7 Streams of Steem Income
I recently read that the average multi-millionaire has seven different sources of income. (Reinvent Yourself by James Altucher - special thanks to @matthewdavid for making me aware of this book).
Wow! Seven income streams. Totally makes sense. Completely out of reach (at least for now).
I've Got A Long Way To Go
I've got a long way to go before I am a millionaire. A million dollars is a goal, but diversification (building up to at least seven streams of income) is a mindset.
Diversification is a way to manage risks and mitigate loss. Sure it sounds easy - just invest in a whole bunch of things, and there you go.
But the problem with diversification is that you need resources. It takes money to make money. And if you are working paycheck to paycheck, there is little to nothing left over at the end of the month.
Diversification requires patience. It takes time and energy to build a diversified portfolio (that is unless you are already rich, and if that is the case your family probably has a diversified investment portfolio already).
DISCLAIMER: I am not a financial advisor, and therefore the content of this post should not be received as financial advice. Before making any financial decision, please consult your accountant and or legal counsel. I will not be held responsible for the financial decisions you make.
Steem Income Streams
I am a long way from diversifying my overall investment portfolio as much as I would like. But then I started thinking. What steps can I take to diversify my Steem investments?
1. Content Creation
This is the most common way to earn on the Steem blockchain.
Create great content. Build authentic relationships. And then people stop by your blog and upvote your post. The idea is simple, but it will take some time and effort.
2. Curation Rewards
So maybe you are not the best content creator. You don't have to be! If you can find great content, then you can also earn on the Steem blockchain. By rewarding other people and their work, you can earn a cut of the payout.
3. Steem Power Delegation (Rental)
Have extra Steem Power? Not using all of your upvotes each day? Maybe you should consider renting out some of your Steem Power to another account. There are countless opportunities to earn Steem or SBD through by delegating Steem Power. And the best part? The Steem Power is still yours. You are just giving someone temporary control.
Maybe you are not trying to make a whole bunch of money. Maybe you enjoy supporting great causes. Steem delegations still may be a great opportunity for you.
4. Steem Basic Income Shares
@steembasicincome describes itself as a social experiment. By purchasing shares of SBI, you earn an upvote for every post you create. The promise is you receive upvotes for life. SBI is the frontrunner for the share system, but other opportunities are emerging as well.
5. Steem Blockchain assets
@SteemMonsters has taken the Steem blockchain by storm. The beauty of Steem based digital trading cards is that you own something. You take possession of a Steem blockchain asset that can be sold, gifted, transferred and purchased.
@SteemMonsters is just the tip of the spear, and I look forward to many more tradeable assets built on the Steem blockchain.
6. Buy Low. Sell High.
Think of capital gains, much like buying and selling a stock. Investors who buy in a low and sell on a high have the opportunity to make gains on Steem and Steem Blockchain Dollars.
7. Airdrops
I do not have much experience with airdrops, so I need to keep an eye out for these types for opportunities. Thanks to @protegeaa for bringing this up in the comment section.
8. The Sky's The Limit
I want to hear from you.
- Are you satisfied with you diversification on the Steem blockchain?
- What opportunities have you found that I did not mention in this article?
- What Steem investment streams are you investing in?
Thanks for stopping by!
@SumatraNate
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Good article to get us thinking about this issue. If anything it makes me think about the difference between an income stream source and classes of income streams.
I'd personally not see 4. SBI as a different income source to 1. rather, it's a part of 1. because you only get your SBI income if you post. SBI shares, in of themselves don't generate income.
WRT 5. At the risk of sounding like Kiyosaki, assets are not an income stream. The asset has to generate income or you have to be trading them profitably.
One thing you could consider to round out the income streams is purchasing BUILDTEAM tokens. They pay twice per month from BuiltTeam's profit for the month. The BT tokens are deflationary - you'll have to do your own sums to find out if they are right for you. I'm simply saying that they exist.
Do you have a link to buildteam info?
Their steemit blog: https://steemit.com/@buildteam
Their website: https://www.buildteam.io/tokens.php
Essentially, as at Sept 2018, you buy their token on Bitshares and then VEST it with them.
@eturnerx - thanks for your well thought out comment. You have made a lot of great points.
After reading your comment, I agree with you that SBI shares are a way to be rewarded for content creation. For me, content creation and content curation both fall under the umbrella of earned income as a time for money exchange.
One nice thing about SBI shares is that when you sponsor another Steem user, you gain a share as well. It is a nice way to bless someone else and earn on future posts as well (that is if you continue to create posts).
Sorry, I must plead ignorance on your comment about point #5. I am not sure who Kiyosaki is. I do agree with your statement that an asset not traded or traded for a loss would not be considered income. I am hearing of people who are building up @steemmonster cards hoping to sell them for a premium price in the future. Who knows if the market will be there. I guess we will have to want to find out.
I am with @wizarddave. Can you provide us with some additional information about BUILDTEAM tokens?
Thanks for stopping by. I appreciate how you have added to the conversation!
Quick things first:
I've responded to @wizarddave with BUILDTEAM links.
Robert Kiyosaki wrote "Rich Dad, Poor Dad" - where he, playing a bit with language near and dear to accountants, points out that an asset that doesn't generate an income instead generates expenses. He goes as far as saying that an asset isn't an asset unless it generates income. So, ok, that'll annoy accountants to say this but it is a good lesson for how we should think about wealth imo; don't accumulate value, accumulate income streams.
I likely your article for opening the conversation. I wanted to talk about the differences between individual income streams and classes of income streams but realised I couldn't easily make a distinction between the two. If I have to think about why I make the distinction, it's a matter of convenience in managing, analysing and diversifying. Maybe an example; each delegation lease is its own income source, but generally it's harder to think of them this way so we instead amalgamate a ton of leases into a single conceptual income stream and think about it that way. However, a monster-sized lease might be thought of as a stream of its own because it is big enough to consider as a separate stream, it might be managed differently and their might a larger impact in loosing it.
I'm a big believer in SBI. Call me converted. I just don't consider SBI an income stream - they're a tool that improves an income stream. Like a carpenter upgrading to power tools; it'll force multiply the ability to build houses, but building houses is the income stream. Not a disagreement with you about SBI, just I prefer to think of them as a force-multiplier so I can budget them accordingly.
Agreed about @steemmonsters - hopefully they will be valuable one day. That's risky. I guess the distinction I was trying to make is that accumulating assets for possible future trade is not an income stream and it's dangerous to think of them like that. However, actually trading them now could be an income stream, and accumulating asset for capital gain is also a viable long-term strategy.
(Usual disclaimers apply: the above is all my opinion and you should not take it as a recommendation to buy/sell anything in particular. Do your own research, take responsibility for your own decisions)
I will respond is short sentences. Thanks for the follow-up comment.
Again thank you for adding value to the conversation. I really appreciate.
Happy to see you mention SBI in your post! SteemBasicIncome is a great way to give back to new users and while the ROI may not be immediate the help you give those smaller accounts is beyond words!
I agree with you @bozz. SBI is definitely a great way to help smaller accounts (immediate ROI). If the projects goes well, I believe it will be a great long-term strategy as well.
I agree with multiple streams of income, and everybody says 7! I am working online for 11 years now and I DO run 7 streams of income, but I am not a millionaire, because I can’t keep up with all of them and I don’t have money to hire virtual assistants to do the jobs. So, yes, to make money you need to invest money and you will reach financial freedom. As far as Steemit is concerned, it can be a substantial source of income only if you publish a lot every day and pay a lot for promotions. Every marketer pays for advertising. That’s how money is made. Just publishing content, even if it is great, won’t make you rich. You must promote, promote, promote 😊
Thanks for your honest perspective. Just because you have a lot of income streams does not guarantee that you become a millionaire.
I really appreciate your point about promote, promote, promote. How would you advise a fellow Steem member to promote their content?
Airdrops! Steemhunt just finished theirs, which was available to anyone with SP who just signed up on their website.
Look for more of those sorts of things as SMTs grow and battle for attention.
@protegaa - Thanks for adding to the conversation. I added Airdrops to the main article.
Is there a Steem account or website you follow to find new Steem related airdrops?
Great, thanks for the mention!
There might be one or two, but I don't know. Maybe a hard charging Steemian looking for a niche might make one. Call it steemdrops or steemdropper or something...
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A very interestign read, and greta points airdrops is somehting i also havent got involved with much but its somehting i should be watching for
Me too. I am going to keep my eyes and ears open about airdrop opportunities.
you and me both :)
Great way to break down the different earning possibilities. I need to look deeper into SBI. Thanks.
I sent you an SBI share to get you started. Good luck!
Thanks for the kind words. It is always nice to get feedback about what works (and doesn't work) regarding post topics and format.
Just sent you another share. The process is still manual if I am not mistaken so I am not sure how many days it will be before you start seeing an upvote from SBI. The main account is @steembasicincome. There are 10 additional accounts - sbi1 through sbi10. Since I sponsored your share then I receive one as well.
Very informative post. Most valuable to see all streams with a short explanation within one article. Compact and most useful.
Have a beautiful day!
I am glad you liked the post. I appreciate you letting me know your thoughts about the format of this post.
I really like this style and the compact information. So great!
So true! I will check about SBI
I hope you are doing well. I just sent you an SBI share.
The process is still manual if I am not mistaken so I am not sure how many days it will be before you start seeing an upvote from SBI. The main account is @steembasicincome. There are 10 additional accounts - sbi1 through sbi10. Since I sponsored your share then I receive one as well.
Thank you for this helpful post, because honestly i still don't know what does SBI and @steemmonster do in the blockchain. Its slowly coming clear to me.
I am glad you find my post helpful. It does take a while to figure out everything. I am still learning a lot as well.
I just sent you an SBI share. The process is still manual if I am not mistaken so I am not sure how many days it will be before you start seeing an upvote from SBI. The main account is @steembasicincome. There are 10 additional accounts - sbi1 through sbi10. Since I sponsored your share then I receive one as well.
Thank you so much @sumatranate. I appreciate it a lot. This sparks my interest at SBI, have to figure out more.
Have a wonderful weekend!
Glad that you are interested. Have a great weekend as well!
steem power down!
You will get money for powering down if you sell your Steem. Which is similar to point #6. I think that Steem will continue to grow over time. I know a lot of people need to power down, but now is not a great time t do so since the price of Steem is rather low.