A comment came talking about having a weekly automatic withdrawal from their bank that would then be put straight into a diversified investment portfolio.
An automatic withdrawal was taken from our accounts every single week and put in a diversified portfolio. It was tough at first but eventually became nothing more than another bill to pay.
@meditations
The key point of the comment was that while at first it was hard, it soon became just another bill to pay and that not long after, they were looking for ways to add more to the fund. This automation is important in my opinion as it means that each week, they didn't have to find the money to invest, it was already gone and this serves a key factor and benefit of automation - they don't have to keep re-buying their decision.
Part of the problem that we have when it comes to investment and things like giving to charity, is that we generally make manual decisions as to when we will act - this requires having to be sold on the idea each time and this in itself sets up a hurdle to doing what we might want to do - it means having to be reconvinced each time and that generally requires some level of work, making it a chore. On top of this, we as humans like to see progress and advancement, but aren't very good at understanding how long something takes to improve or see returns.
When it comes to something like investing manually, this can example mean that each week, we have to make the decision to invest our funds which comes with an opportunity cost of where else it could go. The problem is, the investment takes a significant time to grow and see a return, whereas some of the other opportunities to spend have an immediate feedback. We tend to favor the present over the future in this regard and without significant willpower, we will probably favor the short-term feedback loop over the long-term returns.
This is an obvious problem in regards to investing as long-term will on average see far greater and more stable gains than the short-term - with the long view of expenditure opportunity generally being appreciating, while the short term view is depreciating in terms of the potential for value creation. This results in us spending more of our disposable income on consumptive items, over generative.
It is similar with giving to charities, where a person might want to support, but when having to continually make the manual decision to do so, leaves themselves open to find more reasons not to. Having an automatic direct debit go to the charity of choice means not needing to be convinced that the charity is worth it. One can do the due diligence, make the decision to support and then, automate the process. Of course, it is good to check in from time to time and make the decision again, but this doesn't need to be done weekly or monthly. If after inspection the support needs to be removed, the automation can be stopped.
Obviously on Hive it is easy to see that there is plenty of automation in the voting habits, but does it mean that it is insensitive to what it is voting upon? For example, I have automated my support for @papilloncharity by delegating some stake to them to use as they see fit in the hope that they will do some good with it. This means that I don't have to keep an eye on them each week to make sure I want to keep giving and they don't have to spend their valuable time chasing my support, and instead can do what they do to help those they are trying to help.
This can be similar for accounts who automate their voting on authors also, where especially some large accounts are far better off finding an author they want to support for some reason (e.g. content type, quality, engagement, interest, attention) and automate so they don't have to read every post and decide each time. Some don't like this of course, but if you consider that there are some accounts that could distribute 50x $10 votes a day, it is nearly impossible for them to continually find, read and buy-in enough to vote.
Leaving their stake unused makes them feel like they are missing out, so it is likely better to automate some of their voting so that they don't feel the need to use it in other ways. On top of this, if the author is getting decent engagement on their posts, the author feels like they have a patron who supports their efforts to build the platform. Like it or not, the platform needs some consistent earners who can deliver something of value often enough to build an audience, as it is this that keeps people engaged and using the platform as both content creators and consumers.
However, I don't think this kind of vote automation is beneficial for everyone, as those with smaller stakes are likely far better off concentrating their attention and finding and contributing to a narrower set of the community to target authors they enjoy with their votes, and communities and sub-communities that enjoy their type of content.
Building a large following and mass appeal doesn't happen through providing for everyone, it is by creating a small set of loyal followers who appreciate what you do, because it is what they appreciate. In time, the audience spreads wider to include more and often, the content spreads also, and with a larger following and audience, it is more readily accepted too.
What I think is that often our intuitions about the way the world works, holds us back from doing what we actually want to do. We believe that we are aware enough to make all the decisions we want to make, but we live in a continual stream of attention grabbing circumstances that draw us away from being attentive to making decisions for our future, and instead make them by default - which for most of us is to favor the short-term gains - which are usually negative in their return.
The other benefit of automation is that it gives us some relatively steady data over time so that we are better able to evaluate our positions. This gives us insight into what went right and wrong with a higher level of accuracy so that when we are better equipped for when we make our decision for the long term view again. This can lead to large changes in the beginning stages that become more refined through the experience and feedback we gather each round.
The last benefit of automating some decisions I will mention is going back to the opportunity cost of investing. When we invest our time and energy into a decision, we are hoping that we are making a good choice, but that time and energy spent we can't get back. If we have to keep making the same decision over and over, we are taking that time and energy away from other opportunities, for example finding new ways to grow ourselves in factors that are important to us.
Each day, we only have so much attention to pay our experience and if we have to continually keep making the same decisions, we are unable to expand our experience into other areas, unable to progress down the paths we might want to take - if we had the time, money and energy. In some way it is like the statement,
"I told you I love you once, if anything changes, I'll let you know"
If we continually need to check if what we did yesterday is still valid, it doesn't give us much opportunity to work for tomorrow.
Taraz
[ Gen1: Hive ]
Posted Using LeoFinance
I really love that last line
"If we continually need to check if what we did yesterday is still valid, it doesn't give us much opportunity to work for tomorrow."
The only downside I see to one of our automated payments is that it becomes too automated and often forgotten about. My wife and I have monthly donating supporting a child and her mother (the father abandoned them) through a program called children international. This program focuses on a single donor to a single-family meaning that what we give goes directly to them to not an entire organization (although parts of it go into a larger fund to support those without a sponsor yet)
One of the things I like about this is that we can write personally to the families and they can write to us. Sadly with automated payments, I often forget to write, and a process that is supposed to be about giving and support turn into that extra bill again.
I want to at least keep that automatic payment at the forefront of my mind so as to keep them real (as they are) the rest of the auto payments.... forgetaboutit... :-)
By the way, it's an honor to have you start a post with my reply, thanks much.
This is a problem with any automation, more so with any default behaviors. I think a lot of subscription services are like this, people don't use them but they are still debited monthly.
For the things we really care about performing, I think it is important to set schedule reminders and following through consistently. It is like anything that one wants to make a habit.
=) You are welcome
!ENGAGE 30
ENGAGEtokens.Does that work for you? Never did for me 😂
I have 3 charities that I routinely support, but the one that is auto withdrawal is the one that gets the most money year in and year out.
I autovote certain authors for two reasons: A, I enjoy their content and wish to encourage them to write and B, I get a notification whenever I have voted a post which gives me an opportunity to read and engage with one of my favorites.
Note that I didn't mention that my ROI is better, though with many of my choices that is indeed the case. I DO NOT use that as a factor in voting. I chose my list relatively carefully and check it at least once per month.
A monthly purchase of Hive would be a good project for me and assuredly for others. I wonder how hard the API would be to build?
Thanks for another thoughtful post. I appreciate it.
I think I should start buying a set dollar amount of hive myself. Small at first and then by larger amounts. Give my account a much needed boost.
I was doing this (not set, but at least monthly) before we moved to the house and started renovating. Any extra each month goes straight into materials at the moment.
Never.
Do you think it would be the same if it was all manual?
Ah, that is something I haven't done before. What I do is get a notification when some of my favorites post :)
I don't use ROI as a reason either - but I only have a couple of autos set.
I have wondered if it would be possible for @blocktrades to set up a gateway - not sure if Binance does it, but they do take credit card.
You are always welcome =)
!ENGAGE15
ENGAGEtokens.Thank you kindly for the mention here @tarazkp and we hope that others would follow your excellent example.
You are certainly a great help to our work and you know that we appreciate it sincerely.
This is no butt kissing here, as we are genuine people!
Blessings!
hey I think you some support team member if so can your tell me complete info
A to Z??? I don't quite understand your question?
Support some team member? No team and I am not a member of anything.
You are welcome and while it isn't much, hopefully it helps you a bit each week :)
It will definitely be a great help for the account to grow my friend.
Once the account is established we will start a weekly draw-down for the Papillon projects.
I am also thinking to post a page that will show where the funding is used.
This might be a good idea later, no rush of course :)
Thank you Taraz and if you don't mind, I will discuss this on the other site?
Automation is a nice tool, like any tool they can get lost or misused. The charity automation, lost, contact with why it was started, and contact with the people behind it. We can fix that by setting reminders, (more automation).
Misuse is not so easy sometimes, we forget the original reason behind the automation, we never revisit it and then when asked about it we don't know. For me it is my mute list. I add people, I very very rarely revisit my choice and my decision as to why a person is there.
When a person is added do they deserve to be their for life? When I moved from Steem over to Hive, a short time after the move I removed all the people I had muted, close to 100, I now only have six people on that list. (first time I had looked in a month).
We do need to revisit why we set any automation up, evaluate is it still effective, can it be improved, is it still needed.
I can't remember the last time I muted someone, other than those automated report messages that spam statistics and tag people.
That is a lot of mutes! :D
You are right about the loss of connection with automation and I think a lot of people who rely on automation tend not to be too great at engaging. Not all, most.
Four of the six I have muted are dead accounts now, they were spammers, the other two are the same person, one persona of which was plagiarizing pictures and is powering down to support the new account, so if one persona would do it so would the other, people do not change, down voting them is worthless as they have mrbig/mrbigger support now.
It is sad when people who scam get support...
It is, but if a person has the mind and the time, and the complete lack of moral principles it is better to be spent on Hive/Steem than in the streets robbing people on the way to the store to feed their family. Thieves will always have an excuse, they needed to feed their families too whether they have one or not. In their moral compass they are doing good for the people they steal from reminding them of what they had and how easy it is to lose it all. There is no reasoning with them, They apologize for their mistake, yet go on about business like nothing happened. The enablers are no better when it comes to the chain, it's just business, is their excuses.
Indeed, the emotional labor of doing things manually can be taxing.
It is an overhead cost that most people do not recognize/legitimize.
The insidious automation is that which creeps into our lives and starts making suggestions that we follow, rather than ope our eyes and look at where we are headed.
I strongly believe everyone faces this challenge of decision making everyday. In investments, relationships, work amd even here on Hive. We have to have adequate information so that we can be sold on certain ideas and opinions even. The benfits of automation definitely outweighs the disadvantages. Then again i am not sure how it would fare in a country like mine to be honest.
the information that one needs to buy, is different to another. Some people are primed to make decisions on very thin data streams.
There is automation everywhere globally, whether people realize it or not. =)
Yeah i guess so. Perhaps not in the same manner.
I agree with you. Vote automation is better than voting power burning for nothing. I see many accounts with big stake are dormant; although they could use it to delegate some good author or automate their vote to good quality posts.
I don't mind dormant stake from inactive users - it means active users have more relative draw on the pool.
Automation comes down to time. It is actually the time that people try to save up. I think it's comforting for creators to know they have a reliable patron as a support here. It matters. In the same time I believe in the importance of building small communities of fans for the specific content that one creates. Being on a niche is good because it shows a level of expertise.
I think it is good to be in/create a niche for oneself for showcasing. It also gives a gateway for an audience to enter and then discover more.
And yeah, having some support goes along way - as does engagement :)
Yes, I agree😊
im goig to folloow you example and let see how it go hope for the be and thank to #tarazkp
Good luck with it. Remember, never put in more than you are willing to lose completely.
ok ill keep that in mind
enjoyed reading your article ... just wanted to drop a note and say cheers !
You are very welcome mate - It is nice to get the read receipt :)
That automatic withdrawal idea would actually be a great idea absolutely as you stated to help people donate to causes like charities. In my experience, it's not that people aren't caring or compassionate, it's simply that they are forgetful or they just need that extra push or motivation to take action on a initiative like donating to a great cause. A automatic withdrawal idea could help with that.
Charities are learning now that they need to set up automatic capabilities for their supporters, because with so much drawing our attention daily, it is hard to remember one thing out of a thousand.
Interesting opinion. I think automation is what everyone comes to who begins to value their time as the most valuable irreplaceable resource.
Yes, but there is also the value of where that time is spent. For example, someone can sit in front of the TV for 4 hours a night comfortably - but they could also be stacking shelves at the grocery store during that same time - which makes more sense?
If you choose, you can gain value from both of these activities to build your skills' foundation. In general, I think that there is no better or worse, in everything you can find your + and your -.
Much depends on mood and well-being, in one case it is "better" to choose rest and absorption of information, in the other "best" case to choose physical activity by folding the shelves in the store.
The limit of dreams (where I aspire) is to get pleasure and realize that there is meaning in any business that I do at the moment. Something like this.
P.S. I have missed for communicating with you.
hey @tarazkp do you know where I can get hive guide and best community to post please help me if you know
I am not sure there is a guide for Hive, but as for communities, you need to start looking at the communities available and see if there are any that suit your needs.
I'm talking about the free giveaway. airdrop and task kind of community beascuse my hp is low and vote have no value
so please support
Not sure about free giveaway communities - generally, nothing is for free. When it comes to tasks, I think you would need to find them in and around trending.
thanks, ill try
Auto votes are useful when like a Patreon kind of thing I think. I don’t do it because I would set and forget as that’s how I normally use automation 😅
I am thinking about adding another auto payment to make sure I buy my Splinterlands cards every month (about as close as I get to “buying in” 😅).
I don’t know if checking what you did yesterday is still valid is better or worse than realising something is grinding because the thing that worked previously doesn’t work anymore and needs tweaking 🤣