Use Steemit to Achieve Financial Freedom
So I saw some posts advising newbies to reinvest their money in Steemit by default.
There are two questions I think you should consider before doing so:
- Am I able to make an informed decision?
E.g. do you understand the economics of Steem? do you understand potential legal risks etcetera
- Am I financially comfortable?
e.g. would an extra $1,000 make a difference to my life, or can I afford to lose it
Assuming the first question is no.
We're individuals. We all have different lives and are in different financial positions.
To some of us, several thousand dollars is negligible, to others several thousand dollars would enable them to rid themselves of debt, or could help to pay bills etc...
My advice, if you've earned an amount of money that is significant to you on Steemit, is to consider whether you're prepared to lose that money.
That is whether that money is sufficient to improve your quality of life to some arbitrary degree, rather than just reinvesting it to earn more, based on insufficient information.
Most of us won't but ...here is help for the one that want to try harder!!!
Beyond Trading – The Medium Term Fundamentals. 1. – 7.29.2016
Beyond the STEEM Whitepaper –2. Where the money come from; New Users DO NOT Increase the Value of Steem (yet)
Beyond the STEEM Whitepaper – 1. Blogging and Curation Rewards Fund; Steem Backed Dollars Creation
Steem – The Solution to Curation Rewards
I would say something else to this: don't let the mirrage of "estimated value" mess with your head.
YOU DO NOT HAVE THAT AMOUNT don't loan or buy against that or you risk finding yourself in MORE debt.
Balance in this matter is a beautiful thing.
Thank you for your sincerity.
I would certainly agree with not investing anything you are not willing to lose. Welcome to the wild west, and who knows where we will end up. Especially in 2 years :P
This comes
TOO LATE
One of the main reasons I want to reinvest in Steemit is that it helps the stabilize our platform
But if you don't have food in your fridge, or bailiffs knock on your door everyday I don't think it makes much sense to sacrifice your well-being for the platform. My opinion though.
Great post!