Steeming towards retirement - How I plan to retire in 5 years thanks to Steem!
Disclaimer: All topics, ideas and thoughts in this post are my own and are not intended as any sort of advise. If you follow my examples do so at your own risk, I WILL NOT BE HELD RESPONSIBLE! Oh and thanks for reading!
I first heard about Cryptocurrencies about 5 years ago, but didn't pay them any mind....boy what a mistake....early adopters of Bitcoin that held on to their initial purchases are filthy freaking rich right now.....like mega rich! But not all hope is lost, Crypto-Millionaires are still popping up almost daily and I intend to become one of them. Now I don't have a lot of knowledge about Cryptocurrencies, I am clueless about which ones will do good and which won't. I couldn't tell you the different between Steem, BTC, ETC, DARK, DOGE or any of the other millions of coins on the market today. In fact the only thing I am certain of is that BTC will not be the only Cryptocurrency to skyrocket in the next few years.
There is no doubt in my mind, or most of the genius crypto-guru's I have met here on Steemit, that numerous other coins will skyrocket to the moon in the next few years. The most commonly cited ones, I hear, are ETH, ETC and BTS and there is a lot of buzz circling around a new ETH based coin soon to hit the market named EOS.
So I have developed a simple strategy.
- For the next year I am going to take 10% of my pay each week and convert it to BTC.
- I am going to select 50/50 Payouts on Steemit for the next year and convert all the Steem I earn to BTC.
- I will use the Steem/BTC to buy 1+ of the 20 most active coins on Bittrex.
- I will attempt to build up my wallet to 10+ of the larger coins and more of the smaller coins.
- I will not sell any coins (regardless of performance) for 5 years.
- I will invest, early, in any new coins that show promise like EOS.
- I will invest, heavily, in older coins with low values that have stuck around like DOGE.
Now I am certain that some of the coins I buy will loose money over the next 5 years and might even become Defunct. I don't care because it only takes one of them to skyrocket like BTC has over the last 5 years to make me filthy rich.
Now having said all this, I started today - on Father's Day (here in the USA) and my wallet after my initial purchases looks like this:
So here goes nothing, if you follow my example above I have no doubt you will also become successful....just make sure to stick to the 7 steps above.
Well, I have to admit that it is an excellent strategy. Keep stacking crypto and diversify!! I believe this approach will work out, it's splendid, but for me I would spend some on gold and silver too. Btw I am also using Bittrex, it's the best exchange to me.
I also have a 1broker account that I intend on using to "Play the markets" and to buy gold/silver once the first year of building my diversified Crypto wallet is completed. I didn't include that here though as I wanted to wait until I start doing so to write about it.
Good Luck. I am now following you. Please share in your progress. As a widow and single mom of 3, with 2 in University, I desperately need a backup plan for retirement, as it went down the tubes 7 years ago when my husband passed. But hey I managed to keep the house and mortgage going , so holding my own, but not my retirement package. So hope STEEMIT will help a little with that. Thanks for sharing
You get a 100% Upvote from me.....I do not know the joy/heartache of having kids but I feel for you and your struggle. If you ever need anything find me on Steemit.Chat and send me a Direct Message. I will help anyway I can!
You are so kind. Thank you for offering. STEEMIT has a chat? I have been on here for a year and still learning. I might seek advice on how to get started in buying Crypto. I do have one question that maybe you can answer. What is the value in Resteeming a post, or what is the purpose. Is there any benefit to the person who resteems. I cannot seem to find a single article to read about Resteem. Thanks again so much.
To the best of my knowledge RESTEEMing only benefits the Author. It is used to help bring additional exposure to articles you think deserve it.
Yes you can go to https://steemit.chat to get on Steemit Chat!
thanks going to check it out now.
All the best on your steemit journey to retirement @gardengirlcanada - following you and upvoted!
It's good to have a plan, particularly a 5 year one - the fact that you have written it down supercharges it and makes it much more likely that you will stick with it - be strong @venuspcs - keep going. I like the concept.
Following and upvoted you!
No ether?
I actually do own some now:
Most people wish they had made a start sooner including myself. This is quite a sensible investment strategy for the future, well done and good for you. Best wishes.
I wholly agree @dominikboecker.
Interesting strategy.
Do you feel the past performance of some of the biggest coins is simply survivorship bias and yield no valuable insight on future coins or tokens?
Although I'm bullish on the entire space, I figured I'd play devils advocate with my question.
I stated above I don't know jack about crypto so I have no idea what the heck you just asked me.....LOL......I do know how to invest/save/plan which is how I devised my plan....it is a Real World plan I am adapting to crypto.
No worries. Welcome down the rabbit hole.
FYI -
An easy example can be seen in this XKCD comic: https://xkcd.com/1827/
