Yesterday, I wrote about how things have changed in the past 12 years since I recorded the Saturday Night Live production of The Chris Farley Special. It made me pause to consider the changes I have observed in the world of finance in the past 12 years.
Here are some changes I have observed:
- On-line bill payments have virtually eliminated my need for checks
- Most of my banking is done on-line and most of my deposits are done at an ATM (some banks even allow you to scan the checks at home and never even take them to the bank)
- My canceled checks are no longer returned to me – I can pull up scanned copies of them on-line if I need them
- It is a lot easier to track spending patterns because of on-line banking and on-line credit card transaction reports
- Houses used to be “can’t miss” investments that ALWAYS went up in value – ummmmm, that is not so true any more …
- Sarbanes-Oxley changed the way corporate accounting takes place (more bureaucracy – thanks to Enron, Tyco, and Worldcom)
- 529 college savings plans have grown in prominence
- On-line shopping is a way of life – it barely existed in ’98
- Music cost nothing for some people in ’98 (Napster)
There are MANY MORE changes that have occurred in the world of finance in the past 12 years. What changes have you noticed most?