Main site: www.misterwootube.com Second channel (for teachers): / misterwootube2 Connect with me on Twitter ( / misterwootube ) or Facebook ( misterwootube)
The fact that you have to have to keep shushing your mathematics classroom because they are overly enthusiastic in their engagement of the topic gives me a warm fuzzy feeling and hope for the future. thanks mate.
@@Coderedpirate Yes, that's what I do every day. The point with my country's students is that you need to tread the line carefully or they'll simply go over your head. I believe it also depends on the student culture. I know of some colleges where such teachers won't be appreciated by either the staff or the students or sometimes both. Thank you for your reply though. Will do my best everyday!
Input: I see that everyone hear is complaining about how this topic could've been explained in 30 seconds yet Mr. Woo here explained it in 12 minutes. It's not about the time the teacher is taking to explain the topic, it's about the engagement. The teacher made the time bearable. In my math classes easy topics that could've taken 10 minutes turned into 45 minutes and it was so unbearable because my teacher wasn't as active or engaged with his classroom as this teacher is. Just take that into consideration.
People saying he took to long: 1.) he manages to get the class involved in the topic and think for themselves about the topic 2.) he ensured to get EVERYONE along the ride of learning. Some kids are slower than others. He kept the quicker ones engaged while giving the slower ones time to follow.
@The Caretaker That is true, but explaining topics will grant students a far higher level of actual knowledge rather than rote memorisation. I guarantee you ALL of those students will gain AT LEAST the minimum 5 GCSE minimum required for passing secondary education AND be in better spot. I'm sure he's not showing the rest of the lesson which will be redoing problems and calculations which will cover the majority of time.
Creating a lesson plan is so much harder than people think, the guy deserves a medal for getting the class to pull in the same direction, with such enthusiasm.
*Principle walks by* “Is that applicable stuff being taught? If those kids aren’t integrating with 3d objects how do you expect them to understand basic finance? How sickening...”
This isn't so much direct financial literacy, it's a lesson on how financial systems work. Semantics though. I'm just glad to see a lesson with practical, real-world application. The students too probably. Hey kids, here's how our society actually works!
Such a good explanation. I had a customer come into my auto shop a while back. I offered a cash deal to make the bill cheaper for this reason. He then yelled at me saying that cash is destroying our economy! Not sure what all of that was about. But i'm saving this video for next time.
the comments saying he took too long to explain .. i guess you people have never been to school in your life.. its called teacher interacting with students
Cash isn't free either. The cash has to be picked up, usually by some cash transportation service, and brought to the bank which also charges you for converting cash to digital money so you can use it to pay taxes etc.
I worked at a grocery store that only took Discover and no other credit/debit cards. Most people paid for their groceries by check. This was in the 2010s.
@@EctoGamer Yes, Discover is a credit card company/bank in the US. I don't know why they took Discover but not Visa/Mastercard. They still don't take American Express.
@@giannisniper96 Like the other guy said, it could've been summarized in about 10 seconds, and explained in 1 or 2. That's more effective than wasting 10 minutes.
It depends on the amount, it's illegal for a business to get a high amount of cash from one consumer. And you will face difficulties if you did that after a bank robbery. Check the exact laws regarding this in your country.
Part of the reason for $10 minimum fees is that the credit card companies generally charge vendors in the form: flat fee + %fee. If a customer makes a very small purchase, the flat transaction fee up being a disproportionately high portion of the bill.
@@worldoftancraft People like to talk shit about communism, but in reality the leaders of Russia/USA are both equally as good and bad as eachother. I'm pretty sure schooling is also free there which means 90% of the population isn't indebted to the government or a bank for getting a good job. Correct me if I'm wrong.
@@Samuri5hit84 I don't comprehend the question. Today's Russia is having what you said in the reversed order of where we are going to. Because the designation is paid education. And be a beee-ding bi-tch of your master of Lyfe from a bank.
Bitcoin would have been an incorrect answer cause you couldn't pay for anything in a store with it 5 years ago. And it was 5 years ago so about 3 years before the world was actually talking about it as a household term like they do now.
I like how vigilant he is, he hears everyone around him and doesn't ignore them, even when he is taking and others speak, he still hears them, we need more people like this
I just studied math at school but I had the typical mindset that math is hard. All this changed when I was trying to count how many words can be made out of 26 letters, and size of each word starts from one and ends at 5. I discovered many things that I had no idea about. Such as pascal triangle and the statistical things related to it. Later, I believed in myself that I can rediscover math and I started to find how to calculate area of shapes, and I did a very good progress. Later, I worked as a salesman and I was checking every number. I checked if the accountant calculated my commission correctly or not. At first, I insisted that he made a mistake because he is old and can't see well. But, I figured that he excludes taxes from sales then calculates commissions. I learned that I can't figure everything out of my head, and I need to know how things are done the right way. Also, as a salesman my customers asks me to calculate the area of complex shapes. So, I figured out how to do it correctly, but I hate doing it. As it takes time, and some customers have no idea that it takes time so they get angry or makes you angry when they don't buy. Anyway, I can teach you math. Based on my way, not based on text book. In another words I will not give you a fish, but I will teach you how to catch a fish.
Also I don't like this teacher. He wants the customer to pay for everything which I think isn't necessary because every business I have seen make benefits 2 to 10 times the cost of everything. I mean if an item costs you 10 dollars, and this cost includes everything from your salary to the rent and AC. You can sell it for 20 to 100 dollar. Be sure if the economic was very bad, and a business is still running, that business overprice items to 10 times and maybe more. And those who are the first to close, not complete failures. But their prices were less than 2 times above the cost. In another words, the benefit they make is just enough to let you pay your bills on time. I prefer the not greedy pricing as I support the consumer best interest. But if you are a selfish business owner, you will be greedy and as an employee you will have a secure job as the business owner doesn't feel effected by economy. You want to be the next billionaire, be greedy. You want to stay where you are, find the consumer best interest. And the path between the two is the best. Slowly but surely.
@@Brauket .. I just know as much as you know about Tesla. I know he thinks 3, 6, 9 are very interesting. But, I don't know how he figured that they are interesting. For me, They are no more than 3 multiplications. But once someone gets the same intuition and experience of Tesla, then figuring out why 3,6,9 are interesting will be possible. As I said earlier we can't figure everything out of our head, we need to understand how things actually work, and what things actually are. Example, A hacker can't hack a computer if he doesn't know how it actually works. And, chief can't make a delicious dish if he doesn't have a good sense of taste.
@@scorcesetrackingshot8136 That's actually bonkers to me. There is so much to talk about that these idiots don't know... Literally none of the students knew how credit cards work...
@@GEM4sta Bro they are literaly in school TO LEARN. How the fuck can you call them idiots???? Did you already know all the math in the world in first grade?
There are non-obvious costs of cash though: having to securely transport it to the bank and increased risk of being robbed. This risk does not exist with those other forms of payment. Those costs may still be less than surcharge on credit cards, I dunno.
Counterfeit bills, mistakes in making change (being scammed when customer claims he gave a bigger bill). But yet gift cards give no discount for tying up your gift giver's money. And meanwhile you might be charged overdraft fees for trying to buy food when the clothier card is full of store funds.
Allows inept people to be employed and not worry when handling cash. Yet to find anywhere that gives a discount for cash. Except shady pawn stores that never declare it as income.
You have a higher chance of credit card fraud than you do of being robbed person to person in any first world country regardless of how high the crime rate is in that given area. You can easily look this up. Credit fraud happens at a much faster rate per person using the service. It’s about every 2 seconds for credit fraud and every 1.6 minutes for robbery according to crime clock which is run by the fbi. That includes both in the street and building/property robberies.
@@TheAnantaSesa I've found that pretty much any local business will give me a cash discount if i ask for it on a large enough transaction (mechanics, home repairmen, installation services, etc.). Also, some gas stations give cash discounts.
@@nicovalenzuela4044 yeah I realized. Statement still holds. Plenty of Australian children wouldn't appreciate him. I know some of my classmates were pure assholes
I'm pretty sure it's because of a tax on sugar. There would be 10% tax on 15g of sugar then 15% tax on 20g of sugar. I don't actually know just a guess
Teach: quick question or long one? Student: rambles on about a personal story Teach: not sure about the relevance, let's move on 😆🤣 Wish I could do that without offending!
@lakerfan Did you Google the meaning? Outside of the US and maybe Canada, English speakers call it a cheque. "Check" means something else, eg check your wallet for change. And like this teacher said, nobody outside your country still writes cheques. We have Apple Pay, Google Pay, Samsung Pay, tap to pay cards (debit or credit), cash or banking apps.
It might seems like he took so much time to explain such a simple concept, yet since I am a teacher now I know that delivering that perfectly to average school students in like 12 minutes is quite good to be honest. Understanding something is a thing but teaching it to others is quite different in terms of difficulty, since our ways of perceiving information could vary significantly.
All the people saying he took too long missed the point. He's not explaining the result, he's explaining how you get to that result. Understanding why is more integral then understanding how because you can take the why of what you've learnt and apply it to other things. He's an awesome teacher because he's not just feeding the students information, he's engaging them and teaching them the principles behind why things work the way they do. That takes time.
Cash isn’t cheaper because there are costs associated to keeping the cash. Time costs to deposit at the bank, reconciliations, sure you may skim some off but you won’t skim all of it. Insurance for theft, loss. Leakage within the business, accessibility, ATM charges for the customers if it is a different bank...there is a long list.
Interesting video. This is from 2014, a lot of payment companies now has spawn knowing how mastercard,amex, visa works. And you can see so many e-wallets popping up, using the same concept but they no longer need to pay the hardware and loyalty. it is simply a app installed in a phone
by far one of the best teachers i have ever witnessed, you can tell that he has so much experience and knowledge in teaching, it is actually unreal how well he is able to convey the information that he knows to his students, and not only that, but keep them engaged as well
This entire 12 minutes video in a sentence: Shops have to pay a surcharge when you pay with credit card meaning it costs them more when you use one, so that is why in some places paying with credit costs you more.
An acquaintance thought it was because the shop doesn't have to declare cash transactions and so come tax time it looks like the business has earned less and so get taxed less, whereas card transactions are all monitored.
Thank you for using your knowledge and abilities to educate us here on youtube. You taught me something I never even considered before. This is why I love youtube
Cash can be more expensive (counting, holding, transport, security). This cost is already included in prices and it is much more higher than surcharge.
This is so different compared to where I live. First, larger bottle sizes usually means paying less per unit, not more, and while vendors here also deal with surcharges, they don't (or aren't allowed) to discriminate their prices based on payment methods. In Norway (in 2011), only 6 percent of purchases were made with cash.
Dude now I want to hear the full class explanation about this. Just prove how engaging the teacher is, and how good he is in delivering the subject. Nice.
It is a very simplistic approach. There are fees for handling cash as well: security guys coming to your pos to take money, cash and coins calculating machines, cash validity checking devices, cash drawer in POS etc. So all the expenses and risks for cash acceptance should be considered before deciding what way of money acceptance is cheaper..
Best teacher in the world! For such a very intelligent person Eddie Woo is, he can teach and engage with KIDS. I know a lot of smart people who don't want to teach KIDS because you have to put yourself at the students level and patience required is insane.
It's true. I used to live in Australia, and now moved to France for work. Usually it's the seniors who use cheques. It gets annoying when you are stuck behind them at the shop checkout counters, and they take their sweet time slowly taking their cheque books out, signing it, and then the cashier verifying it.
When I was in France I was really surprised but I also witnessed the cheques. I payed with my phone (connected to my card and they were like wow, is that also possible? XD)
Love this guy. Not taking into account the implicit cost of cash though (loss, miscount, damage, etc) - because of this, many businesses won’t take cash anymore. Still a great teacher!
You never heard of Amazon Pay, Google Pay, PayPal, things like that? Or are you talking about the term EFTPOS? Damn, I tell stupid asking this question.
Yeah, it doesn't roll easily off the tongue does it! I'm nearly 70 years old and my Dad was partly responsible for the rollout of EFTPOS (Electronic Funds Transfer at Point Of Sale) in the UK. He always reckoned it was a stupid name: it's generic of course and Switch etc are proprietary versions.
Despite already knowing this information, as a result of working in retail, I thoroughly love this video! The lack of knowledge around this topic and many other financial topics is worrying. Most my friends my age (late 20s) have almost no clue at all, and they are worse off for it. And for the younger generation it's not even on their radar, as learning complex physics is prioritised over life knowledge and skills. I see all learning as important, and people should be able to study any field they like, but all kids should have a class that teaches basic life skills like this.
Regarding AMEX .. their whole approach is different. If your company gives you an AMEX card, take it. Know when to use it and when not to. My car company accepted AMEX, but only as a deposit on a vehicle. My service dept did not. Always have at least two regular CCs. More if you want them to basically do some of your bookkeeping for you. T & E on one, gasoline on another, sublet repair on a third, and so on. Bookkeepers love it, all of a card gets posted to one account.
When you have such talent, the key is to stop where we are good, and try and do it better and better over time. But when we seek to leverage the smartness to reach out to more complex stuff, we may loose the ability to be that good. I like Woo for the enthusiasm he maintains in teaching even simple stuff. It really is not simple to make simple stuff simple for everyone else. I also like the enthusiasm of participation in his classes.
Hi Eddie. It's a very good explanation for your students to get them started on the discussion. I know this is 6 years too late, I apologise for that. Just chanced on your channel. There is a caveat that you might want to think about exploring on this subject. Some retailers/restaurants/bars/vendors/etc might actually give a discount if you use a certain bank's credit card. I know it was practiced in Malaysia when I used to wait tables in 2005, not sure if Australia had/still has that. But if Australia does, you might want to briefly touch on that with the students.
I wonder whether it's "cheaper" because the cost of cash handling (yeah, there are costs) is somewhat fixed, wheras cards are per transaction. Would a small shop do better or worse if they cut cash handling all together and only used a cloud based point of sale like izettle or something? I imagine the answer to that might vary by country.
Credit Card costs are usually in the range of couple of cents base fee + 1,5-3% from the transaction. For contactless payments some charge extra fee. Is apple pay / google pay gets involved, they want to have some money too. Cash handling cost are usually bellow 0,5%. These costs come usually from the security guys, who pick up your bills, and of course banks providing change. Now, small businesses can even avoid this costs, as they bring there money to the bank by them selfs (what they often do). On the other hand big chains, like supermarkets can negotiate better fares with the credit card company, whilse small stores have to pay the higher fees.
In USA (and most other countries) it is ILLEGAL to refuse cash payments. Each US bill has text on it about how it is universal payment for all kind of debts or something like this.
@@AjvarD you're talking about "legal tender", which applies to debts, not simultaneous exchanges. So if you owe me already money, I need to accept cash, as you say. But, if I'm selling something and only accept cheese as payment, that's totally fine.
In Sweden it's pretty much impossible to pay cash in a lot of places. Sure the fee for paying with cards is high for businesses, but for a lot of businesses it's even MORE expensive to then get the cash converted onto their bank accounts. Someone needs to take the stack, go to the bank have expensive equipment to handle coins, bills etc...etc.. So it ends up cheaper to use electronic alternatives because paying someone equivalent of 20$ and hour to go to the bank(which is never open) every day is worse than letting them do something useful. It's "pay with card or go home" not "pay cash pay less" these days.
6:42 "to accept cash doesn't cost you anything" Incorrect though. In case of a big retail chain handling cash might be more expensive than providing a card payment option. 9:31 "these guys are credit card providers" They actually are just the network. Issuer bank is still the provider.
@@galaxspace1 That's true, but it still adds a bit of time at the end of each day. Some cashiers spend about 30min after the store closes for the day to "cash out" their till and record how much money has passed through their till that day + make sure no money was lost or unaccounted for. The business will need to pay that cashier for the time they spend doing this. Hope that clears things up!
@@leekevinyg its not a extra charger. its their hourly charge and till counting is just part of their job that they have to do daily. To take that job out wouldnt take or add anything
@@petermascherin1462 If it's part of there job they are payed to count the money so it costs to count and hence receive money. The employees could be doing another job.
Haven't you ever talked to or with the people selling stuff? Or used your brain? Because I never learned the stuff but still knew about it just by connecting the dots
there is cost in cash depend on how much cash you are receiving everyday. You have to prevent theft of cash, count how much cash there is, make sure it matches your accounting, safeguard the cash, and deposit it into your bank account. It's also a lot harder to debug if the cash doesn't match your accounting, then which transaction caused it and what went wrong. They all have costs, it all comes down to which cost less.
If you're going to accept cash, unless you're willing to risk getting robbed taking it from the store to the bank, you're going to want armored transportation service. And they're not cheap either. It can cost a small business quite a bit of money as well.
The fact that you have to have to keep shushing your mathematics classroom because they are overly enthusiastic in their engagement of the topic gives me a warm fuzzy feeling and hope for the future. thanks mate.
Peter Taylor this is what my program was like back when I was in tradeschool. Everyone loved being there.
What class is this if you know?
Its usually like this untill the actual math starts.
More like a economic class than a math class.
fr couldn’t agree more - nice last name :)
This guy is basically a student teaching his homies, engagement levels are unreal.
As a teacher, I strive to get this comment about myself someday!
Girish Ganesan the secret is putting yourself at the students level. By respecting them, they mutually respect you
@@Coderedpirate Yes, that's what I do every day. The point with my country's students is that you need to tread the line carefully or they'll simply go over your head. I believe it also depends on the student culture. I know of some colleges where such teachers won't be appreciated by either the staff or the students or sometimes both. Thank you for your reply though. Will do my best everyday!
Girish Ganesan good luck in your teaching! I’m sure whoever is your student will greatly appreciate it
IKR. As a teacher, this class is what every teacher wants while teaching.
The fact that I watched this guy for fun with no particular interest in the topic shows how good a teacher he is
Same here...
-"How can you pay?"
-"Money"
-"Be more specific"
hahahaahhaaha .lol lmao xD
Yeah, cause money its just a medium of exchange. It could be anythin like cigarettes, telephones , computers etc.
@@kejdisula1670 no.
@@HalfBakedHeroes Brilliant and insightful comment. You get a cookie!
The thing that replaced bartering.
"sir this cheeseburger is $2"
"can I pay that with a bank loan?"
That is my life rightnow
@Dark Thoughts lmfaooo
Yes, that is what he said
@@NightmareCourtPictures do good guys still do that? Never knew that was the model
Isn’t paying by credit paying by loan?
That will be 1$ uhh yea can I pay in these civil war railroad bonds
@Harry pay less pay cash
💀💀
LMAOOOOOOO can I like a comment 1000 times pls
HQVideoDude I was about to comment this. I’d pay for whatever it was and keep the bonds.
As those are worth a fortune.. yes, yes you can.
2014: cash is cheaper
2020: not if it's contaminated
Input:
I see that everyone hear is complaining about how this topic could've been explained in 30 seconds yet Mr. Woo here explained it in 12 minutes. It's not about the time the teacher is taking to explain the topic, it's about the engagement. The teacher made the time bearable. In my math classes easy topics that could've taken 10 minutes turned into 45 minutes and it was so unbearable because my teacher wasn't as active or engaged with his classroom as this teacher is. Just take that into consideration.
.... And then you forgot the lesson right after the exam.
It depens on the students as well. Sometimes you will just get a class that just doesn't care.
People saying he took to long:
1.) he manages to get the class involved in the topic and think for themselves about the topic
2.) he ensured to get EVERYONE along the ride of learning. Some kids are slower than others. He kept the quicker ones engaged while giving the slower ones time to follow.
Proof that classrooms are bullshit? ;P
@@MajkaSrajka he got the kids engaged it's so refreshing to see
agreed ... he's an excellent teacher
The Caretaker :: But the internet exists. That is no longer true.
@The Caretaker That is true, but explaining topics will grant students a far higher level of actual knowledge rather than rote memorisation. I guarantee you ALL of those students will gain AT LEAST the minimum 5 GCSE minimum required for passing secondary education AND be in better spot. I'm sure he's not showing the rest of the lesson which will be redoing problems and calculations which will cover the majority of time.
Dude why am I watching a math video 3 in the morning
I'm watching at 3:45am and I have to get up early
2:45 here lol
Same wtf 😂 is this a UA-cam algorithm thing?
@@gdal3 ahahaha that's funny.
I’m watching at 3:28 on a SUNDAY 🤦🏽♂️
love the way the kids actually want to contribute, this man knows how to teach
Creating a lesson plan is so much harder than people think, the guy deserves a medal for getting the class to pull in the same direction, with such enthusiasm.
I've heard of them.
Man I wish this dude was my math teacher
Peteto Chibs
I wish he was my teacher because I think he is HOT. And YES I am DEFINITELY ALLUDING TO IT. *drools*
@@CatSmithers
Weirdo
@@iflex7640 Same question can be applied to you since you cannot figure that out by yourself.
i wish my maths lessons wherelike this
i wish he was my husband
I love seeing financial literacy being taught in schools
What next
Cameron McMillan okay Cameron McMillan
@@stevethea5250 Common sense hopefully.
*Principle walks by*
“Is that applicable stuff being taught? If those kids aren’t integrating with 3d objects how do you expect them to understand basic finance? How sickening...”
This isn't so much direct financial literacy, it's a lesson on how financial systems work. Semantics though. I'm just glad to see a lesson with practical, real-world application. The students too probably. Hey kids, here's how our society actually works!
Such a good explanation. I had a customer come into my auto shop a while back. I offered a cash deal to make the bill cheaper for this reason. He then yelled at me saying that cash is destroying our economy! Not sure what all of that was about. But i'm saving this video for next time.
I have no idea why I'm here, I just like to watch him talk
Can’t believe no one said “ pay with sexual favours”, disappointed is an understatement
Eoin McGee it’s 2019, you won’t see that kind of humor anymore
Jello feel shit just want some humour back in my life
Jello Ok boomer
adam phillips ‘ok boomer’ you probably older than me
Eoin McGee meant the other guy 🤯🤯🤯🤯
the comments saying he took too long to explain .. i guess you people have never been to school in your life.. its called teacher interacting with students
its not useful tho
Burkan Öttere that’s relative. Objectively his job is to explain in as many ways as possible to ensure all students understand.
@@fahimzahir9587i think it's really boring
@@burkanottere9692 i think ur not open minded enough and definitely havent gone to school in your life
We have gone to school. That's why we're wondering why he's doing so much explaining.
Cash isn't free either. The cash has to be picked up, usually by some cash transportation service, and brought to the bank which also charges you for converting cash to digital money so you can use it to pay taxes etc.
When you choose something, it doesn't have to be the "best" option, just the least worst.
What? My bank pays *me* to keep my money digital in the form of interest.
*picks up gum*
"It will be 55 cents, sir"
"Ill write you a cheque ;)"
"Just take the dam gum"
I worked at a grocery store that only took Discover and no other credit/debit cards. Most people paid for their groceries by check. This was in the 2010s.
@@elizabeth8720 discover??
@@EctoGamer Yes, Discover is a credit card company/bank in the US. I don't know why they took Discover but not Visa/Mastercard. They still don't take American Express.
@@elizabeth8720 how old is it?
This is what school is meant to be about
Really? He explained something in 12 minutes that could've easily been explained in 2.
2 minutes?
Businesses have to pay extra to credit card companies, so that's why some businesses will charge less if you pay in cash.
About 10 seconds.
@@Andreas4696 but it would not have been as effective
@@giannisniper96 Like the other guy said, it could've been summarized in about 10 seconds, and explained in 1 or 2. That's more effective than wasting 10 minutes.
When would a company make you pay less if you pay with cash?Ive never seen that
The real advantage of cash: you don't have to declare it
Don't you though!?
@@aysam2971 Yes actually, or you'll get busted for tax evasion.
If you go to another country and try crossing with 10,000 dollars without declaring it and tell me what happens
ay Sam /rwooosh
It depends on the amount, it's illegal for a business to get a high amount of cash from one consumer.
And you will face difficulties if you did that after a bank robbery.
Check the exact laws regarding this in your country.
11:41
Entire lesson is about credit cards as the reason it’s cheaper to pay cash
teacher: why is it cheaper to pay cash
Student: GST
Part of the reason for $10 minimum fees is that the credit card companies generally charge vendors in the form: flat fee + %fee. If a customer makes a very small purchase, the flat transaction fee up being a disproportionately high portion of the bill.
Even in present day Russia you won't be charged anymore than the pay
Look at that kremlin troll desperately trying to promote a shithole called rusdia :DD
@@worldoftancraft People like to talk shit about communism, but in reality the leaders of Russia/USA are both equally as good and bad as eachother.
I'm pretty sure schooling is also free there which means 90% of the population isn't indebted to the government or a bank for getting a good job. Correct me if I'm wrong.
@@Samuri5hit84 I don't comprehend the question. Today's Russia is having what you said in the reversed order of where we are going to. Because the designation is paid education. And be a beee-ding bi-tch of your master of Lyfe from a bank.
Crazy how just 5 years ago a class of young adults didn't scream out crypto currency or bitcoin.
Bitcoin would have been an incorrect answer cause you couldn't pay for anything in a store with it 5 years ago. And it was 5 years ago so about 3 years before the world was actually talking about it as a household term like they do now.
cian aylward true that mate. There was a few stores that did accept it back then though. But very little places
I’m sure they tell all their bar friends now that they should have
Well, people still don't.
that's exactly what i thought
Paying with a credit card is paying with a bank loan.
Paying with a credit card is like using a friend money. You either pay them back or don’t
@@cambiso1731990 try that, and behind bars you will be.
@@cambiso1731990 good luck with that!
@hammam hraisha buy a Chess burger for 3 bucks, fly to Africa and never come back to avoid paying that
A chess burger?
I like how vigilant he is, he hears everyone around him and doesn't ignore them, even when he is taking and others speak, he still hears them, we need more people like this
I had my hand up the whole time he never picked me :(
F
F
F
F
F
I want this dude as my math teacher....
Megacahh that is economics i think
I just studied math at school but I had the typical mindset that math is hard.
All this changed when I was trying to count how many words can be made out of 26 letters, and size of each word starts from one and ends at 5.
I discovered many things that I had no idea about.
Such as pascal triangle and the statistical things related to it.
Later, I believed in myself that I can rediscover math and I started to find how to calculate area of shapes, and I did a very good progress.
Later, I worked as a salesman and I was checking every number. I checked if the accountant calculated my commission correctly or not. At first, I insisted that he made a mistake because he is old and can't see well. But, I figured that he excludes taxes from sales then calculates commissions.
I learned that I can't figure everything out of my head, and I need to know how things are done the right way.
Also, as a salesman my customers asks me to calculate the area of complex shapes. So, I figured out how to do it correctly, but I hate doing it. As it takes time, and some customers have no idea that it takes time so they get angry or makes you angry when they don't buy.
Anyway, I can teach you math. Based on my way, not based on text book.
In another words I will not give you a fish, but I will teach you how to catch a fish.
Also I don't like this teacher. He wants the customer to pay for everything which I think isn't necessary because every business I have seen make benefits 2 to 10 times the cost of everything.
I mean if an item costs you 10 dollars, and this cost includes everything from your salary to the rent and AC. You can sell it for 20 to 100 dollar.
Be sure if the economic was very bad, and a business is still running, that business overprice items to 10 times and maybe more.
And those who are the first to close, not complete failures. But their prices were less than 2 times above the cost. In another words, the benefit they make is just enough to let you pay your bills on time.
I prefer the not greedy pricing as I support the consumer best interest.
But if you are a selfish business owner, you will be greedy and as an employee you will have a secure job as the business owner doesn't feel effected by economy.
You want to be the next billionaire, be greedy. You want to stay where you are, find the consumer best interest. And the path between the two is the best. Slowly but surely.
Faris Mizan have you done any research on Nikola Tesla and his beliefs around the number 3, 6, 9?
@@Brauket .. I just know as much as you know about Tesla. I know he thinks 3, 6, 9 are very interesting. But, I don't know how he figured that they are interesting. For me, They are no more than 3 multiplications. But once someone gets the same intuition and experience of Tesla, then figuring out why 3,6,9 are interesting will be possible.
As I said earlier we can't figure everything out of our head, we need to understand how things actually work, and what things actually are.
Example, A hacker can't hack a computer if he doesn't know how it actually works. And, chief can't make a delicious dish if he doesn't have a good sense of taste.
This dude explained a 30 sec idea in 12 mins. And actually made all those minutes quite bearable.
Isn't it bad that he explained it in longer time than needed?
S P Have you never heard of teachers interacting with students to keep them engaged?
As a teacher, the hardest thing is filling up a full 50 minute class, some days we have 90 minute blocks, that’s when you use “meditation time”
@@scorcesetrackingshot8136 That's actually bonkers to me. There is so much to talk about that these idiots don't know... Literally none of the students knew how credit cards work...
@@GEM4sta Bro they are literaly in school TO LEARN. How the fuck can you call them idiots???? Did you already know all the math in the world in first grade?
I finished high school before this guy was even born, yet I'm still fighting the urge to binge watch his math videos. He's good.
The fact that he teaches his students about finances and real-life applications in a math-class is making me happy
Why? Most of them are never going to be in a position where they're going to need to set up a business with a cardservice company.
@@jd9119it’s still a useful practical use of math and since they learned it they won’t be as scared if they even want to
"Cheque isn't really used anymore"
*France has now been triggered*
Czechs are triggered also
@@lukewarmbeverage1931 .. where are Czech people? Are they from Kazakhstan?
Chequemated
@@Farsmezan Czech people are from Czech republic, Kazans are from Kazakhstan.
@@giorgaz8592 .. Czech Republic, where is it? America, Asia, Europe?
There are non-obvious costs of cash though: having to securely transport it to the bank and increased risk of being robbed. This risk does not exist with those other forms of payment. Those costs may still be less than surcharge on credit cards, I dunno.
Counterfeit bills, mistakes in making change (being scammed when customer claims he gave a bigger bill). But yet gift cards give no discount for tying up your gift giver's money. And meanwhile you might be charged overdraft fees for trying to buy food when the clothier card is full of store funds.
Allows inept people to be employed and not worry when handling cash. Yet to find anywhere that gives a discount for cash. Except shady pawn stores that never declare it as income.
Not to mention it costs businesses to deposit money at the bank
You have a higher chance of credit card fraud than you do of being robbed person to person in any first world country regardless of how high the crime rate is in that given area. You can easily look this up. Credit fraud happens at a much faster rate per person using the service. It’s about every 2 seconds for credit fraud and every 1.6 minutes for robbery according to crime clock which is run by the fbi. That includes both in the street and building/property robberies.
@@TheAnantaSesa I've found that pretty much any local business will give me a cash discount if i ask for it on a large enough transaction (mechanics, home repairmen, installation services, etc.). Also, some gas stations give cash discounts.
The best sign “We do not accept American Express”
only had a problem using Amex in Europe stateside it's done me fine. point being I havent seen that sign in ages
can we clone this guy to teach every subject in every school in the world?
Plenty of school children will heckle him. The world's children aren't brought up the way Asian children are
vineet mishra bruh the students aren’t Asian btw, they’re Australian
@@nicovalenzuela4044 yeah I realized. Statement still holds. Plenty of Australian children wouldn't appreciate him. I know some of my classmates were pure assholes
Luckily the internet exists
*YES*
Wish someone would have said "Part exchange" or "Barter"!
+Peteto Chibs; that's what i thought "lay-buy" was about. Must be like layaway. Hadnt heard that where i'm from.
Well, if it were post-apocalyptic and there was no cash, how about alcohol :o)
That's what I thought as well
What about bartering? I'll give you a hamster in exchange for that teapot.
Thats a good deal
Hamsters had much more versatile use before silicon dildos were invented
@@Yui-pm3ql You seem to have much experience in that area
Lol
Make it one and a half hamsters and you've got a deal.
You are a great teacher, not many teachers back in my student days had the ability to keep the entire class under control like this.
That guy, his attitude, his class-managing skills, reminds me of my best teachers. This guy's a real pedagogue
Am I the only one upset that two 1L soft drinks are $2.40 and one 2L is $2.50?
Blake Landry
That does seem bass ackwards
I believe it's true. It cost more 2L than 2 of 1L but I don't remember why. There is an explanation of production I think
I'm pretty sure it's because of a tax on sugar. There would be 10% tax on 15g of sugar then 15% tax on 20g of sugar. I don't actually know just a guess
Selling 1L = higher profit
selling 2L = get your money faster
It means that the business pays less than 10c per L of soft drinks
this dude looks like a cool teacher
This is the most engaging and knowledgeable teacher I’ve ever seen. Killin it.
Teach: quick question or long one?
Student: rambles on about a personal story
Teach: not sure about the relevance, let's move on
😆🤣
Wish I could do that without offending!
Honestly thats the best way to handle it. A lot of it is in the attitude that goes with it
hello everyone who this video showed up in their recommended 5 years later
Showed up in my recommendations a year after your comment. Lol
me, an american:
cheque?
me, an american:
check?
Me, a speaker of the correct English language:
Check?
Check American. Cheque - British English, dude.
@lakerfan Did you Google the meaning? Outside of the US and maybe Canada, English speakers call it a cheque. "Check" means something else, eg check your wallet for change. And like this teacher said, nobody outside your country still writes cheques. We have Apple Pay, Google Pay, Samsung Pay, tap to pay cards (debit or credit), cash or banking apps.
G Dunken British, Canadian, Australian, South African... American is just wrong, plain and simple.
I don't know why I'm on this video, but this guy seems like a cool teacher.
Every class should be taught with this much engagement, instead of a one way lecture, this is amazing!
It might seems like he took so much time to explain such a simple concept, yet since I am a teacher now I know that delivering that perfectly to average school students in like 12 minutes is quite good to be honest. Understanding something is a thing but teaching it to others is quite different in terms of difficulty, since our ways of perceiving information could vary significantly.
All the people saying he took too long missed the point. He's not explaining the result, he's explaining how you get to that result. Understanding why is more integral then understanding how because you can take the why of what you've learnt and apply it to other things. He's an awesome teacher because he's not just feeding the students information, he's engaging them and teaching them the principles behind why things work the way they do. That takes time.
You forgot the main form to pay for something: BLOWJOB
He’s a fantastic teacher. We need more teachers like him.
Cash isn’t cheaper because there are costs associated to keeping the cash. Time costs to deposit at the bank, reconciliations, sure you may skim some off but you won’t skim all of it. Insurance for theft, loss. Leakage within the business, accessibility, ATM charges for the customers if it is a different bank...there is a long list.
The cost of paying your employees to handle the cash each day is quite substantial if workers are unionized
@@GoogelyeyesSaysHej I would say even if they are not unionised.
veegtec I would hope so but from what I’ve heard about the US many restaurant workers only make $2-5/hour there
Interesting video. This is from 2014,
a lot of payment companies now has spawn knowing how mastercard,amex, visa works. And you can see so many e-wallets popping up, using the same concept but they no longer need to pay the hardware and loyalty. it is simply a app installed in a phone
by far one of the best teachers i have ever witnessed, you can tell that he has so much experience and knowledge in teaching, it is actually unreal how well he is able to convey the information that he knows to his students, and not only that, but keep them engaged as well
This class engagement is a glitch. It will be patched in the next update.
With just 1 second of looking, everybody should be able to see that this guy is a great teacher
Well, 2 seconds anyhow
pdfs.semanticscholar.org/a920/32341de4ca3d1551095c86506af7b54150f4.pdf
The ongoing fees on those card machines are usually per transaction which is why smaller shops have a minimum amount that you can buy with a card.
I want to be in this guys class, seems incredibly interactive and he seems like a great teacher. Just look at his class’s engagement and enjoyment.
This entire 12 minutes video in a sentence:
Shops have to pay a surcharge when you pay with credit card meaning it costs them more when you use one, so that is why in some places paying with credit costs you more.
An acquaintance thought it was because the shop doesn't have to declare cash transactions and so come tax time it looks like the business has earned less and so get taxed less, whereas card transactions are all monitored.
and that sir is why i dont attend lectures!
And also on the side the upfront cost of getting a card reader and the ongoing cost for operating it (aside from surcharges on transactions)
He's more of a Demagogue, rather than pedagogue
Except in most places in Europe where it costs you exactly the same even if it's under 1 USD
"lets put you on the other side of the counter"
training them to work in retail lol
Handling cash cost as well.
Got to insure it, handle labour cost of handling cash, pay someone to deposit it etc...
Thank you for using your knowledge and abilities to educate us here on youtube. You taught me something I never even considered before. This is why I love youtube
Never seen a class this excited for Math. Wish I had teachers like these!
2019 algorithm gang checkin' in!
Cash can be more expensive (counting, holding, transport, security). This cost is already included in prices and it is much more higher than surcharge.
printing, counterfeiter
2% on every transaction? How much do they pay the cashiers?! Visas dividend has to come from somewhere and someone needs to pay for cash back,
Sebastian Roy People that don’t pay their credit card and are paying interests are the one making them money.
Your ability to engage your students with the lesson and keep them on task is phenomenal!
Even tho I don’t really know anything about this topic I watched the whole video and really enjoyed it and learned a lot. Thank you!
Amusing, where I live we tend to go away from cash, one of the reason being cash transit expenses are higher than debit/credit card fees.
Same here
This is so different compared to where I live. First, larger bottle sizes usually means paying less per unit, not more, and while vendors here also deal with surcharges, they don't (or aren't allowed) to discriminate their prices based on payment methods. In Norway (in 2011), only 6 percent of purchases were made with cash.
Alexander Krivács Schrøder then prices would be up slightly
The prices he used was fairly random. The unit price here is less when the size is larger.
i know that feeling. i to live in norway but havent used anything but visa for the 5 months maybe
any subject would be intereting with this kind of clear explanation, passion, and love for the job. what a great teacher, honestly
Dude now I want to hear the full class explanation about this.
Just prove how engaging the teacher is, and how good he is in delivering the subject. Nice.
2014:
2015:
2016:
2017:
2018:
2019: *Payin cash: why is it cheaper?*
2014: cross out 'pay by check'
2020: add 'pay by bitcoin'
2020: add 'barter with toilet paper'
inef85 that’s more like 2016
It is a very simplistic approach. There are fees for handling cash as well: security guys coming to your pos to take money, cash and coins calculating machines, cash validity checking devices, cash drawer in POS etc. So all the expenses and risks for cash acceptance should be considered before deciding what way of money acceptance is cheaper..
I remember doing an internship to persuade small business owners to install POS, and now this can totally relate.
Best teacher in the world! For such a very intelligent person Eddie Woo is, he can teach and engage with KIDS. I know a lot of smart people who don't want to teach KIDS because you have to put yourself at the students level and patience required is insane.
Paying by cheque? Perhaps in Australia in the 90's but it is preferred payment next to cash in France still today.
in a shop?
Yep, most places
good to know. and im shocked.
It's true. I used to live in Australia, and now moved to France for work. Usually it's the seniors who use cheques. It gets annoying when you are stuck behind them at the shop checkout counters, and they take their sweet time slowly taking their cheque books out, signing it, and then the cashier verifying it.
When I was in France I was really surprised but I also witnessed the cheques. I payed with my phone (connected to my card and they were like wow, is that also possible? XD)
Love this guy. Not taking into account the implicit cost of cash though (loss, miscount, damage, etc) - because of this, many businesses won’t take cash anymore. Still a great teacher!
I love to see enthusiasm in teaching like this!!
I literally knew all this but still watched to the end... Such a good teacher
I already knew that, but I'd never heard the word EFTPOS before.
You never heard of Amazon Pay, Google Pay, PayPal, things like that? Or are you talking about the term EFTPOS? Damn, I tell stupid asking this question.
@@soubhadra The term EFTPOS.
@@tenslein8977 EFTPOS: Every Fuckin Time, Piece Of Shit
Yeah, it doesn't roll easily off the tongue does it! I'm nearly 70 years old and my Dad was partly responsible for the rollout of EFTPOS (Electronic Funds Transfer at Point Of Sale) in the UK. He always reckoned it was a stupid name: it's generic of course and Switch etc are proprietary versions.
Despite already knowing this information, as a result of working in retail, I thoroughly love this video! The lack of knowledge around this topic and many other financial topics is worrying. Most my friends my age (late 20s) have almost no clue at all, and they are worse off for it. And for the younger generation it's not even on their radar, as learning complex physics is prioritised over life knowledge and skills.
I see all learning as important, and people should be able to study any field they like, but all kids should have a class that teaches basic life skills like this.
Regarding AMEX .. their whole approach is different. If your company gives you
an AMEX card, take it. Know when to use it and when not to. My car company
accepted AMEX, but only as a deposit on a vehicle. My service dept did not.
Always have at least two regular CCs. More if you want them to basically do
some of your bookkeeping for you. T & E on one, gasoline on another, sublet repair
on a third, and so on. Bookkeepers love it, all of a card gets posted to one account.
When you have such talent, the key is to stop where we are good, and try and do it better and better over time. But when we seek to leverage the smartness to reach out to more complex stuff, we may loose the ability to be that good. I like Woo for the enthusiasm he maintains in teaching even simple stuff. It really is not simple to make simple stuff simple for everyone else. I also like the enthusiasm of participation in his classes.
So true
Damnn, Eddie be flexin that ice.
David Castrillon a bit phoney
Hi Eddie.
It's a very good explanation for your students to get them started on the discussion.
I know this is 6 years too late, I apologise for that. Just chanced on your channel.
There is a caveat that you might want to think about exploring on this subject.
Some retailers/restaurants/bars/vendors/etc might actually give a discount if you use a certain bank's credit card.
I know it was practiced in Malaysia when I used to wait tables in 2005, not sure if Australia had/still has that.
But if Australia does, you might want to briefly touch on that with the students.
Going back to old stuff and learning something new or forgotten is a joy.
As much as I love this guy, I think the overlooked one important thing when you're being paid with cash -> improved cash flow.
I wonder whether it's "cheaper" because the cost of cash handling (yeah, there are costs) is somewhat fixed, wheras cards are per transaction. Would a small shop do better or worse if they cut cash handling all together and only used a cloud based point of sale like izettle or something? I imagine the answer to that might vary by country.
Credit Card costs are usually in the range of couple of cents base fee + 1,5-3% from the transaction.
For contactless payments some charge extra fee. Is apple pay / google pay gets involved, they want to have some money too.
Cash handling cost are usually bellow 0,5%. These costs come usually from the security guys, who pick up your bills, and of course banks providing change.
Now, small businesses can even avoid this costs, as they bring there money to the bank by them selfs (what they often do). On the other hand big chains, like supermarkets can negotiate better fares with the credit card company, whilse small stores have to pay the higher fees.
In USA (and most other countries) it is ILLEGAL to refuse cash payments. Each US bill has text on it about how it is universal payment for all kind of debts or something like this.
@@AjvarD you're talking about "legal tender", which applies to debts, not simultaneous exchanges. So if you owe me already money, I need to accept cash, as you say. But, if I'm selling something and only accept cheese as payment, that's totally fine.
@@Lorryslorryss Thank you.
In Sweden it's pretty much impossible to pay cash in a lot of places. Sure the fee for paying with cards is high for businesses, but for a lot of businesses it's even MORE expensive to then get the cash converted onto their bank accounts. Someone needs to take the stack, go to the bank have expensive equipment to handle coins, bills etc...etc.. So it ends up cheaper to use electronic alternatives because paying someone equivalent of 20$ and hour to go to the bank(which is never open) every day is worse than letting them do something useful.
It's "pay with card or go home" not "pay cash pay less" these days.
See now this is just good teaching. I wish I had more teachers that were like this.
Also tax evasion. If you pay cash there is less evidence the sale ever took place, therefore making businesses tax evasion easier.
this is the true answer.
Or you could do some real shady stuff like using casino tokens to launder money.
6:42 "to accept cash doesn't cost you anything"
Incorrect though. In case of a big retail chain handling cash might be more expensive than providing a card payment option.
9:31 "these guys are credit card providers"
They actually are just the network. Issuer bank is still the provider.
@@galaxspace1 Gotta pay people to count it
@@galaxspace1 That's true, but it still adds a bit of time at the end of each day. Some cashiers spend about 30min after the store closes for the day to "cash out" their till and record how much money has passed through their till that day + make sure no money was lost or unaccounted for. The business will need to pay that cashier for the time they spend doing this. Hope that clears things up!
@@leekevinyg its not a extra charger. its their hourly charge and till counting is just part of their job that they have to do daily. To take that job out wouldnt take or add anything
@@petermascherin1462 If it's part of there job they are payed to count the money so it costs to count and hence receive money. The employees could be doing another job.
Galax Space transport to bank, security
I love his energy ! I never had teachers like this !
I felt more engaged as a UA-cam viewer in this 12 minutes than the hundreds of hours I've spent in school.
One would question why I was never taught this in school
Haven't you ever talked to or with the people selling stuff? Or used your brain? Because I never learned the stuff but still knew about it just by connecting the dots
Ok this came out way more aggressive than I intended for, but I'm too lazy to change jt
i'm nearly crying, the way this guy teaches is amazing. Thank you algorithm for bringing this video up.
there is cost in cash depend on how much cash you are receiving everyday. You have to prevent theft of cash, count how much cash there is, make sure it matches your accounting, safeguard the cash, and deposit it into your bank account. It's also a lot harder to debug if the cash doesn't match your accounting, then which transaction caused it and what went wrong. They all have costs, it all comes down to which cost less.
If you're going to accept cash, unless you're willing to risk getting robbed taking it from the store to the bank, you're going to want armored transportation service. And they're not cheap either. It can cost a small business quite a bit of money as well.