it s a great way to track your kids spending, isn t it? it is a great way to track spending. but there are other technologies that allow you to do that, too, just with regular on-line banking web sites. you can track spending anyway. so this is taking it a step further. and i think it s a step that people really need to think about, not only is it a privacy issue but it may encourage you to spend more than you really want to spend. and that s something to be aware of as well. gregg: these less transparent methods of paying for things kind of turn greenbacks into monopoly money if you re doing it electronically, right? absolutely. and i think it it encourages people because there isn t the psychology of handing physical money over to pay for something that is going to lead to more spending if you re not careful because it s just too easy to just swipe that swipe that smartphone across the threshold so i think it s important for
gregg: all right. there are new concerns over banking on your phone. it s easy to do. it s catching on fast. google and other companies are even introducing a new product called digital wallets to bring mobile banking into the mainstream. you can bet on line hackers will be there to look at your wallets like a regular pickpocketer were. how can you keep it protected? author of the book don t buy the bull , good to see you again, cassandra. this is how it works. your smart phone, you go to the checkout counter at a store and you want to buy something. you just pass your smartphone in front of a sensor and boom, it s purchased for you. but there are hazards to this. what are they? it is amazing technology, that s for sure. there are hazards from a privacy perspective that everybody needs to be aware of. first and foremost, if it was me, i could not be using it.
they know everything about what i want. what i like. where i shop. how i do it and so forth, so you are giving up some privacy in exchange for incredible technology benefits. that s right. and so that s the tradeoff that every consumer can make for themselves of what they re what they are comfortable with letting go of as far as personal information. there are hopefully as these technologies roll out, there s going to be the opportunity to opt in as opposed to opt out. in the settings and that s something if you are planning on using it to be very aware of, to check those settings. gregg: yeah, for example, i just activated earth google on my ipad and i did have to waive, you know, the privacy setting, i don t really care if they track where i m going because the benefit of being able to get, you know, locations from where i am anywhere in the world is really an incredible benefit. but look, for those parents who are still paying for their kids,