This is a very Tricky question to answer as there are several factors that are in Play when considering of you can Live of your Steemit Income. I am going to point out the two important factors in this Scenario.
First Point
Are you making Good Posts and is your Post earning some good traction when it comes to Payouts. This is an important Point as without a certain Amount of Payouts you can't Live of Steemit no matter where you are.
Second Point
The Place you are staying plays a huge part in all this. For example the Living cost in America is very high compared to the Living Costs in any Third World Countries. So your Geographical Location plays a huge part too.
Now all that being said my Personal opinion is not to take Steemit as a Source of Income for your Daily expenses. You may use the Money you get from Steemit for savings or other stuffs but do not try to Live off your Steemit Payouts as in a Cryptocurrency Market it could go down for more than 2-3 Months.
I cann't do that. I agree with your opinion
Currently if I took out my SBD earnings each week I will be able to live an OK lifestyle out of it but I am investing it for the Future.
In spite of I work so hard in Steemit I couldn't live with this earninga in anystyle of life. In my country, everything is wrong rigth now.Could you recommending something to invest my little money?
It depends on a lot more than that! Also you should consider the price fluctuations of steem the currency
I left that out as because if a person is on Steemit he/she better know about the Market Fluctuations.
I felt it was a given.
True that. Just when I thought I could live off of crypto, it went down. These things are unpredictable and always better to be kept as a side income.
Yes side Income is good for something's you want to buy like I got my Smartphone from my Steemit earnings
Well currently it is having a great impact in my life and I am loving it ,lets see how much importance does it gets in the coming days !
You have to keep at it. You need to remember that at the end of day it's your Time that you are investing on Steemit
One of the biggest factors for me is current price of STEEM, SBD was worth 8 times more than its current price at one point.
Yes that is True but right now the entire Market is Down so the Price rising again is a Good Possiblity
No, still i can't depend upon Steemit payouts.. but hopefully in future I will be to live off on steemit. but i want it to be a hobby as there's a lot fun here..
I have always thought of Steemit as a Part Time Job plus something that helps to pass Time.
I even have planned for the Future as I believe STEEM will Moon in the Future.
I also use it as a fun to pass time.. but I'm a student and I think i should focus on studies but may be in future it can be something like "job" for me ☺.. I also hope best for STEEM future..
I’m with you on this one @arunava Steemit should be a thing that you do on the side. The crypto market is very unstable you can earn lost of Steem only to have the value drop.
Yes the value may Drop but if the Tech is Right behind the Coin it will Rise again.
Right but as of the moment you shouldn't make steemit your full time job. Especially someone like me that just started.
I think you can provided you do the calculations of the ups and downs of the market, but then you need complete discipline in posting frequency and building up and maintaining your network. At this point of time it is little difficult but not impossible. Once the SP is stabilized at around 5$ then it would be much easier.
One thing that I was doing before was the 50-30-20 rule where I convert 50% of my SBD's to STEEM keep the 30% for Promotions via Bots and the rest 20% I kept for liquidity.
But now that the Market is Down I have changed it to 50-50 rule where I invest 50% back to Steem and the rest 50% for Promotions.
I feel a proper planning is also required for that to happen.
Yes very true to what you say
Yes right, i agree with your oponion
Big vote is not free
I never cash out my steemit payout. But i agree with you, better don't let steemit as the source of income. Find a job which really secure.
This post has received a 0.03 % upvote from @speedvoter thanks to: @arunava.
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@polm
Very Good Questions and Attention. It's true Your opinion Do not Prioritize the income in Steemit, Moreover we small fish, very much Different same big fish and whales. But in this Steemit We as a small Fish Need Struggle, patience and try Good Post let Attention from Big fish and Whales. Thanks @arunava
the answer is no
No. I have "enough good" job. )
You are right bro.We should not use steemit for our income we can use steemit as our part time job or fun.
Thanks for sharing your opinion with us @arunava brother
your opinion is very clear. I strongly agree it is a friend. Greetings for you
Actually, I recently calculated that with my Minnow Booster payments I could scrape by on what I earn here. As long as STEEM doesn't keep plummeting, that is.
I think you're right with the two points you make with regards to living off of your Steemit earnings, particularly point No. 2. No. 1 is important for long term earnings, meaning creating a sustainable longevity on the platform, but using those earnings to live on will always be driven by what your expenses are.
I've ran through the scenario of whether or not I could conceivably live off Steemit earnings, and the answer is, yes, but not for a long while. The minimum weekly amount I would need to convert to fiat (unless STEEM is readily acceptable by the time I can do this) is $800 a week.
That's based on some inflation and no new ongoing expenses. Otherwise, the minimum will be higher.
But I also want to be earning SP so I can increase my ability to earn, so it's not like I'm going to get to a certain point and start cashing out. I have to build beyond what I need, probably triple it, and then continue to add to that SP as I go, otherwise, I deplete SP too quickly and my earnings drop.
So, anyone hoping to live off of their Steemit earnings needs to take in account those factors and considerations.