This is something I’ve wanted to do for a very long time. Quite frankly I’m way overdue and should have tried it a long time ago. As a matter of fact making money writing eBooks was on the table as one of my next projects as far back as this post in 2013. Better late than never though, right?
If you remember, I actually did experiment with writing a whole eBook back over the summer. But I got cold feet about taking the next steps and investing the time it takes to edit it, find a cover, etc. And so I ended up releasing it as just one really large epic post on one of my niche websites.
Then in December I got the itch again! I really feel like this will be good for diversifying my online business portfolio. So I started brainstorming some new ideas for book topics and got the ball rolling again.
My book is going to be my best of the best advice on saving for retirement and building your financial fortune. Much like the tone of My Money Design, there will be a lot of details and practical examples. But I’ll try to break down the information in a way that anyone will be able to follow along.
So far it is approximately 20,000 words over 11 chapters. The first draft is complete and I’m now in the process of wrapping up the big second-draft re-write. I say “big” because what I’m finding is that I’m re-writing anywhere from 50 to 90% of the first-draft content in the second go around. Hopefully that won’t be the case in the third and final read-through!
So Why Write an eBook?
Why not another niche website? Why not freelance writing? Why not taking on several consulting clients for money management or blogging? There are a hundred other things I could have taken on to make more money and try to expand my extra income streams. But I’m confidently going to choose an eBook, and here’s why:
- I’ve always wanted to be an author. That was actually one of the main reasons I started My Money Design. Back in 2011 when I was just getting started with blogging, I figured it might be a good gateway into old-fashioned publishing.
- I also enjoy teaching. I truly do believe the content of this book will really help people! It really brings me a lot of joy when people write me or leave comments saying how they learned a lot from my posts. My hope is that I can bring that level of value that the reader gets and bring it to a whole new insane level of usefulness.
- It will help build my financial authority portfolio. This blog, my other sites, and now this eBook will all play a role in helping people to take me seriously as far as giving money advice even though I am not a true financial professional.
- It could help lead to future coaching or speaking gigs. Someday I do plan to get out there in front of crowds or one-on-one to help work with people to achieve financial success. Being published will only help clear the path towards making that happen.
- It will be somewhat independent of Google rankings. Unlike my niche sites, I won’t have to worry about how many links I’ve got.
- It somewhat doesn’t rely on organic traffic. Amazon buyers find books based on sales and relatedness, not necessarily from Google searches.
- I’ll have all of Amazon as my potential customer base. Using a mega-giant like Amazon is by far one of the best ways to sell your ebooks online. Instead of being limited by whatever number of visitors I get here or on my niche websites, I’ll be selling at virtually the biggest marketplace in the world. How cool is that?
- The content was already there (mostly). The first draft of my content was written almost entirely by weaving together 10 of my favorite posts from across my multiple sites. Though they were all each heavily re-written in the second draft, having that content already available did help to accelerate the process greatly.
- It will be a very low cost investment. Writing an eBook basically costs nothing but your time. If you’re writing all the content yourself, then the only expenses I’ll be looking at are graphics, editors, and formatting. That’s probably less than $100.
- I’ll only have to put in the work once. Once the book is written, that’s it. It won’t be like a website where you constantly have to update it every week. After publishing the work will be done.
- The revenue will be truly passive. Once the book is up for sale, I won’t have to do much of anything to earn the residuals from it. Won’t it be awesome to still be receiving truly passive income checks from something you wrote 6, 12, or even 24 months ago?
- It’s been a proven business model. I’ve heard a number of podcasts and read posts about people that are earning quite a bit from just their eBooks. Steve Scott is a good example. His portfolio of eBooks earns a decent five-figures consistently each month. Check on his income report here.
- An eBook will further diversify my income streams. Rather than try to chase after higher affiliate income, I’d like to go “wider” by adding yet another type of way I earn income from my efforts.
- I’d like to get better at this process. I don’t believe this will be my last eBook or even eProduct. Just like with my whole niche site initiative, I’m exciting about the process of learning how this whole process works.
Readers – Help Me Pick a Book Title!
I need your help! In the comments below let me know which of these titles you think is the best! Remember the book is about (much like this website) tricks for saving better for retirement. Even though the content could really help people of any age, it will mostly target young savers in their 20’s, 30’s and early 40’s.
Here are the book title ideas I have so far:
- Save BETTER! Use the Secrets of the Wealthy to Save More Money, Retire Early, and Achieve Financial Freedom
- The Wealth Opportunity – 10 Tricks You Can Start Using to Save More for Retirement and Create a Lifetime of Passive Income
- The Financial Freedom Formula – 10 Simple Ways to Save More for Retirement, Build Your Wealth, and Create Passive Income for Life
- The Wealthy Strategies – 10 Easy Ways to Save More Money, Enjoy an Early Retirement, and Achieve Financial Freedom
- Make Yourself Rich! 10 Secrets the Wealthy Use to Build Their Wealth and Enjoy a Lifetime of Passive Income
- Passive Income for Life – How to Build Your Wealth, Retire Early, and Achieve Total Financial Freedom
- Hack Your Retirement! Break the Code That the Wealthy Uses to Get Rich, Generate Passive Income, and Enjoy Financial Freedom
Readers – How many of you have started or already successfully making money writing eBooks? Any advice for those of us just getting started?
Image courtesy of Jonas Tana | Flickr