Everyone is all abuzz about the HIVE pump. It's great, but the trick to the whole thing is that you need to already have the HIVE in your wallet to benefit from it.
This dovetails with the general concept of building wealth.
Building wealth is a long-term goal for many people, but the truth is that it can be a real challenge. Why? Because often, it goes against our instincts. Our natural tendencies and desires can make it difficult to save money and invest in the future. But, understanding the concept of time preference can help us overcome these tendencies and build wealth over time.
Time preference is an economic concept that refers to our preference for consuming goods and services now, rather than later. Essentially, it's our desire for immediate gratification. We all have time preference to some degree, as we all have desires and needs that we want to fulfill right now. The problem is that when we prioritize immediate pleasure and consumption over saving and investing, we hinder our ability to build wealth in the long run.
Building wealth requires patience and discipline, and often requires us to forgo immediate gratification for the sake of our future financial security. This is because investing money and building wealth is a long-term game. It takes time for investments to grow and compound, and it requires us to save and invest consistently over a period of time.
But, the good news is that with a bit of effort and a change in perspective, we can work to overcome our time preference and build wealth over time. Here are a few steps that can help:
Set clear financial goals: Having a clear understanding of what you want to achieve financially can help you stay focused and motivated. When you have a clear goal in mind, it becomes easier to prioritize your finances and make decisions that support your long-term success.
Automate your savings: One of the best ways to overcome time preference is to automate your savings. Set up a monthly transfer from your checking account to your savings account or investment account so that you don't even have to think about it. This will help you build wealth without having to actively make decisions to save.
Learn about personal finance: The more you know about personal finance and investing, the more confident you'll feel about making decisions about your money. Seek out resources like books, blogs, and courses to help you learn about personal finance and investing.
Surround yourself with positive influences: Surrounding yourself with positive influences can be a powerful motivator. Seek out friends, family members, or communities that support your financial goals and can offer encouragement and guidance along the way.
Building wealth is hard, but it's not impossible. By understanding the concept of time preference and taking steps to overcome it, you can set yourself up for financial success in the long run.
Posted Using LeoFinance Beta
Your point on people seeking immediate gratification is very valid. Your take really align with mine.
I'm currently building my skills in Web3, of which I'm investing a lot of time. To my siblings, I'm wasting my time instead of taking some little teaching jobs that are coming my way. But I know what I'm pursuing and I'm so focused and I know it will pay off in just a while.
This is my way of avoiding the immediate gratification and setting my financial goals straight.
Thank you for sharing
As easy as coin collecting 😂
Investing is an element of wealth creation. I would always advise the majority of people that earning a salary or income won't make them rich or even wealthy. Imagine you are a family man, and at the end of the month you receive your pay, you deduct your tithe to give to God (if you are a Christian), and you give your wife a certain percentage that would covert the household expenses for one month, transportation to work, house rent, and other associated costs.
When you add up all these costs, you will run out of money before the month is out.
A clear investment strategy, patience, and sufficient understanding of the project you are investing in are all necessities when it comes to investing.
What do you mean a salary can't make you wealthy? It depends on what you do for a living and where. If your job is a special welder in Germany for example, that is around 5k/month. That can definitely make you wealthy in only a couple of years.
Now, of course, investing extra income is always smart, but you can live really well without it. Being responsible with your money is actually the hardest part for most people.
You are right though. Well I'm speaking specifically for my my self though..coming from an average home and living in country like mine.
It also always helps to have some liquid hive to short these pumps.
I believe that with the right knowledge and taking the right steps it is always possible to build wealth.
Certainly the time frame is important, wealth is not built overnight and moreover it is necessary to make sacrifices today to enjoy the fruits tomorrow.
It definitely not an easy task at all, cause it comes with lot of hard work, sacrifice and savings too
Posted Using LeoFinance Beta
Been at it for 6 years now on hive and bitcoin since 2011. Still building! It does take time.
Posted Using LeoFinance Beta
Muchas gracias por tus buenos consejos, tienen mucho sentido, debeos aprender a ser organizados en todo. Mucho mas en lo financiero gracias.👍
Absolutely, building wealth is a long-term game that requires patience and discipline. It's important to prioritize long-term financial security over immediate gratification, by consistently saving and investing over time, in order to allow investments to grow and compound. This way, you can build wealth and achieve your financial goals.
!PGM
!PIZZA
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]
5000 PGM IN STAKE = 2x rewards!
Discord
Support the curation account @ pgm-curator with a delegation 10 HP - 50 HP - 100 HP - 500 HP - 1000 HP
Get potential votes from @ pgm-curator by paying in PGM, here is a guide
I'm a bot, if you want a hand ask @ zottone444
I gifted $PIZZA slices here:
@torran(9/10) tipped @nealmcspadden (x1)
Join us in Discord!
Definitely, getting rich is not easy, otherwise, all people can get rich :)
In your article, you gave a lot of good advices.
Setting goals is always the first step to achieving richness.
And to be disciplined to follow your plan is also very important.
Plan-Do-Check-Act (PDCA) in a regular time manner to adjust the plan is necessary to stick to the goals and don't get lost :)
Posted Using LeoFinance Beta
This is Actually trues ,am a kind of guy who love investing more than saving,but at the end some challenges cut all your effort trying to build wealth that requires immediate solution
Posted Using LeoFinance Beta
I think we can earn better amount just doing buy/sell within hive and hbd and it is even better than daily posting. So it is good to keep some liquid amount.
Posted Using LeoFinance Beta
The rewards earned on this comment will go directly to the people( @luckyali ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
With the recent bear many of us are near square one again but the grind is all part of the process. As the saying goes; If it was easy, everyone would be doing it. You make some great points. My favorite being the quoted part below. Its great to have like minded people around pushing each other further up the ladder of financial freedom.
Posted Using LeoFinance Beta
Getting rich is easy nowadays but staying rich is very difficult
It's also vital to remember to diversify, and never panic sell. Those two things have ruined many potential millionaires.
This post has been manually curated by the VYB curation project
Building slow and often beat every other method.
Posted Using LeoFinance Beta