I decided to make a case study out of one of my WORST Kindle books. It didn't suck exactly... but it was actually written as more of a training exercise.
First of all, if you do not have any formal qualifications (no college/university), then using Kindle to create yourself a passive income can earn you far more than most normal offline jobs would pay.
- $10 per hour is about what an inexperienced blue collar worker earns
- $20 per hour may be earned by someone with a bit more experience
- $30 per hour generally requires at least some qualifications
Because passive income's real value can only be seen over time (usually at least 6 months), it is easy to get discouraged and go for a bit of money quickly, rather than more money over the longer term.
For this case study I compared spending 3 hours working offline against using 3 hours creating a passive income source.
For the job offline I was paid $18 per hour for 3 hours of work - a total of $54 earned.
For the passive income stream I did very basic internet research about ways to save money, then wrote a short book about it and published to Kindle. I spent less than 3 hours on it in total, and only used Kindle's built-in KDP Select option for promotion.
I priced the book at $2.99 so that I could get the 70% royalty, so I earned $2.09 per sale.
In the first month I only sold 10 copies of my Kindle book.
Crap! Only $20.90 for 3 hours of work. Less than 7 bucks an hour
But... it kept selling, and on average has sold 17 copies per month over the past 7 months.
$248.71 recieved in royalties
All without any additional work. The only time spent was that initial 3 hours.
That 3 hours of work has now earned me $248.71, which works out to over $82.90 per hour and it is still selling each month, making more money for me!
When starting out it is worth balancing your time spent doing jobs that pay immediately (online or offline), against time setting up passive income streams.
I recommend spending at least 1 hour working on passive income for every 4 hours you spend doing up-front payment work.
Would you rather work for 3 hours and get $54 or over $248?
With passive income, always measure the time you actively spent working on something, rather than the passing of time.
Some people make the mistake of looking at this kind of case study and saying "oh, this method only makes $248 in 7 months - what a waste of time!" When actually, this method only took 3 hours.
I believe that using Kindle to make money is achievable for most people. Essentially, if you know how to write a blog post, you should be able to put together a book and publish it on Kindle.
If you are thinking about giving Kindle a go, hopefully this help you decide to take the leap