Anyone know anything about barter dollars? My b-i-l has been

[Mnemosyne]

offered them as an option rather than regular pay. His boss wants to pay all of the guys with them rather than cash/check. B-i-l is working construction, usually on lake houses and such.

I guess him, sis and the kids would have to eat at restaurants often, as I am understanding it. It doesn't sound like a good way to be paid.

I found several links about barter dollars, but seems it is used more as bonuses than regular pay:


Three Barter Techniques The World's Billionaires Use
And YOU Can Also Immediately Put Into Action!

*

Analyze the similarities between the nine strategies the world’s billionaires used to build their wealth
*

Study five outstanding trades of the past decade and learn howto harness these powerful money-making strategies in your own business
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Implement the twelve steps for building substantial and secure profits through local barter endeavors

What would it cost you in time and money to interview the world’s billionaires, so as to truly understand their crystallized thinking and grasp the strategies they embrace? Well relax, you don’t have to. We’ll show you what’s behind their phenomenal success!

http://www.barternews.com/think_barter_grow_richer.htm


Our Currency Is Our Trust

Ready to prosper without spending cash?
That’s what happens when you join BCI—Atlanta’s largest and best barter organization. By increasing your sales, we make it possible for you to buy a multitude of goods and services—while holding onto your hard earned cash.
How do we do it?

It’s very simple. As a BCI member, we bring you customers you would not have otherwise. They are also BCI members. You charge them your regular retail rate. Instead of cash, they pay you in ‘BCI Barter Dollars’ that go into your BCI Barter Bank Account. Taxes and tips? Collect them in cash, just like you usually would. Then you spend your BCI Barter Dollars with fellow BCI members on their goods and services.

What kind of goods and services?
Media advertising, printing, accounting, lawyers, dentists, office supplies, website construction, top notch restaurants, airline tickets, vacations, hotels, house painting, plumbing, electricians, massage therapy, as well as household items like furniture, appliances, art, toys, tools, furnishings, and collectibles.

The bottom line?
Joining BCI is like finding money: Guaranteed increased sales=More products and services for you, your company and your family. You’ll love the way we enhance your lifestyle. We’ve been keeping that promise since 1999. Think about it, over 2000 current members can’t be wrong!

http://www.barterconsultants.com/


Any help understanding will be greatly appreciated!

Thanks! :hi:

[mikelgb]

1. sounds pretty sketchy

[Mnemosyne]

8. Sure does. Guy bought those "dollars" for forty-two cents on

the dollar also.

Thanks Mike! :hi:

[babylonsister]

2. How would anyone pay their bills?

I don't imagine the phone or electric company would be too keen on them. And it's cheaper to eat in than out. I'm looking forward to responses, too.

:hi: vickiss!

[Mnemosyne]

9. My sister hit the ceiling!

3 kids, one an infant, to feed.

I never heard of these until today. Another scam by the wealthy to lift their friends up and have a company store, so to speak, imho.

Hey Sis! :hi:

[Angela Shelley]

3. Don´t take anything but cash.

He should demand pay in dollars.

As long as your BIL pays taxes on his income, pays insurance, and pays into SS, then he should demand payment, in dollars, with a receipt.

[Mnemosyne]

10. He refused, unless as a "bonus".

Just seems wrong.

Thanks Angela! :hi:

[pitohui]

4. wow he needs to report this to national labor relations board

also needs to be reported to the relevant authorities in his state

this is just out and out theft, a step back to the days when you were paid in company scrip

i hope he can find a legitimate job soon

keep in mind that even tho you don't have the flexibility of cash and the ability to spend it where you chose, anything you receive in barter is fully TAXABLE and the irs looks hard at these barter deals because of the many tax cheats involved in them -- the boss is almost certainly a tax cheat himself and a rather stupid one to think he'll get away with this, there are other jobs in construction, and somebody is going to report this and get everybody involved investigated

[Mnemosyne]

11. I'll tell him it needs reported. It also called to mind the

"company store" mentality to me.

He's looking for another job, but NW PA has been depressed area for quite a while now.

Thanks pitohui! :hi:

[Just-plain-Kathy]

5. If you can’t buy groceries or pay the rent with these dollars, I wouldn’t work for them.

Your BIL’s situation reminds me of something my BIL went through decades ago. He was in construction too.

My BIL’s boss explained to all his workers that he had to wait until after the job was completed before the customer would pay the company. The boss asked all his men to collect unemployment while they were working on this particular job. The boss promised that the men would get full pay (overtime and everything) once he got paid.

This deal sounded great. My BIL was young and his parents were stupid, they advised him to take the deal. Long story short...The boss never paid the men. He knew these guys could never go after him because then they’d have to admit to collecting unemployment under false pretenses

[Mnemosyne]

12. He's been there over a year and is some new 'genius' idea

that his boss learned about. bet boss plans on keeping his extra 58 cents he wants to cheat from the workers. Sneaky bastards everywhere!

I've known people that were screwed similarly to your b-i-l. Farmworkers around here have often worked a hay season expecting to get paid at the end and nothing. It happened to me as a teen, and 6 others that year.

Thanks Kathy! :hi:

[lumberjack_jeff]

6. If I had the choice of what to barter for - it's fine.

I wouldn't barter for anything I wouldn't otherwise spend money on. Barter for gas? Barter for Groceries? No problem. Barter for getaway vacations, vinyl siding and trips to the casino? Nope.

[Mnemosyne]

13. I agree completely, Jeff. These "checks" are for movies, gyms,

vacations, restaurants, etc.; no groceries, utilities nor insurance listed.

Thanks Jeff! :hi:

[housewolf]

7. The only thing I know about it is that barter $$$ are taxable like regular income

They need to be reported as regular income and are taxed. If the taxes aren't withheld, you're responsible for paying them in regular dollars.

[Mnemosyne]

14. I know he pays his own taxes, files as self-employed

sub-contractor I believe.

One site about barter dollars lists IRS laws for barters.

Tax insane cretins!

Thanks housewolf! :hi:

[SoCalDem]

15. barter income is taxable and might have huge tax implications

like filing quarterly etc..

Methinks the boss is having a cash-crunch and may be preparing to belly-up with as much of his own cash intact :scared:

Does he still plan to pay into FICA? unemployment? disability? workers comp?

It sounds illegal to me

[Mnemosyne]

17. B-i-l is looking for a new job, pronto.

I believe we will be seeing more of this in the near future.

Company store anyone?

Thanks SCD! :hi:

[earth mom]

16. I think we are going to be seeing a lot more bartering in the near future.

Just like in South America a few years back...having a pre senior moment and can't remember the country.

Bartering is fine, if both parties are getting a fair deal out of it.

But in the BILs case-No, I don't think he should go for it. :yoiks:

[Mnemosyne]

18. He's looking for another now. Something sure smells,

and it isn't my b-i-l, unless he's been fishing. :)

Thanks Golden! :hi: