I've Decided To Go Mainly Passive Income In Crypto

in LeoFinance2 months ago

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A few years ago I started on my journey to financial freedom. It was a rough road at first. I had lost my job due to cuts in 2008 and was the moment I decided I would start working for myself and taking the skills I had and putting them to good use.

It was shortly after that where I read a few books about finances and passive income. I knew it would be a long road but one that would be worth starting now. 13 years later that passive income now sustains myself and my business through hardships like we saw last year and it didn't come easy. At first I skipped meals, didn't buy anything, went around and picked up discarded items such as a keyboard once when mine busted and more. Every time I did this it ended up saving me money but I didn't want to just save money I wanted to take that one step further. Any time I picked up a free item that I would of had to pay for or a meal skipped I would take the amount that I would have paid for at the store or for the meal and put it into some form of passive income.

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At first that was a savings account to have a backup emergency fund first. From there it went into passive income in terms of dividend paying stocks. I didn't care much if the stock went up or down in price. Instead I cared about a long running history, how it did during the 2008 crash and possible future growth of the company.

At first it didn't amount to much a few bucks a month in dividend income was for sure not going to change things. It took years of dedication and commitment and once I started living that frugal lifestyle it became easier and easier. In fact it changed my perception on A LOT of things that I use to do in the past and how they where dumb and pointless such as getting the latest electronics.

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I wanted to tell that story because I often don't talk about it however it seemed fitting for the path I'm moving towards with crypto.

While I'll be keeping my assets in bitcoin etc I currently have I won't be touching those anything new earned is going to some how earn passive income. The amount of possibilities to do so in crypto has grown in the last few years and now feels like the perfect time to really get in on that.

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Passive Income With Crypto

With any type of passive income two things need to happen. A commitment of time/money and management. In terms of management however with some cryptos that can be much different so here are the ways I'll be building that.

CubDeFi At the moment even with the crazy wild swings happening in the crypto space Cub is actually holding nice and steady if not a small increase in value over the last week or two. I suspect this is because of the introduction to Kingdoms which now gives constant value/burn of the token instead of the one time fee. But not only that you can earn other crypto on top of it. CUB plus earning more crypto such as CAKE seems like a true win/win at the moment in which I want to double, triple or better down on asap!

Hive/Leo/POB/CTP etc. It might seem odd but in a way writing a article is passive income. It takes work yes but for 7 days that article now earns passive income. Not only that though those rewards than can be used to earn curation and a percentage income by powering it up of 3% or better.

Proof Of Stake I started this method a few years back when I built a low power computer. The thing only uses 8watts when not staking and about 30watts when staking. That's moved up a little bit to about 50watts now all the time as it constantly stakes multiple cryptos. This is one of the easiest passive income methods but it does take a bit of know how to setup.

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What are some other passive income methods with crypto that you know of? Drop them in the comments below.

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I'm going to put a small sum into the Dec/BUSD pool on cub DeFi because I'm a splinterlands player and will also earn SPS airdrop points for having liquidity.

💪 get that passive income!

This is my strategy as well - very good return for what is close to a stable coin pair (as long as you think DEC will keep to its peg).

I have been considering HIVE as a place for passive income. The other source I had before was Rplanet and staking NFTs but that kind of went away after they made the mining pools for each game constant.

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yeah the mining pools there are weird now and I don't understand it at all anymore.

Passive income is awesome! I try and focus on investing in cryptos that I can stake, because I love the juicy rewards! haha

Passive income is very satisfying once it starts to grow but it takes a little hard work to get it to that point. Currently I have slowly building a stake in the INDEX token from sales of other tokens I earn on the hive platform. Slow and steady is the name of the game. Take care.

Good to hear you started your journey around after the crash ;)

@tipu curate

lol, figured that's the best moment. Options to stack are higher now. thank you for the tip as well appreciate that!

Yep...
Unfortunately I’m the 90 generation...
So I was too long at those days...
It was just party people for me ;)
Now completely different...
Just give me my time to enjoy it ;)

Love this, I've taken a very similar approach. My passive income includes writing articles on Ecency, trading a few altcoins in the morning, mining XMR & BAT throughout the day while I work and even earning a coin for playing a game I like to play when I need to relax (Skyweaver). The idea of passive income almost singlehandedly revolutionized my way of thinking and quickly started to put some cushion in my wallet at a point where I was homeless shortly beforehand.

Do you have a link to the skyweavers game? Would be interested to check it out thanks!

Sure! https://www.skyweaver.net/

If you watch the video on their site and it seems like something you'd play, I suggest you check out the community Discord, that's where I got my beta access code.

Any chance you'd do a write up on the staking computer?

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I'm with you. I keep adding small amounts of fiat to my portfolio but what I really want is to be able to have this all pay enough dividends down the road to live on the interest. I feel I already have enough in there for it to happen but it's going to take a while.

In the meantime, I'm earning crypto on Hive via interest and curation. Leo is curation. Cub is dividends of CUB and CAKE and hopefully a few more in the upcoming weeks. I'm staking some LINK and ATOM which pay staking interest. I've also got a couple more that may or may not go that route at some point.

Another one is HEX. People bad-mouth the shit out of it but all it does is go up. I bought a decent bag of it around a penny and it hit 9 cents this morning. It's "advertised" as CD's on the blockchain and so far it's working far better than anyone could have ever predicted. It started like Bitcoin at zero and, like I said, it hit 9 cents this morning. You basically buy some and stake it for a period between a few days up to 5555 days (@15 yrs). The larger your stake and the longer you stake it, the more "interest" you are paid. The 15 yr stakes are set up to pay you roughly 40%/year for 15 years. If you end your stake "early", you pay penalties which are paid to the people who haven't ended their stakes early. Pretty ingenious actually. Personally, I think it's another one of those things that almost everyone should throw a little at, just in case. I just converted one of my penny flyers into more of it this morning. You asked for other passive income ideas....

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Oh yeah, I forgot to mention the dripcoins on Hive. LBI, UTOPIS, BRO, EDSM, LENM, LIST, COM and the rest. If and when the Hive ecosystem takes off, the dividends from just those investments may be enough to live off of in the years to come.

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