Doing HIVE Full Time?
One of the things I love about Hive is the fact that what you might have planned to write about on a particular day can change in a heartbeat. It might be a well written comment by someone, or a life event that you just have to share with your followers on here. There are countless other reasons that your blog can suddenly take a different direction.
It is your blog after all, why not do whatever you want with it?
In my case, it happens to be one of those great comments that leads me to this post today.
I mentioned the other day that stacking Hive has almost become second nature to me. I don't really even notice it anymore. Sure, I got in and I collect my rewards each day, but that is about it. The Hive gets staked as power and the HBD gets thrown into savings. There have been a couple of times that I thought about powering down, but the idea of growing my account always wins out.
@forexbrokr made a great comment to my comment asking me if I had a number in mind where I would be comfortable pulling an income off the top of my Hive earnings. I quickly pointed out that I live in the US so the number would have to be pretty high. I threw out the random figure of Hive at $50 just because it was the first thing that popped into my head. Then I got thinking about it some more, and here we are.
@forexbrokr replied to my comment pointing out that 10% curation on 100,000 HP with Hive at $5 would be $50,000 per year which is more than the average American makes. While that is true, I have some issues with that number which I will get into whether you like it or not :)
First and most importantly, while $50,000 is a very acceptable number, it is less than what I am making at my current job. Now, I have a pretty cool job. It allows me to do this Hive thing as a hobby and it provides a good life for @mrsbozz and I. Most days I don't hate it and the stress level is pretty manageable.
My point is, if I am going to leave that behind to do Hive full time, it needs to be better. Sure, I might have more time to myself during the day, but if I am going to go all in on this blockchain thing, it needs to be life changing money for me. Call me greedy, but I am talking double my current salary.
Okay, don't call me greedy, instead just call me practical. We all know how volatile this cryptocurrency thing can be. Khal has pointed out in several AMA's that businesses need to have something like three years of "runway" to weather the bear markets. The same holds true for us. If I take a 20% pay cut to do Hive full time, what happens when a correction or bear market his and that 20% cut is suddenly a 50% cut.
No, for me, it needs to be life changing numbers.
I just looked at my rewards from today. With just about 40,000 HP staked, I made about 14 HBD and 37 HP from my post a week ago and my curation. I'd want to keep my account growing, so powering down all of that HP isn't an option. Let's assume I can make about 40 HP per day five days a week (since I don't usually post on the weekends). Now let's assume that I am going to power down half of that per day.
At $20 Hive that would leave me with about $1400 per week on average (after assuming 30% lost to taxes). That isn't too bad, in fact it might even be twice what I am currently making at my full time job. Maybe my pie in the sky number of $50 per Hive was a bit inflated.
Watching it crumble
There was a point a little over a year ago that I was making some life changing money. Between a couple of projects over on the WAX blockchain I was pulling in my bi-weekly salary every three or four days. Unfortunately, we all know what happened... I was putting those funds into other crypto like NFT projects and Cub DeFi. The NFT market went cold, the price of BTC took a major dump, and here we are today making the same number of tokens every three or four days, but at a fraction of the value.
It might have been easy for me to just call it back then, retire early and get ready for a life of luxury. Luckily, I knew better. I knew it probably wouldn't last and while I wish now that I had put more of that crypto into stables, there isn't too much else I would change about that time.
Knowing my luck if I had put those funds into a stable it would have been UST and we all know what happened there...
I do wish I had pumped more money into Splinterlands, but I did put some in there, so I can't complain. Cub will recover eventually I think, and who knows what happens after that.
Anyway, my point is, if I were ever to do this full time, it would have to be life changing money. I'm talking at least double what my wife and I make combined kind of money. Enough money that we can maintain our lifestyle even when the markets are down. I've seen far too many people think they can do this Hive thing full time over the years and end up getting bitten by it.
Sure, some are doing it, and my hats off to them. For me though, it has to be a sure thing or at least a 95% sure thing!
Sports Talk Social - @bozz.sports
What a wonderful dream! Make a living out of Hive! Personally I would be already very happy to earn enough to cut my full time job to part time and only doing a 4-days-week.
But as you said this needs Hive to get much higher.
On the other side, all the Hive we already earned will be also worth much more…who knows maybe that’s in a couple of years just the Joker we need! ✌🏻
I would be totally okay with that. Yeah, like someone else mentioned, the better question might be where do I need to get my HP to be able to survive full time in markets like this.
Posted Using LeoFinance Beta
That's a really good point. It needs to be life changing or it makes no sense. Also the curation returns need the be 10x what the author returns are. Then You maybe know that you can take your foot of the gas a little
Yeah, until then, I am just going to keep chugging along. Not much point in doing anything else!
Posted Using LeoFinance Beta
I believe that is the beauty part of the hive blockchain when seeing your account grow and the aim of powering down will look more difficult in doing so except maybe there is a need of an urgent financial situation that needs such action to occur in powering down.
Yeah, luckily I haven't quite been to that point yet.
Posted Using LeoFinance Beta
Great Post!
!1UP
Click the banner to join "The Cartel" Discord server to know more!
You have received a 1UP from @luizeba!
@leo-curator, @ctp-curator, @vyb-curator, @neoxag-curator, @cent-curator
And they will bring !PIZZA 🍕.
Learn more about our delegation service to earn daily rewards. Join the Cartel on Discord.
PIZZA Holders sent $PIZZA tips in this post's comments:
@curation-cartel(14/20) tipped @bozz (x1)
You can now send $PIZZA tips in Discord via tip.cc!
It is a volatile thing, but building up seems like the right option. In places like Venezuela where infkstikn has gotten so bad, having something like HIVE at a minimum of 1$ is a life changer and we can manage a lot with our jobs and having this side option. A lot of my workshop tools and materials have been bought with HBD and HIVE. Then, the thing about getting bitten is true. Exerting pressure over creativity is tough and without discipline will lead to blocks and else.
I do like the number of Hive at 20$ as a realistic value, but it getting to 50$ would be beyond awesome. And why not? There's a lot of value lying around here and other cryptos have higher values. Of course, those are older than Hive.
I totally agree with you! $1 at a minimum seems like a no-brainer. $10 to $50 totally reasonable as well. I think it is awesome that people outside of the US are able to do life changing things with what they earn on Hive. That is what this should all be about.
Posted Using LeoFinance Beta
Well, a lot of it was through power downs when the price of Hive was around 1.5$. But still, the idea will be to have a base value that helps both use some of the earnings of real life and the rest as stake.
Sounds like a very sound idea!
Posted Using LeoFinance Beta
I view Hive income as supplemental retirement income; not something to live on now, but it might help support me after I retire. I mean if I could live on it now, that'd be awesome, but I don't see Hive going up that much anytime soon (I'd love to be proven wrong).
Wouldn't we all! Yeah, I joined thinking it was going to be one thing and it has turned into something totally different. If I have a big enough bag to allow me to do some fun stuff later in life, then I am good with that.
Posted Using LeoFinance Beta
For me, it's a slightly different question: how much HP would you need to hold to sustain the income you need/want when Hive is in a bear market?
I might have misunderstood your calculation, but you only mention author rewards and no account of curation rewards?- I re-read the post!That is a great question. I think you are talking HP in the millions at that point though.
Posted Using LeoFinance Beta
It's more likely that there's an intermediate stage for many of us where Hive provides a nice additional income.
Amazing food for thought @bozz but I'm like you; it would have to be life changing money. With that said, that keeps me grounded; because I know if it were that easy then everyone would be doing it - yada yada.
What I am stoked about, is that if folks like us hardcore HIVERS stay the course; we are setting ourselves up for the possibility of life changing money to have for our retirement.
To be clear, life changing money is different for most.
!CTP
I totally get what you are saying. Yeah, I am hoping this can be a vehicle to get me where I want to be, not necesarily the whole kit and caboodle!
Posted Using LeoFinance Beta
Nah, Hive as a full-time job would require me pulling $70-100K a year...consistently.
It makes more sense as a side hustle for most people living in the US and other more developed places.
I totally agree with you!
Posted Using LeoFinance Beta
Thank you for your witness vote!
Have a !BEER on me!
To Opt-Out of my witness beer program just comment STOP below
View or trade
BEER.Hey @enforcer48, here is a little bit of
BEERfrom @isnochys for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.You should maybe skim a little bit every month just in case it all goes tits up - like skimming 10% isn't going to earn you a great deal less with 90% still ready for the moon - but at least if it all goes to near zero you've taken something out!
That is a very good point. I will have to keep that in mind!
Posted Using LeoFinance Beta
I've been doing it for a while now - just skimming a little, selectively when there's some micro pumps.
Bought me a house in Portugal, so at least I have something!
That is awesome!
@liotes posted a blog yesterday asking the same thing.Could you live on crypto? For me the answer would be NO.Those who do live on crypto Kudos to them it pays there bills.The numbers as you have said have to be close to what a person is making now or better.
yeah, my answer is no and at this point in my life I would add, why would I want to? Now as far as a supplemental income. That is a whole other story!
Posted Using LeoFinance Beta
HIVE is volatile. It's hard to rely solely on that to make a living. I had a few good months where I could say I lived entirely off my Hive rewards, but now it's almost impossible. Maybe in five years or so... Who knows. Not even HBD is stable. It's a great project nevertheless.
I think there will be a day when things are a bit more even keel. I think you can manage the volatility if the price is right and you plan well. Right now, it just doesn't fit into my plan.
Posted Using LeoFinance Beta
I have always thought of hive and any crypto earnings or investment as either being life changing...or not. In other words I'll hold whatever I acquire until it's worth enough for me to retire and either it will happen or it won't.
I have thought of reaching a point where I would start skimming 50% to put in something stable
..whatever that might be. Gold maybe? But even to do that I feel like I should be making at least the same as the take home pay of my "real" job. I'm still a long, long way away from that so I don't think about it much right now. Now if hive goes to $100 that's another story...In the mean time, I'm powering or putting into HBD savings everything.
Sounds like we are both on the same path! Best of luck to you stacking!
Posted Using LeoFinance Beta
https://twitter.com/mypathtofire1/status/1550150073346048006
The rewards earned on this comment will go directly to the people( @mypathtofire ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
You are forgetting the 3% APR which adds up quickly as it pays continuously. I think once Hive hits double figures and you convert some into HBD things will definitely start looking up. A $25 Hive with 40 000 HP could easily change things for you very quickly at 20% even if it drops to 10 or 15%. I think just growing the stake and playing the waiting game is the best option long term as having 100K HP is within reach.
The crawl from 30k to 40k HP has been miserable. I think it has taken me two years and I am still not there.
This is a great goal, for sure. For me- its a side thing. But hey- you never know where the market will go!
Indeed!
I totally get what you're saying. And it makes sense. We have to be practical. Have to look at all of our expenses, etc. I am not working right now. My husband is retired and his Social Security and pensions are able to support us. However, we live with my Dad so we aren't paying rent. We have picked up paying for groceries and utilities. If we weren't in the position we are in I would have to take a full time job. I am still considering taking a part time job. It was nice this last tax season having that steady money coming in every couple weeks when I was helping my cousin in his tax office. No, I wouldn't call you greedy at all.
!CTP
!ALIVE
@bozz! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @lisamgentile1961. (9/10)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
Good Morning and Thank you, @youarealive! Enjoy your day.😀
It sounds like you are in a situation that is perfect for you at this point in your life. Perhaps in a couple of years crypto can give you some more clearance to achieve even more!
Yes, it is overall. We are very grateful. And it doesn't hurt that we are homebodies for the most part. That saves some money too. That's why I keep stacking the crypto as much as possible. I have a good feeling about it.
Happy Sunday! 😀
That was exactly the reason why I began working in crypto... To earn life-changing money! Any other "ordinary" job was nothing more than it says... a job that brings food to the table, me chasing the inflation and losing the race, standing in the same point for decades of my life... Yes, it has ups and downs, bears and bulls, but what can we expect from it? To be easy to do something life-changing? :)
I have picked this post on behalf of the @OurPick project and it will be highlighted in the next post!
Very true, nothing worthwhile is ever easy!
I would need HIVE to be worth about 10x more than it is today and blog six days a week. Powering down wouldn't be an option for me either but as volatile as the token is my plan would be to regularly dollar cost average new rewards into enough fiat for immediate expenses and the remainder into Bitcoin. I was doing this in 2016/17 and it worked very well.
The way it is currently you would have to power down or just use your HBD rewards since your Hive gets powered up automatically right?
Correct, back then you received liquid rewards for both tokens but the way it’s structured now it would just be HBD. Considering that, a strategic power down every so often might be a good idea.
Your content has been voted as a part of Encouragement program. Keep up the good work!
Use Ecency daily to boost your growth on platform!
Support Ecency
Vote for new Proposal
Delegate HP and earn more
I think it's possible but to do it on hive alone would require a massive investment of time, money and effort. For me $100 a day would be the minimal goal to live off of. Some people might think I'm crazy for saying that but really I'd prefer to be at around $200 daily in hive income to live decently and do the things I want.
It also comes down to if Hive can hold it's price. There was for a short moment where I thought I was going to retire lol Hive hit $3 which was massive and the earnings per day on posts, comments, curation and staking rewards added up to nearly that $100 figure on a steady level. At the moment however it only pushes about $25. Still lots of progression that needs to happen and HBD does help a bit with its 20% APR but granted you can't fully count on that number to always be there either. Possible yes, given enough time but I'd like to mix in other options in there as well.
Posted Using LeoFinance Beta
Hive at $3 was pretty awesome but short term doesn't really interest me. I want long term sustained pricing above $5. Like decades above $5. 🙂
I also live in the US so I understand what you mean. I just don't think it's feasible for me right now but who knows what will happen in the future.
Posted Using LeoFinance Beta
For sure!
Well said man! Me as well. The job is good and the money is good so I’m not ready to jump ship and do this full time so I’ll take what I’m doing now, and posting and commenting on the after hours and weekends for me. It’s allowing me to grow my stack nicely and hopefully one day I’ll be able to cross the 100k HP mark! Not likely any time soon lol but that’s the good part, I don’t need it soon! So just taking my time and doing all I can to power up and earn the rewards I can for the future. Hopefully the token price doesn’t go incredibly low but even if it does, that means we can earn more per post in a quantity perspective for future benefits.
Posted Using LeoFinance Beta
I've seen it at $.18 or lower, so anything above that is fine with me. 100k HP would be awesome but I am probably a decade away from that based on my current growth rate.
Oh for sure, I remember when it was hanging out at .11¢! I’ve never sold to fiat and hopefully won’t have to until I’m ready to start taking profits whenever that may be. Just enjoying the ride!
Curation rewards certainly help to give things a little bit of a boost to get closer to those goals. I’m hoping with any luck I’ll be able to cross 25k HP this year! Getting closer to 22 right now, so fingers crossed!
Posted Using LeoFinance Beta
You got this!
I'd not do it if I would have to pay the bills from it, but for me, Hive (and projects around it that gave me work) have been my focus fulltime. I of course also do other stuff on the side but my main income comes from Hive related stuff. I have a boyfriend that works fulltime to get in the fiat money though ;) :)
That's crazy. The price is nowhere near where it needs to be for that to be feasible in the US.
I have to add to that that my work for CineTV comes in crypto, but it's an hourly rate, so if crypto is down this week, I just get more crypto. With the other thing, it's also a USD amount so that helps.
I can't count on the Hive rewards currently to be helpful in a matter that I can eat for a whole week from that for example. Some weeks, I could maybe but mostly, it would go up in smoke after 1 visit to the supermarket. So what is earned in Hive/HBD, I try to move into other HE stuff or build HP etc..That's just the best way to go currently I think..
But I also remember on my old account earning more than 2000 usd a month for a while when steem was up high :)
That is pretty darn good! I've never been at that point with Hive.