Can I Make Money with MyLot?
What is myLot?
Note: There have been a lot of changes at myLot since this article was originally written. Although the thrust of the article remains true, some elements are no longer accurate. Please make sure that you read the important updates at the end of this article for a balanced picture.
Having previously reviewed the pros and cons of using crowdsource websites, Amazon Mechanical Turk and Microworkers to generate some extra income, I thought I’d turn my attention to how to make money online with MyLot, a very different sort of earning program.
MyLot is basically a social network site in the same vein as Facebook, but with myLot you make money by posting comments, uploading photos, starting discussions etc.
Sounds appealing, doesn't it, but what are the pros and cons?
First Impressions and Signing up to myLot
The MyLot site’s appearance has none of the simple elegance of Facebook and is unnecessarily cluttered, in my opinion. There is also a full page advert that wants to load up on their front page if you go there from Google, which is a little irritating.
The sign-up process for MyLot is pretty simple and straightforward, though. You fill out a form with your basic info and that’s about it. You don’t have to enter your mailing address or bank details, as anything that you earn online will be paid straight into your PayPal account by myLot.
From your PayPal account, you will then have the option of transferring your earnings to your regular bank account if you wish, or you can just spend it on one of the many PayPal friendly online stores.
MyLot works in a similar way to most other social networking sites, such as MySpace and Facebook. As I mentioned earlier, you make money online with MyLot by posting comments, uploading photos, starting discussions, adding friends, messaging people etc.
My only quibble would be that, as I mentioned earlier, the myLot site feels a bit cluttered and it takes time to get used to.
Also, there is a minor difference of emphasis from sites such as Facebook and Twitter in that much of the social interaction on MyLot revolves around starting and participating in discussions, (rather than the Facebook/Twitter system where each user has his or her their own “wall” where they and others post to).
Earnings and Payments
The exact formula that myLot uses to calculate how much you earn is not made public, but it’s based on the amount of activities such as posting comments, uploading photos, and starting discussions that you do to make money. The more active that you are on the site, the more you'll make money.
Alternatives to MyLot
If you are just looking for an easy way to earn a few bucks fairly quickly, then I would recommend Bubblews.
Bubblews does have a lot of similarities with MyLot, you write very short articles/posts and get paid for interacting with other users. The earnings rates for Bubblews are far higher than for MyLot, however.
The Bubblews site can be a bit slow and glitchy from time to time, and they've raised the payment threshold to $50 - but I have earned several hundred dollars there over just a few months, expending minimal effort.
Amazon Mechanical Turk is another site that makes earning quick and easy, although payment rates have generally been on a downward trajectory for a number of years.
A full list of alternatives, plus reviews and recommendations can be found at my online earning blog: MTurkish Delight
I can only tell you of my own experience and what other users say regarding earning rates, so the following info may not be an entirely accurate indication of the sort of sums that people earn. I visit the site on a daily basis for about 10-15 minutes each day, start a discussion, post a few comments upload a photo, and I make about 5-10 cents/day. There are site users on there who are more active than me and say that they typically earn a dollar a day or more, however.
Another factor in the rate that you make money is the myLot points that you gradually build up over time (a bit like a hub score?). The more experienced myLot people who use the site for longer periods and interact more tend to have much bigger scores than myself, a relative rookie who’s only on there for 10 or 15 minutes/day. I would expect to make money at an increased rate over time, however.
The other thing that I should mention is that there is a $10 minimum earnings threshold before they pay you. This can seem a little frustrating when you’re only bringing in 8 cents/day like me! If you enjoy social networking, however, and don’t mind spending a little time on the site, then you are getting paid for doing something that you do anyway, which can’t be bad!
In summary I'd say that you will make money if you join the MyLot site, but I would keep your expectations pretty low in regard to earnings!
The Pros and cons
They pay you money for social networking!
Social networking is fun, you meet new people and make new friends!
Navigating their website takes a little time to get used to, plus the site has full screen ads which can be annoying.
Earnings are generally very low - cents, not dollars in my experience.
There’s a $10 minimum earnings threshold to achieve before they pay you, given the low earnings it is difficult to reach!
In answer to the question: Can I make money with MyLot? my answer would be: yes, but not much. There are better ways of earning money online, in my experience. But there are some people who find MyLot fun, so maybe money isn't everything?
You will find more reviews of earning websites at my blog: MTurkish Delight
Important Update! (May 2013)
MyLot has recently radically revamped itself and is no longer an earning website. I had pretty much stopped visiting there anyway, as the negatives for me had quickly begun to outweigh the postives, the main reasons being:
- Very low earnings
- Slow and glitchy website that was hard work to use
- Far more low quality content on there than good
I hope their revamped site is more successful than the old one. I don't think I will be using it though.
Important Update! (August 2015)
MyLot is once again an earning website. For a time after the revamp of the site, there was no way to make money, but that has now changed.
I haven't had a great deal of time to explore the new site. My old log in details still work, however, and my old profile details are all still up there.
My current earnings are showing as a big fat zero. I guess I will have to engage with the site to start earning again.
The new site certainly looks more sleek and is less clunky to navigate than the old days. The advertising appears to be less intrusive too.
I will keep you posted.
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© 2011 Paul Goodman
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