Steemit can be a great source of income. But there is something you should keep in mind before quitting your job. When you do a job, you get paid on a regular basis. Every month you get salary and that’s how, you maintain your expenses and make a living. When you work on Steemit, you will get paid regularly, but you will be paid in cryptocurrency.
As you know the price of cryptocurrecny such as steem and SBD fluctuates a lot, you will not get much if you convert that into fiat currency when the price is low. It is better to withdraw steem and SBD when the price of steem and SBD is high. But the thing is, no one can tell you for sure when the price of steem and SBD increases.
If you work on Steemit, you have to decide when you withdraw SBD and steem, and how you will maintain your monthly expenses. I don’t know how much money you need to pay your bill and monthly expenses. You should consider that before quitting your job.
Before quitting your job, the most important question you should ask yourself is that why you want to quit your job. It is because you do not like your present job, and you want to get a better one. Then find a better job and change your job.
If you want to do something on your own, and all you want to be an entrepreneur, you should know something. Being an entrepreneur is not as cool as you see on Instagram. If you think it is something that you cannot live with it, you can go for it. Steemit will help you on your journey to be a successful entrepreneur. But it would not be a good idea to quit your job only for Steemit unless you make sure to have a continuous flow of income from it.
I would like to say that Steemit has a great potential to replace a full time job. But in today's scenario it is still a dream for lots of people. It is not possible to take it as a full time job.
People who leave their regular should either be whales here already or someone who had other source of income. Steemit is not yet fully capable of being an alternative to regular income.
Inspite of not having any plan is someone is really taking that decision, I would say the have to reconsider their decision. Many aspects of Steemit are still in beta phase only. But over few years the platform will have great potential to become full time alternative source of income.
My advice is to continue working on your job and continue your contributions to Steemit until Steemit provides you a reasonable passive income. After that you can look forward to leave your current job.
Believe it or not the best answer is 'Patience':
Do you think there were masses of individuals (non-companies) benefiting from google search when it was only 2 years old?
How about Youtube, do you think there where thousands, even hundreds living off just youtube post when it was 2 years old?
The answer is obviously no, but learning and having a head start now will help set you up to do really-really well on the Steem DAPPS not just Steemit, but almost every DAPP that gain mass traction.
Even becoming a great counsel, like a Musing.io master answerer, has the potential to help someone create a lucrative income stream and fulfill a service to the community
Imagine in 5 years, or 10 years time when Steem has 20 to 50 Million users, and Steem has passed $100, do you not think the userbase and the rewardpool and the thousands of SMT tokens will not reward someone who has sharpen their Steem posting, sharing, and other proof of brains skills to earn a generous if not then amazing income here?
This is possible, it's just a matter of time, be patient, start 'learning' now, build your surf board of knowledge, friends, and followers, get ready to ride the big coming Steem wave!
They should keep in mind that the entire cryptospace is very much in an experimental phase. There are guarantees of nothing. If you find yourself making enough money on Steem to support your current lifestyle and enable you to meet your current financial obligations, you should ask yourself what would happen if the price of STEEM dropped 90% as it did between January and now. I wouldn't dare quit my job and become a full-time Steemian until I made several times as much on Steem as doing my regular job and until I also had enough savings to cover my living expenses for at least two years.
It would be different, though, if Steem had grown and matured as a network to the extent that the value of STEEM were no longer 100% speculative but based on actual fiat streams of income generated by the apps using it enabling them to pay for the network resources in a sustainable manner.
i would tell them that is a bad idea. Teh crypto market is very volitile and I would not want to base my life on that alone.
I would tell them that they are insane. They would have to already have a mega account and have a mega following to get anywhere. Steem is at $.27 right now. There is now way I could survive on that. If it got back up to $7 then that may be viable but I would not quit my job due to how volitile the market is.
I'll tell them that unless they already have an income on Steemit (such as people getting big votes from trails), there is no way they'll be getting enough of an income. If someone quits their job in order to START their Steem experience, they're doing it wrong and they're going bankrupt in no time.
To be very careful. Blogging on Steemit has no guarantees for a stable source of income. Earning tokens on Steemit can be possible, but the amount of them depends on a lot of factors and the value of the tokens also fluctuates a lot so if one plans on quitting his job and become a full time steemian should be very cautious.
I wouldn't advise them to quit unless they have good passive income sources. Because they can continue blogging without quitting their current job. Steemit is in it's early stages and price of the steem is too volatile to make living with it.
STEEM's worth is astonishing on some under-developed countries which may make Steem is a good income source to live. For my case, it is not feasible to live with post rewards.
On the other hand, I believe, STEEM earnings should be seen as an additional source of income/investment for users. If every user sees STEEM like a source of income to live, then there will be constant SELL pressure in the markets, which will result a zero value.
Only thing, I can quit my job for STEEM would be going into the top20 witness. A top20 witness is making a good amount of money daily that I would focus full-time on STEEM by giving back to my witness voters and community.
I think it is a big decision to quit a day job and be full time working on Steemit. I think first of all, you have to ask yourself how much you are earning now versus how much you can earn from Steemit.
Based on my personal experience, it is not so easy to be noticed on Steemit and start getting those big votes. Your reputation and network will take at least half a year to build. And even after 6 months, I am still unable to get more than $1 of organic upvotes per post. So assuming if I post 2 articles a day, I will earning less than $60 per month. Which is far from enough to survive in my country.
Next, you have to consider how much you need to cash out from Steem to fiat every month. Steem is a platform which rewards people who hodl. The more Steem power you have, the larger your vote is. Hence, it makes sense to hold on to your Steem. However, by quitting your day job, you will certainly need to cash out whatever you earn to maintain your daily life.
There is an exception though. If you intend not just to write on steemit, but instead start a business on the Steem platform, then it maybe viable to take the leap of faith.
In conclusion, Steem can be a hobby and a nice source of side income. But it is very risky to quit your job and focus on Steem. I will recommend anyone who have such plans to think twice.
i would not really advice anyone to quit their jobs because of steemit,yeah i understand that steemit is a great platform where someone can earn some income but we also need to understand that income on steemit is not fixed,there are some months that someone can earn plenty income on steemit and there are times that the person might just earn a penny but when you are working and getting your salary your salary is consistent and every month you already know you will get paid,so i will advice a working class person to keep working and they can use their spare time to keep posting on the good platform called steemit..
Well, if those folks have save enough and don't worry much about money, then go for it. lol
Living on Steem is difficult, most people don't earn a penny here.
But it's a great platform to have some fun.
Not recommended. Nobody knows what the future holds for Steem, so best not to put all your marbles in one bag
I would say they are crazy as hell. Steem prices have been on constant state of decline all of 2018. As steem prices fall so does the engagement on steemit between people because they are less motivated due to the low $$$ returns. Most people do not make hardly any money on steemit unless they have whale support or multiple dolphins that support them.