Making Sense Of Cents

Learn how to make extra money, how to save money, how to start a blog, and more.

JOIN OVER 300,000
MONTHLY READERS!
  • HOME
  • BLOG
  • Make Money
    • best online jobs
    • passive income ideas
    • paid online surveys
    • How To Make $100 A Day
    • 80 side job ideas
    • More Extra Income Ideas
  • SAVE MONEY
    • Free Amazon Gift Cards
    • 16 Alternatives To Cable TV
    • best rewards credit cards
    • How I Paid Off My $40,000 Student Loans
    • More Money Tips
  • Categories
    • Income Reports
    • How To Save Money
    • Extra Income Ideas
    • Blogging Tips
    • Career Advice
    • College
    • Pay Off Debt
    • Retirement
    • Self-Employment Tips
    • Travel
  • BLOG COURSES
    • AFFILIATE MARKETING COURSE
    • MAKING SENSE OF SPONSORED POSTS
    • HOW TO START A BLOG
  • Contact
    • About
    • Contact
    • Advertise
    • Recommendations

How I Made $2,000 in 1 Week by Writing an eBook

Last Updated: July 18, 2022 BY Michelle Schroeder-Gardner - 5 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

338 shares
  • Facebook
  • Twitter
  • Reddit
  • LinkedIn
  • Email

Hey everyone! Today, my fellow female finance blogger, Fiona Smith, is going to show you how she made $2,000 in 1 week by self-publishing an ebook on Gumroad. Fiona is the creator of The Millennial Money Woman, she’s been featured on Forbes, she’s a speaker at the national FinCon 2021 conference, and she’s a co-founder of a local non-profit charity, promoting financial literacy to underprivileged minorities. Today, Fiona will teach you how to potentially make a few extra $1,000 a month by writing an ebook. Take it away Fiona!

Hey guys and gals! How I Made $2,000 in 1 Week by Self-Publishing an eBook

My name is Fiona aka The Millennial Money Woman. I run my own personal finance blog and love helping others make more money and build long-term wealth.

If you had told me in early 2020 that I would soon make $2,000 in 1 week by self-publishing an ebook, I would have probably looked at you like you’re crazy!

I’ve always had an inner author and always thought about writing a book. I just never got around to it because, you know, life.

And for whatever reason, in the middle of the pandemic, I had the urge to write, publish, and sell an ebook about personal finance!

Here’s a bit of my personal story:

When I was young, I saw my grandparents lose everything they ever put into their small family business due to poor financial planning. 

From that day forward, I swore to myself that I would never go through the financial difficulties that my grandparents faced. 

I also swore to myself that I would try to help everyone I could to avoid making the same financial mistakes my grandparents once made. 

That’s why I committed myself to the path of learning about personal finance (I earned my Master’s Degree in Personal Financial Planning) to give others the tools that I wish I had growing up.

…And that’s ultimately how I came up with my ebook topic: How to Get Rich from Nothing.

My ebook doesn’t necessarily define “rich” as just having money.

In my ebook, “rich” also means:

  • Building a rich mindset
  • Developing rich relationships
  • Maintaining a rich outlook on life

…You get the point. 

And you know what?

Although I was admittedly a bit scared to write the book (because I was afraid that it would be a total flop), I decided to sit down one morning and put pen to paper. It was time I show the world what The Millennial Money Woman was made of. 

Now, 2 months after my first ever ebook release, I can happily tell you that in my first week of selling my ebook, I’ve made more than $2,000!

And in this article, I’m going to show you exactly how I did it.

Related content:

  • 17 Best Online Jobs To Make $1,000+ A Month
  • How to Make $3,000 Per Month (or More) Self-Publishing Romance Novels
  • How Alyssa is making $200 a DAY in book sales passively

 

How to Make Money by Writing an eBook

The cool thing about writing ebooks is that there’s no secret code or formula to making money.

You can write an ebook that’s 5,000 words long or 100,000 words long. It could be a fiction novel or it could be an educational resource (like mine). It could be about the different types of dirt used on a golf course or it could be about how to start a blog.

Like I said, there’s no secret sauce.

The only key ingredient that holds true for any profitable passive income is to start! You won’t know your potential if you don’t give it a shot. 

As Wayne Gretzky famously once said, “you miss 100% of the shots you don’t take.”

So, here are some things you may want to keep in mind as you start writing your ebook:

  • Start with a topic where you have “expert” knowledge
  • Set mini-goals so that you finish the book on time
  • Write in simple, plain-English text
  • Proofread & re-edit often

This is the key to writing a successful ebook:

Write something that you’re passionate about – because you will spend a lot of time on your ebook (I took about 100+ hours from start to finish!). 

Imagine spending 100+ hours writing something that you don’t enjoy talking about!

That’s tragic – and such a waste of time. 

 

Set Mini-Goals

I would not have completed my ebook in 1 month if I had not set mini-goals.

Typically, it takes about 4 to 8 months for the average author to complete a book.

Because I’m trying to promote myself, my work, and my ebook in the shortest amount of time possible, I knew that time is of the essence, which is why I pushed to finish my ebook in just 1 month.

Imagine hearing yourself say, “I want to publish and sell my ebook in exactly 1 month from today.”

How would that make you feel?

Would you get heart palpitations? Would you feel anxious? Would you feel so overwhelmed that you wouldn’t know where to start?

Yep, that was me.

Here’s how I got over my paralysis and anxiety:

I broke my big goal (finishing a book in 1 month) into much smaller, more achievable goals. 

And, guess what? It worked.

Here’s what I did:

  • First, I figured out how many chapters my book would have (turns out I wanted 14 chapters)
  • Second, I determined what each chapter would cover
  • Third, I determined roughly how many words each chapter would have (turns out between 1,500 to 2,500)
  • Fourth, I determined how long it would take me to write each chapter (between 1 day to 2 days)
  • Fifth, I arranged for someone else to proofread my book once I finished the first draft
  • Sixth, I figured out a basic marketing strategy to promote my ebook on my Twitter account

After exactly 2 weeks (14 days for 14 chapters), I had someone re-read my first draft after which I [heavily] edited my ebook and re-read my book again for more edits. 

After exactly 3 weeks, I had a preliminary draft completed with a cover image that I created using Canva (see below).

After exactly 4 weeks, I had finalized my ebook, written 3 drafts, and had accomplished my pre-marketing strategy. 

Was I successful?

My goal, at the official launch, was to sell exactly 1 ebook (I set my sights low). 

By the end of week 1, I had made over $2,000 on ebook sales. I honestly couldn’t believe it – I was literally earning money in my sleep. 

All of this was made possible because I decided to break down this 1 huge goal of selling my ebook in 1 month into tiny little mini-goals.

After each mini-goal was accomplished, I moved on to the next step.

I created a structure for myself (and I work very well with a structure) so that I could stay in line with my overarching goal while not overwhelming myself without knowing where to start.

 

Don’t Reinvent the Wheel

I’ve published over 100 blog posts in the past 12 months on my website.

My blog posts are typically 3,000 to 6,000 words each, so they’re lengthy, they’re well-researched, and they offer lots of visual graphics about finance.

So, as I started writing my ebook, which is about finance, I had an idea…

If you already run a blog or have content written about the same or similar topic you’re planning to write about in your ebook – consider repurposing your old text!

Why reinvent the wheel if you already took the time previously to write about the same/similar topic?

Believe it or not (and I’m living proof), people who value your content and thoughts will pay money for an ebook with similar information that they can find on your blog, website, etc. for free. 

Why?

Because an ebook is typically a thoughtful curation of your finest work – carefully selected in an order that is often easier to read than on a blog or website, for example. 

Of course, you wouldn’t want to have your ebook be exactly the same as your previous content – your audience will notice that you didn’t put effort into the ebook.

And if your audience notices you didn’t put in effort, they can leave their remarks via ebook reviews or lower-star ratings (which will hurt your sales and your reputation). 

Put in the work, edit the text, and make sure that the content you provide makes sense, adds value, and flows.

 

Your eBook Marketing Strategy

Guys and gals – I cannot say it enough: Your network is key.

How do you expect to sell your ebook if you don’t have anyone to sell it to?

Here are some things you’ll probably want:

  • A social media following
  • A website following (potentially)
  • Ambassadors to help promote your book
  • An email or e-newsletter with a wide reach

I’m not saying you need 10,000’s of followers on social media to make a profit on your ebook. In fact, you can see profitable numbers if you “just” have a few hundred followers. 

That’s because the quality of your audience matters – not the quantity.

Would you rather have 10,000 unengaged followers or 1,000 high-quality, engaged followers – who would buy your book if you push a marketing campaign their way?

I know which option I’d take.

A good marketing strategy honestly should start before you start selling your ebook. 

I started promoting my ebook the day I started writing my ebook!

Why?

Because I wanted to see if my audience was even interested in buying my ebook – I didn’t want to spend 100+ hours on my ebook if I was only going to generate $100 in sales.

Here’s what I did:

I made sure I slipped into the inboxes of all of the important “influencers” in my niche (finance) – both on and off of Twitter – and asked them their candid, honest opinion:

Would they be willing to spend $15 on another finance book?

The only caveat is that this finance book was structured as a 14-week program, with actionable advice, written in simple English without technical jargon, and offered advice from a Millennial for Millennials.

And you know what?

I had a lot of positive feedback and a lot of constructive feedback. I used that constructive feedback to improve the overall format and outline of my ebook. 

Don’t ever shy away from constructive feedback. It will make you better.

Here’s how I started my ebook marketing strategy:

  • Market ebook before it is officially published to garner interest
  • Promote your ebook 1x to 2x times per day on your social media account
  • Send invitations to your niche influencers to read & review your ebook for free
  • Ask the top influencers of your niche to share your ebook link on its official launch day

And this is what my launch tweet looked like:

Another marketing strategy is to offer your book on a pre-order basis.

You’re basically selling a product that doesn’t exist yet – and you’re still making money!

If you receive 0 interest, you can cancel your project, save yourself some time, and give everyone a refund that has purchased your pre-order. 

If your pre-orders come in hot, then you better make sure you can deliver what you promised your audience. 

 

Your Earning Potential

I get a lot of questions about how much money you could expect to earn with an ebook.

And the answer is this: It completely depends.

Honestly, it depends on a lot of things like:

  • Your niche
  • Your expertise
  • Your audience
  • Your popularity

When I wrote my first ebook, I was honestly a nobody – and I was writing about a topic that has been talked about so many times before.

In other words, my niche was pretty saturated.

But here’s how I differentiated myself: 

My value proposition was that I would write my personal finance book in an easy-to-read, visually effective, and story-like manner. 

I also didn’t just talk about money in the form of numbers.

I included many anecdotes, stories, and my past experiences (with my millionaire mentor) in the hopes that my readers would pick up the same valuable information that I did from my mentor.

Once my book was ready to publish, I used the publishing and sales platform known as Gumroad.

Gumroad is an online platform that offers either free accounts or premium accounts for new users (if you’re serious about making sales on Gumroad, then the premium account – although more expensive initially – is worth the price). 

I’ve published my book using the premium Gumroad account, and haven’t looked back since.

So how much can you earn by selling an ebook?

You can earn between $50 to $5,000+ per month.

How much you earn is completely up to you. 

It also largely depends on how often you market your ebook (marketing it too many times is spammy and marketing it too little won’t give you the sales). 

I promoted my ebook between 1x to 2x per day. 

That’s it. 

Just make sure that whichever platform you use to promote your new ebook (Twitter, Facebook, Instagram, your website, your newsletter, etc.), you are authentic and genuine.

You don’t want to come across as pushy or aggressive, because that could cost you your followers (and likely reputation). 

You should also be aware of this:

Typically speaking, your ebook will earn you the most money at the beginning of your launch – that’s because you’ve [hopefully] promoted the ebook in the weeks and days coming up to its official launch. 

As the weeks turn into months after your ebook launch, chances are the demand (aka your profits) of your ebook will wane.

That’s totally normal and expected.

You can always bring back the original hype about your ebook by doing things like this:

  • Go on a podcast and promote your ebook
  • Add a new section or chapter to your ebook
  • Give away something for free with your ebook
  • Promote a notice that your ebook prices will increase soon

There are savvy ways to reignite the hype of your ebook. 

Or – you could simply write a new ebook!

 

Why Writing Ebooks is an Awesome Side Hustle

Writing (and selling!) ebooks is honestly one of the best side hustles. 

Why?

Because you can literally make money while you sleep. 

I’ve never earned money in my sleep before (aside from maybe my stock market investments), and I’ll never forget the first time I awoke to a Gumroad email on my phone that gave off a loud “ping!,” notifying me that I had just made a sale. 

I wasn’t even working!

And I made money. 

Ok, so I made $15, which in the grand scheme of things, isn’t a lot of money.

But for me, passively earning $15 from my first sale shattered a glass ceiling. 

I finally realized the power of earning passive income – and how passive income could literally change your life forever.

How?

Earning money passively – like by selling an ebook – is one of the very few ways (aside from maybe being a business owner) that can help you escape the daily grind of the 9 to 5 job. 

If your goal is to have the freedom to choose whether you want to work or spend time with your family on any given day, then passive income from ebooks could be a great start.

Your side hustle income could literally help you earn your way to early retirement.

The money that you make with passive income can help you:

  • Save more
  • Invest more
  • Pay off debt
  • Build wealth

The possibilities are endless. 

You just have to recognize the opportunity.

 

Closing Thoughts

If you want to earn some side income, but don’t know how, then you should seriously consider writing and selling an ebook. 

Speaking from personal experience, an ebook is one of the best side hustle incomes you can earn. I mean, who doesn’t want to earn an extra $2,000 per week?

I sure could use an extra $2,000!

The beauty of ebooks is that the process can be 100% free – you don’t have to hire an editor, an advertising agency to promote your ebook, or a publishing company. 

So aside from the opportunity cost of spending your time writing the book, you’re basically looking at a 100% profit!

Hopefully you’re not like me, where I took 4+ years to realize my vision and pursue what I love (writing and helping Millennials understand personal finance). Instead, if you are an expert in a certain area – I don’t care if it’s dog training or cookie baking – you should consider writing an ebook and using your network to promote your work. 

Don’t wait for tomorrow if you can do it today.

Your bank accounts will thank me later. 

For those of you who are wondering which ebook I wrote, mine is called How to Get Rich from Nothing. The book is designed to help you “get rich” not just financially but also “get rich” through your network, your mindset, your spirit, and your future goals.

Are you interested in writing a book? What questions do you have for Fiona on this topic?

Related Posts

  • How Alyssa is making $200 a DAY in book sales passivelyHow Alyssa is making $200 a DAY in book sales passively
  • How to Make $3,000 Per Month (or More) Self-Publishing Romance Novels– Without Writing a WordHow to Make $3,000 Per Month (or More) Self-Publishing Romance Novels– Without Writing a Word
  • How To Sell On Etsy Successfully In 2023: A Beginner’s GuideHow To Sell On Etsy Successfully In 2023: A Beginner’s Guide
  • 20+ Best Jobs That Pay $20 An Hour Or More20+ Best Jobs That Pay $20 An Hour Or More
  • 14 Places To Find Freelance Writing Jobs – (Start With No Experience!)14 Places To Find Freelance Writing Jobs – (Start With No Experience!)
  • 32 Best Stay At Home Jobs For Moms & Dads (Great, Flexible Ideas!)32 Best Stay At Home Jobs For Moms & Dads (Great, Flexible Ideas!)
338 shares
  • Facebook
  • Twitter
  • Reddit
  • LinkedIn
  • Email

5 Comments
Filed Under: Extra Income Tagged With: Extra Money

About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. Beth Williams says

    October 15, 2021 at 10:59 pm

    Very interested. 1. What process did you complete/method used to self-publish? 2. What did it cost you to self-publish? 3. How are you marketing your e-book? 4. What advice/encouragement can you offer those of us who are interested in self-publishing?

    Reply
    • Fiona Smith says

      October 16, 2021 at 9:43 am

      Hi Beth,

      Thanks for the comment. I used Gumroad to self-publish my ebook and it cost me $0, which was a pretty cool perk. I decided to market my ebook using social media, and that’s helped massively. If you’re considering self-publishing, I honestly would say to just start writing about a subject that you really love and that you feel would add value to others. Starting was the key for me. Good luck on your venture!

      Cheers,

      Fiona

      Reply
  2. DNN says

    October 16, 2021 at 5:58 am

    if you have a genuine love for doing what you do as a labor of love and a side hustle, then earning full-time passive income from it will be a virtual walk in the park.

    Reply
    • Fiona Smith says

      October 16, 2021 at 9:38 am

      Hi DNN,

      You make a great point – if you love your work, then earning a full-time passive income from it can be very easy. Glad you enjoyed the read!

      Fiona

      Reply
      • DNN says

        October 16, 2021 at 3:47 pm

        Thanks, Fiona. Just left a comment on your passive income blog. 🙂

        Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Making Sense of Cents welcome page photo
Hello and welcome!
My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.

As Seen On

as seen on
How To Start A Blog
making sense of affiliate marketing for bloggers
My Monthly Online Income Reports
My Student Loans Are Gone - How I Paid Off $38,000 In Student Loans
How To Prevent Financial Fraud From Happening To You
Buying a House at 20 (How I did it)
How To Make Money Blogging Picture
How To Save 50% Or More Of Your Income Picture
How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500
75+ Ways To Make Extra Money

 

HOME
ABOUT
CONTACT
FREE FB GROUP

PRIVACY POLICY
TERMS OF USE
DISCLAIMER / EARNINGS DISCLAIMER
Copyright © 2011 - 2023. All Rights Reserved.

© 2023 Making Sense of Cents
Design by Lennox Creative Co.