Everyone is all abuzz about the HIVE pump. It's great, but the trick to the whole thing is that you need to already have the HIVE in your wallet to benefit from it.
This dovetails with the general concept of building wealth.
Building wealth is a long-term goal for many people, but the truth is that it can be a real challenge. Why? Because often, it goes against our instincts. Our natural tendencies and desires can make it difficult to save money and invest in the future. But, understanding the concept of time preference can help us overcome these tendencies and build wealth over time.
Time preference is an economic concept that refers to our preference for consuming goods and services now, rather than later. Essentially, it's our desire for immediate gratification. We all have time preference to some degree, as we all have desires and needs that we want to fulfill right now. The problem is that when we prioritize immediate pleasure and consumption over saving and investing, we hinder our ability to build wealth in the long run.
Building wealth requires patience and discipline, and often requires us to forgo immediate gratification for the sake of our future financial security. This is because investing money and building wealth is a long-term game. It takes time for investments to grow and compound, and it requires us to save and invest consistently over a period of time.
But, the good news is that with a bit of effort and a change in perspective, we can work to overcome our time preference and build wealth over time. Here are a few steps that can help:
Set clear financial goals: Having a clear understanding of what you want to achieve financially can help you stay focused and motivated. When you have a clear goal in mind, it becomes easier to prioritize your finances and make decisions that support your long-term success.
Automate your savings: One of the best ways to overcome time preference is to automate your savings. Set up a monthly transfer from your checking account to your savings account or investment account so that you don't even have to think about it. This will help you build wealth without having to actively make decisions to save.
Learn about personal finance: The more you know about personal finance and investing, the more confident you'll feel about making decisions about your money. Seek out resources like books, blogs, and courses to help you learn about personal finance and investing.
Surround yourself with positive influences: Surrounding yourself with positive influences can be a powerful motivator. Seek out friends, family members, or communities that support your financial goals and can offer encouragement and guidance along the way.
Building wealth is hard, but it's not impossible. By understanding the concept of time preference and taking steps to overcome it, you can set yourself up for financial success in the long run.