Steemit Expectations: Is This A Get Rich Quick Scheme?
It's no surprise that many people have come to Steemit in hopes of earning a secondary (or even primary) income from the content they create. And that's exactly the way the Steemit ecosystem works: you create and curate content and get rewarded for your efforts. In return, Steemit becomes a highly successful social platform with a lot to offer its users, including great content.
But unfortunately, some Steemit users have set their expectations too high and quit before they even make their first Steem Backed Dollar. In today's video I'll share my thoughts on the matter and help you to understand my thoughts on building a channel for the long-term.
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Great points! It's all about managing your expectations. What a lot of people don't realize is that Steemit is a global community that is very new. It's going to take time for people to find and follow your content. I came in with very little expectations for my account. I set goals of how often I'd like to be posting and set a time limit of 6 months to see where it goes. So far so good. It's all about expectations: the higher they are, the higher likelihood you are to be disappointed.
You mentioned that you are in it for the long term. Curious as to your timeframe or price target your aiming for.
Absolutely, build. build. build. I don't have a timeframe or certain amount that I need to make in order to consider Steemit worth the time. I really do enjoy it here and the people that I've met along the way, including yourself. But I do plan on building my channel and rewards over time. I made a goal at the beginning of this year and said that I would like to be making $1,500 USD per week by the end of 2018. If I reach that, cool. But if I don't, I'll still be happy as long as I'm progressing. And I've been blown away so far with what 2018 has brought to me on Steemit.
Likewise @brandonfrye, definitely glad to have met you too. I've definitely benefited from your educational videos and have seen your astronomical growth! Congrats on 1000 followers in such a short amount of time! Keep up the great work and I'm sure you'll be well on the way to reaching your goal. KEEP ON STEEMIN
Hey dude. I am new here and your videos have been helpful. I wanted to ask though do you know how much you will make in curation right away or do you have to wait for the payout day? Also if you could answer a second one, when do you think is the best time to make an introduction post? Right away or after you get to know the site a little more? Thanks.
Great questions. Technically you have to wait until payout to know exactly what you're going to get in rewards for a post. What you see throughout the week leading up to payout is only an estimate. It can fluctuate some. And I think it's best to make an introduceyourself post as soon as possible. It's not too late though if you've been on for a while and haven't yet. Go for it if you haven't yet and let them Steemit community get to know you.
Alright thanks. I have been on for 2 days so far. It has been interesting.
I came to get RISH!! Thumbs up if you agree lol XD
I just started, so it was encouraging to watch this video. I've started by looking at things that are interesting to me. The way I look it at it, I wanted to do this anyway, but I would not have been paid directly. But it's even better if I get paid (eventually).
Awesome, that's a great attitude to have coming in to Steemit. By the way, welcome to the community!
Thank you. I found your videos on Youtube first. I've already found plenty of interesting content in the past few days, so I'm excited.
steemit is the way forward
Good point. I can tell you about me personally that I am not here for a secondary income. I stumbled upon to this platform for two reasons: 1. I was watching content created by several youtubers who moved partially to steemit; 2. I was trying to find some real use for the tiny amount of STEEM I had. I am learning rapidly and enjoying every moment.
That's very similar to how I found Steemit. I was following a couple of YouTubers who mentioned that they were moving to Steemit as well. This got me interested in the platform and I created an account right away. I didn't really have any plans for what I would do here.. but that's really worked itself out. Now I am so grateful that I found Steemit and have connected with so many incredible people here. :)
I agree that Steemit is not a get rich quick scheme. Sort of related, I read this post by @tarazkp about employment on the blockchain. He hypothesized that by powering up an account by the millions in USD, this account could use the substantial rewards from its upvotes to pay a healthy salary. I don't know if this is would actually work based on the platform's mechanics. It's a different perspective from what you're proposing in that you're starting an account with a large amount of funds rather starting from little to nothing. Perhaps Steemit could end up functioning as a Get Richer Quicker scheme.
That could actually work well. If you have say one million dollars then you could upvote your own posts and they would be rewarded a minimum of $100 which the author's portion (75%) would be paid out half in SBD. The SBD alone would be worth around $225 in today's market. So yes, while it would be a huge investment (and include risk) it could pay off HUGE.
Yeah I think this making money thinking is one of the biggest problems of steemit.
Yeah, it's good if you just focus on building your channel, sharing value, and getting into the comments naturally. Don't even think about the money. Great point!
Lol Get Rich Quick Scheme.. Unless You Have A Other Big Social Media Channel It Takes A LONG Time.. And Even Then You Don't Make A TON.. FIRST! Lol
Exactly, gotta work for it. But totally worth it. :)
Yep I'm Loving Steemit!
This post has received gratitude of 2.71 % from @appreciator thanks to: @brandonfrye.
Only a good content writer in some other social media gets more and more priviledges. Not a get rich quick scheme for beginners !!
Definitely not a get rich scheme. Only those who put in the effort to network and create good content are rewarded which is nice and makes Steemit a great place to find great content. Thanks for the comment, @cryptosomania!
great video Brandon! I agree, it's all about investing your time and growing your page. It takes time, but it will be worth it!
Thanks @lukebrn, I love your approach and have enjoyed your content. This platform is great for everyone but especially for those of us who have that entrepreneurial attitude coming into it.
Cheers for the compliment! I completely agree, I'm going at it with the entrepreneurial approach myself and can see that you are too.
100% 😁
Hi @brandonfrye, I was enjoying the video till around 4:00 minutes into it. I initially thought it was my data network, but after reloading it thrice and seeing it not playing fine around that 4:00 minutes into it, I feel you should take a look at it please.
You talked about being consistent and I appreciate that, what kept you going after your earning next to nothing in your first month in a networking company. What signs did you see that made you continue after that first month, or was it just to keep trying? I have been on Steemit for almost two months now, initially I came with the get rich quick mindset but after understanding somethings from @adonisabril's blog, I relaxed and started applying "networking 101" as you put it, by commenting more on people's post and engaging them in meaningful conversations.
I educate myself more for now, than focus on the rewards. Guess what, the rewards has been coming naturally. Lol.
Please check the video. I don't want to miss any part of it.
Thanks for letting me know but the video is working perfectly on my end. I'm using Safari and Firefox with no issues at all. You might need to reload the page - I'm really not sure. But to answer your questions, I kept on with my network marketing business because I knew coming into it that it takes time to build. And thankfully I kept with it because it has paid off HUGE. And I'm glad to hear your experience since changing your mindset. It shows that if you build naturally the rewards will follow. Thanks for the comments and feedback, @emjoe. I really appreciate it!
I use puffin browser and has been watching other videos with it. I will just keep reloading to see if it will go through. I like your answer, patience is needed to build something out of any networking. As the saying goes, 'Rome was not built in a day'.
Right on. And yeah hopefully it’ll work for you.
Man oh man, is this the truth! Especially with your background in network marketing, I'm sure you have heard all the excuses in the world.
What you said was spot on too, the mindset! You need to have the right mindset in any kind of platform or opportunity.
I mentioned this in another comment on Steemit, but you should have at least a 2-3 year game plan here. See where you at in a few years before you scream that this doesn't work or it's just a scam lol
You have no idea, lol. Unfortunately the same people that want to be rich overnight are often the people that don't want to do anything. Then they get upset because they didn't make any money. So it's a SCAM! lol
And yeah, you're right. Two to three years is really better than just a year. Keep working at things and don't judge anything until a couple of years in. Great point!
Thanks @ brandonfrye that will be a nice little boost to invest into more SP to upvote you with!!
Sems like some of your followers that are feeling demotivated from not making any money should read my post from yesterday and might give them an idea of where they are going wrong
motivation part 2
Like you say there are no get rich quick schemes. Just look at BitConnect and the likes of that.
Speculate to accumulate I say. People may not have money to invest, but if they have the time it will pay off just as much if not more.
Well said @robmenzies. I love that saying too.. speculate to accumulate. :)
You got a 27.14% upvote from @mercurybot courtesy of @brandonfrye!
Brand you are my favourite mentor on steemit. Thanks alot.
Thanks @gangas, that means a lot. Appreciate it!
This post has received a 2.28 % upvote from @booster thanks to: @brandonfrye.
Great video again. My mindset is to give first and receive later. So I try to find people and post that I like to upvote and leave meaningful comments. So far it did payoff I think I got more steem dollars from you contest then my actual post lol. I think I am still in a very small niche but that's alright I am still growing maybe later I will be more successful.
Great attitude for success here! Like Gary V’s book says jab, jab, right hook. (Or Give, give , receive)
Yes I listen to garys podcast everyday on my way to work. Lol
Get-rich-quick schemes are usually of the illegal kind, as in robbing a bank.
Regarding another former platform similar to Steemit, why do you think Steemit will succeed where Tsu.co failed? Were you a member of Tsu.co?
This is actually the first I’ve heard of it so I’m not sure what their downfall was.
Users on Tsu also upvoted others' posts and each were rewarded. One big difference was, it was by invitation only and if someone joined with your invitation, you received a percentage of what they earned on the platform. This led many to spam Facebook with their invite links and in return, Facebook banned the links. One problem is they relied on advertising.
It had 3.5 million registered users in its first 6 months. Membership declined swiftly when earnings did not live up to most users' expectations.
That reminded me of the user you used as an example in your video. I'm not saying the same will happen with Steemit, just that it's something to consider.
https://techcrunch.com/2016/08/16/spammy-social-network-tsu-shuts-down/
Awsome platform with an easy setup. Great opportunity to make something out of it.
I agree completely.. we have an incredible platform to work with here and the sky is the limit. Glad to see so many people jumping on board!
Hey! I am really enjoying your videos! New to all of this!
Thank you @delania, I'm so glad to have you here on my channel. I'm also glad to hear that my videos have been helpful. Let us know if there's anything you need specific help with. Welcome to Steemit!
Thank you for the good content.
Hey @nelakay, thank you. I'm glad you've found my channel helpful. I'm glad to help! :)
Awesome post @brandonfrye. This should open peoples eyes and hopefully educate those who need it. You make great points about how nothing comes for free in this world. People look at big youtubers and #dtubers and think that it looks easy. Not everyone had the right mindset that it's just as much of a job as any other. The more time you put in the more you get out of it.
I appreciate your videos because you educate people in a way that they can become motivated to do better. These people on here only posting memes and resteeming others posts will never go anywhere although they think that it's quality content.
Quality content is what you feel and your own truth about different subjects. People become to generic these days and try to copy others. The people who make it, be themselves and other people come to love that.
Thanks again for the great video @brandonfrye and hope you and your gf will go far on #steemit. I'll be here the whole way. Another shout out from the @altcoinbuzz #army!!!
Thanks @kbakadave, I appreciate the comments. And I think you're completely right - there's a lot to say about people who stay true to themselves and produce original content.
@brandonfrye Everyone has to learn that patience is an important component to getting what you want from Steemit. Also, working with others in any and all capacities is key. Steemians are only as good as the people around them. Good people who dedicate themselves to their content and ours, creates strength in the community.
Well said, @jr11. You're absolutely right.
Hi Brandon,
After watching your video, the summary you concluded with was the 3things one needs to work at to be successful on Steemit are a) produce great content b) interact with others and join in the conversations and c) build your network and to do these things with perseverance. What I’m wondering is if you might be able to share your thought on which of these would you prioritize for just literally beginning days ago? Particularly for someone who may not have a substantive amount of monetary resources for promotion, but instead a willingness to engage with elbow grease? Thanks for the video as well. Appreciate any thought you or any other might have. Peace ~GenXRev
Hi @genxrev. First off, welcome to Steemit! I think that in order to answer your question I would need to know if you're a content creator mostly.. or are you simply looking to use the platform for social media and spend more time curating content? That will decide which you focus on more. For example, I consider myself a content creator so I'm mostly focused on creating content that people want to see. But even as a content creator I must put time and focus into others and help to curate their content. And that's especially important for somebody with little money to promote their posts.
Thanks @brandonfrye for the welcome. I would say that I’m working predominantly to become a content creator. This is my 4th day and I think I’ve now created 6 original works and posted them up... the question is of course are they “things people actually want to see?”but from what I can see of others working within the notch I have skill and passion it appears so. What I think I’m trying to yet figure out is how to actually get them in front of folks to allow them to decide if they have value or not in their own Steemit needs, wants and desires. I can see the importance of curation of course, but one thing I’m running into is how quickly I run low on Steem Power at my current level /ability to power up and then secondarily how easy it is to fall down to what feels like the “cheap seats”in the conversation on larger more popular posts... pretty hard to get noticed amongst folks who wield such large self-upvotes. (To be honest and pleastly surprised I’m happy to hear from you back as I wasn’t really sure that I might) My focus on this has been to make religiously certain that if I’m going to post a comment, it’s actually an attempt to contribute real value to the post by asking a question or trying to otherwise thoughtfully engage the subject at hand.
Given the time and resources I can bring to bear what I’m focusing on at this point is to work to create at least one or two original works a day and then spending whatever time I can either curating folks who seem to know what the heck they are doing here... and the rest trying to express gratitude and interact with any who happen to be gracious enough to either visit my blog roll or interact with a comment I’ve left somewhere... kinda like right now.
I feel like with each interactionI I’m learning a bit more about how this whole thing works and feel that there are some things moving along already and that is encouraging. So just to bug ya a bit more... how would you prioritize your efforts as a content creator just launching out?
It's not easy to begin on steemit, because we are alone and the curation is low. But with energy and some tuto laters.. we have all in the hands to go up day after day.. personnaly I think that is important to buy a bot in the beginning.. but some people buy bot with negative current ROI...
Yeah, I wish more people would learn to use the bot tracker and check the ROI before purchasing an upvote. That would help everyone here on the platform.
Brandon, I think building community is a big key to starting a following, I've just been using curation as a learning tool itself to see what interests me and helps me build more visability.
Major amount of talent to help you and others that are compeating for the same vote you are...no excaping hard work , but smart work.
L
BINANCE just opened market for STEEM a few hours ago!! The token will raise in value the next days you can best believe.
Wow i was making youtube videos for like 2-3 years and making less than 100$ A YEAR and i was happy. I joined steemit because i love the idea. You can see im very active and every SBD i get i reinvest in my own account (bots and so on) since i want to grow the power of my account. People get sad because they post for a few months and get cents but see some one make 2 posts a week and suddenly they get like 50$... I hope to grow gaming on steemit and bring many of my Bulgarian fans. People who think this is a get rich quick scheme are making a mistake... things get years to start earning you a profit.
Great post Brandon. So on point! Love that you refer to this platform as a platform for entrepreneurs. It truly is.... and entrepreneurs need to ask themselves- Are they in it for a quick buck or a long term business. If it is the latter, they will be consistent and do the work and see success but if they are looking at this as a way to make a 'quick buck', they will remain broke entrepreneurs (if you can use the term, entrepreneur at all), always moving to the next new thing and always starting from scratch.
Glad I found you... very helpful posts for people who are new to Steemit like myself. (Your post about upvote bots was super helpful!) I look forward to your future posts.