I'll be Steemit Rich in one year!
Welcome to the 4th weekly installment of my series on Steemit income and growth!
Income on Steemit is generated both by "investment" (the more Steem you have, the more you earn) and by "work" (contributing content that adds value earns you Steem). Already having invested my savings in Steem, I plan to "work" by uploading unique valuable content to the blockchain. My goal is to increase my average weekly income to 15 Steem.
What is my weekly income now?
Considering Steem (and income) from all accounts that I own, and that my wife MediKatie owns, and accounts started as group projects with my funds (currently @drutter, @medikatie, @greatesteem, @hempy, and @girlsofgreen), here is the updated running tally:
Week 1 - 0840 (+ ? ) Steem (+?%)
Week 2 - 0848 (+ 8 ) Steem (+0.95%)
Week 3 - 0862 (+14) Steem (+1.65%)
Week 4 - 0868 (+ 6 ) Steem (+0.70%)
Average income = (+8+14+6)/3 = +9.3 Steem per week = +1.1% per week
We're getting a better picture as more data come in. Week 3 was atypical as noted before (several big posts paid out at the same time). This past week (4) was a little slower than normal, probably about as low as I would expect in the future. Growth of 0.8 to 1.0% per week might be typical - we'll know in a few more weeks!
At 0.9% growth per week, I'd hit my goal of 15 Steem per week in 73 weeks (1 year, 5 months).
At 1.0% weekly growth, I'd hit my goal in only 55 weeks.
At 1.1%, in about 9 months!
I believe anyone investing some capital and a year of full-time work on a project can expect to be compensated. In this example, I'll be drawing about 50 Steem per month as income. In a year, if Steem is about $4 each, I'll be making about $200 per month. It isn't a lot in terms of money, but I'd be doing what I love, and though slowly, my account would continue to grow. That's what I call "Steemit rich".
When will YOU be Steemit rich?
Have you collected some of your own data and run your numbers? I'd be interested to hear your results! If you need help with the calculations, I'd be glad to.
Until next week's update.... Steem on!
Do we have to factor in that Dtube is deleting our old videos? :(
No, since that doesn't affect the calculations. That information is already baked into the cake.
It does suck that our videos aren't truly permanent around here. That's a bit of a problem!
Note: The weekly posts in this series are about the only posts of my own that I upvote. I'm not entirely sure why I do it that way, but it seems fitting somehow. I try and post something original and useful or interesting once a day. Once a week, I put out a "progress report", and pay myself with an upvote.
Onward! :)
Until like a 1000 sp it's no issues with self votes... Especially when it's worth it!
Great update! Wow, 1 year.
Resteemed to my delightful followers!
since i dont understand the numbers in my wallet at all, my prediction for being steemit rich is in 5+ years lol. at the rate of my posting and the ballpark average payout being less than a dollar....im banking on the price of steemit rising over my ability to turn blogging into a way to support myself financially.
Thanks for your comment :)
I'll briefly explain what I see in your wallet and what I might change if it were mine. You should make your own decisions on that of course.
First off, "savings" is basically useless at present (and probably will remain so) because it's set at 0% interest. You're better off putting your currency to work than just parking it. You've already got nothing in savings, so that's good.
"estimated account value" is mostly fluff. It's basically how much your cryptocurrencies would be worth if converted into USD at the present rate. It varies with the price of Steem on the open market (currently 2.8 USD but it goes down to 50c sometimes and up to $8 sometimes). Mostly, just ignore it.
Next thing to know is the difference between Steem and SBD. They're both cryptocurrencies, and they both work well within the Steemit community, but Steem is more versatile because it's also used elsewhere, and traded broadly where cryptos are traded. Unless you have a specific need for SBD (some people use it to tip or gift others, or pay for advertising) then convert it to Steem.
How you convert to Steem is your choice. I click on my SBD and select "market". From there, it's a wall of numbers, and not a lot of instructions, so it has taken me a little while to figure out how to use it best. But you can't really screw anything up as far as I know. I think there are other ways to buy/sell Steem and SBD but I've always used that "market" screen.
Once you've got your SBD converted into Steem, you have a couple main options. One is to sell that Steem for USD or whatever currency you use locally, and get it into your hands to spend. Two is to invest it in Steemit and yourself by "powering up". That's just a nickname the site uses for moving your Steem to "Steem Power". They're the same currency (both worth 2.8 USD right now). The more Steem Power you have, the more authors of posts/comments you upvote will get paid. So having your Steem "powered up" means you're more invested in the site long term, and you're here to interact with the community by posting, commenting, and upvoting good content.
In short, ignore "savings", convert your SBD into Steem, and power up your Steem into Steem Power. Then, make sure you upvote about 10 times a day (give or take) to maximize the amount of money you're paying out to others. The idea is that if we all do this, good content will get posted, found, shared, commented on, and everybody involved gets paid. Crappy content, not so much. And thus the site grows and increases in quality, and those who contribute get paid.
Sorry if any of that is a re-run for you and hopefully it helped answer some of your questions! Let me know if you need some clarification on anything.
omg this is the most helpful thing ive read in my steemit lifetime! thank you so much for taking the time to not only look at my wallet and give me specific things to look at, but you also broke down the difference between SBD and Steem and most importantly WHY its important to power up. Id like to copy this info into a blog post, and will give you full credit, if you dont mind:) One last question for you - 10 or so upvotes a day at my current level of power. Do I increase my amount of upvotes as I increase my power?
The past couple months I've boosted to nearly 300 sp. Slow work but I'm doing pretty good. And banking the sp. Also have the gym @echovalormma account rocking the gains. Huge effect. @greenunion has some gaps as its building still. But got autovotes set at 99% and autoclaim rewards so they build and roll the sp directly back into action.
But yeah my sharkbank boosts usually double my 0.005 SBD and then have a bump of sp...
But yeah growing and have a $0.05 vote!
But growing and rocking the autovotes!
Grow that steem!
And I use shark Bank as well as sneaky-ninja and boomerang. Steembottracker helping things be better bets.
Nice! Thanks :)
Autoclaim sounds handy. It's fun to click the green button all the time but having those gains powered up sooner seems advantageous. I'll look into it and see if it's available for me to use, or something like it.
Blaze on!
Autoclaim and auto-vote both means I can go camping and throw full power votes and set authors % and earn curation rewards. And having a curation trail. Joining other people's trails too...
But yeah steemauto. Com is sweet. Got you guys all on there. Keep working it!
For steemconnect, what else is needed other than your email address? (It won't show me the next step until I tell it my email.)
I don't remember... It allows me to plug all 3 accounts in super easy when I have used it.
I don't know honestly that I will ever be steemrich but I do like the graphic you have here
Thanks for your compliment :)