communication started appearing contradictory and less than open. They lost my trust.
Thanks Roger!
It’s a shame. The Coin looked pretty cool, even though it was just another piece of plastic. It’s amazing how fast technology outdates itself!
I started listening to your podcast from the beginning about 6 months ago and just made it to the present. I listen at work to inspire me to continue striving for financial freedom. It’s episodes like this one that really make me want to dig in more and learn all that I can, because as I’m learning- financial planning is my passion. Thanks!
Wow! Thanks Tina. It’s good people like you that keep me going when things get tough. You are my hero. Keep listening, keep learning, and keep paying attention.