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Jeremy

Is it time to abandon the U.S. Dollar?

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by
Jeremy
on 05-28-2009 at 12:35 AM (4898 Views)
So tonight I was reading over some financial sites, and of course being a U.S. citizen it just makes you shake your head when you realize what has, and is happening to the U.S. dollar.

I know many people hate getting into politics, so I'll hold off on any rants. But in all seriousness I am wondering if I should start doing more business in Euro's or GBP's?

Obviously with any affiliate pay, we are all at the liberty of the programs who all (based outside the U.S.) love paying affiliates in USD. But for my other business deals or paid advertising, why not start working in a stronger currency?

Take PAL or consulting for example, the business model and monetization is simply a monthly flat fee. So regardless when one of you ballers sign up at a PAL partner, I just get a flat rate. Boooooo!

But my question is, since 100% of my business in this market is with non U.S. companies, why the hell am I working in USD? I mean hell, if I moved to London, would I really be charging USD for consulting or advertising? My companies business account can handle wires from any currency and I just have to pay a conversion.

Just curious to hear some of your thoughts on USD vs. Euro if you are running a business in the U.S. but doing 100% of your (non affiliate) business with non U.S. companies. Should be interesting, please share your thoughts...........

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Comments

  1. MJ's Avatar
    I know I sure appreciate the rooms that calculate my earnings in Euros or Pounds - seeing it show up in dollars always feels like a bonus lol.
  2. Trikkur's Avatar
    The GBP is doing worse than the dollar now. I had a big programming job I had done with someone from GB. When we first discussed the deal, I would of been paying 2USD : 1GBP. It really sucked seeing my bill double because of the currency. These last few months though when I've been paying my bill, it's dropped to like 1.5USD : 1GBP. So that's a nice savings.

    I unfortunately think the GBP is starting to climb though, so yet again I'm screwed.
  3. MJ's Avatar
    We should all do business in Chinese currency, safe bet about now.
  4. Jeremy's Avatar
    Quote Originally Posted by MJ
    We should all do business in Chinese currency, safe bet about now.
    I would love to just see the reaction when sending out an invoice in Chinese Yuan. I do agree though, China is the new world superpower.
  5. nirva's Avatar
    Quote Originally Posted by Trikkur
    The GBP is doing worse than the dollar now....
    I unfortunately think the GBP is starting to climb though, so yet again I'm screwed.
    Not so, it went down to $1.35/£ earlier this year, now it's climbed back to $1.6/£ over the last couple of months It's my dream to have all earnings in £s!

    The USD will probably continue to get weaker as we'll (GB) be raising interest rates soon. Sigh.
  6. TheShortStack's Avatar
    I've actually started to push those rooms that pay in GBP a little harder recently.

    I guess it was after seeing my converted commissions drop pretty drastically as they hit my account ...
  7. Geof's Avatar
    Rhaaaaaaaaa, i wish i was paid in EUR rather than in GBP!!! 30% net loss in wage in one year....
  8. JohnH's Avatar
    lol YouTube - printing money to make the stock market go higher screw the swine flu and cap and trade this is gonna be Jeremy here pretty soon. I know this is an old blog post, but I am not too confident in the US dollar. If they print all that money, then naturally the current money will be worth less. I am sure Spry can chime in on this as well.
  9. boogster's Avatar
    There is no "stronger currency", since you don't know which way the US dollar is going in the future. It's like playing the stock market. If you are worried about your USD getting weaker, then you can always convert your USD to euros or GBP (or vice versa) via a brokerage account like interactive brokers. However...there is no guarantee that your USD will better off in GBP or euros a month from now.
  10. pokerNZ's Avatar
    For me all my commissions pre-UIEGA were in USD through Neteller, then when they froze accounts (and I had a couple grand in there) I freaked out and set up a new account in €.

    Ever since I've been way happier as the Euro has been more stable for me. Living in New Zealand, the ol NZD (or Pacific Peso as we call it) doesn't go very far when you travel, but it kicks like a mule when you're being paid in foreign currency!

    ATM the NZD buys about 0.46 euro and 0.65 usd but the usd fluctuates a lot more and is hard to budget around.

    To put it in perspective, a can of coke from a vending machine here is about $1.20NZD (the unofficial measurement of cross border value)

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