Slowly, but surely, my journey to financial independence is taking over my life. I live it, I dream about it, I envision it. This means that I am constantly looking at ways to increase whatever income I can get from multiple sources. The goal is usually to increase income and decrease time spent. Or rather time that has to be spent. When the stars then align, freedom is achieved. No more employer telling you what to do and making you drive to a location within a fixed period of time. Becoming your own boss in the process.
To achieve this, Hive plays an important role in this as a potential source of income. But until now this has just been extra income. So I started thinking, can it go from extra income to base income. In this case I would define base income as the minimum amount of finances needed to survive in a decent way of living. This includes food, healthcare and all necessary bills of course.
The answer to that question depends on various factors. Where you live is an important one. A ballpark estimate of what I would minimally need to survive is around $200. This is not impossible. But then if you look at another larger developed country, someone else who lived in such a country might need close to $1000. A longer road.
My goal for the coming year is to reach that level of base income of $200. Other goals that will aid that goal is to increase all dividends from Hive Engine tokens. A very important and useful one right now is the HBD savings feature. 12% APR is crazy. I aim to increase my savings to at least $2000 this year, amounting to about $20 a month just from interest alone. Free money!
Obviously I'm also working on the quality of my content. But also the variety. I'm interest in different things, which means I also want to write about different things. Interacting with others and increasing my reputation is a given in that process. And possibly the most important thing is to have fun in doing all of this, because once it starts feeling like a chore, it's no different than working for that employer.
The future may be unsure sometimes, but the potential brightness is there. And I intend to light my path with it. What about you?
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This is probably the goal for a lot of people, including myself... It's not that I'm lazy, but it's more about being "more effective" in what I do...
Your goal of reaching $200 is doable and you can reach it soon... Just break it down into simple daily tasks and now much money can bring every single task separately... HBD savings is a bonus, but to build it up takes time...
For myself, I have created my Orca rank yearly goal that is far away from execution... lol... But, I will push to get there... From my calculation, I need to get over 2K HIVE per month, which is huge... But, it's not impossible to get there with creating posts, curating stuff, Rising Star and Splinterlands earnings, DeFi projects investments and small trading... But, all this isn't just "an extra income", it is a BASE income as you said...
Create a plan, a goal, and work on it! You will get there!
Yes, I've been doing that already, and think I am already over half of the goal. I will probably create a Hive sql script or 2, or 3, to determine monthly earnings from different Hive sources.
Who knows, in the future I might even join your Orca goal. xD
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That would be nice to see! It is easier if we are doing it together :)
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Love the perspective here, Joel! I myself have been wondering how I might be able to leverage my position on Hive to begin working towards a reality in which my family's basic needs (food, shelter, utilities, etc.) can be met just with what I'm earning from Hive... turning my "real job" into something that has less pressure on it to earn a certain amount. I can imagine nothing better than being able to enter into my office with a client needing help and for me to be fully present with them because I don't have the weight of financial burdens and stress weighing down on me!
We'll get there one of these days. For me, I think it starts with learning how best to use the 2nd-layer tokens and how to utilize CubDefi to the fullest.
It helps to start setting small goals. I haven't withdrawn anything yet from Hive to spent in real life, but I have been determining which bills I could completely pay of with this monthly income. Starting with the electricity bill, adding internet, water, etc, etc.
Second layer is a must. Don't snooze on it, because there are many opportunities there, especially for reinvesting earnings.
I think that's a really good way to approach setting goals! Look to build up to the point where you could realistically begin withdrawing small amounts to pay for bills and such, and continue building up until you're able to take care of basic needs each month! I really like that approach.
Interesting that you make that distinction, because it was something I just began thinking about. I get all these second layer tokens in my wallet randomly (don't know how they get there or why), but I'd like to learn more about them and what they can do for me - as well as what I can do with them! Right now, I'm focusing on amassing and staking $PIZZA, $BEER, and $LEO. What other ones should I be paying attention to?
CTP, POB, ARCHON, JAHM, so many to name from all the different tribes/communities.
And then there's tokens that generate dividend like INDEX and DHEDGE.
Some tokens have 'miners' that generate more of that token LEOM, CTPM, ARCHONM, etc.
I would say start staking any Hive Engine tokens you are randomly getting.
So you would recommend staking all of them instead of trading them around to focus on a few. Okay, fair enough! I'll start doing that and looking into some of those "mining" and dividend generating tokens for educational purposes. My ability to invest my own fiat is severely limited right now, so I'm taking my time to just learn, create, and hopefully earn a small amount here and there. Thanks, Joel!
Stake them all in the beginning, while you figure out which ones you want to sell and which ones you want to keep. You can always unstake them later and sell.
Luckily your ability to create quality content will compensate for that. :)
Staaaaaahp, you're making me blush!
Love these ideas 😍.
Re your conversation with @thinkrdotexe, I tend to focus on a few tokens and keep a fairly narrow portfolio. My favourites are SPI (@spinvest) and EDS (@eddie-earner) (can occasionally get these through the market, but more usually through EDSM).
We have a savings club on the @eddie-earner account - usually post Saturdays, sometimes Sundays - great for focussing on working towards goals and we love visitors dropping in 😍
I've been eying EDSM for a while now. That's the problem with Hive-Engine. There's so many good passive income tokens, sometimes some go on the waiting list. My aim is to have at least a 100 of those eventually.
I wanted to write a post for Saturday Savers ever since following @bearmol his journey. Count me in for this saturday!
Look forward to seeing you 😍.
I am building around with different projects but I probably need to start focusing more on just a few different ones. However I do think the HBD savings is also a good place to have some income and I am also putting some there.
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I know what you mean. Diversification can be a gift, but it can also be a curse, and if you go too deep down the rabbit hole, your funds can get spread out too thin.
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I do believe its possible with work put in and consistency
Good point. Consistency is an important factor in gaining a following.
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