Cash out or not to Cash out. Steem Power , What I know

in #steemit2 years ago

I've been on Steemit for around seven months. I wasn't that active for the first few months I was on this platform
till about November 2018. I have been quite active ever since.

One day, I was thinking, how much Steem Power should I accumulate so I could at least have some form of income.

Then, I asked this question on Musing.io one day to feed my curiosity. I have heard about those who have made Steemit a full time earning machine and they did not need to work at a normal job.

I asked this question on Musing

What is the minimal steem power that one should have in order to be able to earn a decent living as a job?
The answer to this question here

There is a range of answer where if we had 25 000 steem power up to 150 000 steem power, we could at least live well.

These are the ways we could make an income out of imagine 50 000 of steem power.

• Lease our Steem Power - If someone is new, they would want to have more SP, we could lease them the SP.

You could also lease your SP out in Minnowbooster.net

The below is a screenshot of the page where there are active market lease that you could fill if you had lots of SP.

Img src : Screenshot of the Minnowbooster.net. This is the section where there is Market Request for lease.

This is cropped out from the above page screenshot.
7230 sp leased out for 14 weeks would get you 440 Steem in total with daily payouts,
this means that Per week your gonna be getting around 31 steem. You basically get 31 Steem just delegating your SP.

Great economics sense, don't you think. Let's imagine if you had 50 k of SP.
With some math calculation and cross multiplication, you would be able to lease out 50 k SP for around 3000 Steem for 14 weeks. It equates to 217 steem a week. In a month, your increase your SP by another 1000.

That's the first choice to creating more wealth with more SP.

What if you had 150 k of SP. That would be 600 a week of Steem just leasing out your SP.

*Method 2 - Invest your 100 k into Smartsteem.com , your gonna be paid 50 Steem a day.
I did not make it up. I just punched in the numbers in the site and this is what I get.

Img Src: Smartsteem.com site screenshot

I typed in 100 k of SP to see what I would get per day in terms of Steem.
The thing is that SP is still going to be yours no matter what. So it's just lending your car out for someone to drive assuming your car doesn't break down and get paid perceptually.

The next question would remain then. The calculations and projections sound really outstanding and is what we want to be one day but I think more than 90 % of us who are here won't be able to reach the 20 000 in SP. Some have never started, some have been here half way and like me, many of us are trying out best. Honestly, I've been quite happy of what I got since I have been here. I usually am able to write with some form of privacy even though this is a public domain. I have already cashed out around 500 MYR which is equivalent to around 125 Usd and the total Steem I have earned is around 1040 Steem.

At this moment of time, I am still experimenting in the different ways to make a sustainable income in Steem. I do work as a tutor which pays me well enough to not have to get to work in an office job. I teach for a living. I work around 20 hours roughly a week. I am also investing in the Stock Market.

From my view, one of the thing that concerns me about keeping that much SP in my Steemit account is that, hackers would try ways to gain control over the account if I had 100 k of SP. I don't usually keep much Steem in my account so if in case I get my account compromised, I won't directly lose everything and still have some chance to get my account back.

don't give up. Keep trying and doing something. Participate in all the different contest, make friends in a genuine manner. I think there aren't many here who really want to make friends. Your going to be more valuable as a friend if you show that you are really interested in a person rather than wanting to earn quick bucks. In this world, from what I know, we have to gradually built up our vault of gold.

I am Luuee,
I hold a Degree holder in Finance and Management from Curtin University.

I will be writing more financial articles here soon. I am planning on writing about the ways we could look at charts and also find ways to accumulate wealth. Do follow me to read updates on wealth, crypto and also randomness. I am pretty random sometimes. What I feel like posting, I would do that.

Follow me here, I don't bite

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Great write up and analysis. I am also new here and learning different things daily.
How awesome it would be if we could take steemit as our source of living.

Posted using Partiko Android

Thanks for reading everything. I have been thinking of this for a long time too. I think there are those who are earning lots of Steem but I haven found that way yet. My sister has a friend who hasn't worked at all just doing stuff here on Steemit.

Posted using Partiko Android

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