Steem - Your Path To Retirement

in #steemit8 years ago

Planning Your Retirement

So with the creation of Steem comes the question of how do you manage your account to best suit your short term and long term needs. As you begin to analyze the system you can begin to see the benefits that make it so appealing as an idea for retirement.

Blockchain Stability

With the blockchain comes security in an incorruptible ledger to store each account value. As long as you hold your keys in privacy and have a good account validator that you can trust you should be safer than a bank.

Something For Now and Something For Later

Steem Dollars - Your Flexible Short Term Asset

Steem dollars are great because if you need money right away you can use it or if you want to invest into steem power to earn more interest you can. This is what makes it flexible. Of course the 10% interest is very nice as well.

Steem Power Your Every Growing IRA / Annuity

I see steem power like an IRA that gets guaranteed great interest and can be converted into a two year annuity at any time. Once you build up your steem power to the point it will give you a large sum of money for retirement than you can convert it to steem dollars.

Steem Dollars Interest To The Rescue

The newly proposed savings account will protect your money and allow you to cash out enough for a week at a time while still giving you the 10% interest for you to live on.

Conclusion

I believe this will be a game changer in the global economy over time. As more and more people decide to jump into the steem ecosystem prosperity will expand with it. I would have to make the argument against a devastating effect since the vast majority of people on the planet have no retirement savings at all and many people work for companies that will not be there in the future so the overall unemployment burden on the economy will be lessened.  In other words not everyone will quit there job and work for steem leaving the world with no one to work on everything else, or will they? LOL :)
 

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Interesting article. I would like to point out it is important to never throw all of your eggs in one basket. Even if you believe something will be successful you always need a plan B. I think steemit is a great investment but if you are talking about your retirement plan, I would be careful. Cheers!

Couldn't agree more. DIVERSIFY! If you're looking for financial freedom then time tested methods keep coming back to the basics
Multiple revenue streams all trickling in concurrently SECURE YOUR FUTURE
eg:

  1. Steam, Bitcoin and other cryptocurrencies
  2. Gold and other precious metals
  3. Property
  4. Dividends from physical business investments
  5. Work (Yup, this old method works a treat :)

Basically if one takes a nose dive then the losses are mitigated from the other four income streams.

Ideally all income streams are in different areas as it's no use having 5 different crypto investments thinking you are diversifying. If the whole show goes down in flames then you've got a hard crater to climb out of.

Yeah... #5 is still the best way to make money ;) The reality is that. Doesn't matter how much you work but how much someone/people want to give you for your work... You can execute a complicated task and never receive what you expect/deserve - or - you may just spend a few hours to write a good song and this can turns out to be very valuable.

a SMART!

Retirement plan? Steemit is still very young. I would not even call investing into Facebook a retirement plan. You are talking like 20-40 years out for most people. Investment yes, retirement no!

Wise words I would have to agree. Thanks

Absolutely, your portfolio diversification is very welcome.

You beat me to it @groovy. I recognized Steem Power as a annuity as well. If you set it up correctly, it could provide a steady streem pun intended of income.

Fantastic article @groovy. I am merely seeking a dialogue amongst this community but supplementing my income from a non-profit would be incredible. Keep the puns and wisdom coming @msutyler.

I'm a pretty punny guy. I have to admit

Hey smart minds think alike and I have a feeling there a lot of those here.

Amen to that.

I have traded Stocks and Options for several years now. Long term for my retirement. This is another tool I will use to spread the wealth and hopefully build an account over years. Not days, or months. I am glad this is still in beta and we are doing this at the ground floor. Think about the possibilities once they are out of beta. Great post. Good luck.

I also see this as a long term thing - not too worried about the market or what it's doing right now. Easy come easy go, right?

Yes I agree and think that the possibilities are endless with creating an entire ecosystem within steemit. Very exciting times.

I hope someday I will be able to retire via Steemit however I am not nearly as great a writer as you! Great article, thinking about retirement ahead of time is always a good idea!

I hope someday I will be able to retire via Steemit

That's always a good sign things are about to get dangerous and risky when that is thrown around so casually about such a new platform.

Thanks for the complement.

Nice Post, i am beginning to love Steemit.

Thanks, Me Too.

Posts like this, that are well thought out, and look towards a brighter future is something I always like.

Great job. I hope steem will allow a lot of people to retire at some point.

Thanks for the positive remark. This is definitely just starting to bloom and when people can see the money the right people will use it to continue to grow the ecosystem by developing interactive applications like we are no seeing.

Good read, I think in conjunction with my own guide this would work really well, feel free to check out my experience on how i made 0.01 cent in one day.
https://steemit.com/steemit/@ma3/how-i-made-0-01-cents-in-one-day

as old poker regular with profit in long term i learn that even if you are good at something that others are not, you still need to have a plan and have more than once choice in the matter,so steemit MAY be the good way to invest a some percentage of your time/money but not more than you can afford to lose

Well I would agree and say you shouldn't have all your eggs in one basket as they would say. However hopefully the foundation of steem is built correct so it will last forever and evolve like facebook overtime. Since the blockchain technology can be built onto and therefore incorporated in multiple ways throughout already existing infrastructures we will see it expand into many facits of modern day life.

It should be noted that if not used steam dollars, the currency could die, so it is necessary, generate methods to spend in real objects or services; not all know how to use a house exchange.

We need a markets of food or any stuff for buy with SD.

Well the way it is set up is steem dollars are pegged to the steem crypto currency which is like bitcoin kinda so you do not have to worry about your steem dollars value changing. Check out coinmarketcap.com . I plan to do a better explanation of the whole ecosystem some day as well although there are some good posts out there already.

I learned my lesson and didn't get overly excited for Steemit, at least visibly. I made the mistake of confusing two ALT coins when explaining to my wife I was mining about a month ago. And the difference in price was around %1000. So I accidentally had her thinking we were 100 thousandaires.

Maybe steemit will do that if it sticks around for at least a couple years. Time will tell but I like your attitude

Yeah its easy to get confused in the world of cryptocurrency but once you understand it better its not so bad.

Great so, the plan is to write a few travel blogs using old stories and dated pictures, post a few cat memes and screenshots of some graphs from a facebook campaign, make a video about putting on eyeliner, and then retire? As my science teacher always said, there is no free lunch.

Ohh so much of what is real is in our mind. What we believe and what has been taught to us becomes our reality. You never know what is around the corner. One thing is for certain in this life and that is nothing stays the same forever.

I have been following the crypto world for more than 3 years now but never had the chance to get in as early as I did with Steemit and it seems to be paying off. Yes, great article! I will keep close to my #SteemPower and definitely looking forward to retiring from Steem!

Yeah I am glad we are here in the beginning and hope to see the ecosystem grow strong.

Thank you for your valuable contribution for the development of steemit

You're Welcome. I will be contributing more.

Excellent post, it would appear this is an avenue worth considering, I follow All the developments very closely. I'm currently attempting to build as much steem power to then evaluate "powering down" as a potential income! Nevertheless let's keep going as nothing is certain!!
Thank you

Yeah I really have to give a hats off to the team that created Steem. They really thought it through well.

I don't have the money to invest, unfortunately, but I do have some cryptocurrencies that have built up a decent amount of return over the years. Steemit will undoubtedly go through the roof in the coming years (if not months), and am happy to report I have diversified some of my currencies into Steem Power. It feels like a big investment considering I basically live with a day-to-day budget, but I have faith, and I'm sure I'll be a very happy man in two years time.

I think investing if you can afford it is one way to fast track however the beauty with steem is that you can earn your steeem power and dollars with some time and work. Contribute something valuable that is properly formatted. Formatting has so much to do with a good post.

This is a great post. Congratulations

Thanks, I plan to do more.

Way to look ahead I like the article...I find it difficult to understand how a new startup such as steem can guarantee 10% on that portion realistically and we cant assume they can sustain this new startup growth. We also have no idea what a share of steem will be in 30 years. Dont invest what you cant afford to lose.

Welcome to the Steam !

would be nice to finally retire

What a brilliant system this is! The world of cryptos frees us from the Babylonian money magic of debt-based fiat currency and fractional reserve banking and gives us something with real value that is decentralized and censorship resistant. I love this new age of money!

Someone finally took the time to write EXACTLY what I was thinking, SALUT!

happy man now and tomorrow 8]

Here is a followup to this post for you i've collected some articles together explaining what you can do with this currency
https://steemit.com/trending/@kalaylah77/all-your-steem-bitcoin-currency-questions-answered-here-plain-and-simple

Crypto means volatility, my only advice is to diversify for avoid risk, still remember a californian guy who bought bitcoin for 50k usd value at 1000 usd each some years ago

Yes and fortunately we can work for our steem dollars. Remember thou the steem dollars are pegged at 1 us dollar per steem so that way you can alway convert your steem dollars to steem and then exchange it at a crypto currency exchange for bitcoin and then into FIAT dollars if you want. This is meant to be the stability built in to the system.

Very interesting post, if you invest some money, in two years time you will be a very happy man!

"Make sure to put a lot of tags on your posts"
No actually, don't do that, because you'll get flagged for spamming tags.

Flagged for tag spam:
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Interesting article

Excellent article on planning your retirement with Steem.

I think it is really dangerous to advocate cryptocurrencies as stable. But I still like your proposal:)

Nothing in life is really stable that is an illusion. However I do think this ecosystem will evolve unless the government decides to start messing with it but I think they thought out a lot of those details by having steem dollars within the ecosystem and the steem with fluctuates like a commodity as the true source of liquidity.

Those individuals at or near retirement won't have the long term to develop these assets as those decades away from the retirement decision. So different strategies for those with different time horizons.