My Financial Goal with Crypto

Well, “gain financial freedom”, yes, that's my goal with cryptocurrency in a nutshell.

Easier said than done, right? Otherwise, everyone would be Warren Buffett, which is nearly impossible. Nearly, I emphasised. I could've said it's entirely impossible, but the other day I read about Warren Buffet's opinion on Bitcoin and other crypto and thought, yeah, that's 'Rat Poison Squared' is pretty dope.

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Photo by micheile dot com on Unsplash

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Anyway....

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So, what's this financial freedom concept? What do I imply by the term 'freedom' here?

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While many of you can call it having plenty of money, I have a different attitude toward it. To me, it's a state where I don't have to be worried about the continuous flow of money enough to address my desire for luxury. So, it's not endless but a substantial amount that reinforces my immediate savings and gives me peace of mind that I am earning some while I am sleeping or responding to my friends via texts, or even relaxing on my balcony with a hot cup of coffee. And yes, that's too in the next 3 to 5 years. So, most importantly, I must be strategic with my decisions here on Hive. Understanding the ecosystem, being a part of the chain, and developing the ability to foresee the financial culture like a shaman.

That's not too ambitious of me, I guess. Already we have a good number of crypto enthusiasts here, making it a reality for them to live the life of their dreams; it won't hurt their sentiment if I add to that number cause I believe we all have a fair share here- you have to get the traction timely.

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Okay, what exactly is my plan to march towards my goal of financial freedom here?

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Blogging

Firstly, continue blogging to earn those handsome rewards regularly. Since it takes time and effort to produce quality content, I am not sure if I can do that daily, but of course, I will try to do my best to write at least 3-4 blogs a week. That's around 16 blogs in a month and if I am lucky enough to get a minimum quantity of rewards for them, say, around $30 each, that'll be ~$480 after a month. After distributing curators' shares, it will be around $240 divided into HP and HBD. So, in 3 years, it will be (240x12)x3=a lot HPs and HBDs in my wallet.

While HPs will help me earn small yet steady rewards from my curation trail, which will increase over time as more HP is added daily, I can leverage HBDs to do some trading after converting them to Hive.

For Hive Blockchain, I consider blogging the best way to earn a fair sum of rewards, curation coming the next. But blogging is better as not only does it help you earn rewards, but it levels up your reputation, which is vital in maintaining a respected position in this ecosystem.

And yes, engagement is the easiest way to earn some extra rewards, and it's really helpful when you are on a mission to be a reliable face in the communities.

Trade

Trading is surely the fastest way to attain financial freedom here in Hive, but it's not for all. And I consider myself among those unlucky ones who can't crack open the mystery behind those candlesticks.

Well, sometimes I do— like I have some success stories up to my sleeve, but it's nowhere close to gaining monetary independence. And it has made me realize one thing about my trading journey, if not many, which is, I need more time, a hell lot of it, to learn the tricks here.

So, for now, I am not up for trading that much but preparing myself for the future. And LeoFinance has enough resources and helping hands to make my journey smooth over time, of which I am passionate about and willing to offer free labour at any given time.

SPS and Leo have been my favourite tokens so far and I can sense that they have better ROI for small to large scale investors.

To some extent, I have a soft corner for the CTP token but am afraid of its high volatility, which can be lucrative to short term investors who want to make a quick but tiny profit every day.

I have thought about putting HBDs into savings as 20% APR is way too lucrative, and no banks offer the same or even close in reality, but it needs a great amount to get the most out of it. Trading on a small scale seems better for people like me who have limited assets.

Games

Another financial aspect that I can use to my advantage from Hive Blockchain is the Gaming economy. @Splinterlands is undoubtedly a way to own a fair share of excitement in this Blockchain, but it's getting harder with every passing second.

Now there are more players than there were in a few months back, which makes a massive difference between the lords and newbies in terms of authority and monetary achievement. Besides, new cards and other in-game assets are becoming more expensive making it next to impossible for newbies to make a significant position unless they are ready to pay a lump sum of money to get them and fortify their castle accordingly. As I cannot put myself in the shoes of hardcore gamers, I better stay away from the frontiers. In fact, it's again not my thing, to be honest. So, accumulating some SPS and staking it for the airdrop is my plan for now which I will continue tweaking according to trend and opportunity when the airdrop ends after the next three months.

Overall, I plan to earn from Hive and invest it right here to increase my asset while spending my physical earnings without putting them into savings. I know there are risks in crypto, especially where I am from, but I think I can make it. Another significant part of my plan is to stick to Hive no matter the market's situation. After all, consistency pays off.

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Do you have anything to add to my plan? Feel free to share them in the comments as I am yet to seal the deal.

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[psst… It’s a part of Leo Challenge encouraged by @leogrowth — my first post on Leo Finance.]

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