Wake up earlier and limit coffee to 1 cup a day to gain more time and money for education.
A habit I could limit to reduce my time preference from high gratification to low gratification would be to complete a list of tasks before I can relax for the end of the day. I already do this, but sometimes one or two get crossed off the list.
In the beginning or 2019 i had a big medical wake up call. So i gave up smoking and drinking alcohol. This has saved a lot of time meaning i have more time do do other things and a lot of money has been saved to that has been put into various crypto projects!! Mainly bitcoin yippi!!!
Instead of using social networks for hours, take a fraction of that time and read a book that can get me to acquire important knowledge.
Before checking facebook, youtube or twitter invest an equivalent time on the Ivan on Tech academyā¦ 2 hours studying allows 2 hours of FB,YT and twitter?
Propose a change you could make to one of your habits, that would reduce your time preference from high (instant gratification) to low (delayed gratification) time preference. It could relate to any aspect of your life (financial, diet, exercise, relationships or education).
I would like to wake up on time when my alarm goes off and exercise. I feel like this is an area of my life Iām lacking, even though I have a great diet and discipline around healthy food. But doing physical activities have been a problem for me.
I am investing the time I have in the morning to studying before work. Instead of just watching youtube videos, using facebook and doing nothing productive with my time. I decided to make it a habit and invest that ātimeā I have now to be able to have more āfreedomā.
I could travel less in my car and use public transportation and take the money I usually waste on gasoline and invest that each month in a tangible asset like bitcoin.
I could stop buying snacks, when i craving them. In the long run i would save a lot of money and also my body would be very thankful in the end.
One habit I am presently working on changing in this regard is not fomoing into altcoins. Iāve been trading for 3 months in an active trading group and learned more about the cryptomarket than I ever learned in the last few years. The TA has been relatively easy for me to grasp yet the most challenging aspect for my trading is learning to recognizing when Iām no longer grounded and impatiently stalking new setups as if Iām going to put money in a hundred different coins and manage them all at once! Many people in the group are mid-term holders and it is highly encouraged to develop this patient capacity(dependent on the volatility of BTC to some degree). Mid-term holding has been my most challenging learning lesson and one Iām determined to master so I can continue multiplying my sats at much higher percentage increases.
Changing the habit where the harder Iāve worked at something and gets rewarded or some kind of incentives, i tend to think that the only way to satisfy myself was to use/consume it straight away, and even making up logical reasons to do so at that moment(you deserve it man, life is short etcā¦ that kind of stuff). and Iāve also noticed that shifting youāre focus from that and setting a bigger/further goal to reach and maintaining the direction to that goal helps in changing that habit. everything that youāll do from that moment will be a step to that goal, my whole way of thinking just changed. (with regards to my personal gratification).
One habit I could change that would actually reduce my time preference from high to low on two aspects of my life (finance and health) is: no more alcohol (no I am not an alcoholic lol had to preface that). Going out for dinner and having a couple of beers or going to a birthday party with friends and drinking alcohol is a very high time preference activity. You spend money on alcohol now and you get a buzz of slightly drunk, supposedly to enhance the party experience today. However, there are pretty much only negative effects of alcohol.
Cutting out drinking alcohol would save me probably about $1,000/year. Also, alcohol has zero health benefit. It immediately has a negative impact on your sleep, as well as an increased probability of injury (falls, cutting yourself while trying to cook, car accidents, etc), and long term impacts so many aspects of your health (liver, stomach, brain, heart, cancer risk, etc).
Saving $1,000/year does not sound like a lot, but over 25 years that is $25,000. And the health benefits over time compound as well. Not drinking alcohol is a low time preference activity.
Something to change on me is to quit smoking.
First of all, because my health and my family. To other hand, i will save $268 fiat per month.
Do not buy any item I want at Amazon at my first sight. Wait patiently until it was on āDeal of the Dayā. I guess it counts right?
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Rather then ending the last 30 minutes of my night watching tv I could spend that time reading. I know I have a lot more to gain from reading than watching tv.
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I could go outside and exercise for 30 minutes to an hour instead staying inside and ordering Postmates.
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One change I could make to one of my habits is sleep. I need to go to bed much earlier than I do, instead of watching TV. I all ready work nights a couple days a week and my sleep habits are not normal to begin with. This delayed gratification will will pay off by not having negative effects on my health such as increased risk of heart disease, kidney disease, high blood pressure, diabetes, and stroke. TV will always be there, I donāt need this instant gratification.
Reducing the time spent on social media and instead investing that time in reading or learning something new!
ice cream. i donāt eat cane sugar, but they make ice cream with other sweeteners like agave nectar. They are yummy but cost a lot 1.5x - 2x normal ice cream. Lately I eat some every day. If I were reduce this to 1 to 2 times a week, or just on special occasions, I could save a fair bit.
do it now, not later or tomorrow!
be focused not being distracted!
do most important things first!