Deriving Sentimental Value: Sophistication & Cashlessness
Money is fleeting, in an actual sense this seems untrue and paradoxical, but in practical or actual thinking you'd find out that this can be true. For example, Money in the bank is more valuable than money at hand, while this is realistically questionable, it's psychologically relatable.
When we keep money in the bank, the propensity to spend sort of reduces and this is because of the inaccessibility that's attached to it.
We can say that cashlessness creates a certain advantage, however, the ability to access one's money easily creates the desire to spend, since mobile banking these days, it's quite easy to take out money from one's wallet and buy some chicken, fries, or yogurt.
It's all in the mind
However, one would think twice if they're swiping their ATM card to pay for this luxury. Imagine how one's desires quickly become their "needs?"
This is possible when a person creates perpetuity in respite to a particular habit, it becomes a "need" we can no longer see as a "want" anymore and all this is possible because we have the purchasing power to back it up.
Sometimes when we spend unnecessarily we often create a validation, to back up that spending, sometimes we even trick our minds by saying things like "we only live once". However, one of the reasons why we even consider spending unnecessarily in the first place is because of accessibility or nearness of funds.
Sovereignty Of Banks On People Who Aren't Savvy
So, people try to mitigate unnecessary spending by putting their money in the bank, thereby cutting away that immediate accessibility.
However, we tend to forget that if the purchasing power of a currency continues to dwindle, it's more or less like losing money, if inflation affects the economy of the said country, then one is facing loss at both ends. So a lot of people hardly focus on the loss of value to their money, especially in a country where the value of the currency is shitty, i.e Nigeria.
Having to face loss on both ends is crazy, but people only try to protect their money against things they can fathom. Banks in Nigeria are accorded the status of sovereignty, especially to people who aren't economically conscious or savvy.
Banks Or Government Policies?
However, the banks are not the reasons for economic decline, the government's ineptitude towards the right policies is the reason, however, banks would never educate people on the true meaning of inflation, or the downside of saving and this is because they're firstly a business venture that's out to make a profit before any other thing.
Let's not be complete to deride the Nigerian banks, at least their existence is advantageous when it comes to automated transaction, the options they offer the ordinary citizen is great.
For example, the option to send and receive money even from foreign banks is amazing, they create choices and even if this isn't from the goodness of their heart, we can say this is the aspect where the common man benefits.
Sentimental & Realistic Value
So, it's easier to see value in one's money especially because the banks create this sentimental value even if it's not realistic. Now have you gone to the bank before to check the numbers of "zeroes" on your money? A lot of people do this and they tend to calculate their worth by this.
A lot of people in Nigeria measure their worth wrongly. Some do this by directly calculating how much their skills are worth, others do so by the number of drinks they can afford, it's only some others that check their investments, the dividends it yields, and how this eventually influences their net worth.
However, we can still say banks have web2 tendencies this is why I think the concept of saving and how blockchain is hoping to change the concept of saving would take a lot of time in showing people how far sophistication can take the concept of saving.
Interested in some more of my works?
The Intrinsic Propensity To Spend Money
Poverty: The Unwillingness To Spend?
A Scenic Bathroom Photoshoot
The Importance Of Having A Contingency Money Plan
Translational Value; What Is Your Worth?
Using Crypto As A Means Of Transferring Will
Posted Using LeoFinance Beta
https://twitter.com/PERCIVAL_JOEY/status/1569192077967204352
https://twitter.com/joyundisputed/status/1569240279231651840
https://twitter.com/LuizebaGames/status/1569300089235030016
The rewards earned on this comment will go directly to the people( @josediccus, @joydukeson, @luizeba ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Yes,
Seriously I find this so true. I am a small scale business owner, if at all I am being paid with cash for my product, I quickly make sure the cash at hand gets into my account to restrain myself from having easy access to spend the cash. Truly,easy access to cash devalue the value of money attimes.
I might have #10,000 at my disposal right now,within seconds I will find myself buying this and that including the unnecessary ones. When the cash reduces to like #1,500 within short time that is when I will driven to conclude that money has no value but what brought my mind to that conclusion? It's easy accessibility that's the sentimental I guess. Comrade,you have said it all. Thanks for sharing!🥂
Posted using LeoFinance Mobile
Exactly, sometimes it's all economics of the mind if you ask me. Although, the bank itself has a way it devalues the money of people overtime, but this would take a substantial number to do so. However, we're the value we attach to money. Being cashless saves people a lot, but it's hard to deduce. In reality, I think finding what works best for us is the key.
For example, bank or cash, I'd prefer keeping them all in crypto. Thanks for coming through sir.
Posted using LeoFinance Mobile
You are welcome 🥂
Posted using LeoFinance Mobile
Agree. Digitization of fiat money has both advantage and disadvantage. However, the decision is still in our hands if we want to spend our hard earned money in a few seconds for something we don't really need.
There was this one time I'm addicted to a racing game where spend a few bucks purchasing virtual cars. The digitization made it very easy. 😁
Now, I had a few cash in my digital fiat wallet but I don't just spend it anymore needlessly. I hope I had learned my lessons. 😊
!1UP
Well sometimes, we don't even have control over how we spend especially when we have access to our money. Using debit cards can even make it worse because of how we can access money anytime. Racing games can actually be very addictive, how did you manage to get over it? Did you lose a lot of money?
Posted using LeoFinance Mobile
I did the same thing with all the other games that I've been addicted to. I forced my mind to get over it and think of things that are really more valuable. It may sound easy but it is really hard.
I can't remember exactly how much I spent but I guess it is around 600 USD. This is big amount for me and I was able to spend it slowly one car at a time. One of the reason to I think about when I decided to quit. 😁
Currently, I am making myself addicted to writing and content creation here on Hive. It seems working and I think it is a good kind of addiction. 😊
Well that's a very good way of getting over that addiction, I think 600USD is a lot of money to spend on gambling unless you're actually making back the profit. Even if you were, gambling can be addictively dangerous. I'm glad you're choosing writing on Hive as the better choice.
Posted using LeoFinance Mobile
All I've got in return for that 600 USD was the entertainment of playing. 😁
Anyways, I hope to put that all in the past and focus on making something that is actually beneficial.
You have received a 1UP from @thecuriousfool!
@leo-curator, @ctp-curator, @bee-curator, @vyb-curator, @pob-curator, @neoxag-curator
And they will bring !PIZZA 🍕.
Learn more about our delegation service to earn daily rewards. Join the Cartel on Discord.
PIZZA Holders sent $PIZZA tips in this post's comments:
@curation-cartel(16/20) tipped @josediccus (x1)
Learn more at https://hive.pizza.
Yes, it is relatable. For some time, I am thinking of withdraw some of my earning on Hive, but then I stop and think I would withdraw when I am in a dire need of it. But that's not the only reason for me to not withdraw. My currency is going down against dollar. That's why I would want to withdraw it when there would really be a need to do it. It would be beneficial
That's so true. Something that I can buy today in 100 Rupees won't be available in the same amount later. Due to bad economic condition in my country, the price are at continuous increase. And at time, I feel happy for things that I bought earlier because there prices have increased tremendously.
Instead of keeping the money as money it is better to invest in something that yields profit. May be generate some passive income or do something like trade whatever deems fit according to one's skills and circumstances
This is true though, passive income works a lot of wonder. However, we're tasked with finding the right form of passive income and this is why some people choose the bank to save so they might not make mistake with investing in what might bring the right passive income.
I can relate to what's currently happening in your country, it's also happening in mine as well. The value of the currency is totally wack.
Posted using LeoFinance Mobile
Yeah! Finding the best way of passive income is a difficult thing to do. There are many scams too
You are very right in the lines you wrote.
As a financial institution, the bank is interested in winning, it will always look out for your interests.
Many people still do not accept cryptocurrencies, it is the futuristic currency, many have remained in the past and are not updated.
The sentimental value and the real value is given by each person to what they have, just as you said, people measure it according to their interests. I like how you approached this topic. Greetings from Venezuela !
Have been following you for quite sometime now and I find your contents rich, how do I get to be in touch with you the more probably on any of your social media handles
Me at the moment 😂.
I recently renewed my ATM card and forgot to activate it before leaving the bank, I've had several chances of activating it after that but I chose not to because my spending has reduced drastically. I have other options with a lot of processes involved so if it's not urgent or very important, I put it off until I eventually let it go and I'm loving it😂. Hopefully I won't have any emergencies that'll put me in a fix.
And like you, I prefer crypto too but not being very knowledgeable on crypto currencies, I can only tread carefully there. What's your take on saving in other currencies? Piggy vest has a plan like that, that allows you to save in dollars.
One of the benefit of ATM and Nigerian banks is the advantage of mobile banking which creates an aspect of ease on our lives. I think since you're not an overspender there will be no reason to actually miss your ATM card too much. I don't know about piggyvest sha, but anything that takes one away from saving heavily in Nigerian banks, then it's advantageous.
Thanks for reading dear, I'm glad to be impacting...
Posted using LeoFinance Mobile
Thanks for impacting 😊
Hmmm..
Banks are somehow... I don't see any way I can have most of my funds in a bank.
The only good thing is the automation the banking system offers to the common man.
Nothing good comes out of a bank.
I hope people can understand this and work on ways to identify assets and key into acquiring them for the long term
Well a lot of people don't still trust crypto due to its volatility, at the same time, they forget there's a stable aspect to Crypto; stablecoin. I think it boils down to being financially conscious and aware.
I enjoy the banks automation and that's why I have a bank account in the first place, if not I'm sure a lot of us would completely stay off banks in totality.
Congratulations @josediccus! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 31500 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
Support the HiveBuzz project. Vote for our proposal!
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
Thanks @india-leo
Posted using LeoFinance Mobile
putting our money in banks reduce the way we spend it because sometimes we buy unnecessary things all in all the name of lemme enjoy life which is very bad but the fact still remains that Nigerians banks will make you suffer sometimes on the money you work yours ass out acquiring. I prefer saving emergency money in banks and invest my actual money
Posted Using LeoFinance Beta
Yeah, I don't like saving money either in bank because apart from the fact that the actual value is at stake there's the potentiality of us being spendthrifts because of the easy accessibility to our money at any day and anytime. Hopefully we get to that stage where we can build without having to involve the banks.
Posted using LeoFinance Mobile