Small to some, huge to others.
It depends on where you lie on the whale scale. What is 3k to your personally or how many multiples of it do you have. That or on the other side it could cover our rent for the year or buy a new car. I lie somewhere in the middle.
It's a nice amount of money but it won't change my life and i have a few multiples of it locked up in crypto as it stands.
It's also hugely important.
The long term goal over the next ten years is to lock up 250k in my HBD savings account.
This would be enough to live from on a yearly basis. If all things stay the same then 250k would break down as,
That's enough to live a moderately comfortable lifestyle in Ireland from the interest alone.
When I was working 40+ hours a week plus 10 hours of commuting my wages were 50k net and this breaks down at 2,800 a month gross after taxes, pensions, insurance costs.
Now that would also apply to the 30k above me which needs a few more calculations.
Firstly it needs to turn into euros.
€26,360
Then hit it with all of the taxes.
Boom, €22,961.
Not quite as impressive any more.
- 22,961 Yearly.
- 1.913 per month.
- 63 dollars per day.
Still enough to live off as long as i stick to a very tight budget. This however is only one stream of many sources of income that i have built up and will continue to build up.
I prefer to build steadily rather than chase riches.
10 years sounds like a long time in crypto. Considering where we are it's a lifetime away but why not aim big. Plan long term and set targets?
It's the ultimate way to earn your freedom.
At the moment all of my payouts are set 50/50 HP/HBD.
This gives me a chance to earn a little HBD every day form posting and commenting that goes straight into savings.
This is then added to the amazing compound machine that is your savings account and keeps growing.
At the start of the month I was sitting on 2,792 HBD. I had aimed for 3000 HBD by the end of the month but have passed that goal already by buying a small bit and saving all of my author rewards. Then yesterday my monthly interest was added.
Receive interest 27.789 HBD a day ago.
That put me over the line for my target and averages 11.88 HBD locked up every day into savings.
If i put these numbers into the compound calculator it wont be enough as this is only landing at $90,000 in ten years which isn't enough.
I will keep buying in as prices fluctuate and hope to hit my target in that timeframe rather than the 17 years it currently predicts.
I'm very happy to hit 3k in savings but it will need a lot more to be topped up over the years and get that compounding working for me as quickly as possible.
It's not going to happen overnight but nothing good does. Instead it's a long term strategy to build passive revenue over a period of time. It takes a lot of work right now but this will hopefully pay off in the future when it doesn't require any work to earn steady revenue.