just applied for a personal loan for investing in steemit
I had recently applied for a personal loan of inr 100,000($1500) and i am glad to say that my loan has been sanctioned . i am planning to buy steem power with this amount . so lets see if i will be able to pay my emi and also make some profits every month.
So here are some calculations.
Steem price now is $1.55 so approximately 1000 steem power can be bought
I have to pay inr 1300(approx $20) as emi.
I will use 50% power to upvote my own comments and posts and will use the other 50% for curation of content that i like.
Currently i get 25-22 cents per upvote for the first 5 votes and 20-17 cents for the next 5 and i have a total of 520 power now.
So on an average for the first 10 votes i get 20 cents and my voting power bar stays around the 80% mark.
When i buy 1000 steem power with my loan money i can get 40 cents on an average for the first 10 votes per day.
I will use 5 votes for self upvoting so i will be making $2 per day on that.
So monthly i will make $60(3900 inr).
From that $20 (1300 inr)will be paid as emi.
Steem price now is $1.55 so approximately 1000 steem power can be bought
I have to pay inr 1300(approx $20) as emi.
I will use 50% power to upvote my own comments and posts and will use the other 50% for curation of content that i like.
Currently i get 25-22 cents per upvote for the first 5 votes and 20-17 cents for the next 5 and i have a total of 520 power now.
So on an average for the first 10 votes i get 20 cents and my voting power bar stays around the 80% mark.
When i buy 1000 steem power with my loan money i can get 40 cents on an average for the first 10 votes per day.
I will use 5 votes for self upvoting so i will be making $2 per day on that.
So monthly i will make $60(3900 inr).
From that $20 (1300 inr)will be paid as emi.
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10 . So at the end of the month i can make upto $40(2600 inr after paying off the emi).
On the plus side
If steem price increases than my rewards would increase but my emi will remain the same.
My principle amount will remain intact .
As dollar value increases as compared to inr (indian rupees ) lesser dollar value would be needed to pay up the emi.
There are the curation rewards and upvotes from fellow steemians.
After the term end of the loan ill own the bought Steem Power without putting my own money and also having no debt.
What can go wrong??
Steem prices plummet drastically but it is highly unlikely.Even if it drops by 1/3rd still i can make enough to pay off the emi.
If too many members join steemit than weekly rewards will reduce.But wouldn't that drive the price up thereby increasing your account value and also your upvotes??
Why i opted to take a loan instead of borrowing from friends and family?
It will improve my credit score and hence help me to take larger loans in the future.
I will finish my undergraduate degree by next year and will be eligible for larger loan if i am able to pay my emi for 1 year.
So i feel that this investment has lot of promises and is a risk worth taking . If you found my plan useful please upvote and resteem and feel free to leave your thoughts and opinions below .
If steem price increases than my rewards would increase but my emi will remain the same.
My principle amount will remain intact .
As dollar value increases as compared to inr (indian rupees ) lesser dollar value would be needed to pay up the emi.
There are the curation rewards and upvotes from fellow steemians.
After the term end of the loan ill own the bought Steem Power without putting my own money and also having no debt.
What can go wrong??
Steem prices plummet drastically but it is highly unlikely.Even if it drops by 1/3rd still i can make enough to pay off the emi.
If too many members join steemit than weekly rewards will reduce.But wouldn't that drive the price up thereby increasing your account value and also your upvotes??
Why i opted to take a loan instead of borrowing from friends and family?
It will improve my credit score and hence help me to take larger loans in the future.
I will finish my undergraduate degree by next year and will be eligible for larger loan if i am able to pay my emi for 1 year.
So i feel that this investment has lot of promises and is a risk worth taking . If you found my plan useful please upvote and resteem and feel free to leave your thoughts and opinions below .
It will improve my credit score and hence help me to take larger loans in the future.
I will finish my undergraduate degree by next year and will be eligible for larger loan if i am able to pay my emi for 1 year.
GreaT MOVE !!!!!!!!! - ))
GUTS & GLORY .. the UNIVERSE "favors" the BOLD - )))
GOT to "buy" the dips though !! - )))
i estimate the next 'dip' "TO BE" determined by HorD ForK 20 .. as in .. the HIGH for STEEM was JLY 20 th 2016 @ 4.63 .. the next HIGH was JUNE 6th 2017 @ 2.74 (( = HARD FORK 19 )) .. "code name" MASS ADOPTION (( ++ COmmUNITY TOOLS !! - )) IN my E_YES . this meAns, the price will 'spike' again .. and .. the subsequent pull back ??? .. 2.25 - 2.50 range !! - ))
The "floor" .. will continue to move HIGHER ! - )))
i LOVE the initiative and analytical .. "foresight" !! -))
+++ the "trust" .. in STEEM & the COmmUNITY !!!!!!!! - ))
lovelovelove )))
greb'Z )
FolloweD !!!!!! - ))
ps .. BUY BIT SHARES NOW !!! - )))
.. this is my "no cash" (( sad face - )))))) initiative - ))
BIT SHARES .. for ART .. would you like to trade ???
thankyou for your comment!!!I just saw your post and have to say i like your art and what you are doing is wonderfull..I am also interested on your lifestyle as a monk and would love to read about your experiences and insight..
ThankS so much for the reply !! - ))
.. i really appreciate the enCOURAGEment - ))))
i'll continue to 'share me' .. as best i can - ))
ha ha - ))
Very risky! In general I would not recommend borrowing to invest, if it goes wrong it can spiral out of control.
Nevertheless I hope it goes well for you (and all of us) and your investment pays off!!
Have upvoted you so at least $0.06 of theloan is repaid :p
Thankyou for your thoughts and comment.I took the risk knowing that even if steemit goes to zero ill be able to pay the emi with minor lifestyle adjustment..But the reward is worth the risk..Thankyou for helping me with the emi..
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i never understood the website clearly there should be one giant video explain everything
but seems like its 20% risk 50-???% rewards so kinda like an anti gambling equation
i guess its 10% risk and 90% profit...The price would have to fall to 1/3rd to break even..
the thing is there is no fall to1/3third once it fallen over half the coints will be heading so fast to zero and become meaningless, no body would buy it . lets hope it wont come to that
Yeah hoping it would go up from now..
So. You have now been followed. Your actions are now of interest of iDC. Fantastic post!
Thankyou for following me.Glad you liked my post..More to come..
That can be very risky, but you can still make good money here so I'm not worried for you. You will do great. Just remember that this is now like a business and you need to stay active to increase potential earnings. I know you will do great friend!
Thankyou for the comment..
Yes i have to give atleast 1 hr in a day..Which is very doable..
I didn't even think about it until a while after reading your post. Now I'm thinking of getting a loan. I'm looking into some options and then I can easily pay it back in a few months with earnings here!
Here in india the loan rate is 10%..I guess in the usa or europe you would get loan at lesser rate..
Very Bold Move! I hope it works out for you. In the back of my mind, I believe it'll work out in the long run, but I wouldn't do it. Looks like you have a plan though and thats all that matters. Good luck to you sir and please please please keep us updates. I wish u nothing but the best.
Thankyou for the comment...It should work out according to my calculations..But there is always that risk..And i would be updating after paying out the emi..
Good planning.
You must be more effective.
Current steemit market price is bad.
But it may recover soon.
Thus your plan will works proparly
Thankyou for your comment...Glad you liked my plan..
Okay too late for @bhightech I guess, but I'd like to warn whoever is reading this, never do this! never take a lown to fund an investment in crypto or shares or anything of the sort
Lowns should be taken only in one of two cases: Either as mortage or some other downpayments arrangement when you have no other choice, or as a leverage for opening a buisness. In any other case, they are just a guarenteed loss.
I agree with some of your points..But how come you say itt is a guarenteed loss if you take loan for crypto..
Not just for crypto, but for any investment with a speculative nature. And the reason is that no matter what, you have to pay back the lown and intrest at a certain time, and at that given time, you have to sell your investment no matter what.
I would urge you to read my post again...I dont have to seel the investment..My steem power will be intact which i brought from the loaned amount and it will be intact..What ill earn by using 50% of my upvotes is enough to payback the emi..So my steem power will not be touched plus i would get some extra sbd and sp after paying my emi..And according to the calculation to break even steem price would have to fall half its price that is o.8 usd..
@bhightech got you a 0.76% @minnowbooster upvote, nice!
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