Steem - Your Path To Retirement
Planning Your Retirement
So with the creation of Steem comes the question of how do you manage your account to best suit your short term and long term needs. As you begin to analyze the system you can begin to see the benefits that make it so appealing as an idea for retirement.
Blockchain Stability
With the blockchain comes security in an incorruptible ledger to store each account value. As long as you hold your keys in privacy and have a good account validator that you can trust you should be safer than a bank.
Something For Now and Something For Later
Steem Dollars - Your Flexible Short Term Asset
Steem dollars are great because if you need money right away you can use it or if you want to invest into steem power to earn more interest you can. This is what makes it flexible. Of course the 10% interest is very nice as well.
Steem Power Your Every Growing IRA / Annuity
I see steem power like an IRA that gets guaranteed great interest and can be converted into a two year annuity at any time. Once you build up your steem power to the point it will give you a large sum of money for retirement than you can convert it to steem dollars.
Steem Dollars Interest To The Rescue
The newly proposed savings account will protect your money and allow you to cash out enough for a week at a time while still giving you the 10% interest for you to live on.
Conclusion
I believe this will be a game changer in the global economy over time. As more and more people decide to jump into the steem ecosystem prosperity will expand with it. I would have to make the argument against a devastating effect since the vast majority of people on the planet have no retirement savings at all and many people work for companies that will not be there in the future so the overall unemployment burden on the economy will be lessened. In other words not everyone will quit there job and work for steem leaving the world with no one to work on everything else, or will they? LOL :)
Interesting article. I would like to point out it is important to never throw all of your eggs in one basket. Even if you believe something will be successful you always need a plan B. I think steemit is a great investment but if you are talking about your retirement plan, I would be careful. Cheers!
Couldn't agree more. DIVERSIFY! If you're looking for financial freedom then time tested methods keep coming back to the basics
Multiple revenue streams all trickling in concurrently SECURE YOUR FUTURE
eg:
Basically if one takes a nose dive then the losses are mitigated from the other four income streams.
Ideally all income streams are in different areas as it's no use having 5 different crypto investments thinking you are diversifying. If the whole show goes down in flames then you've got a hard crater to climb out of.
Yeah... #5 is still the best way to make money ;) The reality is that. Doesn't matter how much you work but how much someone/people want to give you for your work... You can execute a complicated task and never receive what you expect/deserve - or - you may just spend a few hours to write a good song and this can turns out to be very valuable.
a SMART!
Retirement plan? Steemit is still very young. I would not even call investing into Facebook a retirement plan. You are talking like 20-40 years out for most people. Investment yes, retirement no!
Wise words I would have to agree. Thanks
Absolutely, your portfolio diversification is very welcome.
You beat me to it @groovy. I recognized Steem Power as a annuity as well. If you set it up correctly, it could provide a steady streem pun intended of income.
Fantastic article @groovy. I am merely seeking a dialogue amongst this community but supplementing my income from a non-profit would be incredible. Keep the puns and wisdom coming @msutyler.
I'm a pretty punny guy. I have to admit
Hey smart minds think alike and I have a feeling there a lot of those here.
Amen to that.
I have traded Stocks and Options for several years now. Long term for my retirement. This is another tool I will use to spread the wealth and hopefully build an account over years. Not days, or months. I am glad this is still in beta and we are doing this at the ground floor. Think about the possibilities once they are out of beta. Great post. Good luck.
I also see this as a long term thing - not too worried about the market or what it's doing right now. Easy come easy go, right?
Yes I agree and think that the possibilities are endless with creating an entire ecosystem within steemit. Very exciting times.
I hope someday I will be able to retire via Steemit however I am not nearly as great a writer as you! Great article, thinking about retirement ahead of time is always a good idea!
That's always a good sign things are about to get dangerous and risky when that is thrown around so casually about such a new platform.
Thanks for the complement.
Nice Post, i am beginning to love Steemit.
Thanks, Me Too.
Posts like this, that are well thought out, and look towards a brighter future is something I always like.
Great job. I hope steem will allow a lot of people to retire at some point.
Thanks for the positive remark. This is definitely just starting to bloom and when people can see the money the right people will use it to continue to grow the ecosystem by developing interactive applications like we are no seeing.
I'm coming!
Good read, I think in conjunction with my own guide this would work really well, feel free to check out my experience on how i made 0.01 cent in one day.
https://steemit.com/steemit/@ma3/how-i-made-0-01-cents-in-one-day
as old poker regular with profit in long term i learn that even if you are good at something that others are not, you still need to have a plan and have more than once choice in the matter,so steemit MAY be the good way to invest a some percentage of your time/money but not more than you can afford to lose
Well I would agree and say you shouldn't have all your eggs in one basket as they would say. However hopefully the foundation of steem is built correct so it will last forever and evolve like facebook overtime. Since the blockchain technology can be built onto and therefore incorporated in multiple ways throughout already existing infrastructures we will see it expand into many facits of modern day life.
It should be noted that if not used steam dollars, the currency could die, so it is necessary, generate methods to spend in real objects or services; not all know how to use a house exchange.
We need a markets of food or any stuff for buy with SD.
Well the way it is set up is steem dollars are pegged to the steem crypto currency which is like bitcoin kinda so you do not have to worry about your steem dollars value changing. Check out coinmarketcap.com . I plan to do a better explanation of the whole ecosystem some day as well although there are some good posts out there already.