Multiple revenue streams and passive income is what they say is necessary to build wealth and have a change to sustain and maintain it through volatility. I don't know much about these kinds of things in general, as I am pretty much in on crypto, with very few other investments. Yes, my house could somewhat be considered an investment and I have my business generating income and a full-time job on top that pays also, which means I do have multiple revenue streams - but I am always looking to add more.
When it comes to the crypto streams, there are a couple that I could consider as such, with Hive posting and curation being significant, but my DeFi investments returning more daily. Someone asked the other day, "that if my investments are returning more than posting, why bother posting?"
Well, mostly because I enjoy writing.
But also because I like building multiple income streams. However, if cutting out the enjoyment part of the equation and if I only cared about the financial side, I would still post. The reason is that even though it takes far more work to earn from posting than for example in yield farming, it is something that can be done in downtime periods.
For me, this isn't a job of any kind, but one of the things that I do like about it is that I am not bound by a timetable, I can work when I choose. I have always wanted the kind of incomed work where I can do it on my own schedule and Hive provides this. Plus, being on Hive and participating in the community gives me access to more than consumption based communication flow, I am able to actively guide my learning and build networks of relationships that open me up to new opportunities that I would be unlikely to discover otherwise. A large part of the value of a community is the ability to hold and share more knowledge than an individual has alone, but it requires knowledge transfer.
Posting on Hive is more than just shouting out into the void on social media, it is a knowledge transfer network and building relationships with the right people means being able to have a reference group with which to discuss all kinds of topics, not just crypto. However, since crypto is a relatively niche industry, Hive is a pretty decent place to stay up-to-date with what is going on, since there are many enthusiasts. Being active in the discussion helps build personal understanding and potentially becoming a valuable part of the communication network.
However, one thing I was discussing terms of revenue streams is that understandably, a lot of people will focus on what brings them the greatest return and when they earn enough there, they will let the lesser return streams slide by the wayside. However, in regard to posting on Hive and staying active in the discussions in crypto, I think this is a mistake. Yes, earning on yield can be highly lucrative, but it is also going to be subject to a lot of volatility and for example, there is very little knowledge in what will happen in the bear markets to the yields.
The idea of having multiple revenue streams is not just for earning potential, it is also for risk mitigation, meaning that as one reduces, another could increase or if one is lost completely, there are other irons in the fire. People tend to become ROI maximalists, putting all of their eggs in one basket as it offers the highest return. This can work out well, but it can also end up very badly indeed, if that one source becomes subject to heavy negative change. this is crypto, there are many things that can go wrong, from lost keys to hacks, legislation changes to project failure. All-in on a single point can end up badly.
I find it interesting that people in crypto still tend to think this way, considering they should understand the benefits of decentralization. Multiple income streams is the diversification of income sources and while it is good to consider what is worth time, energy and effort, it is also good to understand that some of what might not seem valuable enough now, could become so and, some of what might not return the most, could offer longer-term stability.
An example of this, is the difference between my business work and my employed work. My employed work is a full-time job that requires more than full time hours in a month as well as various kinds of stress, but it offers me a steady monthly income and some level of job security into the future. My business is far more lucrative hourly and I can earn about the same amount as my job in 20% of the time, but I have to also chase work, do a lot of other business activities, pay professionals for things like accounting and, I am exposed to the whims and fancies of the companies I work for, which can cancel my services at any time. Effort wise, my business offers a far, far higher ROI, but it isn't possible for me to fill all of my time with only my business activities and even if I could, it would still come with a lot of uncertainty.
Yield farming for example is subject to direct investment, meaning that it requires capital to get in and that also means an openness to risk that capital. While technically it is available to everyone, a lot of people aren't going to firstly have the available resources and secondly, not be willing to lose them. Even if people do get in, it is unknown how long the farm will last or, if it will be hacked. Those who are putting their eggs in one basket are taking a risk and are increasing that risk if they are decreasing their input into other revenue streams. For some people, this isn't going to be an issue as they do have alternatives, but for those with a narrow set of investments currently, it might be a very costly gamble.
As I was saying the other day, I have no say over what a post earns other than delivering what I think is valuable content, but I do have the ability to earn Hive through curation, meaning that while both are considered Hive streams, there is diversity in the HIVE-level investments. I don't have much say over whether I get a payrise at my job either, other than the work I deliver there, nor can I control what happens to my client companies at the global level. I also don't have any say over what a farm yields or if the contract is hacked, but I do have a say over where I put my available capital. Similarly, I don't know which coins will pump and which will die, so I have a little (too much) diversity in this respect too.
While we each make our own decisions on what investments we make with our time, energy and capital, it is good to consider the value of different investments from more than the financial return on investment. For example, I know people who have bought Bitcoin in the hope that it will increase, but because they do not actively participate in crypto, they have no idea about DeFi products or potential, or a host of other aspects that are likely interesting and valuable to them. If for example those same people were on Hive, they would have been among the first to get into DeFi and likely, the purchase of tokens they have made would have been supercharged through further staking and investment.
If we do not put ourselves into environments where we are able to hear about and be part of opportunities, we are leaving all of our future potential up to dumb luck. Building a social network and strong reference group means that we can attract dumb luck and doing it on Hive means that we can attract it from all over the world from people in all kinds of situations. But, relationships are two way streets.
One of the interesting things I have seen on Hive is the criticism of whales for their voting behavior, but people don't seem to consider what they offer a whale in return - where is the reciprocity? Do you add value to the network they are invested in, do you help people in that network, do you make them laugh? What are you trading?
As I see it, one of the core values of crypto is being able to Be active in the industry in ways that were impossible earlier. It seems that we desire passivity more for revenue, but that shouldn't stop us participating socially in the community. If anything, the more passive revenue we are able to generate, the more active we should become in the industry itself, as we have an increasing stake in the future of it all, and as experienced participants, our voice can become increasingly valuable in the discussion to add weight to the entire ecosystem.
Yes, I like earning from writing, but there are plenty more values to be had than the value of the post itself and those values are not just for me, they are for the entire network. The more activity, the better and even better yet, when that activity creates discussion and participation in advancing the industry, it is better again. The value of the network comes in many forms and there is a growing ecosystem in play. Some aspects will yield lower ROI than others, but all can be an important revenue stream that has a compounding effect across the network.
Where and how we spend our time matters, but there is more at stake than financial ROI.
Taraz
[ Gen1: Hive ]
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Reminds me of "gain the whole world, yet lose his soul" in regards to just picking what we do based on financial yield. I got questioned about this when I became a full-time mother (eventually to 6 children) as people said I was wasting my mind. My retort was "So you think children should be raised only by women who are not intelligent?" That scared off most of those who thought my only consideration should be my own financial advancement. Balance. And my 6 grown children are worth all the paychecks and stupid meetings I missed. !BEER
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Beautiful comeback!
Made me lol
I imagine people blinking with momentary incomprehension in response
Yes, some of the flabbergasted expressions were priceless!
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lol yeah.
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That's a great comeback XD
Back in the day in the Middle East, the recommendation supposedly was, if you have a boy and girl and can only afford to have one educated, educate the girl, as she will be the one who raises the children. Yeah, there are some other issues in that approach like who should raise children, but otherwise, it makes sense.
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I don't know as though I would ever be able to stop writing on Hive or Leo. To be honest many of the other passive income opportunities that I have learned about were put on my radar because of Hive and Leo so it doesn't seem like it would be right to just abandon it!. I like engaging with people, so I would miss that as well!
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Many seem to not appreciate what has helped them. Perhaps it is a lack of gratitude and the false belief that they did it on their own?
Yeah, I don't know...
Im still trying to get a hang of Yield farming.
Enjoying one part of an activity is more than enough reason to keep at it.
I've learned that writing is one activity I always fall back on when others fail me.
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Yield farming is bit of a weird concept in many ways, but i am getting there I guess.
Writing is the constant thread that runs through my experience now - it has become the most valuable thing I have done in my life for myself.
It's the same for me. It was a hobby I enjoyed that now pays me.
I don't mean the money of it, I mean the process of writing through thoughts to build understanding and bring clarity. It has clarified and shifted direction in many aspects of my life.
I guess that's a therapeutic effect it has.
Definitely cathartic.
That's it, I think I gained more from the knowledge here than by publishing the posts
When I had the opportunity more than once to subscribe to other platforms, buy currencies at a cheaper price, and invest in projects like Defi.
Likewise, I found answers to many questions that were running through my mind, so it's more than profit
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There is a huge amount of information support here and what is pretty cool is, unlike other platforms, the authors often speak back - people can consume and interact directly. :)
The knowledge transfer is a very important part of Hive. When I started over on steem it was purely for the social benefits, I liked to read. As time has passed I have learned a little bit more about crypto and that knowledge grows daily at time it seems.
I wonder how many people over the last 5 years have been able to change their lives due to a niche crypto blogging platform?
I would think a few have. I know one guy that got his house because of steem Everitt Dicky, I'm sure some of it was helped with his book sales also, but he said it was mostly because of his steem.
If Hive rises a little bit over the next year and I decide to learn how to take and convert some to fiat, I think it would make a nice change to me. I look at it like it is all free true I converted a few decks of cards I bout for splintelands way back but that was my only fiat investment and it was less than 100 dollars. With Hive estimated balance and Hive Engine estimated balance I supposedly have 6,000 dollars, of course that does not mean i can sell all the assets and end up with that amount but it is nice to see it and know it was basically free. Other than voting commenting, and posting on occasion.
In a lot of what used to be referred as the third world it seems to have helped some people out a lot.
Everitt still around? Most cashout and leave - though he didn't like me much :D
If it goes to the 5 to 10 range - make sure you take some out and treat yourselves to something nice.
I don't know if he still is or not, I have a tendency to clean my follow list every three months of those not active. If Hive goes to 5 dollars I am not sure what I will do, but for now retirement fund is still viable and still has some funds, enough to live on.
I am finding as I age that there really isn't much I want as a treat to myself. Working life was all about the toys, now it is...I am not sure what it is about for retirement yet, even after almost 10 years.
Couldn't agree more.!! Hive is like a stress buster for all the work we do along to keep ourselves up. Your writing is very simple and arranged. Be Safe. Be healthy. 🙏🧡
Writing is cathartic - if there is nothing else that comes from writing on Hive, there will still be a more peaceful mind.
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Excellent article and I will tweet it to make sure my followers see even more advantages in coming to Hive.
I also work to support myself in training, coaching, Gamification design, on Upwork, and others. Some people even contact me directly on LinkedIn asking for projects to be done.
But the time I spend in Hive brings that meaningful side of connecting differently, engaging more and it's a pleasure to be here.
Thank you for this wonderful insight, @tarazkp!
I think this is going to be great for you going forward. I know a couple people who are very well suited to the change from the traditional t the gig-economy and what they are learning now is going to be in very high demand.
Exciting times ahead.
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Thank you for this...it motivates me even more.
I do hope that this summer/autumn I will have more energy to call all the people I have on my list from Udemy, Quora, Reddit, Minds, EmpireKred, MiracleLightWorkers, etc...my students, my friends, and peers and introduce them to Hive. For now, I just take some time to learn about the ecosystem and to post, engage, make friends and tokenize this time in a meaningful way, not just for the value of the tokens.
Thank you so much for stopping by and reading and offering your feedback on this!
Many hugs and appreciation!
The entire crypto industry is so tiny at the moment, but all of the places you mentioned are likely going to get involved in some way, if they aren't already. It is the next step in the digital revolution.
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I really hope we can get more in Hive. It started to mean a lot to me to be here. I do want to encompass in this personal experience here the professional side, but it will take a bit more since this month I start the spine recovery and after that, I might go for another month to the seaside. So it might be autumn when I start a large campaign for Hive with fresh and new forces.
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We like you can post when we like, bar in the middle of a field filming :) and as for posting, it's not primarily for earnings, of course it helps and assures we can replace batteries, buy a new lens etc if the need arises it also allows us to support our Planetauto community contributors.
We choose to write and share our content here as it's a very supportive community, and you never who you're going to virtually meet from day to day, it's been a real escape during lockdown too.
We have multiple income streams as well as a crypto portfolio, also since the days of Steemit, in Hive we've seen more genuine people, rather than Great Post etc.
The community has evolved and even as plankton if you share compelling original content you'll get spotted and supported.
I am hoping that more and more, this is going to be how communities grow, with active builders who support all facets of the ecosystem, including the return for consumer participation. Wouldn't it be awesome to have a very high HIVE value and have people supporting the your community in the comments section? The coming hardfork helps a bit in this way as it will not penalize comment voting like it is now.
These people will return and perhaps it is a good thing - as long as they aren't rewarded for it. It can add comment mass, but the rewards go to useful comments.
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As do we, the challenge we're facing and it's one we've never experienced before, due to the OCD contest and the influx of posts its spurred, we're now rewarding every entry on top of our previous contributors, we're running out of Hive to reward.
Every reward that comes in we either Powerup or buy Hive when the price dips in the market, then power that up. Right at the beginning when the price was way higher and we'd just launched Planetauto reviews we used to convert it to FIAT and buy tripods, lens, sliders etc.
The Fork especially with what you've outlined is really going to make it easier, I also see the benefit in more comments and yes a higher value would certainly allow us to reward either higher or more, the key is to make sure there not problematic to the posts, bullying etc also rewarding commenters who add value to the OP means more will participate moving forward.
Your posts are very inspiring, I agree with you in many things, it is certainly good to diversify our income, but it is better that among one of those incomes is something you like, like writing, in my case, hive has opened my eyes to endless possibilities in learning and support for other people, this platform has been so useful and thoughtful that has been bringing out and molding the best of me, of course I tell my close ones about this incredible opportunity, because in one way or another it is about progressing without anyone stop shining. Thanks for your content!
For sure! I love the writing component on Hive. In my own business, I enjoy the training a lot as I can help people improve on their best. In my employed work, my colleagues are fantastic and I get to travel (normally) to some nice places. Even the yield farming in DeFi has additional values in that it has built new and strengthened old relationships as we discuss our positions in finance and life in general. I wish more people would consider the wide range of values past the financial.
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I dont think I’d be doing Hive for purely financial gain. Yes the financial gain is great and has also been useful with our current narrowboat project but as you mentioned, it’s the enjoyment factor of creating. Also as it reaches circles outside your normal circle of friends, family and work it brings the factor of meeting and sharing thoughts and ideas with others met purely through the Hive.
Have you been able to do any meetups on your travels with random Hivers?
no randoms yet. @diveratt drove up to help me change engine filters. I had one of my old customers at the dive shop in the Philippines take may leisure batteries for the boat and charge them and bring them back which was just amazing ( another philippines connection). I would love for @millycf1976 and myself to meet up with @ellenripley when we are in that neck of the woods as I love her photography and posts. Right up my alley that stuff. When we go north would love to buy some coffee from @c0ff33a also as I'm a coffee fiend and he has some beans I need to sample. I actually may order some soon and have them delivered to @diveratt . hmmmm food for thought or beans for thought as it were.
Yes, look forward to it!
bring your magnet!!
Oh I will. It's a smelly hobby though! 😆
I want one so i can have a fish with it around where i moor up as we move alot. Bound to find something
I guess you will need my address then :)
Haha reckon so.
So much here. This is the coal-face. We're directly plugged in to the people building interesting things. It's even worse than dumb-luck if you're hoping to stumble on great crypto projects on facebook. They're being shadow-banned, so people are going out of their way to deprive you of that knowledge.
I wonder if they are shadowbanning all, or letting a select few scams through the cracks to "teach a lesson" in crypto
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Making a mental note 📝 of a few things. Luckily I can always return to this post to read it again. Full time job, personal business, Hive (content, yield farming) ...etc.