Activity Lesson 2

[Gaelaxy]

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 am at an age and life cycle where my husband and I are now benefiting from putting off instant gratification for larger future gains. I invested steadily over the years and though we had a modest income we were thrifty and we retired a little early with our house and cars paid off.

I had always imagined retirement lifestyle would be about the same but when we went from saving for retirement to spending our retirement money it was a shocker. We had much more money than we needed to live the way we wanted! Why? Because our expenses were reduced by the house payment, car payments and we no longer needed to save money for retirement, or pay payroll tax. Now I have to wrap my mind around how to spend the extra money.

So I have been applying the same techniques that I have practiced for years of keeping a budget, reconciling my spending to that budget, and projecting my finances to change my habits of not spending to spending responsibly. You know the greatest danger is overspending when you get a windfall. Most lottery winners end up in worse shape than they were in before winning.

I created a budget that included the vacations and home renovations that we had always denied ourselves. I raised the monthly budgets for many other categories like dinning, clothing, and gifts. I compare my behavior to my budget each month and force myself to spend more if I am falling behind. I know it sounds odd, but it is hard to break old habits.

I want to tell you that delayed gratifications works. It doesn’t look like much at first. The gains are slow, then after a while the compounding kicks in and the investments grow like magic.

[CryptoHats]

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).

A:Less time on Twitter and the other dopamin holes would be nice and stress reducing

[cryptoHawk]

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).

One thing that I did recently involves this Academy and this particular course.

When I joined just a couple of weeks ago, I wanted to jump right into the programming courses because I already have experience with writing some smart contracts. However, I decided to delay that until I finished all the groundwork courses first, believing that will a fuller understanding of the whole crypto history and the history of money, that I would be able to design better and more useful dApps and blockchain systems.

[Iman_Imano]

Buy and hold crypto for a few years to grow wealth in these uncertain times.

[TranquiloCrypto]

Instead to eat Pizza or sweets, that would bring me for short time satisfaction and no good feeling - I could eat some healthy things like Müsli, fruits that make me longtherm satisfied and brings a good feelling and clear mind.
In case for finance: I could spend my money for now for things or invest it and let it grow to buy in the furure better things or for retirement!
Let friendships grow slowly but deeper and with “real” people, instead of going Facebook and add 1000 “Friends”. over the time it will show how good consistend friends are! there are not much real friends BUT the few are real wealth! Like Health! the short satisfaction has no value when I harm my Body with these things.
Ohhh sorry for this not good english. I do my best!

[Gaelaxy]

Yes, and these background lessons make it easier to explain what I am doing to other people, especially my family.

[Jay9000]

My bad habit of putting off working on a potential new source of income (creating a website). This bad habit is giving me instant gratification in the form of Youtube entertainment. I will choose to focus on creating my new website now so I can have delayed gratification in the form of more income and more time. My future self can watch Youtube when he is rich. The time for hard work and creation is now.

[Draper]

I can structure my day to spend 30 minutes a day on Ivan on Tech Academy lessons. This will require me to either wake up earlier, not spend time in a leisure activity (watch tv, play games), or go to bed later. This will be accomplished by setting a reminder on my phone to do complete the 30 minutes of work. This reduces short term rewards and provides long term benefits.

[JayThom]

This one relates to both diet and finance. I tend to stop at the gas station on my home from work and pick up some snacks for the evening. Cutting back on this and maybe switching to just waiting until I get home and eating food from the grocery store would be a good financial and dietary change. Obviously waiting to eat until I get home is an obvious example of delayed gratification but the monetary savings it would produce as well as the healthier diet are also examples of delayed gratification.

[Crypto_Skollie]

The best way for me would be to reduce the time I spend on social media in the mornings and spend the time doing more of the Ivan on Tech academy.

My gratification from social media is instant, while my studying would be delayed gratification

[FiToKa]

I quit social media almost 10 years ago which was a good decision, removing my Fb account then resulted in delayed gratification. Currently, I tend to lose a lot of time watching YouTube videos covering variety of interests and topics I have, yet this time could be better invested in learning and improving myself, e.g. more focus on the academy.

[Denzel]

Spend more money in assets instead of things that I know will give me instant gratification, also substitute some entertainment hours with more productive stuff such as this course.

[kyliezz]

This is definitely a challenge for me, what with the abundance of options to achieve instant gratification at every turn in modern society. I challenge myself to incorporate fasting into my life because it is incredibly difficult on a mental/emotional/physical level. There’s nothing like eating all times of the day as a means of instant gratification. And the benefits of fasting are future benefits! So there is grit involved.

[fuzzy_puzzle]

the biggest one for me would be to mindfully navigate my eating habits. my biggest offset in terms of “spending” is nightly binges. I just discovered they are usually due to me waiting too long after eating my last meal to when I usually go to bed.

[Anoushka]

When it comes to money, as probably most parents know, I am weak when I see something for my 2 year old son in the store. It is truly hard not to buy it I always have to think if that certain piece of clothes or toys is really necessary for him. I used to do the same thing with everything. Each day I would go to the store and just circle around to see what I need and always ended up with things I didn’t really need (sometimes even forgeting to buy things I truly needed) . I solved that years ago and to this day I don’t go to the store without a list and in the store I buy exactly and only what is on the list. It is just that when it comes to buying stuff for kids, list doesn’t even seem to exist and it is truly hard to make one and stick to it. As for other activities in my life, it would be perfect if I’d find an hour in the morning to do yoga as it would help me stay calm and focused during day and in few years I just might be able to make some yoga poses I always admire others who can do it.

[Depth-Hoar]

Limit myself to going out to eat or the bar a couple times a week.

[reisnertobias]

Changing from watching netflix to learning stuff that actually helps me move forward.
Diet: Having fixed meals instead of forgetting to eat and then binging junk out of hunger.

[Jazzist-BTC]

This concept of "Wealth Is What You Don’t Spend " has helped me see the light.

I worked so many years and never saved. As I made more I spent more. I had tremendous chances to save and I never did. I now see the value in not spending my money. I had and I realize I may still have a problem with instant gratification in many areas and that has bought misery upon me time after time.
To name them I’d say relationships, financial matters, impatient buying of things that I think I need but really don’t need. Just buy them because I earned more money and never had any money stored away as sound money. I wow to my self to be cautious and present going forward.

Thank you for this course I really mean it form deep within. Much Love & Respects.

[Romeo_Casper]

Im constantly staying up late getting work done online due to not waking up early in the morning. If I start waking up early I’ll be more productive utilizing more of the AM hours instead of sleeping thru it. This would mean I could go to sleep earlier and possibly even catch up with sleep dept.

[PapatoniC]

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).º

• Regarding relationships , try to match with people that follow similar goals even if they are far away or takes more time to find those people in the long term, and avoid people that have different goals but it has instant gratification instead as they maybe closer and easier to engage.