So if you have been around youtube, you have probably heard the story of many people quitting their day jobs to work Youtube full time. Recently I got thinking that way with Steemit and what would it take for me to do the same. There are 2 fundamentals things that I would need for this to happen, income and stability.
Income
My current income with Steemit varies day to day. As of today, I make anything from $10 - $30 and 100% of it is being powered up. To have a steady income, it would have to be 50/50 payout, meaning 50% goes to my Steam Power and 50% goes to my daily transactions. To be able to pay all my bills/rent, I would have to make $200 a day. See Math Below.
$200 / 2 (50/50 payout) = $100 * $365 = $36,500 untaxed
Amount Taxed
$36,500 * .75 (capital gains tax is 25%) = $27,375
$27,375 * ~.8 (Normal Taxes ~20%, more if I get more) = $21,900 and that is the bare minimum to survive
Stability
Stability is the most important factor. Without the faith that I will at least get the same (or more) monthly income because Steems price stays consistent, you could potentially be doing the same work and get $100 one week and $700 another week. Because the price of bills are constant, it needs to be steadily constant to rely on Steemit (purely).
With the above said, If I consistantly can make $200 + for 6 months straight, I would consider potentially doing Steemit Full Time. The way that would happen would be if I gained a whole lot of followers, my followers got richer, or I got richer.
What do you think? Let me know below.
If you like this post feel free to "Resteem" this post and follow me at "https://steemit.com/@cryptowallet"
At least steemit is the best option. Think about how long it must take before a youtuber earns ten bucks on a video! The horror! Just stay consistent and post the best content you can, and I'm sure the results will bring you the confidence to go full-time.
If it's what you want, go for it. It's risky, for sure but there are no guarantees in this world (aside from death & taxes!)
Best of luck if you decide it's your goal & let us know how you get on.
I love that phrase "death and taxes" :)
Well, that's one good thing about them :)
hahaah death and taxes funny
And I agree, follow your hunch @cryptowallet ... It can also turn out to be more profitable than you are considering. Who knows...
How about finding a part-time job and doing both?
yup death and taxes... seems to be as the non-solution stuff
Nice idea to make a living from Steemit. I agree with many other comments: it sounds great but is not a good idea.
I don't like to put all my eggs in one basket and would recommend trying to create multiple income streams instead. That way you are not depending on just one source of income. This is especially true when considering the unstable nature of any crypto currency. It would not be wise to bet all in one place, even a place as great as Steemit!
I don't think quitting job for steemit is a good idea even your income from steemit is high. I do not want to be that pessimistic, but steemit is a new social media, no one know if it can continue running in the future. Say it will run at the following 5 years and you don't have a job and investiment to support your life, it will be horrible as you are not able to find a decent job because you are out of the market for a long time. You should treat steemit as a part time job for extra income only.
Seems to me that you're on your way to reaching your goals. If you can keep growing while keeping your job then quit once you get there. No risk.
Becareful, there are many post like yours. Things change and sure the price could go higher. But i was one of the first and it hit $4 and then to 16 cents sooo #justsayingthinkaboutitsomemore
Agreed. I would need probably at least 10x more followers (45,000) to be able to do this, and would take a year or two before that point. I'm really cautions, so thanks anyone who is telling me to be cautious as this is just a pipe dream right now, not a plan
Nice tought but I think that on Steemit we blog about our life's interests and our hobbies or jobs. There are many people making pretty much but yea, stability is the key, and it's highley experimental currently. What if the price drops? But that probably won't happen as the community is growing larger and larger. We might see a moon rise by the end of the year if this trends continues and I don't see why not.
I understand what you are saying. There needs to be a sense of stability when it comes to earning money. As a freelance writer, I use Steemit as one source of income. I have work coming from UpWork and Freelancer. Plus, I have some agencies that throw me work at times.
For me, depending on one platform as your sole source of income seems risky, no matter what the platform is.
Correct me if I am wrong, but in your calculations with the $200 a day with 50/50 split, $100 a day times 365 = 36,500, you didn't factor in the other 50 percent which is SP. That much steempower adds up in a hurry in upvote power which equals money.
Great point, I think we all overlooked the power of curation rewards!
Only quit your job if your assets pay for all your liabilities (assets) are something that cash flow while you sleep 😴 And I don't think Steemit is an asset right now
I would only quit my job in case Steemit full-time would paid me at least 3x my minimum needed wage and at leat 2x my current salary. Seems a lot but I think less would not worth the unstability risk.
It also depends of the probability of be able to find another job with the same conditions if necessary.
Many people have thought this way about YouTube, it is not a good road to travel, as everything on social media and the like can change overnight. It may last 5 years then it goes bust, not saying it will as it is doing great. So as I tell lots of people don`t put your eggs on one basket, keep doing what you are doing and use steemit as a second income for your mad money or whatever.
I'd be inclined to think (and I am far from an expert) that you might have to diversify your income streams. However, what is interesting here is that it is such a new platform and there could be opportunities ... will you become the next pewdiepie? :) That's a bit of a stretch though. Good luck though :)
Best answer so far. The secret to financials success is multiple streams of income. If you only have one then you are actually in a very bad place financially.
I recommend at least 5, if not 7, streams of income that are healthy and productive with little effort on your part.
You raise some valid points here.
The way that would happen would be if I gained a whole lot of followers, my followers got richer, or I got richer.
I feel reaching your goal has more to do with the type of followers rather than the number. Imagine a scenario where the majority of your followers find what you have to say interesting, and vice versa. They upvote your posts and you upvote theirs. They grow, you grow!
Here I am only stressing on the fact that it is important to ultimately end up with followers with the same interests as ours.
All the best!
Don't do it. If you exist on your minimum, you'll never save anything, no retirement, no health benefits, forget having a family...Unless you marry rich! in which case that changes everything :)
Steemit = profit
I say, think outside of the box.
Steem is a great platform to build an audience, but a terrible place to build a job or business. Lots of people quit their job to make money on youtube, and lots crashed and burned when YouTube changed their terms.
Same happened with Google and Adsense back in the days.
Same could happen with Facebook any day.
Same could happen with Steem.
I'm planning to leverage Steemit to grow my audience and my personal brand, but you gotta have a direct line to your tribe and a way to monetize their attention on your own term.
Otherwise, you're just ditching one employer for another, and you remain at the mercy of someone else's policy and business interest.
Something to think about.
Very true.
I think you've done the math pretty well, but most of the comments here hit the nail on the head. Just be patient, build a solid community and watch the market price.
We all want to see you succeed and consider myself your newest follower!
Just be careful and perhaps if you do decide to work here full time, consider a part time job just as a back up for steady income and the have a fall back plan in case of a market price crash. Best of luck!
Up voted! I'll help you get there! Happy journey!
Congrats and good luck. It would be my dream to do the same, maybe one day.
Best thing is to post on several platforms : YouTube, Dailymotion, Steemit, etc. and soon maybe Facebook ?
Wow ooooooooooooo that will be good no more yes sir master again
I think the best approach is to work on multiple outlets of different income streams, no matter what size you get to. Nobody can predict the future and know what platforms will be around or profitable down the road.
Good Luck!
Nice post...
Don't quit your job at all if you've got one, you're lucky, there's no guaranteed income with Steem or any type of job where you're working on your own. At least if you have a job you'll have something to fall back on. Maybe, maybe if you were getting way more than that each week you could easily afford to do it full time, but it's like with all this stuff, keep your options open so you don't fuck yourself later on.
I would love to work full time on Steemit as well. We'll get there with consistency.
the way i see it, it will be 2-3 years before we will be able to live off this platform
When I'm become famous in steem, I really will resign my job :D :D :D
Good luck, keep us posted!
I don't know what job you are doing for living but honestly i would advise you to not quit and wait maybe 1 years to establish a good comunity and see where steem is in the market because its very volatile ^^
I was thinking about this too, especially if you do what makes you happy, doesn't even feel like work even spending hrs doing research, writing articles and best part you don't have someone who tells you to do things that don't make any sense whatsoever but you have to do it because ''book'' says so :)
I would recommend having at least 6 months worth of fiat saved up before considering this.. Good post though
Good luck 👍
hmmm... you might just want to just think twice and then again before deciding to quit
Nice post I hate my job if I could quit to steem all day hell ya I would. But anything can happen if you can continue to drop amazing content the world is yours my friend. At the end of the day do what makes you happy. 🙏🙏🙏
Wish I can do that instead of studying or working part time and just rely on steem for some extra spending money. But I take pride in the fact you can also earn a lot on steem with regards to knowledge.
I wouldn't do it quite yet but I love your optimism. Maybe one day, you never know.
I think Steemit doesn't require quiting anything else. Youtube, blogs and freelancing take hell lot of time and effort. Steemit is far easier and friendly because all you need to do is to produce good content and engage with the community. It can be used with any other job or passion I think. The best case scenario would be to pay the bills with one stream of income and live a life with another.
I read that it's better to take steem 50/50, covert on the market then power up, rather than just take steem power 100%.
Yea for sure. As long as its a stable income you are good to go. It might take a while to get to that point but aye its possible.
It is good that you have things clear and a good plan for the future and you should have another plan of support in case of making that decision, in Venezuela with 200 $ we would have to live 2 or 3 months with the basics things.
Good luck my man! I could maybe do it if I lived in a "very" cheap place, not in California though!
I've been thinking the same way but steemit would only be part of that equation . The great thing about bitcoin is that it has opened up a secondary market. Miners can get paid to run their machines and traders can get paid buying and selling all types of coins.
$170 dollars worth of Steem last september is worth about $2,500 now.
You have to just spot the trends, have patience and no when to not be greedy.
JUST DO IT believe me ,I did the same and it worth it. I did this sience 5 months trading ETH and BTC it was not easy but what could be worse ,you take another full time job .
Am sure most people here would be supporting you. No right or wrong, as long as you can sustain yourself. Those with families might find it hard to leave their safety net (current job) for Steemit as the uncertainty is high. But should you succeed, you would inspire more to go down this path.
I would play it safe. As another poster said, nothing is guaranteed. It could be the best decision of your life or it could play out terribly. I would at least wait until you have a consistent stream of earnings coming in while also working on diversifying your avenues of income in other ventures before making the leap to full-time.
Not only for steemit, but for all business ideas
" don't put all your eggs into one basket "
.
Other than that.
Good to go, and happily steem it ))
I think if thats,what you want to do then just pull the trigger, you have to make it happen, if you keep saying "one day" that day may not come...
Who knows what $1,000.00 in your wallet today could multiply to in 10 years, we should all start looking to become self sufficient as automation will replace the service sector and lead to a shortage of jobs. We are all creative in nature and most people do not get to express themselves in their job, this would be a great way to make a living!