What price of steem let's you quit your job and just do this full time?
Ok, well, for the sake of argument let's say that your salary is 100,000/yr for a nice round number. Let's break this down by week. So, instead of making 100,000/yr you make 1923/week.
We can base this on my account for this next part. I'm a dolphin with 1k followers and just a hair shy of 10kSP. Right now let's say that my average post is around $30 USD and steem is $1/steem. Assuming I did this full time maybe I could crank out 4-5 posts a day, for 6 days a week. We'll call that 25 posts a week.
25*30 is $750.
So, if steem gets up to $2.50 you could possibly think about shredding your contract and simply writing full time.
Now, not everyone can do that yet. If you're just starting out reading something like this you may be thinking "wtf aggroed?"
I remember writing a post about Charlie Shrem when he was talking about how he could completely live off of steem while my posts were making $0.07. I was frustrated by that. So, hopefully I'm not comin' off like that. I just want you guys to get a sense of what kinda number we're talking about in order for you to live ok, not work an office job, and just blog. Seems like the two main things are price per steem, salary per week, and payout per post.
Don't forget the tax man
Another thing to consider is taxes. Because people that make 100,000 per year don't actually make that much. The government comes and takes away those earning and threatens violence if you don't let them. But assuming you're not reporting your steem as income because you're not converting into USD and they aren't looking the it's not quite as bad.
1923- 40%(1923) = $1158/wk.
If that's the case then if the price of steem doubles to $2 and one chooses not to disclose said wages then you're there!
IDK... just thinking about numbers. How much would you have to earn with steem before you'd quit what you're doing?
Please vote for me for Witness!
You can find me hanging out on steemspeak, a discord channel that many steemers use to text and talk to each other- https://discord.gg/qjpRj7w
or my new channel PALnet- https://discord.gg/HYj4yvw
I can also be found on steemchat as @aggroed. If you have a post to share give me a good sentence or two of why you think I’ll like it.
Passive way is to have 500k Steem Power, then use bot to vote 40x a day, you will get around $300/day curation profit.
Know what the best way to make a small fortune is? Start with a large one!
:)
Remember diminishing returns on 3-6 posts a day. I have unfollowed many people that have tried to crank out multiple posts a day without really saying anything.
Although it will work in the beginning it will plateau quickly.
If you manage to keep the quality up, you would likely burn yourself out.
But good luck
Yeah the people in my feed that do 4-6 posts a day I end up skipping a lot of them.
I caught one fellow copying from another website for his post, and called him out on it. Never got a response. He's one of those who posts at least six a day, so I figure he's either a fast writer or he's copying and pasting a lot.
Still a hypothetical, but good feedback!
As a minnow myself, I would not have considered this. Fortunately, I have too many other things stewing to post that many per day. I try for 1 or 2 posts a day and try to make a fun Chain writing game and hope that people start to read it (an example is here). Then, if I start to get a following through it I'm sure that I'll someday start to have the Whales swimming in the same pool.
Otherwise I have my Software Engineering job that I quite enjoy and my writing career (finally got published) and my artwork and so on.
Thanks for that insight @fiveboringgames.
Very encouraging post.
It's not insurmountable
@aggroed Thank You 4 sharing the numbers & calculations...
UpVoted, Following, Promoted and will ReSteem later...
Opps, almost forgot... I'm voting 4 You as a witness.
Have a Great Weekend @aggroed .... Cheers !!
Wow! Thanks. Very cool!
You deserve it in my opinion... Hey, I just tried to vote 4 You as a witness, Do I need to do a write in for You because I didn't see Your name ?.... Just let me know & I'll go back to vote.
Thanks Again @aggroed !!
yeah. It's under the list of names and you type in aggroed. Thanks a ton!
Hey... we're here to help each other... that's what it's all about.
Plus... You've written "ton" of good posts !!
Thanks for you support!!!
Sorry... Quick Question... when does the voting end because I still have over 20 Votes for a witness ??
Thanks again !!
never
I love doing "what-if" scenarios for making money... they rarely actually work out the way I would like them to, but the potential is always there.
This is a nice break-down to show where I need to point myself. I'm like a Salmon swimming up-stream against strong currents with a Grizzly on the rocks just waiting for a meal. If a Whale were to show up as a guide, that Grizzly would surely bolt for the woods.
So I'd like to shoot for $50/post and 20 posts/week. Even then I doubt I'll ditch my current job.
you're timing ont his was perfect
Interesting analysis. My main problem would be running out of topics to discuss. Haha
It gets easier as you join more communities. Lots of people have neat ideas and folks are interested in different takes on them.
I wouldn't worry about looking for a job if I made $500 a week on Steemit. I think that's attainable :D
I'm a dolphin and can do that now... so yeah!
The only question I would have with relying on Steemit is this: "How would you use your Steemit funds in day-to-day living without giving up Reputation/Power/Steem?"
I mean, the best thing about Steemit is that you can generate Steem and keep your Train on the track so that when the Steem cryptocurrency reaches to the sky you can cash out for a huge profit.
I'm not telling you that you can power down and cash out. I'm saying that you won't need to because the services will be available.
I wouldn't want to power down. I'd want to keep gaining momentum for the future, but I wonder what I would use, monetarily-speaking, for my daily wants and needs (if I only did Steemit, that is). As an example, how would I use STEEM to purchase my groceries without wiping out a good chunk of STEEM every time I needed groceries? This is where I think I would keep my other money-makers in play and have my normal job to make the money I use day-to-day.
It's a matter of scale right? Only way to actually grow your account is to spend less than what you earn. If you can leave cheap it doesn't take much. If you spend a lot then you have to earn more. yeah, I don't want to give up steem or SBDs, but I also want to continue engaging in commerce but not supporting the FED. Not a ton of options...
I'm writing a piece on the stuggle of the different growth stages. I'm using your salmon quote. Hopefully taht's cool (I'll give you credit)
That would be great. Put my name on and maybe I can get someone higher on the food chain to follow me. It's all about branding and marketing yourself to the right audience. So far, it's not been too kind to me, but I'm confident I'll climb the ladder.
starting off is brutal. Hang in there. Maybe this will help a little.
I am also thinking the same as you have wtitten and explained everything.
Great minds think alike and so do ours!
Steem at $10, I would quit everything else. $2.50 I could quit a few of my music jobs lol..I'm still a minnow at this point, but I see the potential of Steem. Congrats on dolphin status!
This is exciting to think about..