Saving. The one thing we all know is good for us, but many of us struggle with. It is indeed a Herculean ordeal to save sometimes going by the way money is allocated to fulfill our various wants and needs.
The main points are of course the terms wants and needs, and the need to properly define and differentiate between them. Not all desires require immediate intervention, and not all can be ignored completely.
Unfortunately for us present day society presents a plethora of consumer items with some of them so in our faces that they feel like needs rather than wants. Of course the basic wants are food, a house and some clothes. Yet in the accumulation of some of these items, we can overshoot and pick things which may not necessarily be in our best interest.
It is one of the reasons why saving can be so difficult, and we often falter on them. Well, that, and a myriad of bills to pay that make our incomes seem insufficient. I for one am faced with opportunity costs daily, and have to choose between needs and how best to allocate scarce resources.
Since the average person struggles to make ends meet and has limitations by way of income, there are not too many options to save and accumulate because the fortitude of being resolute in the face of pressing desires is simply too difficult with limitations.
How then can we break the circle of scarcity and accumulate? Well the options available were not so great, usually involving living a minimalist lifestyle (which isn't bad at all but isn't practicable by everyone) or accumulating debt in order to settle pressing needs and further sinking into the debt cycle.
The options weren't great, until now that is.
Crypto Savings
The introduction of blockchain technology into finance has proved a blessing for most, having a multiplier effect on the incomes of many household. One more thing I have noticed is that crypto has also provided a fantastic way to save money.
This is because most people enter the blockchain with investment intentions. As Basic economics teaches, our investments equal saving any given time. So when you're investing, it is simply another form of saving.
Hive for instance has provided a fantastic way for many account holders to save money. Evolving technology within the chain like the staking option as well as incentivized saving (12% APR, Defi Pools etc) are ways we can build our wealth effectively without subjecting ourselves to the temptation of desires and irrational decision making.
Conclusion
There's a real opportunity to save and accumulate with crypto that isn't present in our conventional system. For us early birds, taking full advantage may be the difference between wealth and poverty along the line.
Posted Using LeoFinance Beta