When You Reach Your 1st Payment Goal Do You Cash It Immediately Or Not?

@Janey1966 (24170)
Carlisle, England
January 6, 2010 10:54am CST
We all know what the first payment goal is and - hopefully - I shall reach this before the deadline. So it got me thinking. What happened when you reached your first payment goal and did you cash the money straight away or did you leave it until you had a bit more for the following month? Did you leave it in PayPal or transfer it to your bank account? Either way, I'm gonna lose out; the first is the exchange rate and the second is that PayPal charge for transfers under £50...so I think I've answered my own question lol!
1 person likes this
14 responses
@sacmom (14192)
• United States
20 Jan 10
It depends on the site. With mylot, I didn't know if they were legit or not, so as soon as I reached the minimum payout I cashed out. I don't remember if I transferred it to my bank account immediately or left it in paypal account for a while, but then again it's been a while since I made payout the first time around. Now with Clixsense, they charge a $3 check fee, so even though I've passed the minimum payout some months ago, I'm letting my earnings build up a bit before I cash out. At least I've heard good things about this site, otherwise I probably would have cashed out a while ago, just to see if they really pay or not. LOL Happy mylotting!
@sacmom (14192)
• United States
23 Jan 10
I have to agree, it is very sneaky of them indeed! LOL And if you ever want to rant about it, feel free! I don't mind at all!
• Boston, Massachusetts
7 Jan 10
Hi Janey, I am saving it for a great reward for myself. i will not spend it now. I already have a plan where i will be using my mylot money. i am excited for that time to come and for the event to happen. It will also save me from the service charge hehehe. Cheers.
@Janey1966 (24170)
• Carlisle, England
7 Jan 10
I'm not a fan of service charges either, my friend. I'm intrigued by this "event" you mention but I shall not pry. I will wait until you are ready to tell me in your own good time, my friend.
• Boston, Massachusetts
8 Jan 10
yes, if we can save for the service fee why not right? well, i am planning to use my mylot savinbgs to surprise my husband for an international trip. maybe by the time of his birthday i have enough and we will be albel to treat ourselves then.
@katkat (2378)
• Philippines
7 Jan 10
Nope, definitely not. I work harder for other sites I'm working, so that I could add it up to the ones which are transferred in my paypal account. Transferring money from paypal to a bank would cost much, thus I try to lessen the extra charge by withdrawing accumulated payment.
@Janey1966 (24170)
• Carlisle, England
7 Jan 10
Good for you my friend. It seems that many people seem to think the same way as me. Wait until I have enough accumulated in PayPal so I don't incur fees, then cash it.
• Mexico
6 Jan 10
Mmm...very interesting question.I haven´t tought about it because I feel like I were so far away of the $10...But I´m not going to cash out inmediately my hard earned money.why? For a very simple reason:call me "material girl" if you want,but I love when I earn money and I feel a bit sad when I spend it without a good cause..so why not wait a bit to earn even more money?
• Mexico
6 Jan 10
HI particle: this doesn't make you a material girl, this means that you are a very intelligent womanb that would love to make an important investment with your money. This month I'll make my second $10 cashout and i am glad for that because that's the money I need to buy for me the Britney's For the Record DVD. And now, I'll keep my money for a while and will wait until I reach $25 bucks toa sk for another cashout. Thanks for your answer particle girl. Hope you are having a nice day. Happy New Year and Keep Mylotting. Take Care. -Alvaro.
@Janey1966 (24170)
• Carlisle, England
6 Jan 10
I must admit I will be tempted to leave it in. I suppose it depends on how much willpower I have. I do have money in my own bank account at present (for a change). If I didn't perhaps I would transfer it to PayPal straight away. It does get strangely addicting looking at the payment at the top of the MyLot screen each day but it is more addicting expressing myself on here, which is what it's all about isn't it?
@danitykane (3183)
• Philippines
7 Jan 10
Hi Janey, I just leave it in my Paypal account until it reach a certain amount. I wanted to keep it in Paypal for awhile because, I don't want to spend it right away.lolz If I will have it transfered on my bank account there will be a certain fee that paypal will gonna charge. Here in my country there is a certain amount where you can transfer your funds without any charges but, I need to get that required amount first.
• Philippines
7 Jan 10
exactly, in that way your earned money will not be put into waste. I mean, you worked hard for it, don't let this online bank get some of your doughs. Happy Lotting!
@Janey1966 (24170)
• Carlisle, England
7 Jan 10
Hi there! Yes, it's the same in the UK. PayPal requires us to have £50 in our account in order for there to be no charges when transferring to a bank account...so I guess I shall leave it in.
@sunnycool (12714)
• India
7 Jan 10
I cant wait until my account reaches a certain limit---coz transferring money from my paypal account to any local banks costs a dollar(fee)---if its $150 or more then i can transfer for free but i cant control my right hand till then especially it would just login to my paypal account and transfer the money so i would love to watch money in my own bank account rather than saving it in virtual world.great day Janey.
• Boston, Massachusetts
7 Jan 10
Hi Sunny, It's also like that here in our country. i am doing the same thing with you. so let's be merry once we reach the limit and we will definitely be merry and happy!
@Janey1966 (24170)
• Carlisle, England
7 Jan 10
You are both so sweet...and right of course. This community is such a friendly one, I love it!
@se7enthbird (8307)
• Philippines
7 Jan 10
no i did not. the person who invited me to mylot told me that when we cash our earnings from mylot, paypal deducts 5USD as transfer fee. so i just let my earnings sit there and surf on ebay and buy things i need or buy hard to find items. of course i let it increase for a few months before i do some purchasing. so the answer is i dont cash out my earnings. not even the first earning i got.
@benny128 (3615)
6 Jan 10
In the 6 months or so I been on here nah maybe longer ain't counting lol, I haven't cashed out yet its not thereason I am here the money he he he its more for the discussions and meeting some awesome people from around the world and some closer than I would expect lol, The exchange rate is awful so us brits get hit a double whammy me thinks.
@Janey1966 (24170)
• Carlisle, England
6 Jan 10
Yes, you are right about the exchange rate. The first time we went to Las Vegas we got double our money, so to speak but now it's nowhere near that. I'm like you, I start discussions and respond to others that interest me and I can honestly say the money is an added bonus. The reason I mentioned the "limit" thing is that I'm getting close to it and am very excited as I've never earned proper money online before.
@edxcast (1168)
• Ecuador
7 Jan 10
Hi janey I think mylot doesnt work like that. I believe its every 15 of the month they pay(or at the end of the month not 100% sure). You can set if its 10 or more if you want to. I havent reached minimum yet but i hope im able to do it in the future.
@Janey1966 (24170)
• Carlisle, England
7 Jan 10
I'm very close to the amount I need so I can then place it in my PayPal account. Whilst it's in there I think I shall leave it, then when that total becomes the magical £50 I shall cash it because I won't be charged any fees.
• United States
7 Jan 10
I just started using paypal and was wondering if I can let it sit there a while. I called Paypal and they said that I can hold my funds in there for a while. I am trying hard to save up for Christmas. I do not want a repeat of last year (2009) where I am struggling to the point where I have to wait until last minute to do my Christmas shopping. I will eventually transfer the money whenever I feel I have enough to do so.
@megamatt (14292)
• United States
6 Jan 10
When I reach the goal, I will cash out straight away. I have some vague plans for my earnings. If all else fails, it will go straight into the bank account. I am the impatient sort I guess. Once I get the minimum and it comes time, I tend to go straight for the money.
@Janey1966 (24170)
• Carlisle, England
6 Jan 10
Good for you my friend. It does annoy me when PayPal charges us to transfer money so I might let it lie there until it gets past £50...it all depends on if I want the money for something. We shall see how it goes.
@madteaparty (2748)
• Japan
7 Jan 10
I still haven't reached payout in mylot, but when I have reached it in other websites I have immediately cashed it to my paypal account. As paypal makes you pay for transfering it to your bank account if the money is under a certain quantity, I wait until that quantity to make the bank transfer.
@Janey1966 (24170)
• Carlisle, England
7 Jan 10
That is exactly what I shall do, my friend. I hate being charged fees, aren't they a pain?!
@maria1081 (1251)
• Philippines
6 Jan 10
Hi janey. Your question excites me LOL. Hopefully I would reach my first payment here before the deadline. I would gladly make my cashout and let it stay in my paypal account for awhile. My first payment would be my proof to other people and to my friends that would encourage them to join myLot.
@Janey1966 (24170)
• Carlisle, England
6 Jan 10
That sounds like a good idea to me...although my friends are more like acquaintances. The sad matter is I probably have more friends in MyLot than in real life! It's better than Facebook, though because I can ramble on about things. I haven't invited anyone to join MyLot as I don't want to hassle anybody. Sad but true!
• Philippines
6 Jan 10
Whenever I reach a payout threshold on a site for the first time, I always request a cashout to my Paypal account. I do this to prove whether the site is legitimate or just a scam.
@Janey1966 (24170)
• Carlisle, England
6 Jan 10
That makes sense my friend. I have heard a lot of positive comments about this site so I realise that it is trustworthy...and some sites are not, so it is a win-win situation for everyone, especially those who ramble on about nothing in particular like myself! ;-0