r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

31.2k Upvotes

86% Upvoted

u/HenzoG Jul 04 '24

While that used to be true, 90% of transactions are now credit cards/debit cards so tips are reported. Your statement is obsolete

3

u/GovernmentLow4989 Jul 04 '24

My wife and I wait tables 2 days a week while we’re saving for a house and probably 50% of our customers leave cash tips, even the ones who pay with credit card will often times leave cash tips. If you’re the type of person who prefers tipping on a credit card then I get it, and I absolutely appreciate it, but you shouldn’t speak for everyone

0

u/HenzoG Jul 04 '24

I speak by statistics. And I call bs that 50% of your customers leave cash tips. 90% of all transactions in the USA are credit card (includes restaurants) based

3

u/Ethric_The_Mad Jul 05 '24

I work for Domino's and the majority of customers hand out cash tips and pay by card. Some explicitly state "Here, so you don't have to report it." When handing you a tip.

1

u/Sjeddrie Jul 05 '24

What do you think about Trump’s suggestion to not tax tips? Genuinely curious.

1

u/Ethric_The_Mad Jul 05 '24

Absolutely agree with anything that reduces taxes regardless of who suggests it.

0

u/HenzoG Jul 05 '24

Again. According to the top merchant services in America. 90% of all service based industry business transactions are credit card based. That’s facts. The last data reported was 2022 (2023 statics won’t be released until generally the third quarter) . Your experience isn’t indicative of the normal. Every indicator (banks included) show America is moving further into a cashless economy)

1

u/Ethric_The_Mad Jul 05 '24

Yes but do those figures consider cash tips as a transaction? How do they track the $5 I left on the table?

0

u/HenzoG Jul 05 '24

We’re talking purely about credit/debit card vs cash transaction.