Isn't it crazy that 99% new resolution fail?
Maybe it isn't crazy afterall because during during the first month of the year, we wanted to fix whatever problem is plaguing our lives. The thing is, we probably didn't think though that changing a habit is hard. It is as hard as breaking a block of wood with our own hands. ( it is possible but that will take a lot of practice) which is why I said that.
The common resolution I've heard is always, " I am going to save up more money, I am going to lose more weight, going to travel more" but without really any understanding that the pathway going there isn't easy, it's definitely going to be a major challenge.
Welcome to my brain dump, it's morning and when I can sit down, sipping a cup of coffee while contemplating life and emptying it out a little.
This year survey conducted in multiple countries indicated that there is a strong focus on financial and mental health. These surveys could help rougly indicate that basically people are gearing up for tough times ahead. It aligns with reality, data and projection that getting a job is going to get tougher and trends are also lining up with the idea of no-spend year and underconsumption. In the US itself, according to statista saving money is the top 2 where the top list is basically not making any resolutions at all.
Backed up with those data, it's no wonder that probably you've seen things like How Gen Z are the poorest generation with much less purchasing power than its previous generation. Among all the videos out there, one in particular that's fresh from the oven is from Asmon who discuses these problems.
The thing is, we're probably friends with outliers or seen the outliers where they aren't that poor. However, I notice this tendency with my generation where what you see isn't the whole picture. A lot of people likes to keep up with new trends and that is supported with the BNPL system, (Buy Now Pay Later) with such a high interest rate that we're not aware of just because it looks cheap in number. There's also the subscription trap where just as discussed here it makes us poor. While I am not aware how it woks in other countries but in developing countries, we can actually enjoy these things for cheap because regional pricing system and also, people re-sell their subscription. So, rather than paying full-price you pay a couple of cents for a month subscription. Yet obviously, forget about privacy and all that. It's a shared account that everyone could probably see what you're watching. In my opinion, I think we can still enjoy these streaming services when we budget.
Much like everyone else, my new year resolution is actually similar, I want to manage my money and save up as much as I can again. Having comfortable savings is the key to comfortable life. I've learned my lesson and though as much as temptation is really high to travel, to wander, but I am starting to recognize that traveling is a privilege, not just something I can do on whim like I used to.
My saving tips are pretty simple actually. I just set up saving account that is separate from every of my active cards. I put whatever amount I am comfortable weekly and that savings can't be just taken out our of whim. This method is known as Fixed Deposit but you can also do Saving bonds. It's even better if the bank allows you to do it once every few months because you can withdraw it with interest, re-invest the money into investment of your preference and make that capital work for you.
If you're comfortable, do bonds although depending on the type, they can have low-return as well. Or you can also the same thing in hive with the HBD savings option. So, let's say you have 1000 HBD in 3 months or just 13 weeks you'll have extra 37.50. It may not seem a lot but for those who has never saved anything in their life, that extra sum of something is rewarding. Heck, I got excited even with just $3-4 interest 🤣 and my girl math is basically, I have more money to invest it back in some other form of investment instrument.
There's also another side of this story that Gen Z is actually the generation that has a lot more information on financial information and accessibility yet strangely, we're considered as one of the poorest generation. There has to be something around that too. Anyway, see you around!
 | 𝘔𝘢𝘤 𝘪𝘴 𝘢 𝘴𝘦𝘭𝘧-𝘦𝘮𝘱𝘭𝘰𝘺𝘦𝘥 𝘯𝘪𝘯𝘫𝘢 & 𝘤𝘰𝘧𝘧𝘦𝘦 𝘤𝘰𝘯𝘯𝘰𝘪𝘴𝘴𝘦𝘶𝘳 . 𝘈 𝘵𝘺𝘱𝘪𝘤𝘢𝘭 𝘪𝘯𝘵𝘳𝘰𝘷𝘦𝘳𝘵 𝘪𝘯 𝘭𝘰𝘷𝘦 𝘸𝘪𝘵𝘩 𝘭𝘪𝘵𝘦𝘳𝘢𝘵𝘶𝘳𝘦, 𝘣𝘰𝘰𝘬𝘴, 𝘵𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘺 𝘢𝘯𝘥 𝘱𝘩𝘪𝘭𝘰𝘴𝘰𝘱𝘩𝘺. 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘩𝘦𝘳 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘣𝘭𝘰𝘨, 𝘢 𝘳𝘦𝘧𝘭𝘦𝘤𝘵𝘪𝘰𝘯 𝘰𝘧 𝘩𝘦𝘳 𝘸𝘢𝘯𝘥𝘦𝘳𝘭𝘶𝘴𝘵 𝘢𝘯𝘥 𝘵𝘩𝘪𝘳𝘴𝘵 𝘧𝘰𝘳 𝘬𝘯𝘰𝘸𝘭𝘦𝘥𝘨𝘦. 𝘚𝘩𝘦 𝘰𝘧𝘵𝘦𝘯 𝘤𝘰𝘷𝘦𝘳𝘴 𝘣𝘰𝘰𝘬𝘴, 𝘮𝘰𝘷𝘪𝘦 𝘢𝘯𝘥 𝘴𝘦𝘳𝘪𝘦𝘴 𝘳𝘦𝘷𝘪𝘦𝘸𝘴, 𝘵𝘦𝘤𝘩 𝘳𝘦𝘷𝘪𝘦𝘸𝘴 𝘢𝘯𝘥 𝘵𝘳𝘦𝘯𝘥𝘴, 𝘱𝘩𝘰𝘵𝘰𝘨𝘳𝘢𝘱𝘩𝘺, 𝘢𝘯𝘥 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵. 𝘖𝘯𝘤𝘦 𝘪𝘯 𝘢 𝘣𝘭𝘶𝘦 𝘮𝘰𝘰𝘯, 𝘺𝘰𝘶 𝘤𝘢𝘯 𝘧𝘪𝘯𝘥 𝘩𝘦𝘳 𝘵𝘳𝘢𝘷𝘦𝘭𝘪𝘯𝘨, 𝘪𝘮𝘮𝘦𝘳𝘴𝘪𝘯𝘨 𝘩𝘦𝘳𝘴𝘦𝘭𝘧 𝘪𝘯 𝘭𝘰𝘤𝘢𝘭 𝘤𝘶𝘭𝘵𝘶𝘳𝘦𝘴 𝘢𝘯𝘥 𝘵𝘳𝘢𝘥𝘪𝘵𝘪𝘰𝘯𝘴, 𝘢𝘯𝘥 𝘵𝘢𝘬𝘪𝘯𝘨 𝘱𝘪𝘤𝘵𝘶𝘳𝘦𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘣𝘦𝘢𝘶𝘵𝘪𝘧𝘶𝘭 𝘴𝘪𝘨𝘩𝘵𝘴 𝘴𝘩𝘦 𝘦𝘯𝘤𝘰𝘶𝘯𝘵𝘦𝘳𝘴 𝘢𝘭𝘰𝘯𝘨 𝘵𝘩𝘦 𝘸𝘢𝘺. 𝘚𝘩𝘦'𝘴 𝘢𝘯 𝘰𝘤𝘤𝘢𝘴𝘪𝘰𝘯𝘢𝘭 𝘧𝘰𝘰𝘥𝘪𝘦 𝘢𝘯𝘥 𝘭𝘰𝘷𝘦𝘴 𝘵𝘰 𝘦𝘹𝘱𝘭𝘰𝘳𝘦 𝘯𝘦𝘸 𝘢𝘯𝘥 𝘥𝘦𝘭𝘪𝘤𝘪𝘰𝘶𝘴 𝘤𝘶𝘭𝘪𝘯𝘢𝘳𝘺 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦𝘴. 𝘍𝘰𝘭𝘭𝘰𝘸 𝘢𝘭𝘰𝘯𝘨 𝘰𝘯 𝘩𝘦𝘳 𝘢𝘥𝘷𝘦𝘯𝘵𝘶𝘳𝘦𝘴 𝘢𝘯𝘥 𝘫𝘰𝘪𝘯 𝘵𝘩𝘦 𝘤𝘰𝘯𝘷𝘦𝘳𝘴𝘢𝘵𝘪𝘰𝘯! 𝘋𝘰𝘯'𝘵 𝘩𝘦𝘴𝘪𝘵𝘢𝘵𝘦 𝘵𝘰 𝘶𝘱𝘷𝘰𝘵𝘦, 𝘭𝘦𝘢𝘷𝘦 𝘢 𝘤𝘰𝘮𝘮𝘦𝘯𝘵 𝘰𝘳 𝘢 𝘧𝘦𝘦𝘥𝘣𝘢𝘤𝘬. 𝘈 𝘳𝘦-𝘣𝘭𝘰𝘨 𝘪𝘴 𝘢𝘭𝘴𝘰 𝘢𝘱𝘱𝘳𝘦𝘤𝘪𝘢𝘵𝘦𝘥 𝘵𝘰𝘰. |
Hmm I don't think it's crazy that they fail because (I agree with you) we seldom look at the underlying explanations - why is it so hard to keep to a resolution, for example. I also think we set unrealistic expectations without proper strategizing - like "I'm gonna lose weight!". And the thought begins and ends there often, then we're disappointed we're not Kate Moss or whatever on Jan 3rd and give up. How? How much weight per, say, week? How will you maintain it? We fall short on that.
I'm (at least) trying to look after my money better too. Doing the savings account thing, though here it feels like a scam. Maybe it's different in other parts of the world, but the return on these is so pitiful, you're only making bank (moderately) if you put in a lot of money to begin with, which not everyone can.
As to why Gen Z fails to save money (I only started the video, but iz long, will come back later 'cause it seems interesting though), I do think they're being told to spend more. Increasingly, our value system is being tied to spending and materialism, and I think for a teenager, it's very tempting to assert themselves by buying shit they don't really need or trying to follow a certain glam lifestyle they've seen online. Idk I'm sure that's oversimplifying it, but it's the best I got for now. :)
Thanks for the food for thought!
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That's something I've realized early on why my NYE resolutions failed until I did this self-improvement where you see me tracking everything. It's damn hard to stick to something and change our ways.For me, now my challenge is to quit snacking late at night 😂
I can see how savings isn't actually profitable for some unless you're putting a lot of money in there. It's why I do it on shorter term where I can re-invest in some other things like stocks, gold/silvers etc where it''s almost like I am saving up for some type of capital to start doing something else.
We're starting to wake up to the idea that we're being fed on which is " you'll own nothing and be happy". It's such a scam. It's getting harder to actually own something and this year a lot of us are saying No to mindlessly buying something on the internet just because certain influencers told us so 😂
This is a very deep thought. I like the suggestion you brought out toward the end of your post. Saving bonds help us stay committed to our saving goals. This was a great read.
I exchanged HIVE for HBD for $0.36. Now, thanks to HBD staking, my exit price from HIVE was $0.42. I will wait for a bear market and buy 5-10x more HIVE.
😄 I hope you'll get there soon and be a billionaire
Maybe I'll buy 1 million HIVE for $50,000