Why I Drained Every Last Cent Out of My Savings Account to Power Up
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?
If you enjoyed this post please follow me.
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
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 .