i'm not the sharpest tool in the money drawer, but

[laruemtt]

i see what's happening with the dollar and am thinking of changing over to euros as much as i can and still be able to function in this "society." i do my work as an independent contractor and don't believe i can ask my clients to pay in euros, so does anybody have any ideas about how to go about making this changeover?

[stirlingsliver]

1. Easy

Quote your prices in euros, and tell your customers that you will accept payment only in euros.

Then give them a list of the nearby businesses that will exchange US dollars for euros.

You might also want to check with some of the banks where your customers live, and see if they will allow their checking account customers to write checks in euros. That way, you can give your customers a list of the banks that will let them write checks for euros.

Finally, you might want to check with some of the credit card companies (if you accept credit cards) and see how your customers can charge amounts in euros.

A bit of work, but I'm sure you're up to it.

[progressive_realist]

16. I'm fairly certain you can't legally do that

Notice the fine print on your Federal Reserve bills that state they are legal tender for all debts, public or private. I believe that means you cannot refuse dollars for transactions within the USA.

[fenriswolf]

2. wouldnt happen

even if you were to ask for euros you would still only be paid for the value of the work so as the dollar declines you would get paid fewer and fewer euros. as long as you earn money in america your earning power drops with the dollar.

[laruemtt]

4. i know it would be less than what i'm making in U.S. $ now, but

at least it wouldn't be dropping in value. also, is there any way to spend in euros here? i think i'll have to take a trip to the bank this week and get me some ejumacashun.......

[earth mom]

3. Never fear, the Amero will soon be here.

:puke:

[laruemtt]

5. ha! was just wondering this morning

how long before the $ will be = to the peso!

[Vincardog]

6. Just get paid in dollars and convert them to Euros of Pound Sterling of Yuans or yens

or whatever currency you believe will hold its' value. I like Gold in the next 6 - 18 months my self.

[stirlingsliver]

7. Do NOT Do This

Do NOT take your pay in dollars and then convert it to euros or pound sterling or anything else.

If you do that, then YOU will pay someone -- usually a bank or an "exchange place" -- like you see in international airports -- to have them convert your dollars into euros. You will lose money.

Like I said upthread, quote your rates in euros, and have your customers pay you in euros.

[laruemtt]

10. hmm. didn't think about the exchange rate. thanks.

i've got a lot to learn :+

[Vincardog]

12. You try telling an American company that you want to be paid in Euros,see if you get the contract

They have a lot of options. This one could and probable would be a deal breaker.
Why would they want to take on the additional expense of converting your pay to a foreign currency?

[laruemtt]

8. probably what i'll do. and i like gold too.

would just hate to be doing all this work and end up with a bunch of worthless $ to show for it........

[Kurt_and_Hunter]

9. It makes no difference what they pay with

Whether you are paid in dollars or euros, it is a fair transaction that day... the exchange rate is what it is on a given day.

If someone pays you $1.47 USD you can buy a Euro with it, and visa versa.

If you are concerned about the dollar sinking more in the future then the question is with your bank account, not your day to day transactions.

The way to address that would be to convert your dollars to euros as the dollars come in, and keep your money "stored" in euros.

There are costs associated with exchanging currency, and those costs will be paid by your or your customers. Making them convert to euros up front is alienating to customers, so it's better to just take their dollars and convert them to euros yourself. (Assuming your objective is to end up with euros)

[seriousstan]

11. No problem, force your clients to pay in Euros. They will think you are nuts and not use you.

No clients, no work, no money to convert.....no problem.

[Journeyman]

15. Yeah. I can't think of a quicker way to drum up business for my competitors. . .

than doing something so stupid as asking clients to pay me in a foreign currency.

"And, uh, since I'm being such a pain in the ass, would you mind making sure all those Euros are consecutively numbered? Keeps my sock drawer looking neat when I pile 'em in there. Can't use banks, ya know -- all of 'em only deal in dollars fer some dang blamed reason."

[papau]

13. Decreased value of dollar paid can be fixed by raising charges over time - as to assets there are

assets easily purchased via an E-Trade account that will rise with the EURO - including relatively safe equity indexes.

[LiberalEsto]

14. If you belong to AAA

you can buy Euros through them fairly easily.

[pansypoo53219]

17. makes my getting paid on ebay

in euros years ago a very good idea. maybe i will ask that canadian for loonies.

[Warpy]

18. Unless you're stuffing your money into your mattress

being paid in Euros is not much of a hedge. If you are stuffing money into your mattress, be aware that thieves will find it. Also, people are not going to want to exchange your paycheck for Euros. They will hire somebody else because they will see you as some sort of nutcase.

Unless you are shipping your money offshore and intend to follow it soon, then converting it to Euros and stuffing it into a bank offshore doesn't pay, either, as the PIA factor of getting your money there while you are still here, paying all sorts of conversion and transfer fees, would soon eat up most of the value you'd gain by hedging against the dollar.

As miserable as it is to see one's currency losing value, know that in the long term it might turn out to be a good thing, stopping the hemorrhage of jobs overseas as it becomes nearly as cheap to pay workers in this country who speak the language and share the culture.

If you have no immediate plans to move offshore, I'd strongly suggest you keep your pay in dollars and sock it away in an insured bank account here.

Being paid in dollars and spending dollars won't become a true liability unless that fool Bernanke keeps lowering interest rates enough to force the Chinese to allow the Yuan to float. If that happens, we'll start to look like Weimar Germany, with baskets of dollars needed to buy a loaf of bread.

[laruemtt]

19. a lot to think about.

thanks everybody for your suggestions and viewpoints. i swear there is an unbelievable wealth of knowledge on DU!

[rug]

20. Have them pay you in wool.

[laruemtt]

26. hah! good one! n/t

[nadinbrzezinski]

21. Buy Euros at a money exchange house or see if your bank

has euro denomicated savings accounts... or most likely and investment house.

[rucky]

22. Paypal. n/t

[laruemtt]

25. i actually have them pay me through paypal

just for convenience sake, although i pay a fee. didn't know they can exchange to euros?

[rucky]

27. You can charge in Euros, and you can hold a money market...

in a bunch of different currencies.

[laruemtt]

28. money market in euros? something to consider.

maybe IRAs to avoid the taxman.

[XOKCowboy]

23. I'm an independent contractor also... I feel your pain

I make good money but I (and my clients) are getting squeezed by the dollar's continuing decline. It's the tightrope we walk. I'd like to raise my rate but I risk losing clients to a lower bidder. I've just gotta ride it out and work as much as possible. The new American Dream.

[laruemtt]

24. yeah, it's the new wolf at the door.

i use it as motivation. gotta give 'em what they can't get anywhere else!