I remember when I was 21-22 years old and got my first job as a part time English teacher at kids' school, by the end of the month I didn't have any money saved. Up until that point, when I had no job, I was still managing just fine as I am not a big spender. So this surprised me quite a bit. I expected most of my salary would be remaining by the end of the month. And yet there I was, with an empty wallet.
And it happened again the next month, and the month after that. It doesn't matter where the money went. Not hookers, I repeat, NOT hookers!
But the lesson I learned was when you have a bit of extra cash, you're likely to go for that extra cheese and the extra patty! Maybe press the order button on that pair of leather Chelsea boots you've been eyeing online for a while!
All of these may or may not have happened to me.
I think after about 4 months, I decided to work on a plan to have a set amount saved up every sunday. (I used to get paid on sundays). I got myself a second bank account and since then I have been stashing away a set amount every 7 days. At that time it didn't really seem like much, and I was still getting that extra cheese whenever I wanted, but I realized the immensity of saving small amounts, REGULARLY after about 3 years down the line when I graduated. There was no way in my 2nd year, I could have possibly foreseen the blow of expense that comes with graduation paper works, international license exams, and not to mention moving away from a country and shipping expenses.
But the imminent expenses became more and more evident as we approached graduation and everyone started planning to move and ship stuff and deal with the ministry. Naturally, that did set of a bit of panic among most of my fellow classmates. But 3 years down the line, my regular savings weekly saved me a few sleepless nights.
Now the reason of rumbling on all these is, last Friday I was very lucky to win 50 HIVE in the BDCommunity writing contest. And guess what I did immediately the next morning?
Yeah, every last bit of what I earned! ....poof!
And then I wonder why is my stake taking so long to grow!
People who know me, knows I wanna have a decent enough stake of HIVE in maybe a years time. But I'm also against powering everything up as liquidity is very important. As dada says, if there's no liquidity, there's no value. I also need some liquidity because I'm learning to trade cryptocurrencies on the side.
And Now that I think back, it has been happening quite often. Too often for my liking. I wanna buy an expensive card, I hesitate. I look at the "spare" liquid HIVE I have in my wallet, I don't hesitate no more --__--
I do not come from a financial background where spending $7-8 on a card is acceptable. Yes, sure with my HIVE payouts, I can now afford to. But just because I can afford to, doesn't mean I have to and this is the type of spending behavior I wanna suppress.
While powering everything up would solve my "problem" of spending more than I'd like on buying cards, powering everything up in one go is scary, a bit.
But I couldn't think of any other solution. Not until this morning. Last night we worked deep into the night till 3 a.m. on our Weekly magazine Turni, which btw, is fantastic and you guys should all check it out. (Yes, I'm shilling our own magazine, duh!)
What tends to happen when we're "working" so late, is you need some fun in between! And we were chatting, cracking jokes, one thing led to another and head-clerk suggested I should rather have my username as @savageifylife
And I loved it instantly and I did what any sane (?) person would do. I paid 3 HIVE to instantly create this account from https://accountcreate.bdvoter.com
I didn't know what I was going to do with that account. This morning the idea of a cold storage popped into my head while I was taking a hepatology exam and was solving a clinical scenario based on the vitamins that the liver stores! Nerd alert!
Why don't I use this new account to store Vitamins A, D and K some extra HIVE? You know, the same concept of stashing small amounts away at regular intervals and find out where I stand a couple of years down the line!
What the heck, transactions on the HIVE blockchain is instant and free, I'm going to do it! If it looks too stupid I'll just transfer them back to my main account! And the price chart of HIVE looks so deliciously disgusting, I don't think I'll be selling anything to buy stuff anytime soon!
Here we go then! I'm not yet decided on how much I will be stashing away and how often. Currently I'm getting roughly 35 HIVE a month for doing nothing! The numbers are more satisfying if I can post 3-4 times a week, whcich has proven to be difficult to say the least. So I'm not setting myself a specific number yet, but I will as soon as I have an idea of how much is flowing in on average!
I'll start off with a big chunk and maybe forget about it for a few "dues."
So why am I not using the "Hive Savings" feature you ask...? Shut up, I wanna be fancy!
Posted Using LeoFinance Beta
Wait! You opened an account with 3 Hive?! Do you know how many free account tokens I have? In the thousands! I lost count... You could have just asked me ;)
There goes 3 hive down the drain! lol!
Hahaha No I didn’t know dada! It was in the spur of a moment thing. I liked that name so much, I just pulled the trigger. 😄
I just checked with my 100% RC I can claim 74 free account tokens right now. I am terrible at organization. Otherwise I would have tens of thousands tokens by now.
Getting back to the “savings” idea. While savings is a good thing to build wealth and that is one thing that is widely touted from our grandfather’s to the latest internet app; let me do a different spin on it....
The easiest way to build wealth is to earn more money.
Savings will never get you there ;)
Think about it. Are Bill Gates, Elon Musk, Steve Jobs, all the way to Zuckerberg..... are they great savers?
74!! That's more than 6 times of 12 dada :D :D
Okay, I like this idea much more!
True that savings will never get me "there" but what if we look at savings more of as a cushion to unforeseen adversities rather than getting there?
1 step further, how would a combination of the two look a few years down the line?
Posted Using LeoFinance
Nice idea... Me thinking about starting to stash some of my hive to a savings account too. For now all of my hive gets sucked into Splinterlands.
I better start saving and have some liquidity. As Liquidity is freedom.
Hahaha SL is indeed a bottomless pit, isn't it! 😂 The investments never end lol, cards, cards, more cards 😒
Lolzzz...Indeed SL is a Bottomless pit. I stashed some of my Hive saving to LEO and saved it from getting sucked into SL.
I mean, sure, but the savings feature has a 3 day delay on withdraws. That means if someone manages to steal your keys or password, you have 3 days to recover control of your account before they can steal your savings. It also gives you 3 days to think about your decision to withdraw savings before you can use them.
It'd make more sense to have your second account be your recovery account, keep the keys saved on paper, and never use it unless you need to recover your main account. A tool to make this process much easier is available here with instructions by the developer here.
This is actually an excellent suggestion. I think I will do it!
As for using the savings account, I wanna keep the HIVE away from my sight. Knowing how much I have beats the purpose of me trying to not spend it on stuff I can do without lol!
The recovery tool is excellent and the I personally know the dev who created it, he is an excellent developer.
Thanks for dropping by :))
You can probably claim one account per day with the RC you have, you know that tho dont you? So if 3 hive is burning a hole in your wallet, just send them my way:vvv ow dadao allready ekhat niye nilo!!:pppp
Yeah 3 hive down the drain, I blame
panamayou for coming up with that name :v :vPosted Using LeoFinance
I always do that. But eventually I end up taking the funds out off of those accounts, whenever I need them. I suppose I need to keep the urge of taking those money out off those accounts. Rich Doc ;)
Posted Using LeoFinance
Hmm let's see if I can hold that off, because we all know where it'll all go if we get them out of savings! ...sssshh!
splinterlandsPosted Using LeoFinance
I stopped spending recklessly since i was 16. This year, my biggest investment is on $NOW i buy and stake for 25% ROI in a year.
Check it out https://changenow.io/tokens