Posts Tagged ‘paypal’

Aaron Klein: Days to Clear Check

Posted by admin on Friday, October 7, 2016

Aaron Klein Money Quote saying the Federal Reserve needs to allow financial transactions to speed up and financial technology providers to innovate. Aaron Klein said:
 
deposit a check from your bedroom or use PayPal or Venmo to send money across the world in seconds, it can still take two to five days to clear a check, or that debit-card transactions are processed only once a day Quote
 

“It seems remarkable that in a world in which you can deposit a check from your bedroom or use PayPal or Venmo to send money across the world in seconds, it can still take two to five days to clear a check, or that debit-card transactions are processed only once a day” — Aaron Klein

 

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In this quote, Aaron Klein seems to be highlighting the contrast between rapid technological advances in digital financial services and the relative slowness of some traditional payment methods still commonly used. Some key points:

  • He notes that modern conveniences like remote check deposit, PayPal and Venmo allow near-instant money transfers anywhere in the world from a mobile device.
  • However, Klein argues it is strange and outdated that basic check clearing still takes 2-5 business days given current tech capabilities, showing the process has not kept up.
  • He also observes that debit card transactions are still only settled once per day, which seems slow compared to real-time digital payment options now available.

Overall, the quote conveys Klein’s view that while financial innovation has delivered lightning-fast digital payments, the backend infrastructure supporting older paper-based and card-based systems has lagged in achieving similar speeds, despite being fully possible with today’s payment networks and technologies.

Elon Musk: Borrow Money for Rent

Posted by admin on Monday, June 6, 2016

Elon Musk Money Quote saying his percentage of the profits from sale of PayPal were invested in his other business ideas. Elon Musk said:
 
My proceeds from the PayPal acquisition were $180 million. I put $100 million in SpaceX, $70m in Tesla, and $10m in Solar City. I had to borrow money for rent Quote
 

“My proceeds from the PayPal acquisition were $180 million. I put $100 million in SpaceX, $70m in Tesla, and $10m in Solar City. I had to borrow money for rent” — Elon Musk

 

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In this quote, Elon Musk is describing what he did with the proceeds from the sale of his company PayPal in 2002. He invested $100 million into his rocket company SpaceX, $70 million into the electric car company Tesla, and $10 million into the solar energy company SolarCity.

The fact that Musk then had to borrow money for rent suggests he put virtually all of the $180 million he received from PayPal back into his new business ventures, leaving himself cash-poor personally as a result.

The quote paints Musk as someone fully committed to and confident in his ambitious vision, willing to risk all his PayPal fortune on revolutionary companies focused on space travel, electric vehicles and sustainable energy rather than keeping the money for himself.

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