The MyLot Residual Effect

@porwest (78761)
United States
May 2, 2019 4:56pm CST
As of course we all aware, the best way to maximize our earnings on MyLot is to be as active as possible. And that does not mean just posting discussions. It means spending time on other MyLotter's discussions, and even being very active within those discussions. One habit of mine is to hang out on someone's discussion, going back and forth, for as long as the discussion's comments and responses allow me to. What I am referring to when I talk about the "residual effect" is after you have had a considerably active day, you will probably notice that for the next three days or so, even if you are not active at all, the earnings still continue to add up as people catch up with what you did on your active day. Of course that compounds if you are very active every day. But there is another way to earn money from MyLot that is entirely outside of the site itself. And it is as much residual income as anything. And what's even better is that THIS residual effect happens without any activity on the site at all. I know, I know, this is a longer post. We all hate them. I am trying to break this up as best I can so as not to lose you too soon. I have said many times before that I never spend my MyLot earnings. When I was on Bubblews or WebAnswers it was the same. I never spent my earnings. I never spend my earnings from Google AdSense or my affiliate link sites. I never spend my earnings from anything I do on Survey Junkie. Instead, I put all of my earnings into a savings account. And of course that savings account earns interest. That interest is earnings just like any pennies I might make being active on the site. Right now I have an account at Ally Bank. They pay 2.2% interest. Since starting at MyLot let's say I earned $100. In a year that interest payment I receive on that $100 is $2.20. Just by putting my money away I earn another $2.20 on my payouts. I will also earn 2.2% on the $2.20 in interest I am paid. I have been doing this for years, and these days the interest payments I receive amount to quite a lot more each and every month since I keep earning and putting those earnings away, and keep earning interest on the earnings, and keep on earning interest on the interest. Sure. We all want to spend what we have. Otherwise what's the point to making the money in the first place. But if you want the earnings to be the gift that keeps on giving, you have to keep it tucked away. Worst case scenario, if you want to spend anything, spend the interest. The more active you are and the more earnings you make, the more interest you will make, and you still get to keep the principal earnings. Best case scenario, when a site like this no longer offers earnings (such as happened to Bubblews and WebAnswers), you are still technically receiving payouts long after the site no longer pays out—from the interest on the payouts you never spent... But saved.
16 people like this
16 responses
@just4him (306113)
• Green Bay, Wisconsin
3 May 19
That's great advice. I've never completely understood how interest works.
2 people like this
@porwest (78761)
• United States
12 May 19
Glad I could offer up some understanding.
2 people like this
@LindaOHio (156056)
• United States
3 May 19
Saving is always good. What I enjoy the most; and what pays the best is to get in a long conversation with someone back and forth. It's like talking on the phone. I've gotten to know several people this way, made a few real internet friends and earned a few pennies back and forth with the other person. The best part, of course, is getting to know another person!!!
1 person likes this
@LindaOHio (156056)
• United States
29 Dec 19
@porwest For example, what do you like to do in your spare time, Jim?
1 person likes this
@porwest (78761)
• United States
29 Dec 19
@LindaOHio Exactly, and now this could on for days more here. I enjoy researching my stocks, and I enjoy playing my guitar and recording some of the stuff I happen to be messing around with. I write, I read. And of course I spend some of it here. I hear a lot of guys say "I don't know what I would do if I retired." To that I say, hmm...I can find LOTS of things to do and I would not be bored at all. Bring it.
1 person likes this
@porwest (78761)
• United States
29 Dec 19
This is what I like to do as well. After all, they do call these discussions here, and to my mind it's not really a discussion if we just say hi and bye and then move on. I actually like it when the 'conversation' goes on a bit, and even goes off on a tangent, straying often times far from the original topic. Makes for a lot of fun, and like you said, you get to know more about people that way.
1 person likes this
@Zelmarq (12585)
• Cebu City, Philippines
17 May 19
I lost all my earnings, it was easy to earn on mylot before.
1 person likes this
@Zelmarq (12585)
• Cebu City, Philippines
22 May 19
@porwest I had an old mylot account and could no longer access, the old email address got hacked and I am back to zero.
1 person likes this
@porwest (78761)
• United States
25 May 19
@Zelmarq Ah. Yeah, that would suck. Hope this one fares better for you.
1 person likes this
@porwest (78761)
• United States
22 May 19
Kind of confused by what you mean when you say you lost your earnings.
1 person likes this
• United States
29 Dec 19
I find this discussion all the more interesting because it was written back in May. You are receiving new interactions, thus you are earning from it again.. More residual style of earnings. I used to have an Ally bank account but no longer do. I have a Sallie Mae account from Smarty Pig that I need to make a bigger effort to save into. One thing that I should have done when I first started earning money online is to save more of it. My habit was almost always to spend it.
1 person likes this
• United States
30 Dec 19
@porwest I'll have to get back to you on the interest for that account. I don't think it's very high. It's technically meant for vacationing, saving for a car, house etc. It also offers the ability to get amazon gift cards and I think Visa gift cards using the money you've saved there.
1 person likes this
@porwest (78761)
• United States
31 Dec 19
@ScribbledAdNauseum Seems like a good deal, especially if it is intended to be money you will use soon.
1 person likes this
@porwest (78761)
• United States
29 Dec 19
That is one of the beauties of this site. Even an old post can sometimes find its way back into the fore. I still have my Ally account but I am thinking of making a move soon since they are gradually reducing their interest rate. They were paying 2.1% back when I originally wrote this and now they are down to 1.6%. Still decent, but it is an interest rate going in the wrong direction considering the direction of the economy. I had not heard of the Sallie Mae account from Smarty Pig. Do they pay good interest? As for saving my online earnings, I still save every penny of it.
1 person likes this
@MALUSE (69413)
• Germany
2 May 19
All this is sensible if you have a goal in mind. Are you saving up for a holiday or a new car or something like that? If that isn't the case, I don't know why I should consider saving seriously. I'm happy to say that I have enough money for what I need and want to buy. I spend my myLot money on cappuccino in an Italian coffee bar. I could pay for the cappuccino with the money I have but I like the idea that I 'earn' my cappuccino on myLot.
1 person likes this
@MALUSE (69413)
• Germany
30 Dec 19
@porwest This discussion has no sense for someone who is near the end of her life and knows that she has enough money for the remaining years. What I now have to think of is how to spend my money, not how to increase its amount. I wish you happy investing and happy harvesting!
1 person likes this
@porwest (78761)
• United States
30 Dec 19
@MALUSE Well, I cannot argue with that. Somehow I think you have more years than you think. I can imagine the Grim Reaper coming at you only to rethink his intentions and walk away.
@porwest (78761)
• United States
30 Dec 19
You are thinking about it all wrong, frankly. What you should be saving for is INCOME. Savings and investments provide income, and the more income you receive from savings and investments, the less income you are required to go out and work for to earn. I make thousands of dollars per year in income from investments. That income would not exist if I did not save. In life the goal should be as follows. Earn as MUCH money as you can. SPEND as LITTLE money as you need to. Live BELOW your means. Save and invest what you DON'T need. Eventually you will make a sizeable income from money you have already earned which replaces or ADDS to your current income. Sorry for the all caps for emphasis. I did not feel like using italics. If you spend everything you earn you have to continue to earn more. If you spend less than what you earn and save and invest what you don't spend, eventually you will not need to earn as much to keep spending....if that makes sense. If you have to keep working it is ONLY because you need to keep earning money from a job. If you can earn money from money you already have...eventually you don't need to keep working unless you want to.
1 person likes this
• Rupert, Idaho
3 May 19
That is a very smart thing to put it into a savings account and let it build interest I spend a little bit of my earnings, but save the majority of it.
1 person likes this
@porwest (78761)
• United States
29 Dec 19
The more you save the more you have, and over time it just gets better and better. I like watching money grow.
1 person likes this
@porwest (78761)
• United States
30 Dec 19
@MommyOfEli2013 But that's the beauty of saving. You can spend the money the money makes and still have the money that made it. Gosh, that's a mouthful.
1 person likes this
• Rupert, Idaho
30 Dec 19
@porwest That is very true. and watching it grow is nice, but so is spending it lol!
1 person likes this
@psanasangma (5884)
• India
10 May 19
its a very good decision you ve done.. and I would say its great advice to many of us
1 person likes this
@porwest (78761)
• United States
12 May 19
Thanks. I appreciate that.
@JudyEv (325755)
• Rockingham, Australia
3 May 19
I don't spend any of my earnings either.
1 person likes this
@porwest (78761)
• United States
12 May 19
I just never see the point. It's such a small amount of money, might as well just let it ride.
@whiteream (8567)
• United States
3 May 19
Thanks for the great tips. Saving money is always a good thing.
1 person likes this
@porwest (78761)
• United States
29 Dec 19
The more you save, the more it earns, and the less you have to go out TO earn. Or so the saying goes.
1 person likes this
@andriaperry (116860)
• Anniston, Alabama
3 May 19
While that is wonderful advice I also use my mylot money to continue to make money, I let it pay for the web site that sells my lotions and soaps.
1 person likes this
@porwest (78761)
• United States
12 May 19
Bit that's not really spending. That's investing. There is a difference.
@NJChicaa (115992)
• United States
2 May 19
My life has recently changed and I now have to think about buying a house in the future. I've already set up auto-save for paydays and for mid-month to go to a savings account. I will probably start moving my earnings from here to that as well.
1 person likes this
@porwest (78761)
• United States
30 Dec 19
Hope you are able to get that house sooner rather than later. You should take some time to scan the Internet a bit for high yield savings accounts. I know I mentioned Ally in this post back in May, but they are no longer at 2.1%, but down to 1.6%, which is still good. But I have been looking for a better rate and am seeing others paying back up in the 2% range. Might as well get all you can out the interest.
1 person likes this
@dgobucks226 (34356)
9 May 19
Good advice! We just might have to nickname you "The Money Advisor."
1 person likes this
@porwest (78761)
• United States
12 May 19
lol. It's a better 'nickname' than others I have been called in the past.
1 person likes this
• Abuja, Nigeria
2 May 19
you are right but you only save when you have enough to pay your bill, if not you have to starve your self to see that you save
1 person likes this
@porwest (78761)
• United States
30 Dec 19
If your bills exceed your income and/or if there is nothing left to save after you have paid your bills, you are doing it wrong. You are spending and living beyond your means, and that is a recipe for financial disaster.
@jnrdutton (2559)
• United States
9 May 19
Oh this is some very sound advice.
1 person likes this
@porwest (78761)
• United States
12 May 19
Thanks. And it works too.
@amadeo (111948)
• United States
2 May 19
Good post there.Lot of sense.Have a good evening
1 person likes this
@porwest (78761)
• United States
31 Dec 19
Sometimes I wonder if what I say makes any sense. But glad you thought it did.
@rakski (112925)
• Philippines
3 May 19
I do that since the last time I came back here. I did not spend the earnings that I got
1 person likes this