Generating Passive Income On SteemIt... Easy?? Or Not....???
It is advertised all over SteemIt: once you have a good amount of SP,, you can earn a passive income very easy. Is It? Or not? I'd like to hear your thoughts on this matter.
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Looking Up instead Of Down
I must admit it's a bit scary: For the first time since I started my SteemIt career in November 2017, I'm writing a post in which I am forced to look up, instead of down.
Straight from day 1, I have been focusing on finding ways to help newcomers find their way, coming up with ideas that would help them to grow their accounts.
Over time, a lot of those newbies were able to grow their account, just like I did. As a result, I'm not only looking down anymore, but also sideways, because my main peer group has reached about the same reputation score I have.
The only thing I have been avoiding is looking up...
I haven't really been mingling with the people who have bigger accounts than I do: the fat minnows, the dolphins, the orcas and the whales.
But today I have reached a point that I simply do not have any other choice....
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A Shot In The Dark
I realize addressing the people who are ranked higher in the SteemIt ecosystem is a shot in the dark. After all, most of you probably have no idea who I am.
Of course, there are a few exceptions. But aside from people like @abh12345 and @paulag, communication with all the others has been extremely limited.
The main reason for this can be found in my low self-esteem, but that's not the topic I want to discuss today.
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The Facts
With the price of Steem remaining at this low level, I decided it was time to act. If I ever wanted to buy myself some more Steem, this would be the time to do it.
Rather by accident, I ended up just below the 5000SP mark.
In other words, dolphinhood is just around the corner.
This significant increase in SP made me reconsider my habits.
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My Old Habits
Up until last week, I was offering interest-free delegations to newcomers and a couple of communities that existed to support newbies. I also delegated to @accelerator, a community bot, and @trufflepig, a Machine Learning bot that was created to help minnows and content curators. There were also 2 SMT projects in the list: @actifit and @steemhunt.
The revenue I received from those delegations was really small. Of course, there were the SMT tokens, but both @accelerator and @trufflepig payouts were as good as neglectable.
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Lucrative Way To Generate Passive Income
After purchasing that extra bit of Steem, my entire mindset changed.
Don't worry, I'm not planning to remove the delegations to the communities, nor the individuals, but still there was this little voice in my head telling me that this was the perfect time to use that extra SP to generate that little extra, passive income everyone had been raving about.
But the awful truth is that I don't know how to make that happen...
Correct me if I'm wrong, but if you ask me there are three ways to earn some good money if you have some extra SP:
- Delegate to the bid-bots
- Sell your votes
- Sell SP for lease
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So, now we're getting to the core of my problem...
1 . Delegating to the bid-bots, which is probably the most profitable of all, just doesn't feel like the right thing to do. Although I use the bots every once in a while, I really don't want to encourage the existence (and as a result, the abuse) of those.
2 . I've actually never looked into putting my SP on the lease market, so I actually don't have any idea whether this would be a good source of passive income or not. But again, I have my thoughts when I think about how people could use the SP they leased from me could be using to abuse the system.
3 . Selling Your Votes - I don't like the idea that just anybody can buy up my votes and use them to abusively upvote his post with. So selling votes is off the table too.
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This means that the three biggest resources of income are swept off the table, just like that.
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So... Now What?
So finally I can get to the point I had in mind when I started this article.
My big question to all you big guys (and girls) is this one:
'Is generating a passive income still possible if the above three ways are ruled out? And if so... How?'
To be honest, there wasn't a lot I could think of.
I added 2 more SMT projects to my list (@air-clinic and @cleanplanet), and went looking for more community bots. They were pretty hard to find, though. So far I have added @kiwibot to the list, and I'm still thinking about the Incin Community Bot.
I've also started an experiment I will keep going for a month, in which I delegate to the brand new @bid.bot. This is just out of curiosity, and to be able to make a well-thought-through decision afterward.
This second-hand revenue that is paid through these wannabe sources is very small. But hey, it's better than nothing, right?
I've done some extra searching, and came across another small passive income opportunities:
@DUnite pays out 85% of the total rewards pool to their delegators.
@betgames pays out 1 SBD per 100 SP delegated every 15 days
@Minnowsupport is another community bot - however I couldn't find any stats on their payouts. @qurator is another option.
I also bumped into a brand new 'game', SteemSnake that also accepts delegations. It's some sort of a curation game (read more here)
I keep wondering if the tiny passive income I would be earning from all those small initiatives would weigh up against what I am doing now: giving redfish and minnows rent-free delegations, so they can grow their account without having to worry?
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But maybe I'm missing something... That was why I wanted to consult you in the first place.
I would really appreciate some advice on this matter. .. A whole lot of advice, to be honest.
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Here are some basic questions I want to ask you:
Do you earn a good passive income by using the 3 lucrative ways I mentioned before?
If so, have you ever thought about it twice? Maybe you share some of the opinions I expressed above, maybe you don't. Or maybe you do, but you simply care more about the money...?
How come my consciousness is always standing in the way of me earning good money? Am I really the only one here on SteemIt that is so stupid to have principles?
Do you have any other sources of passive income? If so, would you mind sharing?
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I don't make any passive income from steemit. everything I get, I work for. a lot of my posts are data posts that do well on utopian, but i could spend days on a data post. I don't lease out my sp in any form. I give free delegation and keep enough that my vote has some value. so by giving away delegation for free, it actually costs me in what I could earn on curation( which is not that much anyway)
I do, or well I did have a passive income. I have been a top selling Udemy instructor for a long time, but spent a few years building up to that status. However over the last 12 month I have been spending my time on steemit and last month lost my 'best selling' title and 80% of my revenue. So really there is no such thing as passive income because you still have to do work to get there and stay there.
My thoughs on the option you put forward, well to be honest I dont think about doing any of those things. I feel more positive about steemit now than ever before (although my earnings are well down here too) and I believe you, and many more like you are making what will be the new core of steemit.
You are doing awesome work. Keep it up.
Thanks for taking the time to reply, @paulag.
Part of the reason that I started thinking like that is somewhat the same as what you say.
Up.until 2 years ago, I was a very busy bee in the world of internet marketing. My online biz earned me good money for over 15 years.
Two years ago, I got interested into crypto, and since I was so sick and tired of all the repitituve tasks of an IM'er, I quit, and threw myself in the crypto world.
A big part of my biz was automated, so even though I didn't pay any attention to that biz anymore, the sales kept coming in. But a lot happens in 2 years time, and unfortunately I lost my main website, so the money came in less oftën. And about two months ago, it all stopped.
Now I've invested quite some money in Steem, while these are risky times. I had never given these SteemIt passive income streams a lot of thought, but now it feels a little like I need to make sure that I don't lose too much of the money I invested, even if the price will drop lower. That's exactly whën all the doubting started again lol
thats really interesting. I was not aware you were involved in internet marketing. is the website easybitcoinearnings? or do you have another few too?
Thinking out loud, and no offence meant to anyone, but internet marketing skills is something many authors here on steemit lack and steemit inc too. Im wondering how you could use these skills to help steemit.
When I started my online teaching buisness, after I learned production skills and instructional design and had courses online that no one was visiting or buying, i then had to learn internet marketing skills. When Udemy launched, many instructors were like me and had no internet marketing skills, so these type of courses done very well for those of us that really wanted to make a go of teaching online.
My point being, if people want to do well on steemit, they should grow their following off steemit too and learn how to bring traffic to their blogs and maybe there is something there you could work with.
Just thinking out loud!
You are completely right about that.
These last couple of days I've been scribbling down some ideas for a couple more posts that could help people reach a broader audience. Things like crossposting and stuff.
A couple of months ago, I already created a post in which i explained how people could set up an automated 'link wheel' using IFTTT that automatically shared there new SteemIt post with a good number of other social networks.
This process has become somewhat more difficult since Streemian isn't providing a decent rSS feed anymore.
One of the things that crossed my mind was creating a steemgig in which I'd do it for them.
Also, if STINC would have (or had have) a decent marketing team, the site would probably have a lot more name-fame (for the right reasons), and less people would drop out.
It's a mistake you see many people and organisations make: there is a development team, but most of the time they don't have a clue about how to market their products. And then they are surprised they fail.
I see it as a team effort: one can't go without the other.
I hope the SMT projects will have thought about this, because if they ever want to attract people from outside steemit, they'd better havd a real good marketing team working together with the developers...
@simplymike is doing amazing work! Couldn't agree more. Your comment shed a little more light @paulag. Hopefully the new core will be more community minded than bot business based driven
Qurator, make-a-whale, ssg, helpie, will all give you a vote tied to SP delegated. None of these accounts will hit you into trending.
I've considered the lot of them(delegate a bit to @helpie for seemingly no vote but don't mind), but I guess they are similar, just smaller than the bidders.
Steem as you wish @simplymike, safe in the knowledge that someone is being a bigger douche than you 😊
mistake corrected Asher...
/me flags @pechichemena
😜
To be honest, I didn't know (until earlier) that the delegation earns an upvote. @helpie is a community account, I like this 😁
LOL ! ooops... I'm sorry.. yes.. you get a @helpie vote but I seemed to have missed registering you .. I do this manually and one by one.. so .. it slipped . accepts flag You are all good now :)
Don't worry about it :D As said to @meno, I didn't know I'd be receiving a vote until I spoke to him yesterday. Then I was like, errr, hang on a minute!!
I understand completely that mistakes can happen with manual work, I've ballsed up plenty of times here!
Wow, you are a very awesome person for giving rent free delegations! Props 😎 And maybe in the long run that will pay off when some these redfish get bigger, so maybe you should do both. I think @qurator is great pick cuz that way ur delegation is still helping other steemians to. Anyhow, thanks for being a great person for caring so much about the community!
That was exactly what i meant ,hen I questionned whethdr all those small sources of income would weigh up. Of course I'm doing this to help them grow a little faster, but I must admit that the thought that they will one day all be dolphins (or bigger) has crossed my mind a couple of times... :0)
I am thinking about delegating to @qurator, because right now I'm giving them a lot of votes per week to stay in one of their tiers. By delegating a little to them, I could take back all those votes...
I delegate to Minnowbooster. I've gone back and forth on how I feel about it, and delegated and undelegated a couple times. Idealistic me says, don't do it. Realistic me says, bid bots are a fact of life and being idealistic doesn't pay as much. There are a lot of shameless cash grab bots, but there are also ones that use their power for good and do a lot to support the community.
Shit did get out of control with the bots there for a while but the community has been doing a stellar job of shaming, punishing, and blacklisting people that abuse the system. I feel like we are coming to an equilibrium on the bid-bot issue, and at the end of the day, there is nothing inheritly wrong with paying for promotion as long as it isn't abused.
On a personal note; I have long stretches where I can't get on Steemit for a while so knowing I have my steem working for me while I'm gone gives me extra encouragement to come back.
So go ahead and delegate to a bot. Just take the time to choose one whose values matches yours.
You definitely gave me some food for thought with your comment. It is indeed true that the worst bot abuse has come to an end...
You could try delegating some of your SP to @rewards-pool and get up to 4 shares. You are randomly selected for upvotes from them. That's a way of getting a return.
I would think that if you're delegating out SP to Minnows (and Red Fish), if they are just self-voting to grow, you might help them learn to be more community-minded, and you could get curation if you just upvoted the ones you liked. For a little 20SP account, even a $0.03 vote is a lot. That's just me talking about something that I don't know much about as I haven't looked into your delegates at all.
I would imagine that outside of bidbots, the easiest way to passive income would be to join groups that give votes to members in exchange for delegation. @silvergoldbotty is another one that I know some people use.
My delegatees were all chosen based on their ranking in Asher's engagement league. That was my way to make sure they were already community-minded. And all of them had less than 50Sp at the time I sent them the delegation, so the main point was actually tmaking sure they wouldn't have to deal with running out of bandwidth at some point.
I hadn't heard from @rewards-pool, nor of @silvergoldbotty. I'll put them on the list I'm making so I won't forget to check them out. Thanks!
Ahh, so it was more bandwidth-focused than rewards. I'm embarrassed to say that after being in that position less than 6 months ago, I've already forgotten what it's like to not have bandwidth. That's very nice of you to make sure they have enough to keep going. :)
I haven't actually used either of them, so I don't have a personal recommendation. I know that silvergoldbotty requires an upvote every day. For you, it would be around 33% upvote. (100,000/your active SP(3,000)) = 33%.
I’m on mobile right now and hate writing on mobile, so I’ll keep this response short and write more on my laptop later if I get a chance.
I don’t think there is anything wrong with profiting by letting others pay to access some of the power of your reserves. It’s your money to do with as you like. So much has been done to blacklist bot abusers and limit profits to vote buyers to a very reasonable 10% that I just see no reason to feel bad about participating in some parts of that system.
The one thing I’ve refused to do is anything that incentivizes someone to self vote excessively, such as letting someone buy my SP delegation. I also want to make sure I have enough SP to use for my manual curation, since I’m very active on the site.
For these reasons I sell upvotes when my VP is above 85% only. From that I make about 2-3SP per day. Very slow accumulation, but better than nothing and happens while I’m offline. I also was able to limit the use of my upvotes to only top rated content, as rated by that service.
I have lots of passive income off steem, but won't try to get into all that now.
Posted using Partiko iOS
You're totally right this was a very short response 😀
LOL, you actually just reminded me (now that I'm back on my laptop) that I intended to add to this post. So here goes....
As far as your question about ways of earning passive income unrelated to steem, I've done a lot with that. I'm completely supported by passive income now, and had been for a few years once before also. That first time I didn't know enough to know to diversify, so it only lasted a couple years. Now I have a better "portfolio" that I can see lasting indefinitely with minimal maintenance time and money.
My first real money maker was online courses. I used to run a business technology company so I knew enough about some popular tech while also having once been a full time technical trainer. That ability to teach technical subjects in a way non-technical people can learn them and actually use the knowledge to do a job well is rare, so my courses were very, very successful. At times I was making almost $10k per month just from that.
I also have done very well with real estate. Now with online courses, you're mostly just investing time. You should put some money into hosting/building a website for your courses and marketing them, but I never put hardly anything into that. Mostly I invested a significant amount of time creating high quality courses.
But with some types of passive income it really takes money to make money. Sometimes it doesn't take as much money, but then it takes more time, as in waiting. In my case I didn't wait long, but had started by putting in $40k.
I got the $40k mostly from another type of passive income that not everyone would consider passive, but I do. I was working about 15 hours a week and earning about $40k per month. Even after paying off all debts and covering living expenses while accumulating, I was able to in just a few months save the money for the real estate investment. That money was multiplied many times over by price appreciation in the next few years. Basically I was acting as a type of agent, creating tech deals and staffing them, but unlike an agent I kept ownership of the entire process, so I kept most of the money.
Friends of mine have invested more like $30k and had to wait maybe 10 years. I know other people who have invested as little as $10k, but then had to wait more like 20 years to see the same types of returns. My point is, you can either spend time or money, but in general real estate tends to pay off. (Unless you are so unlucky as to buy at the top of the market and then need to sell at the bottom.)
Other things I've done have earned or continue to earn me recurring revenue, but to a lesser extent than these things. I've bought debt and earned returns in the 9% annual range quite reliably. I've had membership programs. Plus I know there are a few other things I'm not remembering right now.
On the whole, I encourage people to think, "How can I earn more by working less?" This is a good guiding principle for gaining the freedom to spend your time how you want. I still am very productively engaged, but now it is mostly volunteer efforts for things I believe in without having to think about how it's going to pay me.
Edit: Oh yeah, there was also an app.
What type of thing did you do 15 hours a week and earn that much per month?
I described it in the same paragraph. I was creating deals between companies and those who would deliver the projects. All I had to do was mostly emails and GoToMeeting calls.
Aha
I don't think everyone could earn money that easy. Simply because of everyone could then almost everyone would do that.
Not everyone is smart enough, confident enough, or properly positioned to do any given thing. That's why we are fortunate that we can learn from each other's experience without expecting to follow one another around trying to exactly duplicate the experience of another. Everyone has to find their own way.
@simplymike my thoughts on this:
Instead of passive income you should focus more on future potential income by collecting tokens - afit, hunt, cleanplanet
you already do but I think you should increase it
Here's why: Out of those three tokens one has the potential to equal 0.1 STEEM
So if you collected let's say 10,000 HUNT tokens you would get 1000 STEEM by selling them.
You can collect that much in 10 weeks with a 1000 SP delegation to @steemhunt.
And how much do you get by leasing a 1000 SP to bidbots in 10 weeks? About 35-40 STEEM.
Now even if Hunt token ends up being worth 0.01 STEEM you will have made 100 STEEM. Now that still trumps delegation to bidbots.
See my point?
Anyway this is what I follow myself.
That's some solid advice, @direwolf.
I have SP invested in both actifit and Steemhunt. Also in air-clinic, but I don't have the same feeling about that one - I'm not sure it has the same potential as the other two..
I feel the same. Airclinic is just not as clean cut of a concept as actifit and steemhunt.
What are your thoughts on cleanplanet? The idea seems good but the team isn't doing as good of a job promoting it (no offense) IMO. But I still delegated 50 SP to it nonetheless.
I has 50SP delegated to them, but I retracted it earlier this week. I will need to read their original policy again before I make a decision. I do agree they are way behind when it comes to 'name-fame', they could definitely use a better marketing strategy
What if you powered down and put that wealth into steem dollars? Doesn't that get you 10% passive income PA? I remember reading about this, but I just checked the FAQ's and I couldn't find anything about it. Perhaps it used to be the case, and now they've changed it.
I have no idea. Never heard about something like that
Posted using Partiko Android
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