MY VERY FIRST POST HERE ON STEEMIT WAS CALLED "FROM $0 TO A $1,000,000.00 in 28 steps"
This was and still is the tracking sheet/table that we are using to keep track of our progress on this:
o Step 1: "Find a cent lying on the ground"
o Step 2: 1 cent-2 cents
o Step 3: 2 cents-4 cents
o Step 4: 4 cents-8 cents
o Step 5: 8 cents-16 cents
o Step 6: 16 cents-32 cents
o Step 7: 32 cents-64 cents
o Step 8: 64 cents-$1.28
o Step 9: $1.28-$2.56
o Step 10: $2.56-$5.12 (Call it $5 to make it easier)
o Step 11: $5-$10
o Step 12: $10-$20
o Step 13: $20-$40
o Step 14: $40-$80
o Step 15: $80-$160
o Step 16: $160-$320
o Step 17: $320-$640
o Step 18: $640-$1,280
o Step 19: $1280-$2560
o Step 20: $2560-$5120 (Call it $5000 to make it easier)
WE ARE UP TO HERE RIGHT NOW (Step 21)
o Step 21: $5000-$10,000
o Step 22: $10,000-$20,000
o Step 23: $20,000-$40,000
o Step 24: $40,000-$80,000
o Step 25: $80,000-$160,000
o Step 26: $160,000-$320,000
o Step 27: $320,000-$640,000
o Step 28: $640,000-$1280,000
Technically speaking, we have passed step 21, however because a lot of the money is tied up in goods for sale it hasn't been cashed in yet. Once we convert it to cash and the profits = $10,000, we shall have step 21 crossed out.
I am not yet counting anything from Steemit, because I didn't use the money from this here "project" to invest into STEEM. I took just over $9,000 USD from our house fund and invested it into STEEM, gave some to my wifes account, some to my sons account and kept the bulk here on my account.
If I was doing it now, I wouldn't have transferred the funds, just would have delegated it to them, however still being new to all this I did things the way I new how to and in a way that I thought was best for them to advance forwards here on Steemit. My thought trail was simple enough "get them over the 500 SP mark, so that they can control their VP. So in reality I did nothing wrong there, or at least I don' t think I did.
Anyway how do I plan on incorporating Steemit into our family goal of achieving the magical and mystical $1 Million Dollar goal?
We have opened an account for our kids here, basically a savings account type of set up. Once it gets to $9,500.00 USD we have given our kids the money that I "DAD" took from our house fund. After that I am working with money created and earned here on The Steemit Blockchain. Every cent after this point shall be calculated into the above table.
Sounds rather simple in theory, but the reality is that we are still a long ways to go til we get to that $1,000,000.00 mark!
Our son is helping out heaps in all this, by managing the sales of things via one of the local online classifieds services, that kind of cooled down a lot over winter, as everything does. Guess it's just that gloomy weather that affects the way people spend their money.
So as a simplistic little update report here on our long term financial goals and our "book keeping" in the process, as shown above this post here serves not only as an update but also as another little "intro" for all the people who have gotten to know a little about my family and me. So just keeping everyone in the loop on things.
Lessons learned so far in the process:
Saving isn't hard, it's keeping your hands out of the savings tin when the money is needed for other things. This money here is purely for this purpose and must NOT be used for anything else. Simple as that.
The rest is rather simple and straight forwards.
Who knows, maybe soon 1 STEEM will be worth like 25BTC!
As one of the great people I've met here once told me "You never know with Crypto"!!!!!
If that happens we can open up a bakery for the less fortunate, that could be a good way to make the fortune worth a lot more than just some numbers in a bank account!
To everyone who knows about our plans so far, there it is, an update without any flashy news!
To everyone who just found out about our financial plans, I hope that our goals can give some ideas about how you can go ahead towards achieving your financial goals too.
Thanks for reading, and hopefully we'll have an update with good news some time soon!
As the folks here say:
"CYA"
Good post..U took a good step by invest your money instead of putting into bank... great it yielded for ...as for your project for bakery to assist less privilege.... U will surely get there..
It's is possible..
Haha I came here to say this as well. You can even put it in low risks investments to help, at the very least, hedge against inflation.
Good luck!! :)
💸💸💸💸💰💰💰
Very good.
This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
Good stuff Jack! I never thought of using Steemit and Steem as a children's savings but it's a great idea! Thanks!
Upvoted and following :)
I just wrote up a little piece on the topic the other day:
https://steemit.com/money/@millers/steemit-is-the-best-place-to-open-a-kids-family-savings-account
Different people approach things different ways, as many of us have been indoctrinated into the banking systems and their approaches, we just adapted Steemit to the we we have been "taught" to do things!