A Compounding Account for My Daughter- Second Update

As indicated in a previous post here, I recently started a new HIVE account for my 5 year old daughter. I went ahead and dropped in a relatively small amount of HIVE, as well as some passive earning tokens in order to build up an account for her over time. We posted her first "art post" this evening and I thought it made sense to follow up with an account status post.

It's been just short of a month since the last status update so lets see how we are doing! I haven't done any transactions or moved anything around since the last post. When I logged in I claimed the rewards from my last update (I have her account set as a beneficiary).

As you can see below we've accumulated 0.177 HIVE, gained a little HP, and 0.87HBD from the update post payout. The HBD will be added to savings, the 0.177 HIVE powered up, and delegated to ecency for passive earnings.

A slight change- when I attempted to post her artwork earlier I realized I was short RC because I had been delegating EVERYTHING out. I will be keeping 0.5HP undelegated from now on in order to accommodate the infrequent posting to her account!

The value of the account in terms of layer one has increased a little- Last update we sat at $9.41 so seeing an increase to $13.76 over just a month is very positive!

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Here are some of the incoming transactions from UTOPIS, DHEDGE, and ecency delegation.
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And here is where we are at with the HBD moved to savings, the Hive powered up and redelegated out:

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Now lets move on to second layer tokens. The goal here is to make sure we are recombining as much as possible into passive income tokens. We've begun to acquire a wide variety of second layer tokens from our DHEDGE, BRO, INDEX, and UTOPIS. I plan to sell most of these tribal tokens on the market in order to acquire more of the above passive tokens.

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Here's a better view of the passive tokens we are aiming for:
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I managed to sell a decent chunk of the extraneous tokens- then ran into the RC issue again. I guess I should have saved more than 0.5 HP. Like a fool I forgot how many transactions I would be doing when I only left that much aside! Regardless- I made 1.98 SWAP.HIVE and waited until I could buy the desired DHEDGE with it. I have decided to increase the stack of DHEDGE again this month for two reasons- First because it pays daily HIVE. Second because it has the best price point of the four at this particular moment!

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The total stack of DHEDGE is now 77.74557935 and is the only major change for passive tokens this month beyond the normal BRO and DHEDGE earnings from drips.

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With that done and more tokens waiting to be sold once the RC have recharged further lets take a look at the second layer total value. Remember some portion of this will still need to be sold and reinvested into compounding tokens once I've solved the RC issue(I may delegate the account some additional HP):

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Not bad at all! This puts us in good shape! The account is growing month over month so far- truth be told this experiment has really only just started though! I didn't look at total second layer value last month but I will going forward using LeoDex. I'll plan to do another update next month and keep the updates rolling regularly. Perhaps in conjunction with art posts on her account each month... we will see!



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22 comments
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That's what's up man. The most powerful force in the Universe is compound interest -Einstein

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Hey @dibblers.dabs , your post really caught my attention. Now I understand this is for your little one, but may I ask for some tips too? I started my account sometime back, but it seems to be growing slower than I expected. May I kindly learn from you, what I may do to earn faster, as well as what are the compounding tokens that you mentioned and how I may get them? I also realise there were so many contributions by @ecency , how did you manage to catch their attention? Thanks so much!

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Hi @rayius! I'm happy to help however I can! First thing to mention is that those contributions from ecency are because of the Hive Power that is delegated to them from the account. They pay delegators daily for their delegation from their accounts curation returns! You can get started by delegating some of your own Hive Power to the @ecency account. There are other accounts as well that provide returns for delegations.

The passive income tokens I mentioned are available on the marketplace- all you have to do is buy and hold them in order to earn regular returns. There are other tokens that pay returns as well but these are my personal favorites. DHEDGE, BRO, INDEX all pay daily vs UTOPIS which pays weekly. DHEDGE and UTOPIS pay in HIVE and other Hive Engine tokens, BRO and INDEX pay only in Hive Engine tokens.

There are a lot of ways to earn HIVE and build up your account but the biggest thing is to get engaged with comments and in the communities and tribes. It's all about connections and community at the end of the day!

This link to one of my old Posts may also be helpful:
https://peakd.com/poblearn/@dibblers.dabs/when-you-know-you-know-when-you-first-join-hive-you-dont

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thanks so much @dibblers.dabs , I just finished my work and managed to went through all the resources that you recommended! Wow, this is certainly not a simple path. Hey I am just wondering, I believe you setting up this Hive for your daughter is in a way, for her to have some capital in the future. By chance, are we actually able to live this off for retirement or passive income? Anyway, really wonderful post, can't thank you more for imparting the knowledge to the community!

Happy Halloween my friend!

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It is certainly something to help her out in the future but it is more to enable her to see that the creative things she makes can be valued by others already! You certainly could build the account up enough over time to help out in retirement. It would take a lot to build it up to a level to be able to live off it but I think it's certainly possible.
The key is to put compounding interest to work in your favor!
!PIZZA

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Precisely, I am quite attracted to the idea of the FIRE movement, meaning Financial Independence Retire Early. So though I am still a student, I have been forcing myself to meddle in these uncharted and probably unconventional territories so as learn more, and probably be the first mover in such platforms!

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I'd like to achieve a bit of that myself! Crypto is definitely a good way to build wealth as long as you have the conviction to follow through with your plans and do plenty of research before you commit.

If you buy a token and can be scared into selling the first time its price drops then you haven't done that part. If you do a ton of research and believe the project is offering something of value then you are more prepared to deal with those price changes and hold out until it recovers and reaches new highs. Keep accumulating and building your wealth, stake and earn more, diversify, prepare for volatility, and put compound interest to work for you and it is totally possible to achieve your FIRE goals.

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For me, I am honestly just a bit more concerned with the process of selling. Reason being as my country is still not catching up with the crypto market, there are still a lot of mystery and lack of infrastructure shrouding across the crypto. Meaning, even if I want to sell it, I am quite clueless on how I can eventually monetised this token with the end point in my bank account

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if you use a cryptocurrency exchange then you can move the token into the exchange from hive and from there to your bank account. it is usually dependent on which exchanges you can use and what the regulation is for each country! lots of people use binance with hive because the token is listed there

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Binance it shall be! Cause I have been playing Splinterlands for some time now, and I am thinking of withdrawing a small portion just to see if this works!

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binance should let you withdraw funds directly to your bank after you have sold the tokens! good luck! I am not super knowledgeable about binance myself because I don't have access to them where I am! but it should be fairly straightforward and lots of people use it! good luck!

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Oh right... now i would have to see if I have access to them! hahahaha

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This is such a cool project! I haven't learned enough about hive so far to really understand the fine details of this. But I think I'll bookmark your post and then try and delve a little deeper...

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give me a shout if you want when you do! I linked an older post in one of the comments with some other tips for building a hive account up. There is a lot going on on hive engine with more passive income tokens than just the ones I have chosen!

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Thank you! I may well do that. So far the most adventurous thing I've done is buying 3 Hives worth of Pizza and staking it! I don't have much of a clue about the tokens on Hive, there's a lot to take in. :)

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Well I am glad to hear you have some !PIZZA ! It's not much of a secret that I'm a fan of that project haha. The best way to discover and find out about some of the tokens on Hive is to get into the discords for the various communities. You'll often find extra resources and information about the projects and tokens!

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hi. Do you help me? I need recourse credits because i'am do not to upload and comment. So sad.😥

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You will gain more Resource Credits by powering up more Hive! The more Hive Power you have the more you will be able to comment and upload and participate on HIVE. You can get a little bit of HIVE and a temporary delegation of HIVE POWER from this website: https://giftgiver.site/faucet!
And here are some other tokens to help you get going!
!ALIVE
!BEER
!LUV
!PIZZA

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