Many of us have probably heard the old truism - typically aimed at the self-employed and small business owners - "pay yourself first."

The implication is generally that when we are working on our own gigs we're almost always using the cash flow to benefit the advancement of the business, rather than ourselves. Some would argue those are the same thing, but they really aren't, all the time.

I'm definitely one of the many who's trying to invest in the Cryptosphere on a shoestring... and it can be tempting to make some "dubious" decisions in service of pursuing the best returns - or supporting projects we believe in - while overlooking our own best interests in both the short and the long run.

So, what does a "dubious decision" look like?

Well, for example there might be a "super promising" opportunity that presents itself and you sink your extra cash into it... and a few months later find yourself needing a substantial car repair, so you have to cash out at an inopportune moment when you actually end up with a loss, due to market volatility... or simply because the investment hasn't had a chance to run its course.

Not great news!

"Investing in myself" means that I stay in touch with my actual daily needs and contingencies and assign more importance to those than to the eternal pursuit of higher returns.

Sound obvious? Perhaps not as obvious as we might think, given the number of people who end up with long faces and empty pockets, due to insufficient foresight.

Here in the world of Hive, we're blessed to have options that do support our daily needs, as well. For example, earning 20% on HBD Savings - which is really pretty close to "same as cash" - sure beats keeping cash in the mattress... while still allowing you to "stay invested" without the attendant downsides of investments with huge potential upsides but also wild instability.

I have learned the hard way that there's a lot of truth to the old saying "never invest the grocery money!"

I suppose it is one of the "dangers" of this wild and woolley world of crypto that we get tempted by so many opportunities that we sometimes lose our common sense. Who wouldn't want the chance to 10x their money??? Sure... but there's usually "conditions" attached, and the figurative bright flashing lights of marketing hype can blind us to the reality of that potential car repair bill!

Besides, I'm just a big fan of the opportunity of that 20% return on HBD! And that holds particularly true in the current shaky markets. I consider that to be "Investing in myself" because I am putting my daily potential needs first. I won't be caught off-guard sudden;y "needing cash," but I am still investing and earning a super nice return!

Naturally, some people are less risk averse than others... and some always have enough money on hand to fund unexpected emergencies. This post is perhaps not for them.

But there are also many of us who struggle financially on a daily basis... and whereas I am often tempted by the chance to make some big returns, I prefer to take a more cautious route... and particularly considering how often we see these "great promises" go sideways or go nowhere at all.

(Ff course, none of all this should be considered to be "investment advice;" simply one cat's observations about his personal preferences!)

Not at all related to this, I'm going to give the new LeoFinance front end another shot for publishing a "long form" post, even if it doesn't yet seem quite designed for it. Hopefully, my post won't get completely lost!

=^..^=

CuratorCat, May 7th, 2023

Posted Using LeoFinance Alpha