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Two economists are walking down the street. They see a $1 bill and one of them says: “Is that a $1 bill?” The other says: “If it was, someone would’ve picked it up by now.” They keep walking. They walk past 100 pennies laying on the ground. One of them says: “Is that 100 pennies on the ground?” The other says: “Probably, because if they were anything else, someone would’ve picked them up by now.”
Pennies are worthless. Actually, they’re worse than worthless. It costs the U.S. government 1.8 cents to make a 1 cent penny but we still make 4 billion pennies every year. If that wasn’t dumb enough, have you ever seen any machines that actually takes pennies as payment? If you’re lucky, a vending machine will take dimes or nickels but there are no coin operated machines that take pennies as payment.
So, they cost more to make than they’re worth and you can’t use them for anything. So, why do we still make pennies? Who knows? Maybe it’s because it’s what we’ve always done? Whatever reason, we’re losing money.
So, how many things in your life are you doing just because you’ve always done them? How many of those things are keeping you from making money…aka “losing you money”? The solution is to stop making pennies and instead start cranking out big cash instead.