How to Get Paid 13 Times a Year at myLot
By Jim Bauer
@porwest (112924)
United States
October 29, 2023 9:39am CST
I talk incessantly about money around here. Some people say it is because I like to brag. Others say it is because I simply like to run my mouth. But really, my main goal is to simply help other people to see money in different ways.
I read post after post about money struggles, and I know they don't always have to exist. I know WHY people suffer them. And so, why not spend SOME of my time sharing what I know and maybe helping to end some of the suffering?
Okay, now that that's out of the way. Have you heard me mention about high yield savings accounts like Ally? They pay 4.25% on a regular, run of the mill savings account. Nothing fancy here. No locking money up. No investing. Just a savings account.
So, let's say you made $5 a month on myLot. Instead of spending it, you save it. In fact, you put it into an account like Ally. And you do this each and every month for an entire year.
How much is $5 a month? $60 of course. How much is that $60 worth with compound interest in a year at 4.25%?
$66.40.
So, in effect, if you saved the $5 a month instead of spent it, in 12 months you would have effectively earned 13 months worth of payouts.
Let's say you do pretty well here and make $10 a month on average. How much would you have in a year? $120. How much would you have at 4.25% saving it in an account like Ally?
$132.80.
Again, a little over 13 months worth.
Look, you can still spend your myLot pittance if you want to eventually. But why not wait just a year and get to spend $6.40 or $12.80 MORE? Why not get paid MORE for everything you do?
This is the power of saving. This is the value of money. This is how someone standing right next to you who makes the exact same amount of money sometimes has MORE than you do.
myLot may not have the ability to pay you for 13 months worth. But YOU can make sure you get paid for it anyway.
14 people like this
12 responses
@moffittjc (128840)
• Gainesville, Florida
29 Oct 23
This is very simple and easy to understand investing advice, that takes very little effort to set up and execute, so even people who are not money savvy can follow it.
Hey, did you know that PayPal also offers a high-yield savings account now? Since our myLot payouts go to our PayPal accounts, I simply set up a PayPal savings account and then move my myLot earnings (and other online earnings) into my PayPal savings account. So, in essence, myLot is still making me money even after payout!
8 people like this
@moffittjc (128840)
• Gainesville, Florida
29 Oct 23
@Fleura Well, it's offered here in the US, I don't know if PayPal offers something similar elsewhere in the world. But definitely check it out.
5 people like this
@Fleura (35098)
• United Kingdom
29 Oct 23
@moffittjc No I think it's US only. When I compare the UK Paypal site with the Paypal.com site I get different options under 'manage your money'.
4 people like this
@LindaOHio (222726)
• United States
29 Oct 23
Thanks for the easy to understand savings advice. I will have to look into the PayPal Savings account. Sometimes my money accumulates there; and I'd like to earn some $$ on it. Thanks, @moffittjc
3 people like this
@LindaOHio (222726)
• United States
31 Oct 23
@porwest I'm sure they aren't insured by the FDIC either.
2 people like this
@porwest (112924)
• United States
31 Oct 23
@LindaOHio Ummm. I don't know actually that PayPal is. It's not a bank, so it probably isn't. But if their interest offering is backed by a bank THAT may be. But I am almost POSITIVE your deposits or holdings to PayPal are NOT insured.
2 people like this
@porwest (112924)
• United States
30 Oct 23
That reminds me, I was going to take a peek myself and I forgot to. That being said, unless they are offering more than Ally, I am not sure I'd make any real changes to what I am doing now. Even though there are some banks offering more than even Ally, but it's not by much.
3 people like this
@porwest (112924)
• United States
29 Oct 23
Well, if we are making hourly rate comparisons, myLot is without question a complete waste of time. lol. BUT, when I am on here I generally EASILY make payout and more than payout each and every month. I do spend a considerable amount of time here. But not as much as you might think.
I can write quickly, read quickly, and am fairly witty (and that's not meant to be a brag either) and so being able to respond to most things around here is pretty easy for me to do.
3 people like this
@moffittjc (128840)
• Gainesville, Florida
29 Oct 23
@porwest By itself, myLot IS a waste of time on an hourly rate basis, if there is not other source of income being brought in. But, myLot's earning potential can be looked at in a sightly different way as well...for example, I tend to go on myLot when I'm at work, where I'm already making a much better hourly rate. So I'm getting paid for working my job, and paid again for being on myLot! Or, for example, if my gf and I are going out to dinner and it takes me 20 minutes to get ready, but takes her an hour, that time I am sitting there doing nothing while waiting for her is unproductive time. So I'll jump on myLot. Boom, I just created income earning potential in a situation in which there was none. Yes, it's mere pennies, but that's pennies more than if I had just sat there on the couch watching tv or playing on my phone!
3 people like this
@porwest (112924)
• United States
16 Jan 24
@moffittjc You nailed it on all points. Speaking of work, I did that a LOT. Especially considering the nature of my job, it simply did not require a full eight hours worth of my time to make the kind of money I was making, so it was win, win for me. PLUS, because ALL of my online earnings, including myLot money, goes right into savings and investments, it pays me practically forever.
2 people like this
@lovebuglena (52208)
• Staten Island, New York
30 Oct 23
That is a good idea. One can also take a risk and use the $5 (or whatever amount) and buy a lotto ticket, which can lead to riches potentially. Though more likely one will just lose the money.
2 people like this
@lovebuglena (52208)
• Staten Island, New York
31 Oct 23
@porwest A lotto ticket will get you way more earnings potentially, however, the odds are not high that you will win big or anything at all. And you may lose the money you used to buy the ticket, of you win nothing.
Oh, and you can also insert that $5 bill into a slot machine and give it a spin. You won't win the jackpot most likely but you may double your earnings or get even more. Or it will just eat your $5. 
In this case, putting the money into a savings account that pays interest is a safer and perhaps better option. Unless you like taking risks and don't mind losing money. Then a lotto ticket or a slot machine is not a bad idea.
In this case, putting the money into a savings account that pays interest is a safer and perhaps better option. Unless you like taking risks and don't mind losing money. Then a lotto ticket or a slot machine is not a bad idea.1 person likes this
@porwest (112924)
• United States
31 Oct 23
@lovebuglena There is a solution to this problem. My golden rule. Don't gamble with money you can't afford to lose. I can't afford to lose my savings so I don't gamble with it. Now of course you can make the argument that myLot money is NOT savings and therefore you can afford to gamble with it, but it would spoil the whole point of my discussion EXCEPT to say, wait a year and you'll have MORE to gamble with.
1 person likes this
@GardenGerty (169568)
• United States
30 Oct 23
Paypal used to have Money Market savings rates. That really encouraged me to save my money then. Your points are valid and it really should not take much to get it set up.
2 people like this
@porwest (112924)
• United States
31 Oct 23
I remember when I set up my Ally account it only took a few minutes. The worst I had to do was verify my checking account so I could link to it and transfer back and forth. But it's easy peasy lemon squeezy and worth the extra bang for my bucks.
When I first opened an account with them the interest was 2%. Still a good rate at the time. Even when it dropped for a while it was still half of a percent, better than any bank. So, it's an account that's worth it even if the interest rates are lower. It's still more than a bricks and mortar offers in terms of interest.
And VERY easy to use and transfer money back and forth quickly.
@much2say (57760)
• Los Angeles, California
6 Nov 23
Good idea! It's one of those things that "I know" about but just never took action on it 
. Better than letting it sit in PayPal doing nada . . . stick it somewhere and make a wee bit more. Ok, on the checklist. But now the trick is making it to payout more often 
.
. Better than letting it sit in PayPal doing nada . . . stick it somewhere and make a wee bit more. Ok, on the checklist. But now the trick is making it to payout more often .1 person likes this
@RebeccasFarm (91297)
• United States
29 Oct 23
I get your point, but I don't hand my money over to banks or anywhere else.
2 people like this
@RebeccasFarm (91297)
• United States
29 Oct 23
@porwest It's not down to lil old savvy me that big gap..I am well set here.
2 people like this
@porwest (112924)
• United States
29 Oct 23
"Gosh, I'd LOVE to have MORE money! Of course!" says the poor man.
"Here's how to HAVE more money," says the rich guy.
"Oh, I could never do that," says the poor man.
Thus, the rich vs. poor gap will forever remain and nothing ever gets solved because the reality is more often than not, the poor would rather be poor because at least it means they can continue to have something to complain about and blame everyone else for. lol 
2 people like this
@porwest (112924)
• United States
30 Oct 23
@RebeccasFarm Are you though? Really? I question that.
If I said to you tomorrow, let's run off to Tahiti could you dip into your bank account and just go, or would you have to say, "Can't afford it?"
Do you look at a Ribeye and say I want that and put it in your cart? Or do you say, "Maybe next time if I save up a little?"
At the end of the day if you are content that is all that matters. But "set" is a either a reality, or something we tell ourselves to make ourselves feel better about not being set at all.
When we choose based on our finances instead of our desires? We're not set at all. We still have work to do.
I wanted to retire at 50. I didn't just want it. I did it. I wanted a camper. I just didn't dream about it. I found a way to buy one. I don't consider myself "set" if I have to make choices based on what I can't do. I am set if I can make choices based on what I WANT to do.
As always, just my two cents, and in no way am I scolding you. Just setting the record straight. lol
If I said to you tomorrow, let's run off to Tahiti could you dip into your bank account and just go, or would you have to say, "Can't afford it?"
Do you look at a Ribeye and say I want that and put it in your cart? Or do you say, "Maybe next time if I save up a little?"
At the end of the day if you are content that is all that matters. But "set" is a either a reality, or something we tell ourselves to make ourselves feel better about not being set at all.
When we choose based on our finances instead of our desires? We're not set at all. We still have work to do.
I wanted to retire at 50. I didn't just want it. I did it. I wanted a camper. I just didn't dream about it. I found a way to buy one. I don't consider myself "set" if I have to make choices based on what I can't do. I am set if I can make choices based on what I WANT to do.
As always, just my two cents, and in no way am I scolding you. Just setting the record straight. lol2 people like this
@porwest (112924)
• United States
30 Oct 23
@jstory07 How is that good compared to 4.25%?
Let's say you have $100 in there. In a year it's worth $100.01. At Ally that same $100 is worth $104.25. I am confused why anyone would want to leave $4.24 on the table?
I mean, at the end of the day it is your money and none of my business. But when both are real banks. Both are able to have withdrawals just as easily. Both are FDIC insured.
Boggles my mind. If I came up to you and said, I have a penny or I have $4.25, which one do you want? You'd take the penny? 
Just for kicks and grins let's say you have $1000 in your account. Choosing YOUR bank will give you $1,000.10. Ally will put you at $1,043.34. 10 cents or $43.34? Which is better? I could keep this going all day. lol
I'm just confused, like I said, so pardon me in advance.
Just for kicks and grins let's say you have $1000 in your account. Choosing YOUR bank will give you $1,000.10. Ally will put you at $1,043.34. 10 cents or $43.34? Which is better? I could keep this going all day. lol
I'm just confused, like I said, so pardon me in advance. 1 person likes this
@Hannihar (130150)
• Israel
30 Oct 23
@porwest
Thank you for that Jim. It was a good suggestion. I do not spend my money I get on My Lot when I have gotten paid. I put it in my Paypal and transfer it over if need to to my account but so far have not transferred it. I have no idea if something happens or not. Please tell me more about Ally and how you found it. I do not feel you are bragging or showing off or whatever else you said but I feel you know what you are talking about and want to share with us.
2 people like this
@porwest (112924)
• United States
31 Oct 23
But that's of course part of my point. If you put the money into a high yield savings, you get more money. But I don't know if Ally is available in Israel, and I suspect it is not. But I am sure there are banks there that have similar offerings, at least I would suspect so. You may want to do a search for "high yield savings banks in Israel" to see what comes up and what kinds of options you have.
As far as access to my money, it's as easy to access as any bank with the only difference being it may take an extra day to get it.
1 person likes this
