Pay off or reinvest?

in #steempower7 years ago

I need to pay about 47000$ debts as soon as possible. I made some litll profit here on Steemit and I think I could earn few dollars more every day. For now I am wondering in I should withdraw all profits and pay my debts or maybe I should invest and bulid Steem Power?

I would like to invest in Steem Power but I feel that I should withdraw profits and all send to my credit cards, even it's not much.

Would be so nice to earn more here but for now I am happy that I earned even just few dollars, it's good start and I am positive with this.

For now while writing this I think I should not reinvest because my Steem Power will bulid too. I will withdraw all my profits and send them to my credit cards.

The most I need pay about 13000$. On my Steemit account I have something to withdraw so I will do it, I will start pay my debts!

Do you invest in Steem Power or withdraw all profits from Steemit?

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you vote helps me to get out of debts... thank you

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I am in the same boat. So, in my humble opinion, since the default payout for your posts is 50% SBD and 50% Steem Power, in order for this to help you pay off debts faster, I wouldn't invest anymore in powering up until you determine that you are in a good position to pay off that debt. After all, you are getting Steem Power every post anyways, may as well withdraw what you can, pay off that debt, and then try and turn this into some additional income!

I hope my little thought process helps!

Also, I am going to resteem this to help you get some more votes! (maybe...)

I give all my posts 50/50 and I will withdraw all and send to my credit cards. Would be great to earn here about 1000$ a month but I know that it's not so easy. Thank you for your reply and for your help. I hope that you will pay off your debts too. Good that we have Steemit!

On one hand the interest rate on CC debt is enormous, usually at least 10%. On the other hand, Steem Power allows you to earn some Curation Rewards, to increase your author rewards by selfvoting (if you're comfortable doing such a thing).
So perhaps to split your gains on Steem by 50% for reinvestment, and 50% for debt repayment, you're choosing the middle ground for both risk and reward.

My CC cost is 10% a year. I calculate all again and to make it less I should earn here 780-1000$ monthly, than my debt would be not growing. I decided to not invest in Steem Power but I will not make power down and it will be my reinvestment. Sometimes I upvote my own posts but I use my voting power for others too. Thank you for your reply. I think you are right with this 50/50 solution. If I would get 35000 Steem Power than my vote worth about 3$, 10 a day it gives 30$ and that would be great. For now I don't have even 10 SP :) I should get 35k SP. If I will get so much SP than I think my debt problem will be not soo big because during this time I will earn many dollars too. I know it's not so simply here in Steemit, I do all what I can. :)