Short Term vs. Long Term Rewards

in #writing6 years ago

fox4.jpg

I’ve always been the type of person to be driven by instant gratification, rather than think of long term effects. Snacks, sleeping in late, sex, drugs, rock&roll, you know the deal. Followed with poor heath, missed daylight and hangovers, both the alcohol induced and moral ones.

The hedonistic, instant gratification trait is something I’ve been actively changing in myself for the past year, and I’ve been getting better. I have more control over myself.

These days I am my own boss in a way, I can work when I want to, and play when I want to, but I have to be very strict with myself. I am now in a position to say YES to what ever outing or date that might come my way, because I have no obligation to be at work at a certain time. But what comes with that freedom, is also the responsibility. I need to make sure I am taking care of myself and not treating life like a constant holiday, it is not sustainable in the long run.

I’m always trying to find the perfect middle ground between working, and enjoying what life has to offer for me. I need to evaluate if an outing is valuable and necessary, or if my time would be better spend concentrating on work.

Play time is often rewarding on short term, and work time is rewarding on a longer term. Play time is also necessary to have more material to write about for work time, they live in a symbiotic relationship with each other, and I’m making sure they are well balances.

Payday every day



Working a normal job, you get your pay check once a month, at least in all the places I ever worked in. The time between pay checks is quite long, especially if you are living on a minimum wage job, like I used to be. You have to be really smart with your money and how much you can spend and when.

And I never was smart with my money, even though I knew in theory that I should have saved and really think hard before making any purchase, but I have impulses. If a said impulse stroke at the start of the month, at the end of it, I was counting the hours for the next pay check.

These days, as a full time Steemian, I have a pay day every day if I want to, and that has balanced my financed really nicely compared to my old ways.

For me, it a lot better to do the work today and get the payout from it in a week. It’s short enough a time to think ahead that I am motivated to work more actively and regularly. I always think a week ahead and remind myself that I’ll be disappointed in myself when there is no dollars coming in a week from now if I slack off today.

Potential



When talking about rewards on a cryptocurrency fuelled platform, we need to talk about the potential gains if you don’t sell everything immediately when payout is due.

There is the possibility and potential for Steem to rise to much greater value than it is today, but there is always the slight change that it will crash down to zero and never get back up. As someone who has been earning on the platform for over a year, I have seen Steem at almost 7 dollars, and at 0.7 dollars. At the time of writing, Steem is worth 0.88 dollars.

There is no guarantee that Steem will be worth anything in the future, but there is the possibility that it will be. So do I sell now, or do I wait and see where Steem goes. Someone else can argue about the probability of Steem going to 10 dollars, I won’t get into that.

Being a full time Steemian, what I do is I sell when I have to, even at these rates, to pay the bills and what not, but I also make sure I keep stacking some Steem, and also diversifying my overall crypto portfolio. I never keep all my eggs in the same basket. I want to make sure I try and sustain this lifestyle for as long as possible.

Sort:  

Your pets? Are they a part of your instant gratification days?

My thoughts on that. When you forgo something today for something in the future, you are helping somebody you don't know, that person being your future self.
When that future self gets something of value from you, she will be very grateful -- whatever that may be: a debt-free life, an education, health. It's worth a little sacrifice knowing she'll be happy.

My pets are part of the invest in your future -plan, they are very long lasting pets. A regular living pet would eat me to debt and only last a few years.

I almost never help people I don't know, so I don't like your theory 😝

Then go ahead and curse at your past self. It won't help.😝

Actually, I really like you. I don't mean the previous reply in any bad or mocking way.

Good plan to also stack up some Steem, Steem could potentially even hit 100 usd if crypto becomes more mainstream, which will eventually happen :)

It's possible, but I'm not betting all my chips on one horse!

A good piece. What sucks about earning on Steem is that instead of getting paid in fiat in a completely straightforward manner, the liquid part of your pay is in two currencies whose fiat value at the time you gain possession of them you have to work out and keep track of by yourself. At least 50% of your pay is in an illiquid from that you have to pay tax on based on its value when you get it but that can lose much of its value in the weeks it takes to cash it out even partially. (This is why holding some liquid STEEM or SBD makes a lot of sense.)

Tax on earned income can be well over 50% in extreme cases which is why delegating most of your SP to projects and earning passive income generated from it (capital gains) makes a lot of sense if you're a whale.

Posted using Partiko Android

pay is in an illiquid from that you have to pay tax on based on its value when you get it

Tax laws differ all over the world, but I'm relatively sure that you are only taxed when you realize a gain, no matter what the value of your asset is on paper. The value can go up and down over the years. It's only the value when you turn your crypto into fiat, that you'll have to report.

Tax laws differ all over the world, but I'm relatively sure that you are only taxed when you realize a gain, no matter what the value of your asset is on paper. The value can go up and down over the years. It's only the value when you turn your crypto into fiat, that you'll have to report.

Tax laws in every jurisdiction differentiate between earned income and capital gains. Earned income is something you work for. Capital gains happen when you invest your money that you have already paid taxes for in something and then the value of that something goes up and you sell it at a higher price. Your profit is called capital gains. You pay a percentage of the gains in tax.

It doesn't make any difference that STEEM and SBD are not officially money. They are property and getting paid in property worth money is taxable income just as much as money. Both the Internal Revenue Service in the USA and the Finnish Tax Authority consider gaining possession of cryptocurrency paid as rewards a taxable event. The cryptocurrency received is valued at its fiat price at the moment it is paid to the rewardee. At least the guidelines published by the Finnish Tax Authority are very clear on that.

U r welcome.

Posted using Partiko Android

You said it just right. There is no guarantee steem will go in any direction, so enjoy it while it is more or less stable now, wtih some ups and downs.

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

I recently stopped taking adhd medication in order to be able to control myself on my terms.

And I agree playtime and worktime work best balanced :D

Posted using Partiko Android

It's good to hear you are no longer taking some medication that probably made you a bit of a zombie.

It actually just made me really organized with 1 though so not bad haha :D

Posted using Partiko Android

Coin Marketplace

STEEM 0.30
TRX 0.11
JST 0.033
BTC 64320.07
ETH 3154.23
USDT 1.00
SBD 4.34