I think that sooner or later, every new user realizes that on Hive they can make real money. I don't mean the surface knowledge that others are capable of making money on the blockchain. I mean that THEY themselves are able to accumulate money on Hive.
There follows a natural progression that is quite common:
- They start an account.
- Intro post and first community posts.
- Get great rewards for those initial posts.
- Become the same as hundreds of thousands of Redfish.
- Next posts don't do so well.
- Most start quitting, some stay.
- Milestones are reached and growth becomes more steady.
- Their account value in staked Hive and HBD reaches significant proportions.
- Their motivation increases and they start becoming more and more interested.
Sure, you get some people who break the mold on this one. Some people are fired up from the beginning because they have a friend who is already doing well on the blockchain and interacts with them all the time. There are many ways they might progress and motivate on Hive, but the above list is fairly common.
Sooner or later, should they persist on Hive, there will be rewards and they will become substantial.
So now we come to the crux of this particular article.
Once we start making proper money on Hive, we start thinking about what we might do with the money. I am not going to list the extremely varied number of motivations you might want to save for on Hive. Right now, let's just say that there is something which you would not ordinarily be able to afford and you want to save towards that.
The First Savings Project
First things first: I would not make the first Savings Project a massive one!
If your goals is: "I want to save a million dollars on Hive."
Then good luck, but your steam is going to run out and you are likely to quit. Instead, first port of call: Something tangible in your home.
Think of something under the value of $100 in your home that you want to improve, replace or buy that you don't have. Other goals do well, but THIS goal really keeps the fire going!
The reason is that if you have something that is at your PC, or in your home, you will be reminded that what you are busy doing on Hive causes tangible results.
First Savings successful, on to the second!
Once you have managed to accumulate your under $100 savings goal, you go for the next one. It is up to you how big or small this one will be, but I would recommend that you use stepping stones before pushing for that million. Haha!
Perhaps the next goal can be the same size, double the size or constitute a completely different set of goals.
The Long term goals and the Hive Mechanics
Perhaps your savings fund will take you 6 months or more to achieve. Maybe even 12 months or a year. The longer the goal will take to achieve, the more important it shall be to decide HOW the savings will be stored.
For a short term goal, HBD seems to be the best option. This is because it gives you a decent interest month to month, further assisting you with your savings goals.
It is also easy and fast to get your savings out again.
A long term savings, then the HP savings process would seem to make more sense. Having more HP means higher HP APR, a bigger Curation growth and visibility on Hive.
When the savings are extremely long term, you can make use of the Bear/Bull cycle that all Crypto, including Hive operates on. Thease are the seasons of increased and decreased prices.
With HIVE there is fluctuation through these seasons.
With HBD there is no massive fluctuations.
Thus if you have a long term savings, you can decide to sell your HIVE HP when the time is right and convert to HBD while waiting for the market to change and then buy back that same HIVE HP at a profit.
I am on one of those journeys not just with my personal funding, but my hobby funding which I keep tabs on separately.
Questions!
Do you have another savings tactic or process on Hive that you use and would like to share?
Do you have some real savings goals that you saved for and managed to achieve?
Thank you for reading this post!
Cheers!
@zakludick
Thank you so much!
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