keep fiat for necessary operations or convert all fiat into sats
The accounting anyway has to happen so it makes not too much of a difference there, but I try to not be hyperactive about exchanging all the time because the action itself is a chore. So I think that the precise answer to your question is: when I get paid in fiat instead of sats, I never exchange everything into sats; simply because then I'd just be converting back days to weeks later and that makes no sense. So say I'd get hypothetically paid today for the coming 6 months worth of fiat expenses, in fiat, then I will at least keep 2 months worth in fiat. If I get paid today in sats for 6 months, then at the end of the month I try to make sure I can cover the next 2 months of fiat expenses too, and exchange back accordingly.
I generally find it much more valuable to spend time finding reliable services that accept sats to decrease structural dependence on fiat, than to micromanage the day-to-day fiat exposure. I guess we can call that low time preference cashflow management.
The accounting anyway has to happen so it makes not too much of a difference there, but I try to not be hyperactive about exchanging all the time because the action itself is a chore. So I think that the precise answer to your question is: when I get paid in fiat instead of sats, I never exchange everything into sats; simply because then I'd just be converting back days to weeks later and that makes no sense. So say I'd get hypothetically paid today for the coming 6 months worth of fiat expenses, in fiat, then I will at least keep 2 months worth in fiat. If I get paid today in sats for 6 months, then at the end of the month I try to make sure I can cover the next 2 months of fiat expenses too, and exchange back accordingly.
I generally find it much more valuable to spend time finding reliable services that accept sats to decrease structural dependence on fiat, than to micromanage the day-to-day fiat exposure. I guess we can call that low time preference cashflow management.