Building Wealth with Hive: My Quest for 1 Dollar
What Does it take to make a Living out of HBD Savings?
Goals are important as they will serve as our guide as we progress and will also facilitate our growth. Just wandering around without a specific goal would leave us feeling lost and less productive.
I saw a lot of financial goals being posted lately that also made me interested to set my own. This prompted me to check my HBD savings and I realized that I am getting almost 4 dollars of passive return a year. Reminded by a post that I read on LeoFinance a few months ago, I can’t help but imagine the possibility of making a living out of HBD savings.
The Minimum Return
To start things off, I first considered the legal minimum daily wage in my country which is around 7 USD. This may be more than enough in areas where the cost of living is much lower where most of their daily needs are provided by the environment. In my case, however, I believe this should be at least 10 USD a day.
So, for me to make a minimal living out of HBD savings, it needs to yield a passive return of at least 10 USD a day.
Doing the math, I should have at least 18,250 HBD in savings to yield 10 HBD per day. That’s a hefty sum in my 3rd world country and is currently equal to more than 6 years of minimum salary.
I can make a goal of setting to achieve this 18,250 HBD in savings, but it would be impractical. And I am sure that it would leave me disappointed early along the way making me accomplishing nothing.
This leads me to think of an easier and more realistic goal that I can achieve in a few months to a year. So, instead of 10 dollars a day, I made it 1 dollar a day. Still, it is a pretty high jump so I divided it into smaller steps. :)
My 1 Dollar Goal
To start things off, I checked my current savings and it is 19.342 HBD. It is currently yielding 3.868 HBD annually or around 0.322 HDB monthly.
Step One: 1 HBD a Month
As a starting step, I need a simple achievable step. I need to raise this to 1 HBD a month. For that I will also need to have a total of at least 60 HBD in savings. That is very highly achievable and would give me a nice encouraging pat in the back as I achieve it. :)
Step Two: 1 HBD a Week
The next step would be to raise that from 1 HBD a month to 1 HBD a week. That would require me to have at least 240 HBD in my savings. It’s 4 times more than the first step and it may take me a few months to achieve, but still highly achievable.
Step Three: 1 HBD every 4 Days
I initially thought of aiming for 1 HBD a day on the third step but it seems it is a far leap from my second step. So for this one, I am aiming for 1 HBD every 4 days. Again, it is not too far from the 250 HBD marker. If I can achieve my goal in the previous step then this is a matter of repeating it.
Step Four: 1 HBD every 2 days
This step will require me to double my savings as compared to the previous step. It looks like a big leap, however, it is similar to the third step. If I would be able to complete the third one, then I can definitely do this too.
Step Five: 1 HBD everyday
The pinnacle of my current goal is to have at least 1 HBD every day. This would means a lot in terms of financial and non-financial aspect. A passive income of 1 HBD per day in a country where the minimum wage is 7 USD is a very big deal.
How will I achieve it?
I am currently active curating and commenting contents almost every day, but my HP is currently low so most of this would be coming from my author rewards.
How about HP?
I have a previous 1,000 HP quest before. I was not able to achieve it on time but that will not stop me from reaching it. I currently have 300+ HP and from the current look of things, there is a high chance that I would reach 1,000 HP before hitting my 456.25 HBD milestone.
Closing thoughts
In order to achieve this goals of mine, I will need to create quality contents that is worthy of your up votes. By doing so, I will not just achieve my financial goal but will also certainly improve my skills in writing.
I will be hitting at least two birds with one stone.
I wonder how many articles I will be authoring before I would achieve my goal.
I hope to complete this goal of mine to encourage more members of our community to also set and achieve their goals.
It may take me months to a few years to achieve my goal, but it is a price I am willing to pay for a passive return of 1 USD a day.
How about you, have you set any goals recently? If so, what is it and what is the price that you are willing to pay?
That's all for me for now.
Thank you for taking the time to read my post. I hope it is worth your precious time. :)
Attributions:
Main Image background is Photo by Towfiqu barbhuiya on Unsplash
Minimum Return divider image is Photo by Towfiqu barbhuiya on Unsplash
1 Dollar divider image is Photo by Alexander Grey on Unsplash
ListNerds logo on ListNerds banner belongs to ListNerds
Cartel Banner belongs to the OneUp Cartel
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This is great, I'd love to start putting aside some Hive to go into HBD. My thoughts were to build up as much liquid Hive as I can now that they're only 50 cent, then hold onto them until the price raises, then convert it into HBD. If Hive reached 1.20 or 1.50ish that would be a good amount of HBD, then my plan was to do what you're doing and put a portion of the HBD into savings each month to get a consistant return throughout the year.
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That is certainly one way to do it. That's over 100% gain.
I believe that Hive will also rise in price but I would probably transfer some of my HBD to savings just to be safe.
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I don't know if the 20% APY on HBD will be sustainable, I think over the years it might double down, but it's definitely huge and one can make a living out of it. I have a long-term plan of owning 10k HBD in the long run. It's hard though.
@tipu curate for your efforts.
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Upvoted 👌 (Mana: 33/43) Liquid rewards.
It's more of an accomplishment for me.
Even if the APY will drop to 10%, or even lower, as long as it is higher higher than the USD inflation then I am okay with it.
Plus, it is a stable coin. It will not just lose value.
Thanks for the curation. I appreciate it very much. 😊
!CTP
You're right, 10% isn't still bad. Since it's a stablecoin overtime I hope we attain close to a 99% stability.
You're welcome
This is a nice way to make seemingly scary goals into a more achievable ones. I wish you the best as you work on them. I believe in you :)
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I appreciate your encouraging comment.
I want to point out that this is not only a financial goal but also a self-improvement goal. 😊 I want to be able to write an article (1k-1.5k words) of quality content in an hour. 😍
Thanks for the visit and taking your precious time to read my humble post. 😊
!PIZZA !CTP
And that is a very worthy goal, double purpose so to speak. I believe you can and you will. So cheers to you :)
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That's a nice quest. Good to break it up in smaller goals as well.
I've also been stacking some HDB as well since the APR went up to 20.
I'm at 461 HBD at the moment which results in 92.2 HBD per year, 7.68 HBD per month and 0.25 per day.
I also have some Liquid Hive in order to be sold for HBD @ $0.90 and $1.
My goal is to have 750 HBD by the end of the year.
Do you already know the #saturdaysavers club?
Ohh that's good to hear. I am getting more inspired. 😊
I read the tag more than once but didn't have the time to check it out. I will be checking it out now that you've mentioned it.
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