Quit My Job For Steemit?
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