Achieving Financial Independence

in hive-197809 •  2 months ago 

image.png

A year ago, I attempted a project for Universal Basic Income. At the same time, I started a project for myself. I staked a particular dollar amount it in a cryptocurrency. Later in the year, I offered a similar amount of money to buy equipment for "Steem Schools" in Nigeria. The earnings that equipment would have made were meant to buy more equipment.

Unfortunately, the UBI project would not sustain itself. People would participate as long as I would exhort them to participate. The Steem School idea fell through because the other participants could not agree on the project's direction.

My project, where I focused on making money by staking for myself, was more successful. Having given it a year, I decided to describe the process to others so they, too, might develop a similar income stream. I have to shake my head.

One aspect of staking is that it is a form of compounded investment. Earnings from one piece of equipment would have meant buying another (allowing more students), investing in a staked cryptocurrency creates more of that currency and so on.

The top graph shows the increases I have made in my staked asset since mid-July. The dollar amounts are not how much I put in but reflect the chance of monthly income I would have. Part of it is due to the return on staking (a weekly dividend), additional investments that I put in, and the fluctuation in the cryptocurrency. As of July 17, my expected monthly income was just over $200 and has risen to roughly $300. I describe it as an expected monthly income. What if I hold off receiving that income for two years?

image.png

By delaying withdrawing from the staked investment for two years, the value of my monthly income would be over $400 per month, assuming I make no new investments and the price remains unchanged.

image.png

As we see that under the same conditions, my monthly income would be over $2000 per month.

Now is a particularly good time to invest in your future. When we see the cryptocurrency market return to its previous levels, what is invested now will increase by 4 or 5 times (or more). Perhaps in two years. the $400 per month I expect will be $2000. Instead of being financially independent in ten years, it is as little as two years away.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Hello my friend, it's been a while. Can we talk in discord?

Of course. I haven't been on the computer very often but I will try to check Discord more frequently.

Good to hear from you. Trust you are well?

Things rarely change for me. I have my first grandchild (I made a post about her) a couple of days ago. She lives a little over 2500 km away. I would visit but my mother requires additional care lately.

image.png

Congratulations on your grandchild. That's a wonderful gift. I will check up the post later. How is your mom doing? Old age and it's limitations must have been giving her signs but am glad you are there to assist her. My kind regards to her

The worst part of her age is that the present lifestyle is not conducive to good health. She tends to watch too much tv, so is not very active. This results in her needing a walker to move around.

Do you mind telling us what currency you staked on?

At the time I was staking Kava. It was giving a 23 percent return. However, it dropped yesterday so I am branching out to Kusama at 18 percent.

Ok

Upvoted! Thank you for supporting witness @jswit.
default.jpg

Do you mind telling us what currency you staked on?

Congratulations, your nice post has been upvoted by the steem.skillshare curation trail!
please check out this post:
steem.skillshare curation trail post to get infos about our trail

trail.jpg