Habit - checking the news/social media many times in an hour. Change - checking it 3 times a day at specific times and spend the rest of the time usually spend for checking the news, investing in myself - reading, learning,…
1 habit I installed last year is I only have a set amount of hangers in my closet, or room in my dresser drawers, and room on my bookshelf. Now if I ever get a new shirt (closet), pair of socks/underwear/shorts (dresser), or book (bookshelf) I have to throw something away in order for it to fit. By eliminating the accumulation of extra things I don’t really need it’s helped me to save money, time, and energy on space something takes up in my life.
I could, and should reduce the amount of Uber eats I order. Delaying gratification by investing the time into shopping and cooking my own food I will save a lot of money and have me eating a healthier diet that is more beneficial to my future selfs health and wealth.
I like to play computer games. This is instant gratification. By not playing games and instead investing my free time in educating myself on programming I can prepare myself to take advantage of more opportunities in the future.
I always believed that time preferences have somewhat to do with time valuation, meaning our ability to properly assess time value. The second element is not cluttering my mind with tactical elements. Being this said, I believe time management exercises and habits come into play when setting time preferences. The sum of little habits can help us make efficient use of our time.
For example, going for a standard set of clothing like the same color of shirt and pants, organizing our weekly meals, putting exercise and free time on the agenda, etc.
Naturally time and money are the first areas that come to mind. Many have said time is money. Trading hours for dollars, etc. I have learned to value a budget over the years. Honestly, a budget is the solid foundation from which one works from. You cannot know how much % of your investable assets you want to contribute annually to let’s say Bitcoin through dollar cost averaging unless you first know your bottom line numbers regarding income and expenses. So, taking the time to evaluate your budget and what fat can be trimmed from it, this will serve as a real life illustration of where one can shift an area of their finances from high time preference to low time preference. We live in an instant gratification society where we have to realize that our identity is not in keeping up with the often unwise financial decisions of the society around us. It takes great discipline. And if your friends make fun of you’re decreased “standard of living”, well then, maybe its time for some new friends who share your sentiment for delayed gratification. We are products of our environment and who we surround ourselves with. We can’t much help our macro setting (the lavish West), but we can do something about our more intimate micro setting.
Spend more time learning new skill sets, such as this crypto technology, in this uncertain time!
I could spend less time and currency on entertainment and more on income generating and studing so i improve myself and my financial status.
I propose to change my routine of ordering food as often as I have, especially since the lockdown. It will keep my pockets fuller and my belly flatter.
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I propose i should play 1hr less a day of Online Games and contribute to my development in blockchain technologies. IE, stop entertaining myself and get to work!
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By taking this blockchain course I am doing that - instead of being stuck in tutorial hell.
I could work out first things in the morning, so that I burn more calories throughout the day, fitter and healthier.
I’ll go with avoid eating out regularly. I can eat out on special occasions and social outings but should avoid it on my day-to-day.
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changing habits are hard, but definitely worth doing.
In case of financial improvements and money management one of the habits that would bring so much gain is to start writing down every single payment I make. doesn’t matter how big or small.
Then weekly analysing them, like how much money i spent on food, groceries, clothing or bills. Then trying to decrease the unnecessary costs and add them into something that brings value.
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Financially, stop using online subscriptions that don’t benefit my education. Move those savings to investments.
I’m doing this now. I’ve gotten bad at time management so now have started a schedule giving myself time to get in the exercise, work, and Ivan’s great courses.
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).
Because an accident may occurs at any moment, health should be high time preference. But a 30 minutes of exercices daily to a very delayed gratitification of healthy moment during few more last years of life span can worth it.
A childish example may be earn 10$ a day to meet Ivan one hour in a month to increase your abilities in BTC than 10$ in beers having fun with yours friends. A BTC at 100k$ will attracts lots of friends giving you beers… you pay less beers for the nomber of friends after.
take time to unsubscribe from some of the email advertising I get everyday that tempts me to make a purchase because of a new deal that I don’t really need
I can turn on my music and listen instantly to music pre prepared by others that I’ve spent time gathering into play list or I could spend time otherwise used to create playlists to learn to play more songs on my guitar … I may need to spend more time but I will be able to play music on my guitar wherever I am with no need for power .
Skipping that blueberry muffin with my coffee in the morning works both for saving money and weight loss. Not sure if I can skip that coffee though.
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