Well done everyone !
Thoroughly deserved SBI's on the way to @ngwinndave and @tigermom π
Despite quite a few power downs, we're still seeing overall growth, which is awesome.
It would be interesting to understand why people are powering down, but I appreciate that it's a private decision. For some, it'll be because for whatever reason they've just decided to leave Hive, others want to extract some profit and move it to investments elsewhere, and some are having to power down to cover the cost of emergencies or the drastically increased cost of living.
For the last group, I wonder if you've done the maths on converting HIVE to HBD (ideally at a time when HIVE is at a better price !), and then seeing whether the 20% APR would build up enough between emergencies to cover it. That way, you'd be covering things without eating into your actual capital, although I appreciate the real world rarely works as smoothly and simply as that !
I think we all (should) have that dream of that 20% APR turning into a decent Income...
But basically, whatever you want it to make you monthly, you need to have 60x that in savings! So 5 year's worth of pay will give you what you want to ear per month without eating into the profit... Its quite a lot...
Yep, it's not an easy one ! Replacing an entire income with HBD interest is a huge sum, and probably more of a risk than I'd like to take in terms of putting all my savings into one place. I tried to persuade my wife I should just give up working, put all my savings into HBD, do HIVE full time and live off the HBD interest, but she didn't fall for it π
But my experience is that the average household emergency is normally in the $100-200 range; an unexpected car repair, a new fridge or oven, things like that (as in... I've had all of those and more in the last couple of months, lol).
If something like that comes up every 3 months, then if you can make $50 in HBD interest a month, that hopefully would cover at least the worst of it. That needs about 3000HBD in savings. Still a lot of money, but achievable with discipline, regular posting and saving into HBD as often as you can.
I've been lucky enough to have been able to save some fiat into HBD, and been able to just leave it in there, meaning I'm really benefiting from the compounding effect. I expect to be making around 50HBD a month interest by the end of this year. I'm not saying that to brag, I'm saying it because it shows that it can be done (and probably quicker than me if you post more often !)
Yeah I had a sort of an emergency like that, which was $80 in HBD. I was allowing the HBD to give me interest and then just adding $5 a month which was totally doable.
The REST of the HBD was being drawn to help me live and survive! lol
Not a brag at all! It gives me hope when you have achieved success and gives myself and others a model to aim at. Yes. $3000 in HBD savings is totally possible and would then generate a nice $50 in interest a month. For my local currency, this is R950, almost R1000 which is a considerable amount of money!
What is even cooler is if you can let the $50 lie and compound of course! $3050 makes $50.83. Totals $3100,83, which makes $51.68 interest etc etc... Such is the dream! That is then R981 per month instead! The difference is a 2l bottle of milk! Haha.