How Is Your Crypto Earnings In Comparison To Monthly Average Salaries
I think it is a decent and at the same time an interesting exercise to gauge how your crypto earnings are doing in comparison to what is being earned as an average monthly salary around the world. 99.9% of crypto prices are down at the moment so it also gives a worse case scenario compared to the ATH peak prices which offers a false sense of security.
I can recall in the last cycle many thought they could go all in on crypto and found out quite quickly when the prices dropped that they were nowhere near where they thought they were. My aim is to one day be all in on crypto earning and living off the rewards whether it is a passive income or more who knows. I will not give up my day job as I love doing what I do and find it fun. I guess I am lucky in that aspect as the majority of people don't enjoy what they do.
Putting this all into perspective my monthly crypto earnings are the equivalent of 58 people unemployed in South Africa earning the unemployment grant. This is actually quite shocking and why crypto and being able to earn an income via staking is quite magic.
My current crypto earnings have been averaging in the $1100 range for the last 6 months to a year and this is not a salary, but adding to the crypto stack. As we know the accumulation phase is the time you grow and it never ends due to compounding the rewards on a regular basis. If everything was a constant with stable prices which it is not in crypto then this number would just organically grow.
On the flip side the earnings are being staked with the possibility these crypto prices could 10 x and then the whole comparison scenario changes instantly. The $1100 has now turned into $11000 and this is not just for the current price ,but what you have earned across the entire time period. This is the part why you need to stay consistent and not only become more interested when prices rise as it makes no difference if you earned the crypto 3 years ago as it all has the same value as what is being earned even when it is 10 x higher.
Not that difficult if you just remain consistent and tick each country off as you grow. We are definitely not going to be average monthly earners and expect many of us to be well above average in the next few years earning what the professionals are earning and possibly far more.
I do think if we continue to grow and stake in our various crypto's that we have then eventually we will be out earning those who are earning in the top ranked countries when it comes to monthly salaries. My aim is to generate $10K monthly and this is my starting figure and not the end goal. The compounding guarantees the number will continue to rise and why settling on an end goal figure is not required.
The scary and exciting part with all of this is crypto is still in it's infancy and we are still so early even having been in crypto for 8 years. Fast forward another 10 years from now and who knows what will be possible, but I can guarantee that the monthly earning figure will not be $1100 and will be multiple times more. Not that terrible considering how fun crypto is and once you know what to do it is not exactly difficult to earn.
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I haven't received a salary for 30 years. And for the last 9 years, my main income has been cryptocurrency. Now my income in cryptocurrency exceeds the salary in my city ($400).
Yes it can work even at these low prices. I could not spend crypto now with these prices when we know the price has to rise considerably. I would still work to keep my stake and maybe get ahead even more.
I spend stablecoins. Interest from HBD. And I'm waiting for even better prices to buy cryptocurrencies.
A brilliant post that reflects a deep awareness of the market and its fluctuations, far from the illusions many fall into when prices start to rise.
Comparing your monthly crypto earnings to the global average salaries is a really smart idea.
I think it is a realistic approach to see how you are doing in comparison to others not earning online. Wait until they understand how much is being earned whilst having fun with crypto and the potential is that many of us will be big earners.
A little optimistic maybe, but not impossible by any stretch of the imaginatio.
Compounding and growth the catalyst
Dividend paying shares also good and far more likely to retain value long term vs Crypto.
So my outlook is diversity across investment vehicles.
My next play will be some business ventures. Having other people work to make money for me seems like a good idea to me.
I just need to use my full skillset and take an initial risk. My current role only uses some of my potential.
Business ventures are always a good idea if you have the right people. I have been trying to get one of my new businesses of the ground and originally 4 people is now 3 and now realising the other 2 are not great as you have to keep on pushing them. If you have a business venture that needs another investor just shout as those projects are really good fun.
Crypto will become mainstream like shares in the future and having both is always a good idea for safety covering all bases.
Thanks for that offer man.
I might well do that at some stage. I've a few ideas I'm toying with and always good having more than one investor to help spread the initial risk.
Defo. Residual income is key. Some service where you're paid monthly recurring regardless of whether you supply the service, but are there ready to supply the service if needed.
Cryptocurrencies has a lot of potential in the present and in the future
I really don't think I am making anything on the very little crypto that I have but I just hold it there for later... my rainy day fund.