Steemit is going to succeed.. Right? Or will it fail?
After spending about 2-2.5 months so far blogging, Steemit has become my whole life. I spend most of my day reading posts, Writing my own. And overall just enjoying this platform. But something has been bothering me in the back of my head.
I'm a strong believer of this platform ITS GOING GOING TO BE SUCCESSFUL! When someone talks poorly about it I feel like punching them in the face. Or when they claim it's a "scam" . I get really angry and stick up for Steemit like crazy.
But as I have been working online for over a year now, Recently just becoming fully self employed. Overtime I have watched platforms where a good chunk of my income came in, Fail.
Without warning I'd lose a chunk of income
permanently GONE!
That won't happen to Steemit
Right?
I used to make thousands a month on another platform. Literally overnight they changed a couple rules, I woke up to the horrid realization that, that income is GONE! I would expect to survive off of a couple thousand less than I'm used to.
- Tweaks in rules or the system can affect your income.
- Platforms failing can affect your income.
- You SHOULD NEVER RELY ON ONE PLATFORM
How to avoid this?
You can't save a whole business or platform. You have to learn how to
Adapt
James Altucher has said a million times, "Diversify your income" Have "multiple Streams of income"
What does that actually mean
THAT YOUR INCOME IS COMPLETELY DIVERSIFIED. That you could lose 1-2 of them OVERNIGHT and still float just fine.
That means your platforms also have to be diversified.
If you publish books on Amazon, For example. You'll want paperback and digital. That is two sources of income.
But what happens if something happens to AMAZON!?
Wheres your income?
0% You lose BOTH sources overnight. I guess this could be said about a lot of things. But it's safe to say,
- People will still buy books no matter what.
How can you diversify?
- Consider doing more products. A paid newsletter, Affiliate marketing, T shirts, Courses, Coaching,
BUT DONT DO EVERYTHING JUST ON AMAZON!
Sell your stuff on other sites, That way if Amazon has problems you still have money.
What About Investing?
Everyone talks about "not putting all your eggs into one basket"
What does that mean with investing?
Don't invest ALL OF YOUR money in one stock.
Don't invest all of your money in stock in general.
Don't invest in stock, With the company you work for. If the company goes down, you lose your JOB AND YOUR STOCK!
What? How are you supposed to invest then?
It's up to you, To decide what kind of investment you want to make overall. But having your portfolio diversified would look something like this.
- Stocks
- Peer to peer lending
- Mutual funds
- Others
Having a somewhat balanced portfolio ensures you cannot lose your money overnight
What does this have to do with Steemit?
Steemit is new! And it's risky, As much as I don't want to admit it.
It may not take off like we think it will. We have NO IDEA!
But I don't spend any money on Steemit!
All of us on Steemit are investing something.We are either investing one thing or both things, You can't avoid it.
Time
The time it takes us to curate, and write posts. It gets time consuming. With that time you spent writing a post, Reading content, You could of worked on your novel, You could have spent time with your kids. Sure you made "money" and I encourage everyone to power up, but at the same time. If something happens to Steemit, you'll lose all of that time you invested. All of it wasted in a way. Sure you may of gained knowledge, And insight. But be mindful of how much time you spend on the site.Money
Some of us are investing money, It's not required. It's not even necessary. I personally invested my own 400.00 when I first started, I figured the small boost in Steem power would help me out, and I feel like it did. I later took the money out + More, Once I felt like I was in a comfortable position on the site.
I know I'm not the only one investing crazy amounts of hours of my own time on this site. I assume the majority of us choose to invest time instead of our own money, But we need to keep in mind that the time we spend may not pay off in the long run. I realized that my decision to stay on Steemit all day everyday, maybe a touch excessive. I need to focus on my art more, Just in case Something happens, and of course I can do more art posts on Steemit. But I was just thinking about how I put everything in my life on hold for Steemit and I'm not looking at the big picture as much. If my coloring books aren't selling well and my other income sources are struggling, I won't have a business to fall back on if Steemit has issues. Same with those other income sources though.
Like I've said before, Life is about balance, Steemit included.
I'm not hating on Steemit in anyway. I Just know we can't get too addicted and we need to remember the big picture and our other passions. Investing in multiple streams of income is necessary.
If you have a store, you wouldn't sell only watermelons would you? You'd sell a variety, You'd DIVERSIFY your merchandise.
