I forgot a set of keys on my way to the office today that ended up costing me money to have it delivered. Though the money wasn't huge, it was certainly unplanned for and annoying as I am running on a tight budget and did not fit that into it. I try to be more observant these days of my financial lifesyle (sometimes for documentation purposes) and this one certainly left a few lessons.
The biggest lesson of course is the need to be cautions of preventable occurences that may cost us financially. There are some expenses that we cannot avoid even when we don't plan for it (like an accident, health issue or sudden financial need). However, some are pretty avoidable and if we should all deeply introspect our lives, am sure the number of times we have been faced with such situations have been pretty significant.
Blocking leakages should be like a thing we should be consicious enough about. Take for instance my absent mindedness that ended up making me forget my keys today, or a reckless driver who has an accident and damages his/her vehicle. Many things can and should be avoided or prevented, and the concept of risk minimization does not only apply to when investing money.
Even companies emphasize the need to block leakages and take it very seriously. Companies often resort to mass retrenchments during a downturn as a first resort to minimizing their risk exposure. Good or bad, reducing recurrent expenditure by them can be the difference between survival and insolvency. Also, there is always the talk on expenditure and the need to recycle as much as possible in my office for example.
It may not be the same as making funds, but not losing funds is one way to ensure that we achieve our goals. Imagine trying to plan a certain way that is suddenly derailed by some preventable expense. I have had to resort to using emergency funds several times over the last couple of years and certainly some of them could have been avoided. Such is the power of making a conscious effort to plug the leaks.
From a crypto perspective, blocking leakages will involve opting for better projects rather than throwing money at random projects , and from a Hive perspective it likely involves any irrelavant situation that prevents us from growing our Hive assets, for those who have prioritized growth that is. It is a concept that need some reflection to be better applied, but one I belive is what considering.
Posted Using LeoFinance Beta