Why I Drained Every Last Cent Out of My Savings Account to Power Up

in #steemit7 years ago (edited)

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For the last few years my parents have been putting a little money each month into my savings account. Their only rule with this money was that I could not take it out unless it was to buy something that I believed would go up in value.

I just took all AU$478 out of my savings account, used it to buy .13981 bitcoin, then powered it all up to 174.565 Steem.

So why would I do such a thing? Here are three reasons:

1. The money the bank paid me was insulting.

In my bank account I was getting 2% interest on my savings, which means in 5 years my $478 would become $528. That’s a whopping $50 of growth in five years.

As I said, I was able to buy 175 Steem with my savings. Steem was at about $1.80 when I bought it. Now, if Steem goes up to $2.10 (it’s been hanging around $2.00 lately before falling more recently), then I would’ve made as much money as I would’ve if I left my money in the bank for 5 years.

2. Who cares if I lose all my money, I’m 14.

When I powered up Steem it was hovering around $1.80. Since powering up, it’s gone down to around $1.60.

Investing in Steem is a much better learning experience than just leaving my money in a bank account. I’m learning how to think when it comes to investing. The good thing is, it’s not a big deal because I can afford to take a risk and lose a bit of money.

Honestly, if Steemit fails and is worth nothing in 5 years, who cares? I’m 14 now and I’ll just be able to make more money. Also I’m thinking about Steem long term. Which brings me to my next point:

3. I’m in it for the long-haul.

One of the main reasons I put all my money into Steem is because it could be a better place to store my money, and I will (hopefully) get more money keeping it stored in crypto rather than in the bank. And with services like @roomofsatoshi, I may end up not even needing a bank account. Steemit could end up being the place I keep my money.

Also, the more Steem Power I have, the more money I can make upvoting other people’s posts and earn more curation rewards.

My ultimate goal with Steemit is to get a big enough following so I can blog on Steemit instead of having a part-time job (while I’m in high school).


So there you go, those are the reasons why I’ve drained my bank account to Power Up.

Do you think I’ve made the right choice?


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This is the future right here.
Child labour laws mean he's completely prohibited from being employed in any traditional sense of the word. Not here though, here, young crypticus can build a following, build a steempower balance, and enter adulthood with an excellent future; alongside a whole bunch of kids with no money, no experience and no drive.
Top effort, crypticus. Good choice.
If anyone tells you it's gambling, just remember, it's all gambling.
Leaving it in the bank is gambling.

Haha I'll definitely keep those things in mind, thanks for the feedback :)

Just by writing about what you've done, you've already made more than the bank was going to pay you over the next five years. It would appear you've chosen wisely :)

I agree. The banks are nothing more than middlemen, and they make far more off your deposit than you do, even if you are lucky enough to make anything at all. Most banks in the US only pay about 0.5% these days.

I think it's the right choice. You already seem OK with losing it if that happens so the potential upside far outweighs the downside. Additionally, you're learning about cryptocurrency, which even if steemit does fall, some crypto will be influential in the future. Better to be on the cutting edge than chasing it as a last-mover.

Hm... You are right! After reading this post I'm going to buy some Steem too. Thank you!

As you're in high school, you're learning how to invest in companies. You're learning if your investing will benefit and increase in value. If anything, you will get experience on investing and the risks that come with that. It goes with anything in life. No matter if its property investment or buying your girlfriend fake boobs. Because at the end of the day, both will make you smile.

You have absolutely made the right choice. It also was a well thought out, informed and researched decision, not an impulse. Tip of the hat to you, and to your parents for allowing you the freedom to try.

Great analysis. The biggest investment you have for the future is yourself! This guy agrees with me ;)

i m enjoye with your post i can follow you if you can follow me againe thank s @gamani

I think you are in the right track...if you lose your money and never quit, most probably you will earn direct experience that might be a ladder for you to become a real crypto investor. I salute you @crypticus

Good on you mate! While most kids your age are spending their money on junk - you are setting yourself up to independently wealthy. Your parents have given you great advise. All the very best!

Steem on!

I know ADULTS who spend their money on crap haha, so the fact that someone his age is learning to invest...well...gives me some sort of hope for the future

A i always say: Money must make money :) In my eyes, you made a right decision.
How many millionaires do you know who have become wealthy by investing in savings accounts?

I remember in 2005 the interest that banks paid was generally around 6% per year, which was excellent, it was a literal golden age.

but since the economic crash of 08, things like that will never happen again.

Steem is well...picking up steam amongst everyday people and will eventually become HUGE

I dont fault you at all for your money transfer, in the long run it'll pay off more than you can imagine. Keep up the good work , especially if youre this young, your future is VERY bright

Good post

You made an excellent choice/ I wish you all the best and I have a feeling you are going to do a lot with your life.

Yes u made a right choice and just keep it up , u have taken a mature step and a right decision .

Right choise. Steem should have bright future. :)

Great post! I think all of us wish we had done something like this when we were 14! Don't worry about the ups and downs. You have a long time to watch your investment grow. Upvoted and followed!

I still can't understand why did you power up, tied up your funds like that... trading could bring better returns, but steady small returns are good too I guess...

You made a smart move on that regard. Steem goes up in value because of Steemit soc med.

Very good decision! Loving your level of maturity at such a young age, makes me wish I had that much since when I was 14! xD

+upvote +follow

Even though crypto is down since you posted this, it's still a good move even when you made it. I expect to see STEEM at $5 in the next 12 months, your 300 STEEM and rising should be worth over $1k without much difficulty.