How Much Steem Fulfills The Dream? aka What's Your Magic Number
Have you thought about what your number is? How Much Steem it would take to get there? Do you want to pay off debt? Make Steem your full time job? Become Independently Wealthy?
We all have our Steem Dream. Whether you have thought about it or not, I can just about guarantee that somewhere in the back of your mind there is an image of what you want to get out of Steem. So let's talk about the taboo subject of your Magic Number.
I'll tell you mine right off the bat.
We'll get to why in a moment. But first I want you to take a moment if you haven't already done so and think of your magic number. Any number you like.
Got it? Good. The first step to reaching a goal is knowing what the goal IS!
Of course, we are all here for the social aspect of Steem too. If money was the only incentive, we could go out and build a mining rig that collects coins at a lot less personal sweat than Steem. I mean, here we are supposed to INTERACT.
And for the most part, we do a decent job of this interacting bit. There are people who are gaming the system, and there will be a post about that forthcoming. But for now, let's talk about that magic number and how to get there.
Let's go back to my number. I picked a nice round number at $300,000. I can pick any number I want, so why this number? Well, it just so happens that this particular number gives me enough cash in hand to pay off my mortgage, my car, buy my wife a new car, pay off the credit cards, and sock a nice chunk into a college fund for my son.
Essentially, this is the number that would free me to Retire.
My wife will always work. That's her thing. She doesn't want to sit around, she wants to be doing something, be active. So if I was able to pay off all of our debt, she would still work. Then I could make Steem my full time job. A retirement of sorts, doing something I like rather than something I have to do to pay the bills. The bills would be taken care of by my wife's income. Vacations and fun stuff by my Steem.
So that's where I want to go. How do I get there?
By continually reinvesting in the platform! Whenever I have a chance I will buy more Steem and power it up. I will post as often as possible with 100% power up rather than taking liquid rewards. In the banking world, this would fall under compounding interest.
I've invested a little bit in Steem, but I've also taken out more than I have put in. All in Steemit related ventures. I've used Steem to buy Buildteam Shares and Sportspodium PODS. I've run contests which I paid for out of my proceeds. So my wallet could be worth more than it is. But now I am buckling down. I will continue to invest in Buildteam, because that is effectively investing in Steem. Otherwise, it's all reinvesting as much as possible from here on out!
So where does that put me? The 9th of October will make two months on Steem for me. By that time I will have a wallet value around $600 give or take. So $300 a month pace. It will only take me 1000 months to reach my goal.
Good thing there is compound interest, escalating Steem value, and as my account value and reputation increases, so too should my post exposure and value. So maybe we can shave a bit off of that. But you can see, it is still a long term goal. I'm not getting anywhere overnight. One Day, One Post, One dollar at a time.
Of course $300,000 isn't the goal is it? I don't want to power everything down and leave myself a minnow starting over again. So I have to make enough that I can power down enough to pay off the debts and still have enough SP to be effective as a member of the community. So that means this truly is a long haul experiment.
So what are your goals? Are you in for a quick buck? Are you Really just here for social interactions? Or are you here for the long term? Making dreams become reality, and making a community worth building on? I hope it is the latter, the more of us are here for everyone's benefit, the better our overall chances for success.
As always, Thanks for stopping by! Get the discussion going in the comments, and lets chat about the goals here on Steem, and what you aim for.
I'm here to make posts about my interests and also learn about cryptocurrency... My goal is 20,000 steem, I figure once I'm there it can compound nicely. One of my main goals is also to start promoting the platform itself and getting new people to sign up, helping newbies stay engaged and create more active users.
That's a reasonable goal! A nice dolphin type number, gives you impact and platform stability as we grow.
And yeah, I am trying to tell people about Steemit, but we just aren't there yet for mainstream adoption are we? Good luck in drawing people in!
And Thanks for joining the discussion!!
This was a strange find as I was seriously drafting a post called Steem Dreems. :)
I just want to HODL my Steem, so I guess I would have to say it is a long term investment for me vs. money I want to purchase something with. :) Nice post, I can't wait to read the discussion.
Thanks for stopping in @whatsup! I hope I didn't steal the premise of your post at all! I look forward to reading it!
Yeah, whenever I think of using Steem to buy a t-shirt or whatever, I recall the famous Bitcoin for pizza story. How would I feel 8 years from now if I spent $20 steem on a t-shirt and in 8 years that Steem would have been worth thousands.
Of course, without the first Bitcoin purchase, there was no proof of value I suppose. Without that pizza, maybe the rest of us never hear about Bitcoin.
I don't have one number per say. I am in it for the long haul ;) However with that being said, $6000 a month from my ventures is a nice short term goal- it'll send my boys to University comfortably as well as create a comfy living for myself as I am reinvesting and building :)
6k a month would be pretty amazing. $72,000 a year is decent pay. Of course knowing that writing is what you do, I don't know what is considered a successful salary base for writing.
The value of reinvesting and holding Steem cant be overstated! 300k is a bit of a moon shot goal, but if the platform doesn't fail me, then I won't fail it! We will make it!!
That is a pretty good living for most writers.
Mike, I know it. I feel it. We WILL make it.
And absolutely enjoy the journey as we are doing so :)
I think my goal is to keep growing my account and make it a career in 5 years. I am working on it I know it will take time and effort but the long term benefits could be potentially huge like you say. My magic number is probably $200,000. That would be enough to buy a modest home where I live. Thanks for the post!