Using an app called Neighbor.com, he transformed his backyard into a lucrative RV storage space, earning nearly $1,200 each month.

We wanted to learn more about Justin’s story and how he stumbled upon this somewhat minimal-effort side hustle idea.

What Is Neighbor.com?

Neighbor.com is a platform that allows individuals to rent out their unused spaces, transforming them into sources of passive income.

Whether you have an empty driveway, a vacant lot, or even extra room in your garage, Neighbor.com connects you with people in need of storage or parking spaces.

Justin’s Transition to Real Estate

Justin’s story starts at Amazon, where he was deeply involved in his tech career. However, everything changed when his father passed away from cancer. “This profound loss prompted me to reevaluate my life’s priorities, emphasizing the fleeting nature of time and the importance of living fully,” Justin reflected.

Motivated by this new perspective, Justin began exploring real estate investing as a side hustle while still at Amazon. As his real estate ventures started to flourish, he found himself more passionate and successful in this field than in his tech career.

Eventually, he made the decision to leave Amazon and dedicate himself entirely to real estate, a move that granted him the flexibility to manage his time and live according to his values.

A while later, one of Justin’s friends introduced him to Neighbor.com, a platform that allows individuals to rent out unused space. Intrigued, Justin did his homework—researching the app and reading up on its benefits. He decided to test the waters by clearing a small, weed-covered spot behind his duplex, just large enough to fit a car, and listed it on Neighbor.

To his surprise, the space was rented out within days. Encouraged by this quick success, Justin expanded his efforts, clearing more areas and listing them on the app. The demand continued to grow, and before long, he had monetized every inch of available space. This venture quickly turned into a lucrative side hustle that perfectly complemented his main real estate business, and most importantly, involved very little time and investment on his part.

Related: How One Man Makes $1,500 a Month Renting Out His RV

Transforming a Vacant Lot into an RV Storage Hub

Justin saw potential in his vacant lot that others might overlook. To prepare his lot for RV storage, he began with some essential landscaping, clearing overgrown areas to make the space more appealing for potential renters. This initial step was crucial in transforming an idle patch of pavement into a desirable rental spot.

Listing the space on Neighbor.com was straightforward and took about 15 minutes. Justin uploaded photos, set the rental price, and specified availability times. “The app took over the bulk of the workflow, handling inquiries, payments, and administrative tasks, which made it a highly effective, low-effort side hustle,” Justin explained.

The process involved several key steps:

• Landscaping: Clearing weeds, trimming overgrowth, and ensuring the ground was level and accessible.
• Listing on Neighbor.com: Uploading high-quality photos, writing a detailed description, and setting competitive pricing.
• Setting up Access: Ensuring that renters could easily park their RVs and access the space when needed.

By focusing on these tasks, Justin was able to quickly attract renters. His first spot was rented out within days, which spurred him to clear more areas and expand his offerings.

Related: 18 Best Passive Income Apps to Earn Extra Money

Earning $1,200/mo in Just One Hour

Despite earning nearly $1,200 monthly, Justin reports spending less than an hour each month managing his listings. His tasks primarily involve confirming bookings and responding to renters’ questions. Neighbor.com handles most logistics, including payments and renter agreements, streamlining the process and maintaining efficiency.

Justin’s monthly tasks include:

• Confirming bookings
• Responding to renter inquiries
• Coordinating move-ins and move-outs

“The majority of my time is spent coordinating move-ins and move-outs, and the app facilitates everything else,” explained Justin.

Initially, Justin was skeptical about the demand for his spaces, especially without offering shuttle services like nearby airport parking lots. However, after researching local market rates, he found that his pricing could be competitive. Clearing overgrown areas and setting up listings were the main challenges, but positive reviews from his first renters helped build trust and attract more users. Justin emphasized the importance of detailed descriptions and high-quality photos to make listings compelling.

Related: How One Auto Tech Earns $13,000/mo Answering Questions Online

How He Sets His Rates, Then vs. Now

To maximize revenue, Justin started with low prices to fill his lot and gather reviews. Now, he says he uses Neighbor’s ‘Smart Pricing’ feature to adjust rates automatically based on market conditions. His strategic approach includes:

• Maintaining clean, accessible spaces
• Responding quickly to inquiries
• Using high-quality photos for listings

“Keeping my spaces clean and easy to access helps retain renters longer and brings in referrals,” Justin added. 

How the Income Has Transformed Justin’s Life

The income boost from renting out his property has been nothing short of surprising for Justin. Vehicle storage wasn’t initially on his radar, but it quickly became a cornerstone of his financial strategy. “The income boost from renting out my property has been surprising; vehicle storage isn’t something that I initially thought about,” Justin admitted. 

The additional income stream has freed Justin up to focus on expanding his real estate ventures without the constant pressure of a traditional nine-to-five job. “This side hustle has helped me tackle debt, amplify my savings, go on vacations, and reinvest in new real estate opportunities,” Justin said.

“Financially, it’s given me a safety net that makes my goals more achievable and takes the pressure off my primary business,” Justin explained. The side hustle has not only been about generating income quickly but also about making his money work smarter and from anywhere in the world.

Justin’s Advice for Aspiring Hustlers

For those considering a similar venture, Justin advises starting small and scaling gradually.

“Evaluate what unused spaces you have—be it a driveway, garage, or even a closet—and list it. It’s a low-risk way to dip your toes into the world of passive income.” 

Looking ahead, Justin plans to expand by acquiring additional properties that offer both traditional rental spaces and unique storage opportunities. He is also exploring other passive income ventures that complement his lifestyle. “This dual approach allows for full-property monetization and aligns with my real estate agent clients’ needs,” he concluded.

Related:

• • 10 Easy Ways to Generate Passive Income with Your Car
  • 7 Best Short-Term Investments for Growing Your Money
  • 16 Realistic Ways to Make $1,000 Fast 

The post How Justin Cambra Makes $1,200 per Month Renting Out a Vacant Lot appeared first on DollarSprout.

Investing in real estate can seem daunting, especially for those new to the scene. Platforms like Fundrise are making it easier for everyday investors to enter a market previously only accessible to big players.

Recently, Fundrise has taken a step further by introducing venture capital investing to its suite of services. As both a financial writer and an investor, I was intrigued to see what Fundrise has to offer.

I’ve since explored Fundrise firsthand, diving into its real estate and new venture capital options. Today, I share my experiences with the platform’s costs, potential returns, and risks involved. If you’re considering investing or looking to diversify your portfolio, understanding how Fundrise works can mean the difference between appreciable returns and unwelcome losses. 

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$10 Account minimum $1,000 for IRAs

1-2% Annual Fees of AUM

DollarSprout Rating

Fundrise is an online real estate and venture capital investment platform that allows individuals to access investments generally not available to the general public. By pooling investments, Fundrise provides access to these markets with a low minimum investment, making it accessible to a broader range of investors.

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Pros:

• Open to non-accredited investors
• Low investment minimum
• Historically strong returns with lower volatility

Cons:

• Limited liquidity
• High fees
• Methodology hasn’t been tested in a strong market downturn yet

Three Main Offerings from Fundrise

Fundrise provides a range of specialized funds that include real estate private equity, venture capital, and private credit—investment opportunities that, in the past, were typically available only to institutional investors.

The idea here is that since Fundrise has such a large pool of investors, they have more collective power and can access these more exclusive investments. However, exclusive doesn’t always mean better. More on that later.

Investors who choose Fundrise can customize their portfolios based on their specific goals. The offerings include a variety of strategic options such as:

• Developing rental housing in the Sunbelt region,
• Investing in late-stage, high-growth private technology companies, particularly focused on artificial intelligence and machine learning,
• Acquiring industrial properties, including last-mile distribution warehouses and data centers, and
• Engaging in bridge loan financing for real estate deals.

Regardless of which portfolio you choose, Fundrise is designed for long-term investors, especially those who can invest for at least five years. The platform focuses on real estate and venture capital, areas typically not easy to pull money out of quickly. Since it’s not liquid, that also means won’t see your portfolio value fluctuate daily like you would for a normal portfolio of stocks or ETFs.

Recognizing that some investors might occasionally need to access their funds, Fundrise does offer a chance to cash out quarterly without penalty. This setup is designed for people who are prepared to commit their money for the long haul and understand that while their money may grow, accessing it isn’t immediate.

Related: How to Start Real Estate Investing (Beginner’s Guide)

Fundrise Cost & Portfolio Performance 

At the end of the day, these are the only two things that I really care about when it comes to investing.

Cost and performance are also the two reasons that I primarily invest in index funds: they are extremely cheap and they match the performance of the market. Beating the market is hard, but matching it is easy. So how does Fundrise stack up?

First off, investing in Fundrise is not cheap.

Every fund has a 0.15% advisory fee, which is already higher than most index funds, but it’s not unreasonable. The real kicker though is the management fee, which is an additional fee on top of the advisory fee. And this is not a small fee.

For real estate funds with Fundrise, the yearly management fee is 0.85%, which means the total fee is 1% of your invested assets, every year, for as long as you invest.

Think of this as compound interest, but instead of working for you, it’s working against you. 

The venture capital fund (the Innovation Fund) is even more expensive, with a 1.85% management fee. Add in the advisory fee and you are looking at a 2% yearly fee, which, in my opinion, is almost a deal breaker.

A headwind that strong is difficult to overcome. I know the idea is that it takes significant research and skill to find these possible unicorn tech companies, but this fund tends to invest in late-stage, more mature companies (which have higher valuations to match).

To be fair, none of the companies in the Innovation Fund have gone public yet, so we haven’t had the chance how big those private-to-public valuation jumps will be.

Fee Summary

I do want to note that the fee structure for the Innovation Fund is in line with what other venture capital funds charge, and in many cases, is actually better.

Many VC funds operate on the “2 and 20” model, which means a 2% yearly fee + 20% of the profits.

But just because it’s better, in my opinion, doesn’t necessarily make it worth it. It’s somewhat of an open secret in the financial industry that these fees are ridiculous (I used to work at a firm that charged 1.5 – 2% per year), but the lay investor often knows none the better.

The chart above from Fundrise is a cool feature that I haven’t seen used very often, but I recommend seeing it at this link since it updates daily. The main point that Fundrise wants you to take away from it is that the longer you invest with them, the higher the likelihood that you will achieve a positive return (and the higher those returns will be).

Even with the fees, many investors were able to see positive returns, but it’s important to point out that Fundrise has only been in existence since 2012 and has operated in one of the biggest bull runs in history. That’s not a shot against Fundrise, I just want to point out that some of this performance is likely linked to the fact that the entire market has been pumping.

Since Fundrise is primarily focused on real estate, I don’t think it’s exactly fair to compare it to the S&P 500 index (which is composed of 500 U.S. companies in all industries). When I look at the chart above, here is what stands out to me:

• Avg. income return is higher for Fundrise than both the REIT index and public stocks. Good
• Fundrise appears to be somewhat less volatile. Good
• Fundrise has missed out on some major upswings in the market (2023 and 2019 mainly). Really not good
• Downside protection was great in 2018 and 2022. Good

Overall, a mixed bag of results. The question is, is a mixed bag worth a 1-2% yearly fee, especially when the alternative is to match the market performance (whether it’s a REIT index or the S&P 500 index) with the appropriate index fund at a fraction of the cost?

That’s for you to decide. Personally, I don’t see the value, but I recognize that every investor is different. 

Related: 20 Best Passive Income Ideas to Make Extra Money

My Experience Investing with Fundrise

Even though I’m not sold on Fundrise quite yet, I was intrigued by the idea of being able to invest in a venture capital fund. Typically, VC funds are only available to accredited investors. 

I also wanted to go through the onboarding process for the purposes of this review. 

From start to finish, opening an account took me less than five minutes. 10/10 easy.

After answering a few questions about what my investment goals were (like how long my investment horizon is, what level of risk I am comfortable with, etc.), it recommended the Innovation Fund for me:

I imagine their recommendation algorithm is fairly simple since they only have three open funds at the time of this writing. In all likelihood, here is what I think they recommend:

• Income-focused investors (meaning people who primarily want dividends) will be funneled into the Income Real Estate Fund, with the Flagship Real Estate Fund as an alternative. Lowest risk appetite investors will likely have similar recommendations.
• Growth-focused, higher-risk investors, like me, will be funneled to the Innovation Fund, with the Flagship Real Estate Fund as an alternative.
• Investors primarily focused on real estate will be put in the Flagship Real Estate Fund or the Income Real Estate Fund as an alternative. 

These are just my guesses, but I don’t think I’m far off. 

Here are some details of the Innovation Fund that was recommended to me:

At first glance, it looks like a great portfolio of companies. But since the fund is so new (it only launched in 2022), I can’t imagine that it got in super early on any of these companies. So my expectations are somewhat tempered. As I mentioned earlier, none of the companies in the Innovation Fund portfolio have IPO’d yet, so we will have to wait and see just how big of a valuation jump we get once that happens. 

I wasn’t looking to put a lot of money into Fundrise, at least to start, just because I wanted to test out the platform first. Strictly from a user experience perspective, I would give it a 10/10. Everything is neat, clean, and easy to navigate. 

One thing I like about the Account Dashboard in Fundrise is that it contains a feed of cool resources and articles, including content that is specific to the fund I am invested in. I was able to read the Annual Letter to investors of the Innovation Fund and found it quite interesting and accessible for most investors. You might have to look up some terms here and there, but it’s a well-written letter that is meant to be read by normal people.

Liquidity & Redemption Options

Fundrise, catering mainly to long-term investors, does not offer the same level of liquidity as more traditional investments like stocks or bonds. Here’s what you need to know about how Fundrise handles liquidity and redemptions:

Quarterly Redemptions: Fundrise provides a redemption program that allows investors to request withdrawals every quarter. This feature is designed to give some flexibility in what is otherwise a long-term investment. However, it’s important to note that these redemptions are subject to availability. The three open funds do not charge a liquidation fee, but previous Fundrise funds have charged a 1% fee if you liquidate within five years of your initial investment. It’s unclear if waiving the fee is going to be a permanent change going forward, but it’s something to be aware of. 

Limitations and Conditions: The ability to withdraw funds is not guaranteed. Fundrise reserves the right to suspend or restrict redemption offers under certain economic conditions. This means if the market is under stress, you might not be able to withdraw your funds during that period.

Planning Ahead: Given these conditions, investors should consider their cash flow needs and regard their investments in Fundrise as illiquid. It’s wise to have a financial cushion elsewhere that you can access easily if immediate needs arise.

Fundrise Advantages

• Low Minimum Investment: Fundrise makes real estate investing accessible with a relatively low minimum investment (only $10 for taxable accounts and $1,000 for retirement accounts), opening up opportunities that were traditionally available only to institutional investors or those with significant capital.
• Diversification: By investing in a variety of real estate projects, including residential, commercial, and industrial properties, Fundrise offers a diversified portfolio that can help reduce risk and enhance potential returns.
• Passive Income: Fundrise provides the potential for passive income through dividends, which are distributed from rental income and other earnings from its real estate investments.
• Transparency: The platform offers high transparency with regular updates on investment performance, property acquisitions, and comprehensive reporting, allowing investors to stay informed about where and how their money is being used.
• Tax Benefits: Investors can benefit from various tax advantages associated with real estate investments, such as depreciation and the potential for tax-deferred or tax-free returns in certain scenarios.
• Professional Management: The investments are professionally managed by Fundrise’s team, reducing the burden on individual investors to manage and make decisions on properties.
• Liquidity Option: Although primarily a long-term investment platform, Fundrise offers a quarterly redemption program, providing an option for liquidity that is not typically available in traditional real estate investments.

Fundrise Disadvantages

• Fees Hurt Returns: Depending on the fund, Fundrise charges between 1-2% of your account balance each year, regardless of whether your account balance goes up or down. Over time, these fees can significantly hurt your overall returns. 
• Limited Liquidity: Unlike stocks and bonds that can be sold on the open market relatively easily, Fundrise investments are much less liquid. The quarterly redemption program offers some level of liquidity, but it comes with limitations and potential fees, and redemptions are not guaranteed.
• Long-Term Commitment: Fundrise is best suited for investors who can commit their capital for at least five years. This long-term investment horizon may not be ideal for those who need or prefer quick access to their funds.
• Market Risk: All real estate investments carry inherent market risks, including economic downturns and fluctuations in property values. Fundrise’s investments are no exception, and the value of your investment can decrease (sometimes rapidly) depending on market conditions.
• Dependency on Management Decisions: Since the investments are managed by Fundrise’s team, investors have limited control over individual investment decisions. The success of your investment heavily relies on the management’s ability to choose and manage properties effectively.
• Tax Complications: Real estate investments can lead to complex tax situations. For instance, dividends may be taxed as ordinary income, and the tax benefits of depreciation might require more complicated tax filings.

Alternatives to Fundrise

While investing in real estate is often most easily and cost-effectively achieved through buying REITs within your existing investment accounts, other popular investing apps like RealtyMogul, CrowdStreet, and Roofstock offer specialized alternatives that might suit different investment needs.

Each of these platforms presents unique opportunities and fee structures that could be more aligned with certain investment strategies or preferences. 

Is Fundrise Worth It? Here’s My Take

While Fundrise offers an innovative approach to real estate and VC investing that democratizes access to previously inaccessible markets, the platform’s fee structure is a notable drawback. Investors should carefully consider the impact of these fees on potential returns, especially given the other challenges such as limited liquidity and the long-term nature of the investment.

Unless the platform drastically improves its fee structure, I think I will stick to my passive, low-cost index fund strategy for now.

Related: 7 Best Short-Term Investments for Growing Your Money

The post Fundrise Review 2024: Risks, Returns & How It Works appeared first on DollarSprout.

Robinhood Overview

How It Works: Robinhood is a financial services platform that allows users to invest in stocks, ETFs, and crypto commission-free. Its user-friendly interface is designed for beginners, and it primarily generates revenue through order flow payments, margin lending, and interest on uninvested cash.

Cost: 100% commission-free.

Available Asset Classes: Stocks, ETFs, Options, and Crypto.

• Benefits: Easy to use, best-in-class fee structure.
• Drawbacks: No mutual funds, no tax loss harvesting.

Promotion: 1% brokerage account transfer bonus (no cap); 1 free stock sign-up bonus (valued between $5 and $200).

Best for: Beginner investors who don’t have access to an employer-sponsored account.

Rating:

App Design: 4.5 out of 5
Ease of Use: 5.0 out of 5
Fees: 5.0 out of 5

Asset Classes: 4.0 out of 5
Tax Strategy: 2.0 out of 5

Overall: 4.5 out of 5 stars

>> Visit Robinhood

Robinhood has become the go-to investing app for the younger generation in recent years, largely due to its free trades and snazzy user interface. The app has gained widespread popularity, but it has also faced significant criticism from the media. The main concern is that the app “gamifies” investing, subtly prompting users to trade more frequently than they normally would.

As people have learned from free social media apps, whenever something is free, in most cases, you are the product. Robinhood is no different. But that doesn’t necessarily mean you shouldn’t use the trading platform. In fact, there are many benefits to Robinhood that can make it a better option for investors than other apps.

In this review, I’ll dive into my own experience using Robinhood and share my thoughts on what I think investors should look out for when deciding on an investing app.

What Is Robinhood?

Launched in 2013, Robinhood is a commission-free trading app that allows investors to trade stocks, exchange-traded funds (ETFs), options, and cryptocurrency. The app offers individual brokerage accounts as well as retirement accounts (Traditional IRA and Roth IRA).

They offer a Robinhood Cash Card as well, a debit card helps users grow their investment account. It does this by rounding up your purchases to the nearest dollar and investing the difference into your Robinhood account (similar to how Acorns works). 

There’s no opening minimum for brokerage accounts, but there is a $2,000 minimum for margin accounts. This is a regulatory requirement, so it’s not unique to Robinhood.

Open Account

$0 Account minimum

$0 Cost per trade

DollarSprout Rating Free stock with new account

Robinhood is a commission-free mobile trading app that lets investors trade stocks, cryptocurrency, options, and ETFs with a $0 opening balance. Its streamlined design makes it easy to use, and no annual fees make it a good choice for new investors.

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Pros

• Trade with no fees
• No minimum balance requirements
• Easy, mobile-friendly interface
• Trade a variety of securities
• Margin trading available

Cons

• Can’t trade certain popular securities, including bonds and mutual funds
• App may become addicting
• Difficult to receive customer support

Is Robinhood safe to use?

Robinhood is a member of the Securities Investor Protection Corporation (SIPC), which protects its members up to $500,000, including $250,000 for cash claims. Keep in mind that this only means that your assets are insured should Robinhood become insolvent; it does not mean that your investments are safe from dropping in value. Investing always comes with the risk of losing money.

While the company offers commission-free trading, a simple, streamlined mobile app, and no opening balance requirement, users report multiple complaints ranging from customer service to frequent outages (including one in March 2020 that is subject to a Securities Exchange Commission investigation) to problems with trades, account closures, and money transfers._[1] They also have more reported user complaints than many of their competitors.

Because they don’t provide much guidance or make stock recommendations, and customer reports indicate that support is substandard, it’s important that you learn the basics of investing before signing up for an account. Understanding how the stock market works, including the risks, will help you navigate the platform and make informed choices about your trades and investments.

Portfolio Options

Robinhood offers four primary trading options: stocks, ETFs, options, and cryptocurrency. Although there are no commissions involved when trading with Robinhood, other fees may apply. Be sure you review their fee schedule so you’re not surprised or confused when they appear in your account.

Buying and selling stocks

Stocks are one of the most basic securities you can invest in, and Robinhood is a solid choice for novice investors. They provide a streamlined platform that makes it easy to buy and sell stocks. Open the app, search for the company’s name or ticker symbol, and enter the number of shares you want to purchase. You can sell stocks from your portfolio in the same way. 

In addition to being a good choice for novice investors, Robinhood is also good for those who don’t have a lot of money to invest initially. In fact, you can start investing in stocks with Robinhood for as little as $1. Robinhood offers approximately 5,000 stocks to choose from and more than 250 global stocks not listed on American exchanges.

Robinhood also gives users the option to make trades in after-hours or pre-market trading, which is appealing to some investors (but comes with extra risk since there is usually less liquidity).

Fractional shares

A fractional share is what it sounds like — it’s a piece of a stock. When you buy a fractional share, you’re buying a piece of a stock rather than a whole one. Companies like Robinhood offer fractional shares to investors as a way of helping them afford a stock they couldn’t otherwise purchase. 

For instance, if you want to buy a share of Apple stock but don’t have enough money to pay for one full share, you can buy a piece of that stock for an amount that fits your budget. However, if you want to sell your fractional share, you must wait until the company has enough pieces to make a whole stock; these smaller pieces cannot be traded on their own.

Fractional shares are a way to diversify your investment portfolio even when you don’t have a lot of money to invest.

Buying and selling ETFs

If you’re interested in buying or selling exchange-traded funds (ETFs), you can do that with Robinhood as well. You can buy and sell ETFs in the same way as stocks. Like all of the trading services offered by Robinhood, ETFs are free to buy and sell. However, ETFs charge management fees to the people who own them.

You’ll pay anywhere from .03% to 1% or more, depending on the ETF you invest in. ETFs are a great way to easily diversify your portfolio without having to buy a bunch of individual stocks. Just make sure you pick funds that have low expense ratios to preserve your returns. 

Buying and selling options

Robinhood also allows users to invest in options. Options are a way to bet whether a stock will increase or decrease in value. If, for example, you think a stock that currently costs $10 increase in value, you can buy an options contract that allows you to buy said stock for $10 at any point before the option’s expiration date. If the stock goes up to $12, you can exercise your option to purchase at $10, and instantly earn a profit of $2 per share. 

Buying and selling options with Robinhood is commission-free, and you conduct your trades directly from the app, just like ETFs and stocks. However, investing in options is much riskier than stocks or ETFs, so if you have a low risk tolerance, you might not want to take advantage of this product. Think of options like a casino – there is a very high chance of ruin. In fact, most options traders end up losing money. Beware. 

Buying and selling cryptocurrencies

Unlike many of its competitors, Robinhood allows users to buy and sell cryptocurrency including Bitcoin and Ethereum. Like other trading options, it’s commission-free to buy and sell cryptocurrency and you can do it right from the app. Keep in mind that you will still need to pay any network fees (or “gas” fees) on a transaction for a particular blockchain. 

Should you choose to invest in cryptocurrency using Robinhood, it’s important to note that Robinhood Crypto — which oversees the cryptocurrency branch of Robinhood — is not a member of FINRA, the Financial Industry Regulatory Authority. Additionally, investing in cryptocurrency involves significant risk, so if you are risk-averse or don’t fully understand the risks, this might not be the best investment option for you. 

How to Open an Account

Robinhood is a mobile-focused brokerage, so the best way to get started is to download the app and sign up for an account.

After downloading the app, you’ll need to complete an application, which can be done directly in the app. If you’re approved, which typically happens instantly, you’ll receive an email with further instructions on getting started. If you’re not immediately approved, Robinhood will ask for additional information. They’ll provide instructions on what you need to send and how you can do it securely, protecting your personal data.

Once that’s received, you’ll know within five to seven days if you’ve been approved for an account. 

Since there’s no minimum balance requirement to open an account, you don’t have to save or commit a substantial chunk of your money to the opening deposit. And if you don’t have money right away, Robinhood gifts new users a random dollar amount between $5 and $200 that can be used to purchase from a list of 20 large-cap stocks. According to Robinhood, “The cash value you receive could be anywhere between $5 and $200. Keep in mind that approximately 98% of the participants will receive a reward having a value from $5 to $10.”

You can sell the stock three days after you claim it, but you cannot withdraw the funds to your bank account until 30 days later. 

Other Notable Robinhood Features

In addition to trading stocks, options, and cryptocurrency, Robinhood offers a number of other features for its users.

Robinhood Gold

Robinhood Gold is Robinhood’s version of a margin account. This means that you can trade with borrowed money, commonly known as “on the margin.” 

If you want to opt into this service, you can try it free for 30 days. After that, it costs $5 per month. However, the free trial only covers the $5 monthly fee, not the margin interest. This means that if you borrow more than $1,000, you will need to pay the interest. Should you try Robinhood Gold and decide it’s not for you, you can cancel it at any time. 

As with cryptocurrency and options trading, margin investing can be quite risky. Your losses could end up being larger than the value of your account, meaning you will have to deposit more money to clear the difference. You must understand what you’re getting into. Robinhood offers an explanation; make sure you read it in full before signing up for Robinhood Gold.

Additionally, to have a Robinhood Gold account, you must have a $2,000 minimum balance, per FINRA regulation. 

Robinhood Gold members also earn 5% APY ** on their uninvested cash balance, as opposed to 1.5% APY for non-Gold members. ** As of the time of this writing. Be sure to check the site for the most up-to-date APY information.

Refer a friend and get free stock

For each friend that you invite to Robinhood who signs up, makes a deposit, and links a bank account, you (and your friend) will each receive a free stock. This works similarly to the free stock promo for when you initially sign up for Robinhood; Robinhood will notify you of the specific dollar amount that your gift stock is, and then you can choose which stock you would like to buy with that voucher. If the stock you want costs more than the value of your gift, you can buy a fractional share. 

You can receive up to $1,500 in stocks per year through this program.

Instant transfers

Thanks to Robinhood’s relationship with a number of national banks, users can transfer up to $1,000 which is instantly available for investing. This is great for people who want to act fast on a trade idea and don’t want to have to wait for funds to clear. 

Larger deposits may take up to five business days to process and become available. You can transfer up to $50,000 into your account, and you can only transfer money via direct deposits. They do not accept mailed checks. 

Robinhood Alternatives

If you’re about to download an investing app and you are doing your research correctly, you probably came across several other apps that are competing for your business. Here are my thoughts on how Robinhood compares to some of its most noteworthy competitors. 

Robinhood vs. Acorns

There are two big differences between these apps: 1) Robinhood is free, whereas Acorns starts at $3 per month, and 2) Robinhood does not have pre-made portfolios to choose from like Acorns has. If you are a true beginner and have no idea what you are doing (and you don’t have any desire to learn), then Acorns might be a better option. If you know the basics and want to reduce your costs, Robinhood is the smarter option in my opinion. Also, if you are investing less than $5,000, the monthly fee for Acorns is a big drag on your portfolio, so Robinhood is definitely better.

Robinhood vs. M1 Finance

Both apps offer commission-free trades. M1 is more focused on overall portfolio management and even offers model portfolios that don’t have any additional fees (outside of the ETF fees, which is standard). M1 also offers a high-yield savings account, as opposed to just offering interest on cash balances in your investing account like Robinhood does. Both of these factors tilt my opinion in favor of M1 slightly over Robinhood. Robinhood is ideal if you want a hands-on trading experience, while M1 Finance is great for those seeking a more set-and-forget, automated investing strategy.

Robinhood vs. Fidelity

Fidelity, a well-established player in the investment world, offers a more comprehensive range of services and a depth of resources ideal for both beginners and experienced investors. It provides extensive research tools, a wider range of investment options including mutual funds, and advanced trading platforms. Fidelity’s strength lies in its educational resources and customer support, making it a solid choice for beginners who seek a more traditional, full-service investment experience. Both offer commission-free trading. Robinhood’s design may appeal to a younger audience than Fidelity, but either one is a solid platform for investing.

Robinhood vs. E*TRADE

E*TRADE appeals to a broader range of investors, from beginners to more experienced traders. It provides a more traditional online brokerage experience with a comprehensive set of tools and resources. E*TRADE offers free stock and ETF trades, a wide range of investment options including mutual funds and bonds, and advanced trading platforms with more in-depth analysis tools. If you’re a beginner who anticipates evolving needs and might require more comprehensive tools and resources as you gain experience, E*TRADE is a more versatile option. 

FAQs

Robinhood Review: Final Verdict

Robinhood is a solid product and, in my opinion, is perfectly suitable for investors who want to take a more hands-on approach to managing their portfolio.

The commission-free trades and easy-to-use interface are great features, but always remain cautiously on guard; if you find yourself getting “hooked” on the app, take a step back and reconsider what you are getting yourself into. Investing is a long-term game and, if done right, it should be boring.

Related:

• 4 Best Micro Investing Apps for Beginner Investors
• 17 Best Passive Income Apps to Earn Extra Money
• How to Invest $100 for Maximum Return

The post Robinhood Review 2024: Pros, Cons, Fees & How It Works appeared first on DollarSprout.

Acorns Overview

How It Works: Acorns makes it easy for beginner investors to get started with investing in stocks. Set up one-time, recurring, or Round-Up deposits and watch your brokerage account balance grow.

Cost: $3, $5 or $9 per month plans.

• Pro: Round-Ups feature automates investing (incremental gains can reinforce desire to save).
• Con: Higher fees than competitors.

Promotion: Exclusive $20 investment bonus for readers that set up recurring investments.

Best for: People who need to be forced into saving money.

>> Visit Acorns

I’ve always been skeptical of micro-investing apps. Can they really make a difference in my financial journey? With 15 years of investing experience under my belt, I’ve come to realize that I get the best results when I do the least amount of work. The less that I touch my investments, move money around, or even look at how I’m doing, the better things go. The minute I start micromanaging is usually the exact moment that I end up making a mistake.

So when it comes to investing apps, I prefer apps with fewer bells and whistles. I don’t need – or even want – all the fancy charts and second-by-second data. I just need something that will help me stay consistent and let me accumulate assets in low-cost index funds.

Acorns is an investing app that caters to people like me who want an easy-to-use interface and a hands-off investing experience. I recently decided to give Acorns a test drive and see for myself how it could fit into my financial life.

What Is Acorns?

Acorns is a financial technology and investment app — launched in August 2014 — geared towards making investing more accessible to the general public.

It automatically rounds up users’ everyday purchase amounts to the nearest dollar and invests the spare change into diversified, computer-managed portfolios. Acorns has amassed over 10 million users and claims $15 billion in assets under management.

Users generally appreciate the app for its user-friendly design and the ease with which it allows them to start investing, but some have raised concerns over the fees charged and the overall value for more experienced investors.

Learn More

$0 Account Minimum

$3 - $9 Monthly Fees

DollarSprout Rating 3.5 out of 5 stars

The Acorns app is best for new investors still learning the ropes. Notably, Acorns rounds up card-linked purchases to the nearest dollar and invests the extra change. Users can also set automatic recurring investments on a daily, weekly, or monthly basis. Current Promotion: Exclusive $20 bonus for new users.

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Pros:

• Completely automated
• No account minimum

Cons:

• Limited portfolio options
• Monthly fee can be a high percentage for those with smaller account balances

The mobile application itself holds a 4.6-star (out of 5) rating on Google Play (284,000 reviews) and a 4.7-star rating on the App Store (875,000 reviews). It is #73 on the list of most downloaded Finance apps on the App Store with over 20 million downloads.

Acorns Subscription Plans & Features

As with many products in today’s subscription-focused environment, Acorns offers several different pricing tiers, each with its own set of additive features.

1. Acorns Personal

• Cost: $3 per month

I signed up for the cheapest plan with Acorns, which they call “Acorns Personal”. For $3 a month, here is what users get with an Acorns Personal account:

On the surface, it seems like you get a lot for $3 a month with Acorns, but I’ve found that almost everything on this list can be found for free elsewhere. But I don’t think the real value that Acorns delivers comes from its features, per se, but more from the overall behavior changes and habits that it can help you form.

For instance, a similar Round-Up feature is available via the Robinhood app for free, but many users find that Robinhood is a much more addictive app because of certain gamification tricks they use to get you to keep coming back. So while you might save $3 a month by using Robinhood instead of Acorns, you might end up wandering down a rabbit hole that you didn’t intend to go down — which can become much more costly.

2. Acorns Personal Plus

• Cost: $5 per month

The next membership tier is Acorns Personal Plus, for $2 more per month. This plan comes with all the same features as the $3 Acorns Personal plan, with the addition of:

I personally don’t think these features are worth an additional $24 per year in subscription fees, but some users may appreciate these options more than I do.

3. Acorns Premium

• Cost: $9 per month (the Family Plan)

Acorn’s top-tier plan is dubbed Acorns Premium, and is geared towards families with children. Acorns Premium comes with everything that is included in Acorns Personal and Personal Plus, with the addition of:

The Acorns Portfolios

Acorns isn’t really built for people who want to trade individual stocks or do anything sophisticated with their investments, which is something to be aware of if you are considering opening an account. Instead, Acorns has five “model portfolios” that are each built with a particular risk profile in mind.

For instance, after I answered some basic questions about myself — things like my age, income, risk tolerance, etc., — and Acorns recommended a portfolio that consisted of 80% stocks and 20% bonds, which is moderately aggressive. This made sense based on my answers, so no complaints there. It is important to note, however, that if you have any special circumstances that fall outside the scope of their basic questions, there are no human advisors that you can speak to directly.

Acorns offers five different portfolios based on five levels of risk, and each one is composed of exchange traded funds, or ETFs. Think of an ETF as a basket of many different stocks and bonds. In addition to the five core portfolios, Acorns also offers four ESG portfolios, which stands for “environment, social, and governance” issues. If these are causes you care about, you can elect to invest in an ESG portfolio instead, however, the expense ratios of the funds within these portfolios may be slightly higher.

Benefits

For people who are just starting out with investing and getting their financial lives in order, Acorns can be a decent choice. For those types of people, Acorns offers the following clear benefits:

• An all-in-one solution: Some people might get overwhelmed by having their money in so many different places. Acorns gives customers the opportunity to have pretty much everything within one central location, which can give some peace of mind.
• Tools for building strong financial habits: If the thought of regularly scheduled contributions to your investments feels constricting, the Round-Up feature is a neat way to achieve a similar outcome in a more psychologically appealing way. For some reason, it’s easier to digest the thought of investing $1 a day than it is to invest $30 at the end of each month.
• Cookie-cutter options, by design: Acorns wants you to be as hands-off as possible, unlike competitors like Robinhood, M1 Finance, etc. By recommending simple yet professionally constructed ETF portfolios, customers are less likely to risk financial ruin by diving into options trading and other speculative (and risky) trading strategies.
• Teaching your kids about money: For $9 a month, the Premium Plus plan is a good option for parents who want to invest in their children’s future, both financially and educationally. The debit card for kids and the chore tracker are great ways to prepare children for financial responsibility one day.

Drawbacks

No investment app or website can be everything to everyone, and Acorns is no exception. From my own investigation, these are a few of the biggest drawbacks of Acorns:

• The monthly fees are way too high, unless you are investing a large amount. As a general rule of thumb, you should aim for your yearly investing expenses to be less than 1% of your total portfolio value (at the most), but ideally, you should strive to get your investing expenses under 0.50%. With Acorns’ flat monthly pricing model, here’s what the math looks like:
  • Personal ($36 per year): You would need a $7,200 portfolio for the yearly fees to be at 0.50% (not including the ~0.06% fees for the ETFs themselves).
  • Personal Plus ($60 per year): You would need a $12,000 portfolio for the yearly fees to equal 0.50% (not including the ~0.06% fees for the ETFs themselves).
  • Premium ($81 per year): You would need $18,000 invested in order for the yearly fees to equal 0.50% (not including the ~0.06% fees for the ETFs themselves).
• The bonus investments from Acorns brand partners could be a conflict of interest. Acorns is financially incentivized to promote those offers to customers, which is something to be aware of when using the app.
• Lack of investment options. While some will see this as a good thing, I still can’t get over the fact that you have to be on the $9 a month Premium plan if you want to buy an individual stock for your portfolio.
• Transfers are expensive. Most brokerages charge a flat fee per account if a customer wants to transfer to another brokerage, but Acorns charges $50 per ETF. So what is somewhere between free and $75 at most brokerages, Acorns charges $300 for the 6 ETF portfolio that it recommended for me. This essentially traps a lot of customers with Acorns. Not cool.

Who Is Acorns Best Suited For?

While the fees are prohibitively expensive, for some people, they may be worth it. Here is who I think would most benefit from Acorns:

• People who need to be forced into saving money. If the alternative is not saving money at all, I would rather someone pay the fees to Acorns to have everything taken care of for them.
• Parents who want to take an active role in teaching their kids about money. If you simply want to save for your children’s future, you can probably find better options. But if you want to give your child a debit card, teach them about budgeting, etc., I think the features offered with Acorns Premium are worth it.
• Investors with at least $10,000 to invest that desire a hands-off approach. If you are a passive investor and have at least five figures to put to work, the monthly fees charged by Acorns are in line with what other robo-advisors charge.

Acorns Alternatives

Acorn’s relatively high fees are reason enough for some investors to look elsewhere. If you have $10,000 or less to invest, these options may be more suitable for you.

Robinhood

Robinhood may be more appealing to investors interested in active trading and a wide variety of investment options, including stocks, cryptocurrencies, and options. Unlike Acorns, which focuses on passive, automated investing through round-ups and recurring investments, Robinhood provides a platform that encourages direct, commission-free trades, allowing investors more agility and flexibility in their transactions.

Key Differences:

• Investment Options: Robinhood offers extensive trading options, including stocks, options, and cryptocurrencies.
• User Interface: Robinhood has a user-friendly interface catered to investors who prefer a more active trading experience.
• Fees: Robinhood offers commission-free trades, while Acorns charges a monthly fee for its services.
• Taxes: No automated tax savings options (same as Acorns).

M1 Finance

M1 Finance might be more suitable for investors who seek customization and control over their investment portfolios, allowing them to select and allocate specific stocks and ETFs in a “pie” format. Additionally, it offers features like automatic rebalancing and fractional shares, making it appealing to both beginner and experienced investors who want a personalized yet automated investment experience.

Key Differences:

• Investment Options: M1 offers a wider range of investment choices, including individual stocks and ETFs.
• Rebalancing: Automatic rebalancing is a feature in M1 Finance to maintain the desired asset allocation.
• Fees: M1 Finance lacks the $3 to $9 monthly fee that Acorns charges, making it more cost-effective for some investors.
• Minimum Investment: M1 Finance has a higher minimum investment requirement ($100) compared to Acorns.
• Taxes: Tax Minimization Feature (similar to but not the same as traditional tax-loss harvesting).

Verdict: Is Acorns Worth It?

When it comes to round-up investing apps, Acorns is among the best in the business, but it might not be right for everyone. It’s easy to use, has an excellent education platform for new investors, and simple, straightforward fees.

However, whether the $3 to $9 monthly fee is a benefit or a detriment really depends on your account balance. If you’re only adding a few dollars a month to your Acorns account, the $3 a month fee will hinder your investment growth.

Related:

• Robinhood Review 2024
• 4 Best Micro-Investing Apps for Beginner Investors 
• 15 Best Cash Back Apps to Earn Rewards
• Best Investing Apps for 2024

The post Acorns Review 2024: Pros, Cons, Fees & How It Works appeared first on DollarSprout.

So I decided to self-publish a book.

But I didn’t just compile old blog posts into a book to sell on my website. I took the time to learn the ins and out of writing an eBook and selling it online, and I tried to be as strategic as possible.

I used ideas from writers who self-published before me and innovated some of my own marketing strategies. Some worked while others flopped.

But in the three years since I self-published my eBook, I’ve earned over $40,000 in passive income.

Selling eBooks isn’t easy money and it’s not for everyone. But if you already make money as a freelance writer or are looking for other ways to make money blogging, then publishing an eBook is a great way to expand your business.

Who Should Write and Sell eBooks?

Writing an eBook is a great way to make money blogging or try a new way to earn some side income.

You don’t need to be a professional writer, have perfect grammar, or have any publishing experience to make money selling eBooks, but there are a few criteria to consider:

1. You’re a subject matter expert. For nonfiction eBooks, you don’t have to be a writing expert, but you do need to be an expert in whatever topic you’re writing about. Fiction writers should be extremely knowledgeable about their genre.
2. You have a lot to say. When you self-publish, you can make your books as long or short as you want. That said, people are not going to be happy if your book is the length of a blog post. If you plan to sell your book, it should be at least 20,000 words for nonfiction. Fiction eBooks should be around 40,000 to 50,000 words.
3. You can maintain focus. Alternatively, if your book has 30,000 words that take you on multiple disconnected tangents, you haven’t helped or entertained your readers. You need to be able to maintain a clear and helpful focus to create a book that creates an impact. And for fiction books, you’ll need to make sure you have a solid plot that readers can easily follow.
4. You have a small amount of cash to invest in the project. Self-publishing is inexpensive but in most cases, it’s not free. You’ll want to budget at least a few hundred dollars for the project even if you plan to give away your book for free.

If this sounds reasonable, then your business may be ready to benefit from a self-published eBook.

Related: How to Become a Freelance Writer

How to Write and Design eBooks

The first part of making money from eBooks is to create one, but you need to figure out what type of eBook you’re creating. There are two types: eBooks that you give away for free or ones that people buy upfront.

The ones that you give away for free are generally a bonus you offer to entice someone to sign up for your email list so you can sell them a higher-priced product or service later.

This doesn’t have to be a thousand-dollar product. Dana Shultz of Minimalist Baker does this, offering a free eBook featuring 20 of her most popular recipes. It allows new readers to immediately see what they can expect from her website and prime them to buy her full-length cookbook.

The eBooks that people buy upfront are typically held to a higher standard. The reader is likely very interested in the topic or a prolific reader, and you’re going to need to put a lot more work into this kind of book.

It’s up to you to decide which type of book you want to write based on what your end goals are. If your goal is marketing a high-priced course or service, then offering a free book is a great way to get your target audience on your email list. If you’re looking to make a profit from eBooks, then your strategy will be to create high-quality books that keep readers coming back.

There are paid courses like Michelle Jackson’s Make Money with eBooks that take you through the process of identifying your topic, writing and editing your book, and developing a marketing strategy, but you can also start with these steps.

1. Set a budget.

Decide how much you want — or can afford — to invest in your eBook. You can spend anywhere from a few hundred dollars up to tens of thousands of dollars to write, publish, and launch your eBook, so figure out what you can spend and still stay profitable.

When you decide your budget there are two expenses that you should prioritize over others: editing and cover design. Once you have those covered, the rest of your budget can be spent on other things.

Every good book needs a good editor, but you might also need a proofreader. If you’re on a tight budget, you can try to find an editor that will do both. You’ll need to budget from $200 to $1,000 or more for a 50,000-word manuscript.

Even if you’ve written an original and creative book with perfect copy, you’ll also need a high-quality book cover. Since people do judge a book by its cover, a rudimentary or unattractive cover may lead readers to assume the content is of poor quality as well. Try to budget anywhere from $100 to $400 or more to pay a graphic designer to create your book cover.

If you have money left in your budget, you can spend it on things like ads, formatting, and other book-related expenses.

2. Research and select a topic.

Everyone wants to start here, but it should come second. Since a book is an investment of time and money, you need to know your budget and do your research before picking your topic.

If you’re a fiction writer, research the genre you plan to write to find out what readers are buying, the tropes they enjoy, and read reviews of similar books. This will help you figure out how you can meet or exceed reader expectations or create something that seems lacking in that genre.

If you plan to write nonfiction, you should also do a comparison of their topic to some best-sellers. But it’s equally important to consider what you want to sell beyond the book. This will help position you as an expert when selling that product or service.

3. Write the book.

Create an outline and write a rough draft that makes a comprehensive resource or engaging story. It sounds simple, but this is where most people who think about writing a book become overwhelmed. It’s intimidating to think about writing an entire book, and many writers get stuck at this step.

It doesn’t need to be that way, though. Rough drafts are considered rough for a reason. Write the book the best you can according to your outline, but don’t overthink it. You’ll have plenty of time to fix the book once it gets to your editor.

Related: The 6 Best Freelance Writing Courses (According to Expert Freelance Writers)

4. Fact check, self-edit, and hire an editor.

Now is the time where your book goes from good to great. Prior to sending it to your professional editor, make sure you do some self-editing and fact-checking before putting the manuscript in someone else’s hands.

Your editor will then go through your book to make corrections and point out places for improvement. After it’s been edited, make sure you read through it to verify that it reads the way you want, everything is correct, and for fiction books, the plot is consistent and has no holes.

5. Format the book.

There are several formats your book will need to be in for various platforms. In general, a PDF is the bare minimum; this format is fine for free eBooks and eBooks sold on your website. If you want readers to have access to it on an eReader, you’ll need a Mobi version for Kindle and an ePub version for all other devices.

You can hire out the formatting of your book or, if you plan to write many books, invest in formatting software like Scrivener or Vellum.

6. Design a cover.

When your book is free you can get away with designing your own cover with a free online cover maker or using a free web-based design program like Canva. But if you want people to buy your book, you’ll most likely want to hire a graphic designer to create an attractive cover.

If you don’t have the budget for a graphic designer, don’t worry. You can get an affordable cover at 100 Covers or Fiverr or pay a little more for more options at 99Designs.

7. Find beta readers.

Beta readers are people in your target audience who read your book and provide feedback before the book is available for sale so you can make some final edits or adjustments. These readers will also leave reviews on the book, which can help with pre-sale numbers and profits.

If you have an audience from your blog or social media platforms, it should be easy to attract beta readers with the offer of a free book. If you’re starting from scratch and don’t have an audience or platform, you can offer to give beta readers a gift card or some other reward after they submit feedback and a review.

Related: 11 Ways to Get Paid to Read Books In Your Spare Time

How to Sell eBooks Online

Now comes the fun part — selling your eBook. There are several steps you’ll need to walk through to make sure your book is seen and purchased by readers.

8. Choose a selling platform.

The best place to sell eBooks online depends on your goals. Most writers will either choose to sell their books on Amazon or on their own websites. If you’re a fiction writer or just starting out, getting eyes on your books is more important than making 100% of the revenue. Given that, enrolling your book in Amazon’s KDP Select program is probably your best option.

When you choose to enroll your book in KDP Select, you agree to make the digital format of that book available exclusively through Amazon. KDP Select will get your book in front of thousands of readers subscribed to Kindle Unlimited and give you access to additional monetization and promotional tools.

However, if you’re a nonfiction writer or you’ve already built a large audience, you may earn more by learning how to sell eBooks on your own website. You can also use an e-commerce extension like Shopify or Easy Digital Downloads.

9. Price your book.

You don’t have to charge a lot for your book to make a nice supplemental income. If you charge $2.99 for a book on Amazon, the minimum amount you need to charge to receive 70% of royalties, you’ll make $2.10 per book. If you sell five books a day, you’ll make $315 per month. If you write a sequel or follow-up to that book that also sells five a day, that’s $630 per month.

After a few years of writing, you could easily have 15 books. If they’re all cleanly written with great covers, you can expect to earn almost $5,000 a month on book sales.

Alternatively, you could reach the same goal if you sold your book on your website for $11, paying only a $0.50 cent transaction fee and selling one per day.

10. Market your book.

Whenever you run a deal on your book, you can pay to have it listed in a daily deals newsletter like the ones sent by BookBub or Bargain Booksy. You can also get the word out about your book by being a guest writer on blogs, reaching out to book bloggers, creating a book campaign on Instagram, or being interviewed on relevant podcasts.

Ads on Facebook or Amazon are also great ways to market your book; just make sure to keep the audience as targeted as possible.

11. Partner with affiliates.

You can get more new eyes on your book by incentivizing other authors and content creators to share your book with their audience. You can offer them a portion of your sales or give them a fixed number of books to give away to their audiences.

The selling platform you choose should have an option to create affiliate links to make it easy to track who earned what. Amazon has this option as do e-commerce platforms like SendOwl.

12. Offer a freebie for leads.

Whether you’re writing fiction or nonfiction, you want to get your readers on your email list to ensure they’re the first to know when you release a new book or product. A great way to do this is to offer a relevant free offer like a short webinar or a bonus chapter in exchange for the reader’s email address.

You can use an email marketing service like ConvertKit or MailChimp to create landing pages and to store and send downloads when people sign up.

Marketing Your eBook Is an Ongoing Process

Your work continues long after you write, edit, and publish your eBook. If your goal is to make money selling eBooks, you’ll need to continue marketing your book long term. Keep running ads, signing up affiliates, giving interviews, and taking other actions that spread the word about your book.

And while marketing never ends, it’s much less expensive to sell a book to a current fan than find a new one. Expand your business and keep readers coming back by writing more books, creating products, and giving readers who like your work more options to purchase from you.

Writing an eBook was the best move I’ve ever taken for my business, but only because I followed every step intentionally. It takes a lot of time and effort to do it that way, but the rewards are worth it.

The post How to Make Money Selling eBooks Online: 12-Step Guide appeared first on DollarSprout.

That’s the beauty of passive income apps. Whether you get paid to invest in portfolios or save money on groceries, it’s possible to earn money outside of your 9-to-5, and do so in a way that requires very little energy or effort.

Although you likely won’t get rich overnight, passive-income earning apps that offer cash payouts can help you build an emergency fund or save up for a financial goal. And those that offer gift card rewards give you extra virtual cash to make purchases you need or ones that don’t fit into your budget.

Passive Income Apps Worth Using

There are tons of money-making apps out there you can use to generate passive income, but they’re not all worth the trouble. To help you earn extra money effortlessly, we found the best ways to make passive income from apps you should consider, and most of them can make you money while you sleep.

Some of these are side hustle-like apps that can lead to long-term revenue while others are apps you can download and only need to think about when you want to check your rewards balance.

1. Freecash

Key features:

• Completely free to use.
• A robust rev-share model allows app users to passively earn income indefinitely. 
• Can actively earn additional earnings by completing micro-jobs or taking advantage of bonus offers. 

While the idea of earning entirely free coin is a bit of a misnomer, Freecash.com is a get-paid-to (GPT) site with a cool twist — earning up to 30% of all your referred users’ earnings — forever. 

New members start in a 5% tier, meaning you’ll earn 5% of all your referred users’ earnings. It’s a 10-tier system that tops out at the cited 30% figure. 

In addition to the passive, pyramid-like model of earnings from referrals, users can earn income by completing any number of small tasks. 

Paid surveys, quizzes, signing up for offers, testing apps, you name it; app users can look for opportunities that suit their interests and capitalize on them if there’s one that has a good ROI on their time. 

Related: 19 Best Places to Find Small Task or Micro Jobs

2. Capital One Shopping

Key features:

• Available on Chrome, Firefox, and Edge desktop browsers, Capital One Shopping works in the background to notify you of cash back opportunities and better prices.
• Automatically applies coupon codes at checkout, ensuring you get the best deals without extra effort.
• Tracks price drops on items you’ve viewed, so you never miss out on savings.

Capital One Shopping makes it easy to save money on your online purchases. By simply installing the free browser extension, you can effortlessly find deals and earn rewards on your everyday shopping. The tool scans thousands of retailers to find the best prices and discounts available, making your online shopping experience more affordable.

Additionally, Capital One Shopping provides price comparison features, alerting you when the item you’re about to buy is available at a lower price elsewhere. Available on nearly every major browser. 

3. Tapestri

Key Features: 

• Sell your anonymized location data to interested parties. 
• Earn up to $25 per month, every month for keeping the app installed. 
• No need to interact with app; just set it and forget it. 

Tapestri works with large brands all over the world to help them learn more about consumers. Data analytics is how. 

Brands need concrete demographic interest information to tailor and fine-tune their products and advertising. Age, gender, location, shopping habits, you name it, they need it. If you’re willing to anonymously donate that info, Tapestri will pay you for it. 

In all likelihood, you’re doing it already. Facebook, Instagram, TikTok, Waze, Snapchat, and a million other apps — they’re all using your information for free, consented of course by you when you first installed their apps and continue to use them. At least now you’ll be getting paid for it. 

The best part? There’s zero effort required. Merely install the passive income app, set your location sharing preferences to Always, and forget about it. That’s all there is to it, and you’ll earn up to $25 each month for it. 

Related: 15 Legit Ways to Make Money From Your Phone

4. Robinhood

Key features:

• $0 opening balance and no annual fees.
• Invest in thousands of stocks with as little as $1.
• Customize your portfolio with pieces of different companies and funds to reduce risk.
• Offers commission-free investing in individual companies or ETFs.

If you want to try stock market trading, consider signing up for Robinhood, a commission-free trading app used to trade stocks, ETFs, options, and cryptocurrency. Experts and beginners consider Robinhood a tool that supports portfolios and generates passive income, especially since you can buy and sell stocks for free.

Plus, when you download the app, Robinhood funds your account with free stock that could be worth up to $207. Read our Robinhood review to get a full picture of Robinhood’s features and how it streamlines the process of investing in and buying and selling stocks.

5. Honeygain

Key features:

• Free to install, then sit back and watch your balance increase.
• Earn passive income in minutes just by sharing your internet.
• Can connect up to 10 devices on one account.

Honeygain is a passive income app that monitors and collects your web usage and traffic data from your connected devices. Then, it pays you for that information to report it to e-commerce, advertising, and web intelligence companies. It’s available for Android, Windows, macOS, and Linux devices, and all you have to do to earn passively with Honeygain is run the app in the background.

Earnings vary, so the amount you earn depends on the traffic sent to your devices, which can be influenced by your location, network speed, and how many IP addresses you connect to Honeygain. With three connected devices, for instance, you can make an average of $19 per month, or $230 per year.

6. Fundrise

Key features:

• Invest in a low-cost, diversified portfolio of real estate.
• Takes advantage of the premium returns usually seen in private markets to offer improved investment returns for the average investor.
• Portfolios are built to withstand prolonged periods of economic distress.

Traditionally, the barriers to investing in real estate are significantly high, which is why most people believe you need to have millions in the bank to participate. With Fundrise, people of any income can purchase shares from broad portfolios of real estate assets around the country through their two main products, eREITS and eFunds. In fact, all you need to start earning passive income is $500 to invest in a starter portfolio.

In our Fundrise review, we break down the ins and outs of the website and how you earn passively with this investing platform.

*This is an endorsement made in partnership with Fundrise. While we do earn a commission from partner links on DollarSprout, our opinions and judgments are our own. 

7. Dosh

Key features:

• Adds $5 to your Dosh Wallet when you sign up and link your credit or debit card.
• Earn cash back for making qualifying purchases at Dosh-affiliated establishments.
• Earn more cash back when you book hotels through the app or refer friends and businesses.

If you need a hassle-free app that gives you cash back each time you make a purchase at participating outlets, download the Dosh app on your smartphone. Unlike similar apps, Dosh automatically deposits your cash back without scanning and uploading receipts or using coupons or promo codes. It makes things easy; your only job is to shop as you usually would and watch your cash back grow.

You can even let Dosh inform your spending decisions to increase your passive income yield. For instance, before you grocery shop, check out Dosh’s participating merchants to shop where you’ll get the most cash back.

Once you have at least $25 in your Dosh Wallet, you can cash out the balance through your PayPal or bank account.

Read our full Dosh review to learn more.

8. MobileXpression

Key features:

• Guaranteed rewards for participating.
• Members are eligible for weekly credits they can redeem for gift cards to popular retailers like Dunkin’ Donuts, Cold Stone Creamery, and Amazon.
• It’s free to use and available for both Android and Apple devices.

MobileXpression is an app you download on your smartphone that helps companies understand the trends and behaviors of people that use the internet. After you download and sign up, the app collects data to help companies better understand users’ web and mobile usage, like what kinds of sites and apps are most popular, the times of day people browse the web, and how long they stay on websites and use apps.

Because you let it slowly collect usage data as you go about your day, you earn credits that you can exchange for $10 gift cards or higher to places like Amazon, Starbucks, and more. It’s unclear how many credits you earn to keep the app installed or how much you’ll earn from surveys, but the app offers plenty of rewards.

For instance, after your first week, you automatically receive a $5 Amazon gift card and new members are entered into the $100,000 sweepstakes. Additionally, every month one participant receives $100 as well as the chance to win $2,500 or $5,000.

Related: How to Get Free Amazon Gift Cards

9. National Consumer Panel

Key features:

• Earn points and great rewards when you share your shopping data and opinions.
• Each week you participate, earn reward points that you can redeem for gift cards and a wide variety of merchandise.
• Get even more rewards and incentives when you participate in surveys and special programs.

With the National Consumer Panel (NCP), your opinions matter and are worth points and rewards. A joint venture between Nielsen and IRi, two leading consumer insight providers, NCP members answer surveys and scan barcodes of the items they buy every week to earn reward points, sweepstakes entries, and other prizes.

As a new member, you’ll earn reward points for registering and reporting your first shopping trip. You score 150 points each week NCP receives your shopping data, but that amount increases the longer you’re on the panel. While points are largely earned by scanning your weekly purchases, you can look forward to 250 reward points on your birthday, 1,000 bonus points on your six-month and one-year anniversaries, plus each anniversary after.

Once you have at least 9,000 points, you can redeem them for gift cards and a wide variety of merchandise, like electronics, home appliances, sporting goods, toys, and more.

Related: 15 Legit Paid Focus Groups You Can Sign Up for Today

10. Outdoorsy

Key features:

• Free 24/7 rental roadside assistance available for renters, and $1M in insurance for you and your renters.
• Outdoorsy runs DMV checks on all potential renters.
• Free to list your RV on the site, and you keep 80% of the reservation cost (depending on total).

As a peer-to-peer RV marketplace like Airbnb, Outdoorsy helps RV and camper owners list their rigs on the site so hopeful RV travelers can rent them. After you sign up, set up your Outdoorsy listing with attractive photos, a fair rate, a calendar for when your RV is and isn’t available, and wait for renters to book your RV.

You’ll have to maintain consistent communication with possible renters and manage the upkeep of your RV, but otherwise, this platform is almost completely passive.

Within 24 hours of a completed reservation, you’ll receive 80% of the total booking cost. Once your listing is active, maintenance and repair costs might cut into your profits, but Outdoorsy says you can earn up to $30,000 a year.

Related: How This Man Makes $1,500 Per Month Renting Out His RV

11. Worthy Bonds

Key features:

• Can receive 5% annual returns.
• Bond sale proceeds are invested into small business loans and public and private investments, including real estate.
• You control how much and when you invest, and you can redeem bonds and their interest whenever you want.

If you want to make passive income while supporting small businesses, consider investing with Worthy Bonds. It says you can earn a 5% annual return just by “investing bond sale proceeds into a combination of asset-backed small business loans and other investments.”

When you buy bonds from Worthy, it loans money from those bond sales to businesses that want to buy inventory and generate accounts receivables. Once that investment grows, you receive your initial investment back plus an extra 5% interest. Plus, you can invest as low as $10 and still earn a 5% return without having to pay any fees.

Related: How to Start Investing with $100

12. Swagbucks

Key features:

• Surf the web for the chance to earn points, or SB, on every query.
• Earn even more SB by installing the Swagbucks Search Chrome extension to make it your default search engine.
• Redeem your SB for PayPal cash or gift cards to your favorite retailers.

When you use the Swagbucks search engine, the more you search, the more you earn. Any time you search something through Swagbucks, you stand the chance to earn SB (points), which amount to roughly $1.00 per 100 SB. Once you have at least 300 SB, you can cash out your points for PayPal cash or gift cards to stores like Target, Amazon, and Walmart.

To keep earning, don’t just stop at the search engine. Swagbucks offers other ways to make money in your spare time through surveys, games, videos, or more. Learn more about how to earn with this multifaceted app through our comprehensive Swagbucks review.

13. Sweatcoin

Key features:

• Earn Sweatcoins (SWC) by letting the app run in the background and track your steps.
• Use accumulated coins to donate to a cause or purchase goods, services, and experiences.
• Get paid to be healthy.

Available for Android and Apple smartphones, the Sweatcoin mobile app pays you to walk by rewarding you with coins, known as SWC, for the steps you take.

With the SWC you earn from your everyday steps, you can exchange them to purchase goods, services, and experiences ranging from high-tech shoes to anti-gravity yoga classes, from iPhones to Apple Watches and much more. Sometimes, the reward can even be cash deposited to your PayPal account.

To passively earn more SWCs from your steps, check out our Sweatcoin review and learn how to maximize your rewards.

14. Masterworks

Key features:

• Invest in shares of art made by world-famous artists like Banksy, Andy Warhol, Mark Rothko, and more
• No minimum investment
• From 1995 to 2021, contemporary art has outperformed the S&P 500 (14.1% vs 9.9%, according to Masterworks)

While there is no “income” from art, per se, that does not mean there isn’t money to be made by investing in it. Until recently, though, only the mega-wealthy could afford to buy 6, 7, or 8 figure works of art. 

A company called Masterworks is changing that by making fine art investing accessible to more people. Instead of expecting a single investor to dish out millions of dollars for a painting, Masterworks lets investors buy shares of ownership in paintings. Just like you can buy shares of Coca Cola, you can buy shares in artwork from someone like Vincent Van Gogh. Usually, after 3-10 years of holding onto the artwork, Masterworks will then (hopefully) sell the art at a profit, and investors share in the profits. 

Related: How This Artist Earns $5K+ a Month Licensing Her Artwork

15. Turo

Key features:

• Sign up and list your car for free, and use the app with no monthly fees.
• Get paid via direct deposit within three days after each trip.
• Receive up to $750,000 in liability insurance coverage with each protection plan.

Let your car pay for its expenses and download the Turo car-sharing app to earn passive income. Considered the world’s largest car-sharing marketplace, Turo lets you list any car that’s no more than 12 years old and doesn’t exceed $150,000 in value. And depending on the vehicle protection plan you choose, you get to pocket 65% to 85% of the total trip price.

To get started, ensure your vehicle fits the requirements. Next, add the necessary information needed to list your car, like make, model, and special features. Once you’ve set a daily rate and are ready for renters, making passive income with your car from there is simple. All you have to do is manage your reservations and wait for Turo to direct deposit your money.

16. OnMyWay

Key features:

• Earn cash for every mile you drive and don’t text.
• Exchange your OnMyWay Cash to buy deals at any participating retailers.
• Uses your phone’s built-in functionality so it won’t drain your battery.
• Immediately receive $10 cash when you sign up and use the app.

With OnMyWay, you can make passive income from being a safe driver by not texting and driving. The app pays users to stay off their phones when they drive.

As you drive, you’ll earn $0.05 for every mile you don’t text and drive. And when you refer a friend who signs up to use the app, you’ll score $2 plus $0.02 for every mile they drive without texting. With the OnMyWay Cash you earn passively, you can redeem store cards, cash cards, travel deals, and access free deals and discounted offers every day.

To sign up, go to the website and enter your phone number, then download the data collection app through the link you receive. Once you’re all signed up, OnMyWay will automatically activate every time you drive over 10 MPH as well as disable text and app alerts.

17. UpVoice

Key features:

• Earn a bonus of 300 tokens upon signup.
• Continue your regular browsing activity to earn daily points.
• Take advantage of additional opportunities to earn and complete surveys from brands who want your opinion.

Instead of surfing the web for free, earn some passive income by adding the UpVoice extension to your browser to let it track your ads. In exchange, you earn daily points that you can redeem for gift cards to eBay, Best Buy, Nike, Target, Sephora, and more.

UpVoice’s participating sites include YouTube, Facebook, Twitter, Instagram, Amazon, and LinkedIn. When you browse one or more of those sites with the UpVoice extension on, you receive a total of 10 tokens daily. That means if you scroll through Twitter for 15 days in a month, you’ll earn 150 tokens. In the first year, UpVoice says you can make $75 or more in rewards.

18. M1 Finance

Key features:

• No-fee robo advisor for passive or beginner investors or for investors who want a combination of automation and hands-on control.
• Free to trade, open an account, and there are no account minimums.
• Automates investing and rebalancing.

Best for passive investors who want to build their investment strategy without relinquishing total control, M1 Finance is an online investment platform that gives you the autonomy to choose your investments with access to a robo advisor should you need guidance or assistance.

M1 Finance lets you invest in stocks, ETFs, and fractional shares of companies. And one huge perk is you can create a joint account with a relative, spouse, or domestic partner. With no minimum to open an account, no management account fee, and no fee to trade, you can focus on putting your money where it needs to be to generate the most passive income.

Small income gains are still meaningful

It’s possible to create a consistent stream of passive income with any one of the apps on our list. While using only one passive income app probably won’t pay the bills, using multiple apps can eventually let your hobbies, smartphones, pastimes, and vehicles pay for themselves while you sleep.

Related: 18 Passive Income Ideas You Can Use to Build Wealth Around the Clock

The post 18 Best Passive Income Apps to Earn Extra Money appeared first on DollarSprout.

You may be excited about the free items, but those companies are excited about something else: free advertising.

And although some people are fine promoting a company for free, many others want to get paid for it. Fortunately, getting paid to advertise doesn’t have to involve hanging promotional signs at your wedding or tattooing a logo on your body. There are multiple ways to advertise products and brands that are legitimate and don’t require anything so extreme.

1. Rent ad space on your blog or website

If you have a blog or website, you can get paid by companies to advertise in several ways.

What it is: If your blog or website reaches the ideal target audience for a company, they’ll pay you to show their product to your visitors. That’s most commonly in the form of display ads throughout articles or the sidebar of the website, but it can also be through sponsored posts or affiliate marketing. Sponsored posts are a one-off payment for an article. With affiliate marketing, you include links to a company’s product or service. You receive payment for each person who clicks your link and makes a purchase.

Charlene McCraney, the founder of the natural hair blog Textured Talk, was contacted by Dove to write a sponsored review of its foaming body wash mousse. “I sign up for platforms that manage influencer campaigns like Real Clever or Fohr,” McCraney said. “Either I’ll get emails of opportunities or log into my dashboard to see which new campaigns I want to apply for.”

How much it pays: When it comes to advertising on your blog, the more traffic you have, the more money you’ll make. However, your blog also needs to target a specific audience if you want more opportunities.

Although her traffic wasn’t that high, McCraney’s blog had a following of women who were interested in beauty products, and it was the perfect fit for Dove. She was paid $500 for a sponsored blog post with one to three photos and one post on her Instagram feed.

How to get started: First, you’ll need to start a blog or website about something you’re passionate and knowledgeable about. Once you’ve built up a small following, you can search for sponsored post opportunities with individual companies. As you build a larger following, you can apply for display ads through an ad network like AdThrive or Mediavine. Learn about other ways you can make money blogging.

2. Rent out ad space on your car

It seems too good to be true but you can get paid to advertise on your car.

What it is: Marketing agencies and other businesses collaborate with car wrapping companies to find people willing to drive around with an ad on their car. Sometimes the business looking to advertise will even provide the car in exchange for a certain number of hours driven each day.

How much it pays: Drivers can make anywhere from $174 to $280 per month for a car topper or partial car wrap and up to $452 for a full wrap.

How to get started: To get started, all you need to do is apply online with a reputable car wrapping company and you’ll get sent offers when they’re available. Then simply select an offer you wouldn’t mind driving around with. There are a lot of scammers preying on people who want to make extra money, so make sure you apply with a credible company. Some legitimate car wrapping companies include Wrapify, Carvertise, and FreeCarMedia.

You’ll need to do a background check and drive a car less than ten years old to be eligible to advertise with most companies.

3. Review sponsored products on YouTube

YouTube is many people’s go-to place when looking for product reviews, and you can make money on YouTube by creating them.

What it is: Whether it’s an ultimate review or side-by-side product comparison, video is a great way to help online buyers see the products they’re considering buying. When you have a channel known for being a reliable source in a particular niche, you can charge for sponsored reviews and get free products. There’s a review channel for everything, so you can get paid to advertise clothing, appliances, games, tech, or whatever you’re passionate about.

How much it pays: According to DigitalMarketing.org, companies pay around $1,000 per 50,000 subscribers._[1] Additionally, once your channel reaches 1,000 subscribers and 4,000 watch hours (total aggregate time viewers spent watching your videos), YouTube will give you the option to let them sell advertising space on your videos in exchange for a portion of the revenue. This helps you continue to make money on sponsored videos after your deal is over.

How to get started: First you’ll need to create a YouTube channel. If you don’t have one, it’s easy to get started. You’ll likely be paying for products out of pocket and reviewing them for free for about six months to a year, so be patient and work on building an engaged audience. As your subscribers and watch hours grow, you can start reaching out to brands or using micro-influencer platforms to find opportunities for sponsored videos.

Related: 27 Legitimate Ways to Earn Money Online

4. Become a social media influencer

Having a social media following often means that companies will pay you to take pictures of or make a video using their products.

What it is: If you become a social media influencer, you’ll get paid to advertise on platforms like Instagram or TikTok. Influencers will take a picture or a video talking about the product or feature it in their feed or stories. It can be a product placement, an impartial review, or whatever you and the brand decide is appropriate. If you develop a good relationship with a company, you might even be asked to become a brand ambassador.

Corritta Lewis’ blog It’s a Family Thing is an LGBTQ+ family blog with a focus on traveling full time. When Proctor & Gamble paid her to advertise their Can’t Cancel Pride campaign on Instagram, she didn’t have a big following, but she had the right following. “At the time, our [Instagram had] less than 8,000 followers, but my family fit what they were looking for,” Lewis said.

 

 

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

 

A post shared by Fulltime Traveling Family (@_itzafamilything_) on Jun 24, 2020 at 2:32pm PDT

How much it pays: The amount you can make from a sponsored social media post depends on the platform, your number of followers, and how much engagement your posts get. The starting rate on Instagram is $100 per 10K followers but if your following is extremely niche or engaged, you can charge more._[2] For instance, even though she had a smaller following, Lewis was paid $200 for her Instagram post.

How to get started: The easiest way to get paid to advertise on social media is to sign up for an influencer platform, which are sites that aggregate influencers and allow companies to reach out to profiles that best fit their campaign. Some popular sites are TRIBE, AspireIQ, TREND, and Tidal.

You can also approach the brands you use and love. Liz Jeneault, VP of marketing at Faveable, has around 17K followers on Instagram and 60K on TikTok where she posts about fitness and fashion. She was most recently contacted by the social fashion app, Kalo, and paid $100 for a 15-second video about the app on TikTok and her Instagram story.

“I actually got started doing paid advertisements on social media by reaching out to a brand I had long been a fan of,” Jeneault said. “I’ve found that the more paid content gigs you do, the more offers you receive. That’s why I feel it helps to not shy away from the small gigs at first.”

5. Create and manage Facebook ads

You can get paid to advertise on Facebook even if you don’t have or want an online presence.

What it is: Facebook ads are an affordable way for small businesses to promote their products to targeted audiences. But most business owners don’t have time to learn the best practices of creating, testing, and optimizing them. Instead, they hire people to create those advertisements, and you can take advantage of this if you know how to use the Facebook ads manager (or are willing to learn).

How much it pays: There are several ways you can charge for your Facebook advertising services. You can charge a flat fee or hourly rate to get ads set up, a monthly retainer to manage ad spend and results, or a percentage of ad spend. The last option works best when you work with companies that have a large budget. You can typically make around $2,000 to $5,000 per month managing Facebook ads for multiple clients.

How to get started: Check out our guide on how to make money managing Facebook Ads for small businesses. Then start looking for clients and building your portfolio.

6. Get paid to advertise on your phone

Rather than placing ads on your stuff so other people can see them, you can let companies advertise to you through your phone’s lock screen. 

What it is: Companies like Slidejoy pay to rent out your lock screen. When your phone is locked, you’ll see advertisements from their partner companies. You can earn points for watching or engaging with the ads.

How much it pays: Slidejoy, like many companies that pay to advertise on your phone, pays in points. Every 1,000 points is worth $1. Once you reach 2,000 points, you can cash out your earnings via PayPal or exchange them for free gift cards.

How to get started: You’ll need to download Slidejoy from your phone’s app store. From there, create an account and the app will begin to show ads on your lock screen. Learn more about ways you can get paid to watch ads.

Many Creative Ways to Get Paid to Advertise

There are plenty of companies that need advertising help. If you’re looking for more ways to get your foot in the door, don’t be afraid to reach out to local companies, favorite mid-sized brands, and companies that produce products you use. Offer to share them on social media, your blog, or wear branded attire to promote them for a fair price.

Whether you want to make money on Twitter, Facebook, Instagram, or another platform of choice, remember that the more engaged and niche your audience is, the sooner you can start getting paid to advertise products.

The post 6 Easy Ways to Get Paid to Advertise for Companies appeared first on DollarSprout.

What he didn’t expect was an overwhelming interest in the rental of his trailer, leading him and his wife Christin to earn $3,600 in their first 90 days — almost half the value of the unit he intended to sell.

In two-and-a-half years, Braeuer has gone from renting one unit to four, and he’s racked up more than 100 reservations for families of all sizes in need of a memorable and affordable vacation.

Getting to share his love of the open road with others is the real bonus for Braeuer, though earning thousands per month isn’t too shabby either. 

How Mike Braeuer Earned $50,000 in Two Years With RVshare

Because Braeuer, his wife, and their four kids are a big family, they always look for ways to cut back on their expenses. In fact, they stumbled upon the financial benefits of RV life after taking an RV trip to Disney World. They found that what would have been a $10,000 trip cost about 80% less.

At first, Braeuer wasn’t interested in renting out his RV. He wanted to sell it. It was his research into finding the best place to sell an RV that led him to list it for rent with RVshare instead. Once he learned RV renting could be a profitable side gig, Braeuer set off to help others see the great outdoors at a fraction of the cost. To do that, he makes calculated decisions about their investments.

Instead of Class A RVs, Braeuer buys more affordable options and pays them off quickly to turn a profit.

Before you purchase a new or expensive RV, he advises you to research four critical factors: which models people like to rent, how often they rent them and for how much, and how much you could purchase that model for.

When you list your RV, scan the market, and offer competitive pricing. While you don’t want to go too low or high, it’s up to you to decide what you’ll charge.

5 Tips for Listing an RV on RVShare

As you consider whether the RV rental side hustle is worth your investment, keep these tips in mind.

1. Master the art of letting go.

If the thought of strangers in your bed or bathroom is unbearable, even after a cleaning service, renting out your space may not be your calling.

Having people in your space is “probably the biggest hurdle RV owners need to get over,” says Braeuer. Ultimately, there are solutions like cleaning services and bed covers, or even a new mattress, if you need them.

Another harsh reality is that things will break, and you should practice patience when they do. Instead of getting angry, work quickly to replace or fix the broken items, or coordinate with your insurance company.

After 112 reservations, Braeuer has only filed four “semi-major” insurance claims, with the highest one amounting to $12,000 after a renter drove his 15-foot RV under a 14-and-a-half-foot bridge and scraped the AC unit off the roof.

Though frustrating, Braeuer quickly received an insurance check for $12,800 to cover the damage.

Almost three years in, he has a new outlook: “Early on, we would have been more sensitive to those RV nuances that we’ve gotten used to because someone who’s doing it for the first time won’t even know to ask [a certain] question.”

It’s easy to blame a renter who doesn’t know how to light the stove or the water heater, but these tasks aren’t second nature for first-timers.

To empower your renters and avoid small (or big) hiccups, Braeuer recommends clear communication from the start and pointing people to helpful resources, like instructional videos or guides.

Related: 10 Ways to Generate Passive Income with Your Car

2. Secure the right insurance coverage.

Although Braeuer had to file an insurance claim by his second reservation, RVshare’s effectiveness through the process encouraged him to keep renting.

Besides their professionalism, Mike was impressed by their assistance with paperwork and their willingness to help maintain smooth communication between all parties. They took care of everything; the only thing Braeuer had to do himself was file the claim.

Not all repairs require a claim, but when they do, use RVshare Rental Insurance:

• It provides up to $1 million in liability coverage and $200,000 for comprehensive and collision coverage through MBA Insurance.
• Rental coverage is activated for free after you list and book your RV.
• When your RV is covered by RVshare’s insurance, standard coverage is automatically included in your booking quote.
• If your RV is more than 15 years old, you only qualify for liability coverage.

Rates vary for RV models, but Braeuer says RVshare negotiated a fair rate on his behalf, and it helped him choose a policy that best fits his needs.

You’re welcome to secure your own coverage if you don’t want to use RVshare’s insurance. However, you can’t use them both at the same time.

And since you can’t fill in coverage gaps in your policy with RVshare’s insurance, be sure to choose the insurer that provides the best, most comprehensive insurance that will make you and your renters feel the safest in any situation.

Related: 42 Creative Ways to Make Money Fast

3. Hold up your end of the bargain: Maintain good customer service.

From documenting every transaction and vetting each customer to providing roadside assistance and not charging upfront costs, RVshare’s platform is a passive income paradise for owners.

But despite its effortlessness, your rental business won’t thrive without attentive customer service. You still need to be available to answer questions and concerns, as Braeuer does. He makes sure he talks with renters through their concerns as well as supports their vision about their dream RV trip.

And make sure you respond quickly. “If you don’t respond to someone when they hit the ‘book now’ button, you’re not going to get that reservation,” warns Braeuer.

Good customer service is a win-win: Renters will appreciate your thoughtfulness, and it’s a good tactic to beat out your competitors.

4. Anticipate these costs and get creative to keep them down.

Braeuer’s maintenance costs increased with four units, but he says, “Most of the residential aspects [of RVs] aren’t too costly to maintain.”

Many repairs are simple and only need a trip to the hardware store and a YouTube tutorial or two. Braeuer estimates he spends $30 to $50 on repairs per reservation. And every fourth or fifth trip, he might have to buy a $100 part.

Cleaning services cost $60 per reservation, but Braeuer saved money and did the cleaning himself when he had fewer units. Additionally, he stores his units on a small lot he has access to from a previous employer. This saves on the cost of RV storage lots.

Even with rising costs, Braeuer has been able to pay off an RV, purchase more, and take paid vacations by doing a lot of the maintenance work himself.

To have the same experience, follow in Braeuer’s footsteps. Be open to new skills that require less service from others, and be ready to get your hands dirty. You can save on expenses by doing maintenance work yourself or bartering within your network.

It might also help to prioritize maintenance expenses in your budget. Allocate a portion of your earnings to them each month before you pay yourself.

5. Note the highs and lows of seasons.

Typically, Braeuer’s units earn him an average of $1,500 to $2,000 per unit per month in his city of Austin, Texas. The most popular seasons are spring, summer, and fall.

In fact, he recently experienced his most successful months yet after he earned nearly $20,000 in May, $26,000 in June, and $28,000 in July after buying his fourth unit.

But Braeuer isn’t just in it for the money.

Although it was shocking to experience at first, their first winter lull reminded him and his wife that slow months give them the chance to use their own RV.

Before you buy an RV to rent out, accept all the possibilities. Sure, you might make money right away like Braeuer. But it might also take some time to turn a profit, especially if you’re not in a popular destination like Austin.

Either way, enjoy what comes of the process. At the very least, it doesn’t hurt to know that all you need for a vacation is to pack up and drive.

Renting Out Your RV: A Side Hustle Worth Exploring

Braeuer says his life is one experiment after the other, and he just waits to see what works.

RVshare definitely works. He eventually sold his Jayco Jay Flight RV trailer for $7,700. Combined with what he earned from renting it, he made out with more than the unit was worth.

Besides the financial gains, Braeuer’s journey with RVshare has been filled with positive experiences. He loves introducing first-timers to the world of RVing, and it’s rewarding to help people while managing a side hustle that pays for itself.

You can’t quit your job renting one RV, but it’s a great side hustle that can help pay for your vacations and put some extra money in your pocket.

The post How One Man Makes $1,500 Per Month Renting Out His RV appeared first on DollarSprout.

“Not only does [art] appreciate over time, but it’s a strong way to diversify,” said Blair Haden, registrar at Restoration Division, a company that restores art pieces. “If the stock market crashes, fine art can remain unaffected and even continue to rise in value.”

The art market has seen both peaks and valleys, but it consistently returns 7.6% to investors, according to one price index, and outperformed the stock market in 2018. According to a 2020 report by Art Basel and UBS, the art market is now worth $64.1 billion[1].

And there are plenty of ways to capitalize on this lucrative asset. You can purchase artwork, invest in art funds, or even use new services like Masterworks to invest in famous paintings. If you’re looking for an alternative to stocks and other traditional forms of investing, here’s what to know.

What Is Fine Art and Why Are People Investing in It?

Though you may think fine art only includes paintings by famous artists like Picasso or Van Gogh, it’s more than that. Fine art includes just about any creative object made primarily for enjoyment and artistic expression. Fine art also includes several categories beyond paintings and drawings.

Briana Brownell, CEO and founder of Pure Strategy Inc., invests in paintings, sculptures, photography, collectibles, and even fashion pieces. “For me, one of the most compelling things about art investing is you get to live with that piece of art in your life,” she said.

Art has been a popular way to invest for several decades, especially in times of economic uncertainty. For instance, Michael Wenner, vice president of marketing at Masterworks, said that during the coronavirus pandemic, people were looking for alternative investments to the stock market. “People are looking to keep a portion of wealth in something slightly safer that’s asset-backed,” he said.

This type of investing is best for people who truly enjoy art, but it’s also a good fit if you’re looking for ways to diversify your investment portfolio and balance your risk. And because the time horizon on profit is typically measured in years or decades, you should be in it for the long haul, at least 10 years.

4 Ways to Invest in Art

Some investors approach art as purely an investment strategy, while others are lifelong art lovers. Both investor types pursue profits, but some prefer looking at a sculpture instead of a stock certificate, Brownell said. Either way, you have a few options for investing in fine art.

1. Join Masterworks

Masterworks is a service that allows many investors to collectively own one piece of art. Because the minimum buy-in is low, this service has opened the door for retail investors who don’t have millions to spend.

Here’s how it works: Masterworks buys a piece of art, registers it as its own company with the Securities and Exchange Commission, and sells shares to individual investors. The minimum investment depends on your overall investment portfolio. For example, someone with $1 million in various investments would have a higher buy-in than someone starting out with $1,000.

When Masterworks sells the painting, each investor shares the profit or loss. The timeline for earning a profit is between three and seven years, with a target appreciation of 10% to 25%.

One of the benefits is that Masterworks cuts down on the work involved, Haden said. “They have experts in art doing the research behind what they offer, and you can have greater confidence in their estimates and returns.”

Masterworks says it focuses on “blue-chip” art, which is art produced by the top 100 artists whose work is reliably profitable. Blue-chip art has appreciated by 14.1% annually from 1995 to 2021.

“If you were to research a stock or bond, you would want to buy something that has a track record you can analyze,” said Wenner. “That’s why we do artists like Monet and Basquiat and Picasso. You can see how well they’ve done at auction over time and build a quantitative approach.”

But it’s also important to consider the drawbacks. You own just a small amount of the painting and have limited control over the investment. You can either wait until Masterworks sells the painting, which takes a few years, or sell your shares on the secondary market to turn a profit. And like most investments, the fee structure will cut into your profit margin.

An annual 1.5% management fee covers storage, transportation, and insurance, and Masterworks will keep 20% of any profit made on an artwork sale.

To date, Masterworks has sold 3 paintings with a net annualized gain of over 30% for each. This isn’t an indication of the overall performance and doesn’t guarantee future results. But it shows investors still can see attractive results despite the fee structure. 

Related: What Is Micro Investing and Is It Worth It?

2. Invest in an Art Fund

A mutual fund is similar to Masterworks, where each person in a group owns a little bit of the piece of art. In mid-2014, there were more than 70 art funds operating.

Mutual funds tend to be more exclusive in terms of starting price; minimum buy-in may start anywhere from $2,500 to upward of $1 million. You also pay a management fee of around 1% to 3%, and the fund will keep a percentage of profits made.

But art funds generally come with more control and greater return potential than traditional investing. Art investment fund Anthea said it returned 23.4% between 2013 and 2014, with its best investment earning a 404.3% return. The Fine Art Fund Group says it provided a 9% return before fees.

Aside from the high buy-in, there’s another major downside to this method: You typically don’t get to enjoy the art yourself. But at least one private fund, the Artemundi Global Fund, has found a workaround by allowing investors to take turns displaying the artwork in their homes.

3. Flip Art

Like homes or cars, you can purchase artwork in hopes of quickly reselling the piece for a profit, typically within 5 to 10 years.

Art flipping can be lucrative. In one impressive example, a Jean-Michel Basquiat painting was thrice sold at auction between 2005 and 2012, ultimately fetching $9 million — a 450% price increase.

Many art pieces resell for a higher price, but you’re not guaranteed a profit. Many investors lose money on potentially promising pieces. For example, paintings by Lucien Smith sold for around $390,000 in 2013. But prices on his work dropped to around $5,000 to $20,000 in later years.

The art community frowns on the practice of art flipping. It can result in artificial price spikes, which especially hurts young, up-and-coming artists. Additionally, when a piece of art enters the secondary market, the original artist usually doesn’t see any profit from sales.

4. Collect and Sell Art

When you buy artwork, you may choose to sell the pieces later on or pass them down to your children and other family members.

If you decide to sell, your earnings could fall in line with the 7.6% average return. A good place to sell is through a fine art auction house. However, they typically take around 5% to 25% of your sale price.

Before you buy a piece of art, whether it’s at an art gallery, art fair, or online, you can take some precautions to ensure a good investment. Haden recommends researching the artist, the art piece, and the art dealer. Once you own the art piece, take care of it to preserve the value and consider having it insured.

You also might need to invest in a restoration, which “revitalizes artwork, increases its longevity, stops degradation, and can increase the final sale price,” Haden said.

When you’re looking to sell the art, Haden advises to get an appraisal, verify the artist’s signature, and check open auction sale prices. Once you know the market value for an artist and any sales fees involved, you can plan how best to sell the piece.

Related: A Beginner’s Guide to Investing in the Stock Market

How to Invest in Art with Caution

Before investing in fine art, you should first make sure you’ve contributed enough to your other investment accounts, including retirement. Most people dedicate only a portion of their investment portfolio to art because it may not provide enough profits for a steady income.

You should also think about the types of art you want to invest in and how much you want to spend upfront.

“I started with making my own purchases and choosing pieces that were important to me or that I really liked,” said Brownell, who tracks the value of her collection about every five years. “I have pieces that I paid less than $1,000 for. They’ve increased a lot since then. But if you’re savvy enough, you can get in at the lower amount.”

Here are a few expert tips in turning a profit through art investing:

• Diversify your portfolio. Make sure art is only a small part of your portfolio. A financial adviser should help you develop an investment strategy.
• Be realistic. Art investing isn’t a get-rich-quick method. Rather, it’s a long-term investment.
• Do your research. You should regularly track artists, their artwork, and sales prices, and try to make objective decisions. For example, Haden advises that before investing in pieces from last year’s hottest artist, check how their art is selling now.
• Purchase from a living artist. Great artists who are deceased, like Picasso, have well-established reputations with prices to match. But if you find work by a young artist who shows promise, the work might start at a lower price point and increase over time, Brownell says.
• Consider donating your art. You may be able to get a tax deduction for donating pieces from your collection. Brownwell said, “In that case, the investment is about being able to offset some of your tax burden.”

Keeping this advice in mind can guide your art purchases, especially for people new to this type of investment.

Is It Risky to Invest in Fine Art?

Most investing comes with some form of risk, and art is no exception. The art market contracts periodically, just like stocks and bonds. It’s also hard to determine the true value of artwork because it partially depends on the artist’s reputation and the overall economy.

Additionally, art is non-liquid, meaning it’s difficult to quickly convert your investment to cash. If you want to sell it, you’ll need to get the artwork appraised, find an auction house willing to take on the sale, and hope someone buys the piece.

“You may end up having a lot of your money tied up in assets where it’s difficult to sell them when you want to,” Brownell says.

And like any physical asset, there’s always the risk of artwork being destroyed in an accident or depreciated through wear and tear.

For these reasons, it’s important to do your research, figure out how much you can invest, and discuss with an adviser before investing in this asset class. It can be a great path to enjoying your portfolio in a new way.

Related: How This Artist Earns $5K+ a Month Licensing Her Artwork

The post 4 Easy Ways to Invest in Art (Even as a Beginner) appeared first on DollarSprout.

There’s an endless number of digital product ideas that could help you establish your own business, take your business to the next level, or just help you bring in extra income.

What Is a Digital Product?

A digital product is one that is created, sold, and used digitally. There’s no physical product; you use it solely online, on your mobile device, or in your web browser.

There are many reasons why selling digital products is one of the best — and easiest — ways to generate passive income.

It’s inexpensive to start. There’s no inventory to buy upfront, no storefront to rent, or packages to ship. You can use free and inexpensive tools to make a product and oftentimes the only investment is paying fees to the sales platform you use.

Digital products are passive. You can make a product once and sell it over and over whether you’re working or not. Selling a service online is a great way to start your own business, but it can be time-consuming and you may only be able to serve a few clients.  With digital products, you can sell online and make money at any time of day and to as many people as you want.

Digital products are scalable. When you sell a service your income is capped by how many hours you have in the day to work. When you sell a digital product you can grow your business exponentially without increasing the number of hours you work.

19 Digital Products You Can Sell Online

There are many types of digital products and they all range in how passive they are. Some are “set it and forget it” while others require maintenance. You can separate most of them into three categories:

• Completely passive: You put in the time to create the product once and sell it indefinitely. These products are usually less expensive and income may be sporadic.
• Semi-passive: The product is passive, but you may have to market or update it occasionally. These are high-ticket digital products and the opportunity for income is greater.
• Occasionally active: These are typically subscription or membership-based products. Income is more consistent, but you have to actively maintain it at least once a month.

Having a combination of these three passive income streams is best, and there are plenty of digital product ideas you can use to create a suite of products that fit your business and increase your bottom line.

1. Ebooks

If you love to write, you can make passive income in a number of ways through eBooks. You can self-publish a series of fiction novels or a nonfiction book on Amazon, record an audiobook on Audible, create guided journals or coloring books, or sell digital books on your website.

You can even make money by giving away your eBook by adding a special deal for a higher-priced service or digital product to your readers. Russel Brunson gives his books away for free (you just have to pay shipping and handling) to teach people how marketing funnels can grow revenue and also sells a software for creating marketing funnels.

2. Online courses

Now more than ever, people are discovering how valuable online courses are for learning skills and training. You can create a text, audio, or video-based course and post it on a course aggregator like Coursera or Udemy. A better option may be to sell a course from your own website using a platform like Teachable or Outschool.

Think there’s already a course around your expertise? Don’t be intimidated. People might still want to hear what you have to say. For example, there are plenty of courses on freelance writing, yet each has its own unique benefit. This is the reason someone would buy yours over a course that’s already offered.

Any knowledge or skill can be turned into a course. Alec Steele teaches people blacksmithing through several courses, all offered online.

Many courses are “evergreen,” meaning the content is relevant all the time and not tied to a date or event. These courses are typically completely passive, but you can often make more income by “launching” your course at select times throughout the year. The limited-time offer gives people a sense of urgency and can increase sales.

3. Workshops

If you don’t have the time to write an eBook or build a full course, consider creating a workshop instead. You can host a live or recorded workshop, also known as a webinar, once and resell it indefinitely. The webinar can also serve as a lead magnet for selling a higher-priced product or service later on.

After you record the webinar once, there’s generally no need to update it unless you want to change the content or information. To increase sales, you can set up automated ads that drive traffic to your workshop.

4. Guides or tutorials

From archery to zoology, if you have experience or specialized training in something, you can make money selling short guides or tutorials with step-by-step instructions on how to perform or learn it.

Tutorials are similar to workshops in that they usually teach one skill as opposed to a course that teaches several. Guides and tutorials can be written, video, or a combination of both.

Most of the skills you’d write or record a tutorial for won’t change often, making this a completely passive product.

5. Membership site

A membership site or monthly subscription is a digital product that members pay for monthly and receive something new every month. New content every month may not sound like a way to generate passive income, but there are a number of ways you can set one up to be mostly passive.

You can create all your content for a year upfront and drip out a little bit every month. Or you can create a course that students pay monthly for and release content for a certain number of months.

You can even create a membership site around some digital product templates like video lessons, meal plans, and workout routines. The creators of KetoConnect made a membership site packed with courses, eBooks, recipes, and videos not available on their website and release one new video every week to their members.

6. Printables

Selling worksheets, checklists, schedules, games, coloring pages, is a great way to make passive income. If your printables are complex you can sell them individually or bundle simpler printables into sets.

Printables are typically low-cost products and you can make them for free using Canva with no cap on how many copies you can sell.

The great thing about printables is that you can sell them on Etsy and benefit from the traffic that’s there without needing to generate your own. WeCreatePrints is solely on Etsy and only selling since 2019 and they’ve already made close to 2,000 sales of their printable wall art.

Related: 23 Best Places to Sell Crafts Online

7. Templates

Designing templates for printables, Excel spreadsheets, Powerpoint presentations, and social media graphics can also generate passive income. You can design templates for free in Canva or Google Sheets or Slides and include instructions on how to copy the template for customization.

You can sell them on your own website with software like SendOwl and sites like Creative Market or Etsy.

8. Commercial-use music

Videographers and editors are constantly looking for royalty-free music and sound effects to include in YouTube videos, commercials, and possibly even films. If you’re a musician, you can generate passive income licensing your music for commercial use.

While you can create each track once and sell it indefinitely, you’ll have to keep creating new music to generate repeat customers. You can sell royalty-free music and sound effects on sites like HookSounds and Bensound.

Related: Court to Chords: How One Lawyer Made $10,000 Selling Stock Music

9. Scripts

Whether it’s negotiating for a raise or writing a best man speech, people are often at a loss for what to say. Premade scripts for negotiations, speeches, sales calls, fundraising, and more can help people say everything they need to say when it matters.

You can sell these scripts on sites like Fiverr or your own website. Chloe Elise from Deeper Than Money makes $75,000 a month mostly passively. One of her digital products is a bundle of scripts for negotiating lower prices on over 20 expenses.

10. B-roll footage

B-roll is supplemental footage used in film and television production. Thanks to the popularity of YouTube, you don’t have to have expensive cameras to make passive income selling B-roll. You can record footage with an iPhone to create affordable B-roll for YouTubers on a budget.

You can even post your videos on YouTube with commercial-use music as meditations or background footage. You’ll earn passive income once you meet YouTube’s monetization requirements.

Like commercial-use music, you can sell one scene of footage over and over but your greatest opportunity for scaling comes when you have a wide selection of B-roll. This means you’ll have to keep creating some until you build a database.

Related: How Beginners Can Earn Money with YouTube

11. Mobile apps

Of the time we spend on our phones, 90% is spent using apps._[1] Depending on the type of business you own, a mobile app might be the best digital product for you. You can make money through in-app ads, affiliate links, or by simply charging for downloading or using the app.

Services like BuildFire will create an app for you or you can use one of their templates to create an app without any coding experience necessary. You’ll have to update and add features to your app to keep it functioning and motivate people to come back but other than that a mobile app is mostly passive.

Beth Moncel of the blog Budget Bytes created a mobile app with all her recipes at users’ fingertips for $2.99.

12. Plugin or extension

If you have a website then you probably know about plugins. If not, then maybe you use Google Chrome and you’ve used or installed browser extensions. Many are free but you can actually charge for specialized plugins and extensions.

WordPress plugins or Chrome extensions that use an algorithm to perform an otherwise arduous task quickly can be quite lucrative and passive. Spencer Haws made over $4,000 in a week selling a Chrome extension that did just that with Amazon textbooks.

Like you would a mobile app, you’ll have to update the plugin or extension regularly to keep it functioning properly but other than that it’ll make money passively.

13. Photography

Businesses use stock photos on their websites, social media, advertising, and even YouTube channels. You can sell your photos on a stock photo site or start your own stock photo subscription service. You don’t need fancy equipment to sell photos, either; your smartphone camera should be enough.

You can sell individual photos passively on sites like Shutterstock or Adobe Stock or create your own. With your own site, you’ll have to keep updating your portfolio to get the most out of this digital product business.

Related: 4 Ways to Get Paid to Take Pictures

14. Animations and vectors

While stock photography is most popular for websites, more and more site owners and bloggers are turning to animations and vectors to stand out. If you can design animations and vector images, you can sell them on the same websites as stock photography or you can create your own subscription services. You can design your images using programs like Canva or Adobe Illustrator.

Create a library of images that you sell for completely passive income or regularly update your offerings and employ some marketing strategies to convince businesses to use animations and vectors over instead of stock photography.

15. Website theme

Since building a website on your own using a premium theme is much more affordable than hiring a website designer, many blog and website owners prefer to design their own. This opens up a way for you to earn passive income by creating and selling premium WordPress, Wix, and Squarespace themes to business owners on a budget through your website or a marketplace like ThemeForest.

Building premium website themes is mostly passive but you’ll need to keep the themes updated so they work properly.

Related: How to Become a Web Designer

16. Fonts

Calligraphy and hand lettering artists can turn their handwriting into fonts to sell to brides, event planners, and business owners for use on invitations, flyers, or even menus. You can create fonts in Adobe Illustrator or Photoshop and sell them on sites like Creative Market or MyFonts, and there’s usually no need to update them.

Related: How to Become a Graphic Designer in 8 Easy Steps

17. Blueprints

If you’re handy with a tape measure and have some construction experience,  you can make money passively by selling blueprints for home projects. Treehouses, pergolas, dog houses, and chicken coops are all popular DIY projects you can create multiple designs for.

Selling PDF downloads of blueprints is an easy way to generate passive income for a business that’s typically service-based. You will need to buy software to create the blueprints, but you can quickly recoup that money by selling the plans you create.

18. Presets

Social media is dominated by visual content but its creators aren’t all photographers and videographers. Presets are a predetermined position for photography editing sliders that get you the edited look you want.

Presets for Lightroom, Photoshop, and other apps can allow people to post captivating images without much effort.

You can create a preset once and sell it right from your website using an e-commerce platform like WooCommerce or Shopify. Presets are versatile and transcend seasons so you won’t have to do much updating but you may want to advertise them on social media.

19. Planners

Planners help people to plan their meals, exercise, goals, finances, and more. You can sell printable PDFs or physical planners from print-on-demand sites like CreateSpace and Lulu or your own store. Blogger Sarah Titus has made over $10 million selling planner pages and other printables through her website and Shopify store.

Aside from automated advertising, undated planners are completely passive. You can sell dated planners for a semi-passive business or even a subscription to new planners every month.

Digital Items Never Sell Out

Digital products offer an affordable way to generate passive income without worrying about inventory, storage, or shipping costs. You can sell your products to a global audience and at all times of the day.

If there’s a service you’re offering, create some digital products around it to help scale and grow your business.

The post 19 Profitable Digital Product Ideas to Sell Online appeared first on DollarSprout.