Welcome! : D
This is the 2nd installment of my new column on Steemit income and growth. I was just paid out for the 1st installment which can be found here, and I've decided to update weekly as new data come in. Also, thank you for your comments last week, which have helped me refine my process.
Last week, I laid out my goals. My main goal is to contribute valuable original content to the blockchain. My second goal is to rapidly increase my Steem Power, until I can generate a small income from it and still grow modestly. I want to be able to withdraw about $200 worth of STEEM each month. Given an estimated future STEEM price of about $4, I'll need to be making about 50 STEEM per month, plus a buffer for continued growth. Therefore...
My goal is to generate roughly 60 Steem per month (15 per week).
I then calculated my grand total Steem Power from across all accounts that I own, and that my wife MediKatie owns, and accounts started as group projects with my funds. That's currently @drutter, @medikatie, @greatesteem, @hempy, and @girlsofgreen.
My total Steem Power last week was: 840
I estimated I should be growing by at least 0.5% per week, but maybe 1% or even faster.
0.5% growth will be 15 Steem/week once I have 3000 Steem.
1% growth will be 15 Steem/week once I have 1500 Steem.
Using a compound growth formula, we find...
0.5% growth for 255 weeks (5 years 4 months) will bring me to 3000 (and my goal of 15 Steem/week).
1% growth for 58 weeks (1 year 2 months) will bring me to 1500 (and my goal of 15 Steem/week).
This tells me as long as I'm growing by 0.5% per week or more, I'll be "living the Steemit dream" in less than 6 years.
But just how fast AM I growing?
My total Steem Power this week is: 848
8/840 = 0.95% growth weekly
More data will be needed to properly estimate my weekly growth rate.
But if I'm really growing at 0.95%...
0.95% growth will be 15 Steem/week once I have 1579 Steem.
And...
0.95% growth for 67 weeks (1 year 4 months) will bring me to 1579 (and my goal of 15 Steem/week).
1 year, 4 months?
Wow! I'm excited to run the numbers (and refine my process) again next week.
Two variables are key:
- My actual weekly growth rate. (I'll be able to calculate this if I record data weekly. I have 2 weeks of data so far.)
- The price of Steem. (Since I can't spend Steem on rent or groceries yet, I'll have to convert into dollars. If the price of Steem stays this low forever, I'll need much more of it, and it will take much longer to reach my goal.)
Thanks again for participating, and for your support. Until next week's update.... Steem on!
DRutter