Is your Self-investment enough to cover your Potential future?

As someone who is absolutely obsessed with cryptocurrencies, I am looking forward to the future. My friends and I are constantly watching the market, while desperately trying to cling on to common sense. With the massive dips in the market, the temptation to take advantage of good deals, can sometimes cloud our rational thinking. I find myself constantly having to remind myself of upcoming financial responsibilities, that take precedence over investing. My friends and I are constantly on the lookout for opportunities to earn a few extra bucks, that in turn we can invest into the market.

Recently my friend told me a story, that reminded me of the importance, of developing good financial habits early. He too is heavily invested in cryptocurrencies. Having worked a ridiculous amount of hours, just to obtain a few extra hundred bucks to invest. Through sheer commitment, he has been able to create a modest portfolio in just under a year. Not a day goes by where we don't talk about cryptocurrencies in some way, shape or form. Our other friends think we are obsessed.

Yet despite my friend's massive efforts to accumulate wealth. He recently did something, that in my opinion, exposed massive flaw in his thinking. He recently made a choice, that seriously endangered the likelihood of him accomplishing his goals. His dream is to accumulate enough wealth, to allow him to hire employees for his small business. This would allow him to regain his time, something that he desperately desires. Yet as many of us have done. Just as the market is rising, and he is closer than ever to his goal. He allowed himself to make a poor financial decision.

He and his wife visited a designer furniture store a few days ago. Originally they were only going to look and not purchase. Yet as the sales people show them around the floor, and explained the different financing options. My friend eventually agreed to refurnish his entire house. Before entering the store, my friend was closer than ever to achieving his dream of obtaining free time. Yet in under an hour, he made a decision that would extend his financial enslavement for an unpredictable amount of time.

Just when he was closer than ever, to being able to pay off his debt. In a moment of heightened emotion, he made a decision that would increase his debt by $10,000. When I questioned his thinking, he explained that his wife signed for it. Yet anyone that understands financial principles would acknowledge, that a couple's finances are tied together. When one spouse acquires debt the entire household aquires it.

When I asked him if he voiced his opinion. He explained that she told him that she deserved it, but what was it that she deserved. They both work very hard, and her decision did not just affect her. Did they both really deserve having additional years added to their financial bondage. Had they only waited a year, they might have been able to buy the furniture cash.

I pleaded with him, to step in and undo the decision. Yet the prospect of having to face the embarrassment of canceling an order, and the argument that would ensue with his wife seems unbearable to him. He now preferred to maintain his ego, and face the added years of enslavement. Yet my friend is not the only one that has made these types of decisions. I've met several other people, that after a year of working on their finances. They had lowered their debt, and we're almost debt-free. Yet in a moment of relapse, found it impossible to resist the need to take a vacation. Having now fully giving into their desires, they were then overcome by the need to redo their kitchen. which then led to a new desire and of redoing their living room. In less than 2 months time they had return themselves to the original amount of financial enslavement. In fact due to bickering among the couples, they were now and even debt.

This is why it is important to establish a strong financial mindset, while still in the process of accumulating wealth. We have to remember that we are only human, and therefore we need to protect ourselves from our own impulsive nature. By taking the time to write down our goals, and committing to a plan. We create safeguards to protect us, from ourselves. An increase wealth does not guarantee financial freedom.

Developing good financial habits, while our wealth is still small, can ensure our ability to maintain higher levels of wealth. It is for this very reason that lottery commercials rarely show previous winners. In most cases people who win the lottery, not only go broke a few years later. They often times find themselves in even worse conditions. It was Benjamin Franklin that said," If a man empties his purse into his head, no man can take it away from him." As we continue to invest, and support the growing cryptocurrency industry. Let's not forget about the importance of investing in our own capabilities. A small investment in our own development, will prove more profitable, then even the best performing cryptocurrency. Let's not be like the bodybuilder who invest all his time and effort in improving his upper body, yet completely ignores his lower body.

Thank you for taking the time to share with me. I wish you much success in all your endeavors. God bless