Bunker building for tomorrow

in LeoFinance7 months ago (edited)

So the "dream" for me is to one day be able to live off of crypto completely - but, this doesn't mean that I won't work. I enjoy working and regardless of what the conditions might be today, everything can change rapidly - working gives access to opportunities that aren't available when sitting at home not working. Not only that, through work it is possible to meet and create relationships with a lot of people that further expand opportunities through network and collaboration.

I am a long way to being able to live off of crypto

However, I am building a platform of potential for myself and the cool thing is that in doing so, I am aiding others to do similar in various ways. The goal of the platform I am building isn't so that I can retire and move to a tropical island, but I want to be able to get an income that means that I am better able to pick and choose my work without having to worry about timelines or, whether one job offers 20% more than another. It is a freedom to be able to pick and choose knowing that one is relatively covered even if things don't work according to plan.

The other thing I want from my platform is that it has the potential to be maintained, meaning that I don't have to keep biting into the principle, even though it is continually providing income. On Hive, this would be through curation with stake, a perpetual earning based on the principle.

Currently, I am getting about 300 HIVE a week through curation which is fantastic, but at current prices is worth about 60 dollars US dollars or 50€ - This amount is about 50x short from where curation would be able to cover my salary and the taxes I would have to pay on the earnings to be able to get an average Finnish income. Not only that, to satisfy the perpetual nature I am looking for, the price would have to be at least there to be able to cover needs.

However as I said, I am not scared to work, so if I can hold a half decent job, that kind of income on top of a salary would be more than enough for me to be able to not only maintain, but extend my economic opportunity compared to my position today - a position that I have to hold indefinitely to keep my head above water. This is a problem, as the world is changing and I envisage jobs getting harder to come by, so holding onto jobs will also be more difficult as competition increases.

Some people will be happy with whatever they can get from some government, for example through a Universal Basic Income, but that means being at the mercy of the distributor, which will likely lead to a continual reduction in living standards unless able to provide extra for oneself. For me, I am looking for crypto to be that just in case backup position, a safety net to be called upon when I can no longer compete in the traditional job markets.

I know quite a few elderly people who worked hard, saved their whole life and put into their superannuation - and are struggling. Retiring at 65 and potentially living another 20 years on top struggling after working a lifetime isn't a comfortable position to be in and I have no plan to rely on my daughter for my own well being, even if that is an option, which it likely won't be for most due to the lack of jobs. I see a lot of economic struggle unless the system is radically transformed and fast.

I see what we are doing here as part of the transformation process and thousands of people have access to directing the change as well as learning about and building a platform for themselves in the future. Some people might be able to "get there" sooner than others, but when playing the long game, a year, 5 or ten won't matter too much.

Industries usually take decades to build and I believe that the blockchain and crypto industries will move far more rapidly than those world-changers of the past, as it leverages a lot of the technology that is already in place, while becoming a solution for the economic infrastructure that is falling apart. While there are still no guarantees in the industry, let alone Hive as a piece within, I feel that participation toward changing the economic sctructure of the current world is far more valuable than trying to "make it" in the economy as it is.

Our financial position is always affected by our decisions and deciding to play a game that is so imbalanced it is rigged with resources too small to get a foothold, is only going to end in tears. At least this is how I see it. However, this shift can't be a 100% move either due to responsibilities and risks of failure, so a hybrid approach for me makes far more sense. I can't live off crypto, but I can buy and earn it - because I can currently earn off my income in the traditional economy. At some point, there will be more mixing between the traditional and new mechanisms with some of the new replacing the old that will collapse until eventually, the old is tranformed into the new.

Everyone is in a rush to retire early, but that is not in the cards for most people unless they win the lottery in some way. So I make the assumption that I am going to have to work til at least 65 and have 24 years ahead of me to build a platform to sustain me for the rest, but I can't assume that the conditions I have currently will remain equal over those 24 years, so I have to start closing potential gaps now. This takes more work than if I play only in the traditional economy, as I have to live in both worlds and satisfy both sides simultaneously, but I see this as my sweat equity investment to survive the future - kind of like building a bunker.

While no bunker is impenetrable, it has to be ready before the bombs start falling to be effective.

Taraz
[ Gen1: Hive ]

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Diversifying your streams of income and, consequently, becoming less reliable on any one stream is a very sound strategy. Thanks for the post!

more streams and diversity the better for sure. It is hard to maintain too many active ones though.

I see crypto, especially hive in the same way. Add some money for bad days.

Living off crypto, especially hive is too difficult and too risky. And I don't even dream about it. A crash in prices can destroy all the plans.

So, it's better to add them as an alternate source of income. Saved money for bad days.

And this platform gives us a lot more than money.

  • A way to connect with more people all over the world.
  • A way to spend time more productively.
  • A way to understand new technology.
  • A way to understand money, finance and investments.

And a way to be part of something bigger than ourself.

So, it's better to add them as an alternate source of income. Saved money for bad days.

Yes - this is why I think a hybrid approach is a "safer" path as one has to look at the risks of both the tradition markets and the new. A lot of people stay out of crypto because of the risks, without recognizing that there are many risks in the traditional system also.

yepp!

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I agree. Hive gives so much more than just crypto. It is a great community!

Yepp,people like you make it better😁

😁✌️

I see it in a different way.
I love getting involved in crypto as I get two revenue flows.
One is directly related to my investments and earnings, either active as here in Hive or passive from other crypto projects.
The other is all the business models I am learning in this new crypto economy. Those of us who are learning about this technology, are or will be in a great position to consult or launch a new business as the industry evolves. Just as right now coders in Blockchain are the ones earning the most, many other professionals will be in a similar position as the industry grows and experts in any other field are needed with blockchain technology experience, not necessarily technical. Then, anyone familiar with terms as governance, exchanges, wallets, passive income from curating or staking, etc. will have a competitive advantage to be hired.

Those of us who are learning about this technology, are or will be in a great position to consult or launch a new business as the industry evolves.

I agree and this is what I have pushed for years. Learn all you can now so that when it does mainstream, what you know is relevant to the new industries. There are going to be plenty of new jobs created for those with skills.

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extend my economic opportunity compared to my position today

This is what a lot of people in the cryptocurrency space needs to realize. I see a lot of sentiment about living entirely on crypto, or the so called to the moon enthusiasts! I find these overly enthusiastic. Cryptocurrency itself is a very very long way away from becoming mainstream. While yes, there are a few people living off crypto, the crypto influencers, people needs to realize we can't judge my the minority. If we did the math, we'd see a ridiculously low percentage of people living off crypto entirely.

Having said that, I believe people who understand crypto are pretty smart, way ahead of the curve (not saying I myself understand the dynamucs too well). It's surprising how so few people see crypto as an extra layer added on to the position we're currently on. Cryptocurrency, as it stands today, can act as a financial cushion of sorts, maybe lessen the blow of a mainstream financial crisis such as losing a job for few months. Not entirely replace them, not yet at least.

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While yes, there are a few people living off crypto, the crypto influencers, people needs to realize we can't judge my the minority

I suspect that many of what people consider "influencers" aren't that at all and many of those living off crypto, likely would have been able to live off of their traditional investments prior. Though, there are probably many thousands now who do live off moves made years ago.

Cryptocurrency, as it stands today, can act as a financial cushion of sorts, maybe lessen the blow of a mainstream financial crisis such as losing a job for few months. Not entirely replace them, not yet at least.

Yep, this is how I see it also.

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Hello @tarazkp,

An interesting metaphor to exemplify financial security for the golden years. Judging from my experience, you have to hurry, I see the bombs drop in no time. I only see a drawback with bunkers, they can also become graves if one is neglected.

With this I do not mean, that I disagree with you, on the contrary, we must be consistent in working today so as not to suffer tomorrow, only that the idea of retirement that the system sells us is precarious at present times.

In this sense, being useful as long as possible in life doing what you like is the best choice. Moving or cementing a bunker will depend on the proper appreciation you have of your future.

Judging from my experience, you have to hurry, I see the bombs drop in no time.

Me too, which is why I am doing what I can now.

In this sense, being useful as long as possible in life doing what you like is the best choice.

This is very important and I think this is also why getting into a new industry at some level is a wise move, as the "being useful" could be extended for at least a little longer, rather than becoming redundant.

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I like your prescription. Build the position and uplift the underlying platform. There's no guarantee, but it seems to me like a considered path with a quite high possibility of success.

Specifically on hive: I like that there are more than a couple people that take the long look rather than seeking short term solutions. Are there problems? Of course there are. Can rational people fix said problems? Yes.

Doesn't mean that I don't have a lottery ticket for tonight. I do :)

but it seems to me like a considered path with a quite high possibility of success.

I know the risks and I am ready to wear failure. I "dream", not rely on the outcome :)

Are there problems? Of course there are. Can rational people fix said problems? Yes.

This is the thing with anything new. A lot of people choose to stay out because of the risk of failure, not get in and see that there is also the value of success - and a far more interesting journey than fighting for scraps under the table of the current economy.

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"for example through a Universal Basic Income, but that means being at the mercy of the distributor, which will likely lead to a continual reduction in living standards unless able to provide extra for oneself".

Never I pray will I be in that position my friend. I am already above the pensionable age, whatever that means, but retirement does not feature in my plans. I will basically find something to do until the day that I die.
Even though I have no pension and very little savings, my plan is also to build my crypto any way that I can.

"I have no plan to rely on my daughter for my own well being, even if that is an option"

Totally agreed with you. In have 3 grown children and will never be tied to their aprons. Never.

So letus continue to build and hope that somewhere along the line this unhealthy economic system will be changed for the better.

I will basically find something to do until the day that I die.

The way life was meant to be lived. This idea of retiring is a strange one and I don't think we are suited for it. Perhaps it is the lie we need to believe to put up with the system.

So let us continue to build and hope that somewhere along the line this unhealthy economic system will be changed for the better.

Here, here.

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Thank you for agreeing with my view.
I don't know if you have seen a live Starfish, but I think Smallsteps hasn't, so please show her my post today.

Hope that you guys will have a good weekend!

I will show her soon :)

I have seen (held) several :)

Cool, so you know what I was talking about and she might get very inquisitive about it which means that daddy will have some explaining to do hahaha.
Especially as this Starfish belongs the "Asteroidea" class. Hahaha.

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Thank you kindly @tarazkp

 7 months ago 

I feel that participation toward changing the economic sctructure of the current world is far more valuable than trying to "make it" in the economy as it is.

So true. Build the new, good thing.

The tropical island would get boring after a while, I imagine.
Don't get me wrong, 6 months to clear my head wouldn't go astray ;)

Even in the time I've been in the workforce, what work looks like has changed so much. I can easily see a future where curating Hive posts, or battling in Splinterlands tournaments is what we consider work.

If my grandfather (who shovelled coal on steam trains) could see me sitting on my couch at home, typing, listening to music, and being paid for it, he'd struggle to describe me as working.

Don't get me wrong, 6 months to clear my head wouldn't go astray ;)

And being able to choose when and where at anytime gives its own freedom of thought. Knowing one can is a strength - Kind of like driving a supercar - you will only drive at the speed limit -but know you can do more at any time.

If my grandfather (who shovelled coal on steam trains) could see me sitting on my couch at home, typing, listening to music, and being paid for it, he'd struggle to describe me as working.

It is getting to the point (with Corona) where this is what many people are already doing, while staying in their traditional jobs.

I'm also trying to live of crypto but I'm way behind that goal so I do work on my family shop and working toward full financial freedom also you guys support me

support.jpg

I think that's the dream for a lot of people XD

I'm also reasonably certain that all the people that want to stop working actually just want to stop doing their jobs, I don't know too many people who would stop working completely (where "work" is literally expending effort on something) as they'd get bored to death (possibly literally x_x) in short order.

Your dream is great and I am sure you will fullfill it only by noticing your ambition and dedication for Hive.

Being broke and old and struggling at 65 is a place no one wants to be. Not relying on your kid is very wise.

Planning ahead is always good. Having a vision for your future is even better. I wish more would think in the same paradigm

Living of crypto would be really nice as long as you can indeed live of the "interest" and not eat into the core stack.

I know you own other coins, are you staking those on the lending platforms for additional income or are you just keeping them in your wallet?

I am currently enjoying 6% part of my coins and that slowly adds up.
But to be able to live off it I have to have about at least 800k to get a halfway decent income on interest here in Switzerland. And I am a LOOOOOOONNNGGG way off that.

It's an interesting post. Mirrors the concerns any thoughtful person might have. I come to the issue with a slightly different perspective. I long passed that '65' mark. My husband and I live on an income stream that is comprised mostly of pensions. While these give the illusion of security, as you point out, there is nothing secure about them. As you suggest, these disbursements are dependent on a distributor.

I'm a history buff, so am fully aware of the fragility of any economic/social system. Hyperinflation, civic unrest--even pandemic--there is always an amorphous menace that can unsettle the most 'secure' position. So for me, the key is to not have one position, but many positions. A basket of options. Crypto has proven already to be an element in the basket that is of great benefit to people in unstable economies. However small the amounts may be, crypto helps to buy staples.

I believe in owning stuff (this is going to sound paranoid) that can be bartered in hard times. Fiat has proven in the past to be the most unreliable source of income/wealth.

Well, there, I wrote too much. But it was a good post, so it got me thinking. Thank you.