I Power Down And Here's Why.

in LeoFinance3 days ago

poweringdown.png


I have been powering down for a couple of weeks now and I am likely to power down for the rest of this month as well. That means 3 more weeks. This will leave me with just a handful of LEO and approximately 4000 Hive Power.

Before anyone judge me and before I start getting questions about it, or before people start to question my "loyalty" to Hive, LeoFinance or any other community, I want to share the actual reasons with you. Especially as my goal is to have 10K LEO and 10K Hive before the end of this year.

My goal has not changed, my motivation, beliefs or drive to push Hive & LeoFinance to new heights has not changed the slightest and I will continue to put in a lot of effort in the future as well. The only thing that has changed, is the path of reaching those goals.

A necessary change had to be made, and instead of getting into more FIAT-troubles, I decided to solve most of those problems with my beloved crypto. I have cashed out earlier as well, especially during my first months on St**mit in 2016, so I have already felt the sweetness of crypto in real life, but this time is different and I know that I am putting myself in a position where I will have to work my way up again, and it's definitely a mountain to climb.

I'm aware of all of that and I have considered my options more than once. It was not an easy decision to make, even though I knew that I at some point would most likely cash out some of my crypto to escape the FIAT-troubles. One of my long haul goals has always been to cash out, or to "take some profits" as others would say so I could change my life due to the awesome opportunity Hive gives me.

That being said, I know that actions speak louder than words and I can understand if some of you won't support me or my content until I prove that I am here to stay. Hopefully, my previous actions have convinced you already, but in case it hasn't, I won't be offended if you decide to look elsewhere whenever you encounter my contributions. I am truly grateful for the awesome support you have given me, on both Hive and on LeoFinance which I consider my second home.

However, even though I don't have any problems with being transparent and honest, I won't give you in-depths explanations for my decision as others are involved as well, in one way or another.

The reason for my power downs are:

  • Student debts.
  • Other FIAT troubles.

I have paid a total of 17500 USD in debts since January last year. This basically means that most of my income has been used to pay off various debts for 15 months, as I have been using my salary to pay these bills. It has taken a huge toll on me personally, but it's also wonderful to get rid of debts with interest.

I pay roughly 260 USD per month on my student debt alone, so getting rid of that would make my life a lot easier in the long haul. I am still not near to pay it off entirely, but I have come a long way. By using my crypto, I'll be able to reduce the monthly payment to approximately $100 per month.

However, as I have practically been using my entire monthly income to pay debts and living expenses, I haven't been able to save a single cent for more than a year.. Which is something I need to change.

That's basically why I have been powering down recently. To get rid off as much of those FIAT bills and debts as possible, so I can focus more on crypto in the future. So I can focus more on Hive and LeoFinance, which are the two tokens I am most interested in. I have also become interested in POB lately, so I might give that an honest shot as well in the future.

I could obviously have paid this off with a loan of some sort, but that means more interest. I could potentially have asked some of my friends or wealthy stakeholders on Hive for a loan with less interest, but it doesn't feel right to use another persons money when I have money, so to speak.

It's funny though, because I didn't power down during the ATH's we've had. I started to power down when the price started to drop, which is unfortunate obviously, but it's also because I never wanted to use my crypto for this in the first place. I was trying to figure out the best way of doing this without using my stake, but my options are limited.

Long story short, I am powering down and I have my reasons for doing it. Even though I am powering down right now, my goals for 2021 is to have 10K Hive and 10K LEO and I have a way of reaching those goals when I am finally debt-free and don't have to waste my monthly salary on stupid things like student debts.

My first milestones will be 5K Hive and 5K LEO before anything else, so that basically means that I will invest in both Hive and LEO until I reach those goals. As I will sit at approximately 4K Hive when I stop my power down, it will be roughly 1000 Hive remaining until I reach the first goal. When I have reached that goal, I will continue to invest in LEO until I reach 5000 LEO.

When I am sitting comfortably at 5K of each token, I will consider to invest in POB as well. However, my main priority is to get all the way up to 10K Hive and 10K LEO before the end of this year.

Also, I will still re-launch my "Let's talk" contest where I give away tokens to increase the overall engagement on Hive, but this has been set on pause for now. This also gives me time to figure out exactly how I want to do things with the contest, as I plan to include POB tokens as well.

So, there you have it. The reasons for my power down. I know that this is just a short explanation of it, but I felt somewhat obligated to share this with you..

I am basically going for some financial freedom, and Hive has given me a fair chance of achieving that. I need to take this chance, and in a few weeks, I'll be more focused on crypto than ever before.

Posted Using LeoFinance Beta

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Don't worry about powering down and I would of gotten rid of the debt all together if I were you. We will still be here and I hope your quest for financial freedom goes well. I am also on my way to get there as well. Feel free to make a few more posts even if its only to promote engagement because we need to keep putting it in front of people.

Posted Using LeoFinance Beta

Don't worry about powering down and I would of gotten rid of the debt all together if I were you.

I would love to do that, but it also feels unfair towards the community and my audience to power down what they have given me throughout this time. It feels like a slippery slope to some extent, as I want to grow my stake and continue towards my goals, while my current actions are the opposite. I just hope it won't affect me negatively moving forward.

Posted Using LeoFinance Beta

Hey Bud-

You have to do what's best for you and no explanation is necessary. If someone passes judgment against you for this they were not in your corner to begin with.

Good luck to you and hopefully it will work out to your benefit in the long run.


Posted via proofofbrain.io

Thank you, I appreciate it. It will work out, I just wish I had done this from the beginning, at a higher price. That would have been easier, but it will work this way too. As long as the price doesn't crash to nothing.

Posted Using LeoFinance Beta

so I could change my life due to the awesome opportunity Hive gives me.

I wish that I could say the same, but mostly I am earning cents with my posts/comments on Hive, no matter what I do, what I post, what I write about. That will not change my life.

I pay roughly 260 USD per month on my student debt alone

That is a little bit more than my pension-like income, which is approximately $250 USD. Besides my pension-like income, I currently work in a 4 hours part time job, but my total income still does not reach the minimum wage (approximately $550 USD) in my country (Hungary), and if I would have to pay "roughly $260 USD" per month, then I would broke financially.

I am basically going for some financial freedom, and Hive has given me a fair chance of achieving that.

Good for you. Both my real life and my Hive income is low.

Greetings from Hungary.

I consider myself lucky to have this awesome audience and support. I just hope things doesn't backfire just because of this decision. I am aware of the risks though, and I know I might lose support due to this, but I'll be here doing what I've done for years.

I hope that will speak for itself.

Posted Using LeoFinance Beta

Just stick with it, learn and be patient. Nobody starts at the top, it's a process!

Posted Using LeoFinance Beta

I am not new. I did not started yesterday.
I am sticking with it since 2017.05.17.
Looks like it is a long process. But I have patience.

Never said you were new, but you did mention no matter what you did you got only cents for your posts/comments right?

Now I noticed you made some posts about a year ago, then stopped and recently got to posting again. Also some of the posts are rather short.. Your last post had a lot more content and got you more rewards. Right? So my advice would be to write a bit more content in each post and find a regular posting frequency, something that's right for you!

Also try to stake some coins or even delegate to good projects to build some passive streams helping you to build up. It adds up over time thanks to compounding, hope it helps :-)

Posted Using LeoFinance Beta

hope it helps :-)

I also hope. :D

Have some !PIZZA.

Connect

Trade


@riandeuk! I sent you a slice of $PIZZA on behalf of @xplosive.

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Thanks :-P

Posted Using LeoFinance Beta

Good vision to go! Please youself up. I want to be fanacial freedom as well, noone can judge you to that.

Well at least you are powering down for a good cause,that is what matters most...i wish you the best of luck and also debt-free too.....@hitmeasap


Posted via proofofbrain.io

I appreciate it. Thank you.

Posted Using LeoFinance Beta

Just don't forget us when you get better liquidity.

It's impossible to forget family.

Posted Using LeoFinance Beta

We'll be here waiting for you,...👻

I'm not leaving for a second. Some of my stake I have in my wallet will vanish though, but I'm still around!

Posted Using LeoFinance Beta

You gotta do what you gotta do, man.

I don't think anyone here can question what you've been doing for this community regardless of how big your stake is. We know who you are and the great stuff you've done and will continue to do for Hive.

I hope you can work out your situation soon and work on your goals with a clean mind.

Posted Using LeoFinance Beta

Thanks, I appreciate it. I obviously hope that my previous actions will be enough to prove that I am here for the long haul, but I also know that people aren't usually in favor of supporting people who's cashing out everything they earn.

However, this is just a minor setback on my path to reach my goals. I will continue to do what I have done before and I will get back to the same level, and beyond when I am done.

Posted Using LeoFinance Beta

Good luck with your goals, you have some great support so no doubt you will make your targets. Happy to help you on your journey

!ENGAGE 15

Posted Using LeoFinance Beta

I am very grateful for the support I have and my audience who's been kind and generous enough to help me on my journey, but I know that "cashing out is forbidden" to some people if you have a decent stake and good support..

Who knows, I might have shot myself in the leg by doing this, but I'm okay with that. I considered my options and I am aware of the risks so to speak.

Posted Using LeoFinance Beta

I'm sure you'll be fine. I've only ever put cash in and used Hive to support communities. I've sent to BNB to send to metamask a few times to buy CUB.

I don't think people get upset for withdrawing all the top guys do it when it peaks and massive amounts. No different.

Posted Using LeoFinance Beta

I don't think people get upset for withdrawing all the top guys do it when it peaks and massive amounts. No different.

I totally agree, but "top guys" doesn't have to withdraw the majority of their stakes.. We'll see how it goes. I won't stop doing what I've done until now regardless of the outcome.

Posted Using LeoFinance Beta

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

Good luck man. Hope your problems get solved based on your strategy.

Thank you very much! I know things will be better for me if I do this, so I will. It was a difficult decision though.

Posted Using LeoFinance Beta

I can only say that this is a smart decision. Decreasing your outstanding debt is much more important than being a virtual Hive or Leo millionair!
We all have to remember from time to time that it is only a profit when it is sold and converted back into fiat! In the crypto space we have seen drop of more than 20 to 30% overnight.
So good luck with sorting it all out!

Decreasing your outstanding debt is much more important than being a virtual Hive or Leo millionair!

That is very true. I'll be back to my previous level and beyond that before the end of this year despite powering down right now.. But coming to this decision now, when the price have started to drop hurts a bit. Would've been better if I had done it when we were at ATH's.. lol

Posted Using LeoFinance Beta

Just do what you have to do. It's no-one else's business. Paying off debt sounds like a great move, especially if it's causing you stress.

Saving's good too. I encourage all my clients to say 10% of their income (5% if that's really hard) even when they are in debt. And I have seen them turn their lives around as a result. It's not the money that does it so much as the shift in financial mindset. It's like magic.

I started doing it when I decided to pay off a huge credit card debt and I've never looked back.

Wishing you a stress free path whilst reaching your debt-free and crypto goals. 😊

Posted Using LeoFinance Beta

Paying off debt sounds like a great move, especially if it's causing you stress.

I could totally live without the stress it's causing me, and hopefully, within 3 weeks things will be much easier. It's sad to see things vanish though, when I'm eager to grow my stake and reach new heights personally as well.. But one step at a time.

Posted Using LeoFinance Beta

one step at a time.

Exactly. That's the only way to do it. 😊

Posted Using LeoFinance Beta

There's been a lot of talk lately about student loan debt forgiveness. You could just wait for the debt reset to occur...

That won't happen in Sweden though, so I can't wait for that.

Posted Using LeoFinance Beta

I am not against people powering down if they need the money. Not needing to is a real luxury. I powered down a fair bit of STEEM years ago to pay for various things, including trips to Steemfest. I just don't get it when people say they are 'never' selling a particular coin.

Being in debt sucks and Hive could help some escape that trap.

!BEER

Being in debt sucks and Hive could help some escape that trap.

It sure can, and it will. We have an awesome opportunity with Hive and hopefully we'll be able to change a lot of lives in the future.

Posted Using LeoFinance Beta

Not a single problem to powerdown some of your stake ! Especially if it's to make your life a little easier, for me that's even one of the goals of those platforms !

Before anyone judge me and before I start getting questions about it, or before people start to question my "loyalty" to Hive, LeoFinance or any other community, I want to share the actual reasons with you. Especially as my goal is to have 10K LEO and 10K Hive before the end of this year.

And most of all, It's your crypto, you do what you want with it, and since you don't manage to quit the blockchain with your gains, nobody should stop to follow you just for that !

Thank you, I'm glad we seem to be on the same page. It was a tough decision to make, but I just felt that I had to do what was best for me right now. Things will change in the near future.

Posted Using LeoFinance Beta

That is even a proof that crypto can be useful in everyday life !

Posted Using LeoFinance Beta

I hope things will work out for the best and maybe you will cash out when Hive and Leo have good prices :)

Posted Using LeoFinance Beta

Great that you wrote this post explaining your thoughts, but honestly what you do with your crypto/fiat or whatever stuff you own is nobodies business. I get that people will have an opinion if you just powered everything down and left, but that's not the case. Even so if you decided it's enough and don't like it anymore. So be it, to anyone hurt by that: "suck it up" and worry about your own decisions.

More power to you for taking care of these problems. I think it will give you more clarity and set you up for better things in the future. Best to you and hope there's not a single numpty judging your decision badly!

Posted Using LeoFinance Beta

I think it will give you more clarity and set you up for better things in the future.

I hope so too and I'm positive that it will help me a lot in the near future. It's not fun to see everything vanish though, but I'd rather see it vanish and help me in real life than vanish because the price crashed.. lol

Posted Using LeoFinance Beta

don't worry man, you need to get your life together and make everything more easier. that way you can dedicate more of your time in Hive/Leo without having so many worries in your mind!

Posted Using LeoFinance Beta

That is very true and exactly what I'm striving for. I'll reach new heights eventually. :)

Posted Using LeoFinance Beta

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Stay put and keep posting

!BEER

Posted Using LeoFinance Beta


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