Why I treat my Medium Stories as a long-term investment and not as a side hustle
While I am a professional Economist, I always was told that I have a writing talent, and I have always enjoyed writing about things I am passionate about. So, when I discovered Medium, I was more than excited to be able to write about whatever I want, be read by people who share the same passions as me and get paid for it.
I started publishing on Medium got accepted as a writer in a few publications, but as professional obligations began to pile up (I was offered a full-time position at the bank where I did my internship during my master’s studies) and my stories returned less than 10 cents, I quickly got demotivated and stopped for almost a year. You see, even though I was passionate about writing, I wanted to get something back for my work
All this up to last December, when I received a medium payment of 2 dollars from articles written over a year ago. Then it hit me! I have been looking at Medium stories all wrong, they may not be suitable to make a secondary income, but they are a perfect form for long-term investment.
I considered every story as a financial asset, let’s say a perpetual bond, which produced a tiny cash flow every month. The higher the quality of the story, the higher the probability that this small cash flow is generated, I told myself. And if I was correct, what I have to do is to write many more stories which will eventually produce a decent monthly cash flow. The possibility that I will ever write an article that generates thousands of dollars is not factored in my strategy as I like writing about economics stuff, which is a niche that is unlikely to go widely viral.
So, I got back to doing what I like but I also implemented a strategy. I will focus on quality articles in most of which I will write about subjects not related to current developments. This is because I want my articles to be relevant even in a few years, so I mainly focus on how-to and tips and tricks articles. Of course, some of my articles will deal with current affairs, as we live in history-generating times, and I really want to share my opinion on what is happening with people with similar concerns.
Financially my strategy has a simple monthly goal, to make every month more than the previous one. So far in 2 months, I have grown this 2$ cash flow into 3.34$ which might seem like an insignificant amount, but I like to see it as a 67% increase in the hope that earnings will continue to grow exponentially.
In any case, I get to have a cash buffer that slightly grows every time I do something I love!
PS: Apart from money, I found it very rewarding that I managed to be a top writer in economics in just a few months, as Medium told me!
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