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 11 Steps to Make Money Selling eBooks Online 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.

17 Best Passive Income App Ideas Worth Downloading

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. DollarSprout Rewards: Use this desktop browser extension for free cash back

Key features:

• Available on Chrome and Safari desktop browsers, DollarSprout Rewards works in the background to notify you in real time of cash back opportunities.
• In addition to cash back offers, the extension also makes sure to check for any coupon codes and automatically finds the best one for your purchase.
• Your cash back accrues as actual cash, not points. Payments are issued to users each month automatically via PayPal for users with a balance of $5 or more.

Many people earn cash back on their credit card purchases, but most of them don’t know about the extra savings that are available to them on top of what their credit card offers. Cash back browser extensions like DollarSprout Rewards (similar to Capital One Shopping or Rakuten) give users the opportunity to earn additional cash back when they are shopping online.

The DollarSprout Rewards desktop browser extension has a network of over 15,000 online retailers so there is almost always a deal to be found (and if there isn’t a cash back deal available, the extension will suggest other similar retailers that do offer deals). The extension is free for users to download and use and is a great way to passively save money on things you were already planning to buy.

Download on: Chrome | Safari

2. Masterworks: Invest in shares of fine art

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. 

3. Tapestri: Passive Income for Sharing Your Location History 

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. Fundrise: Invest in real estate

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.

5. Honeygain: Sell your unused internet data

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. Dosh: Shop with this mobile cash-back app

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.

7. Outdoorsy: Rent out your RV

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

8. Worthy Bonds: Invest in local businesses

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

9. Swagbucks: A search engine that pays you

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.

10. Sweatcoin: Take one step at a time to earn passive income

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.

11. Turo: List your car and let it do the earning

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.

12. OnMyWay: Get paid to not text and drive

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.

13. MobileXpression: Let this company access your data

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

14. National Consumer Panel: Get paid to share your opinions

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

15. UpVoice: Browse the world wide web

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.

16. Robinhood: Buy and sell stocks

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.

17. M1 Finance: Invest with a robo advisor

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 17 Passive Income Apps Everyone Should Be Using 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 renting it 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 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.

Related: How to Make Money Renting Out Your Car with Getaround

5 Tips to Make the Most Money Renting 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. Because 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 to point people to helpful resources, like instructional videos or guides.

Related: 7 Ways to Make 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. Howver, 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: 37 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.

Related: How to Get Started with Real Estate Investing for Beginners

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.

Then four weeks later, I was laid off.

Instead of going back to an office job, I started freelancing from home. Now every day I look at those four wheels and wonder if there’s anything better it could be doing than taking up space in my driveway.

With Getaround, there might be.

What Is Getaround and How Does It Work?

Getaround is a car-sharing platform where car owners can rent out their underused cars to people in their city.

It operates in 300 cities across seven countries with over five million users sharing and renting everything from trucks and vans to exotic and luxury cars. Renters pay hourly for access to cars and owners get to monetize their unused vehicles.

Entry is keyless and you control when and how often you rent, making this a truly passive way to earn money with your car.

Owners typically charge anywhere from $5 to $10 per hour and the company claims that, on average, people who make money with Getaround earn thousands every year.

Is Getaround Legit?

Getaround is a legitimate company, with a B rating from the Better Business Bureau. The app has a 3.8 of 5 star rating on the Google Play store and 4.8 in the Apple app store. 

However, a review of Getaround’s BBB profile shows numerous complaints from customers. Some vehicle owners say that the company is slow to respond and resolve issues of damaged vehicles. A common complaint among renters is being falsely accused of damaging a vehicle and held at fault for the repairs.

While Getaround is one of several legitimate car-sharing companies, renters should be aware of the potential downfalls and take additional security measures to protect their vehicles where possible.

Getaround Review: How to Make Money Renting Your Car

If renters are only paying an average of $8 per hour, is Getaround profitable as a side hustle? Several owners have said you can make a profit. But first, there are a few steps you need to take before you can make money with Getaround.

Step 1: Review Getaround’s minimum requirements.

In order to share your car on Getaround, it must be a private passenger vehicle with at least four wheels, 2010 or newer, have less than 125,000 miles, and seat no more than 8 passengers. There’s no professional safety inspection, so you’re responsible for ensuring your car meets the required safety standards.

Getaround provides insurance for trips so there are no insurance, license, or driving record requirements for owners other than those required by state law.

Still, some owners choose to make the switch to more rideshare-friendly insurance companies. John Frigo is one of them. He has the option of working from home. Six months ago, Frigo decided to start renting out his car on Getaround.

“My biggest challenge was making sure my auto insurance covered this type of thing,” Frigo said. “I wound up switching to State Farm as I knew from Ubering they were more flexible with outside-of-the-box solutions than my previous insurer.”

While incidents that happen during trips are covered by Getaround and don’t affect your personal insurance, some companies will still drop your coverage.

Step 2: List your car.

Once you’re sure your car meets the minimum listing and safety requirements, you’re ready to list it. Creating your listing is free and there are no premium upgrade options, putting everyone on equal footing with their listing. You won’t have to compete with those who’ve paid for advertising.

You’ll enter your car’s year and mileage, the ZIP Code for where you’ll be sharing your car, and instructions for renters on how to access and operate the vehicle, then hit “Start earning.” A Getaround representative will then contact you to finish your setup.

In the meantime, take photos of your vehicle based on Getaround’s recommended angles. You can upload up to 12 photos, and cars that take advantage of all 12 rent more easily than those that don’t.

Step 3: Install Getaround Connect.

Before you can start renting your car, a Getaround representative will finish your account setup and physically install Getaround Connect in your car.

This electronic device allows owners and renters to lock and unlock the doors of Getaround cars using the Getaround app. After a 90-day free trial, Getaround Connect costs a one-time fee of $99 to install and $20 a month as long as your car is active on Getaround.

Getaround Connect also tracks the location of your vehicle and includes anti-theft functionality that disables the car’s starter when not in use by the owner or a verified renter. While that’s the goal, the device isn’t perfect.

Just ask Fred Phillips.

Phillips rented out his Ford Transit in San Francisco, CA and because it was only one of a handful of cargo vans available in the area, he was able to make around $1,000 per month after expenses.

But in May 2020, the van, which was parked in a Getaround reserved parking lot, was stolen and unable to be found, despite having Getaround Connect installed.

“When I went to check on the van, the app showed it was sitting in its parking spot, but it was gone. That means the system was somehow bypassed, and the ignition interlock disabled,” Phillips said. “The app still shows it sitting in its parking space.”

Technology can be broken or malfunction at any time, so it’s still your responsibility to put your own additional measures in place to protect your vehicle.

Step 4: Understand your benefits.

Owners have several benefits that make renting their car out on Getaround simple and profitable. The most important is $1 million in insurance coverage during all active trips. This includes comprehensive, collision, and liability coverage.

And in addition to the keyless entry for renters, owners and renters can use the regular key or key fob to start the car or enable Enhanced Security to start the car directly from the Getaround app. They can also use the app to lock the starter at the end of a trip.

Things to Consider Before You List Your Car on Getaround

A recurring complaint among owners is Getaround’s lack of communication and their slow repair time when a renter damages their car.

Fred Phillips experienced this as well. In addition to the theft, a different renter backed his Transit into a pole, doing thousands of dollars in damage to the van. He said it was eventually repaired but it took two months.

Michael Lowe, CEO of Car Passionate, had a similar experience. One of his renters got into a minor accident last year and it took Getaround over six weeks to fix it.

“While the car repairs were covered, I was offered no compensation for the income loss suffered while it was out of action,” Lowe said, even though Getaround states that it offers a loss of use reimbursement for damage incurred by renters.

Lastly, most of the expenses incurred during a rental are the responsibility of the renter or Getaround. Some fall on the owner upfront, including citations or tickets incurred by renters, accident repairs, and cleaning for excessively dirty trips.

These are reimbursed, but make sure you have the money upfront to afford them.

Getaround vs. Turo vs. HyreCar

Getaround isn’t the only car-sharing company out there and it may not be the only one you use to earn extra money. Getaround is more passive and offers unique features compared to other car-sharing platforms like Turo and HyreCar. First, it offers hourly car rentals as well as remote access to the vehicles through the app.

Turo and HyreCar both require renters to pay a daily rate and renters must meet the car owner to pick up the keys.

Unfortunately, Getaround is only available in 300 cities while Turo has cars in over 5,500 cities. HyreCar also caters to Uber, Lyft, and delivery drivers. If you’re renting a car for the sole purpose of working a transportation-based side hustle, you’ll want to start there.

Getaround Review Summary: Proceed with Caution

While Getaround is a great way to earn passive income with your car, it does come with a few problems, particularly if your car is damaged or stolen. If you’re uncertain about renting out your car but still want to put it to use, you have other options.

If you commute to work, you may be able to get paid to advertise on your car. You can also use your free time to make money delivering groceries or takeout. 

Find the side hustle that works for you and your car so you can make money long term.

The post Getaround Review 2023: Pros, Cons, Safety & Is It Worth It? 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.

The post 4 Best 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.

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.

So we decided to rent out one of our spare rooms on Airbnb. In two years hosting on Airbnb, we made over $18,000 from a room that would’ve gone mostly unused.

Now that we had a baby we’ve stopped renting out the room, but that doesn’t mean I’ve stopped looking at other ways to optimize my unused space to make extra money.

And what I’ve found is that people are looking for spaces for storage and all kinds of events, making it easier than ever to make money renting out your space.

What Kind of Space Can You Rent Out?

You may not be able to rent your house or a room in your house on Airbnb, but you can probably rent storage and event space more easily than you think.

• A beautiful living room or outdoor patio can be a great place to host parties and bridal or baby showers.
• If you have office space, you can rent the address out as a mailing address for virtual businesses.
• Half of a double garage can house someone’s vintage car or serve as a workshop.
• An unused shed or part of a barn could be an affordable alternative to public storage.
• A detached garage or pool house could serve as a storefront or an artist’s studio.
• Part of your backyard can be used as boat or RV storage.

The possibilities are almost endless. When you get creative, you can turn any unused space into profitable passive income. Just make sure to check local ordinances or, if you live somewhere with a homeowners association, to verify it’s possible to rent your space.

You might also want to check with your insurance company to see what coverage you have or if you should consider purchasing an umbrella policy.

6 Places You Can Make Money Renting Your Space

While you do have to pay some fees for using a listing service, you get two benefits. First is visibility. You’ll get your space in front of people looking for exactly what you’re offering. The other is payment processing.

Some companies also offer extra insurance coverage you can purchase to protect your property and your tenants’ belongings.

It’s great to make money by renting out your space. But if you have a tenant who doesn’t pay or are the victim of theft and your tenant’s property is stolen, then having the protections offered by a third party will be invaluable when turning your home into a business.

1. Neighbor.com

Neighbor.com offers an affordable way for people to self-store their belongings or vehicles. The website states it offers storage and parking spaces for half of what self-storage companies charge.

You can find lots, garages, bedrooms, and even storage facilities on Neighbor.com. This could be a great way for a student to make passive income if they have a spare closet or parking spot on campus but no car.

Renting shed space or your basement are also options to make money with property.

Jennifer Walden, Director of Operations at WikiLawn, rents her shed out using Neighbor. Walden set her price at $50 a month and the renter pays Neighbor directly. After a 4.9% processing fee and $0.30 cents for every payout, Walden gets paid the remainder through the platform.

“While we do require myself or my husband to be home when the renter comes by, they can just send us a text and go in through the gate with their key to the shed. The only thing we have in there is what they’re storing, of course,” Walden said.

It’s free to list your space on Neighbor.com. Hosts are protected by $1 million in liability insurance and are guaranteed a monthly payout while the storage space is occupied, even if the renter stops paying.

2. ShareMySpace

ShareMySpace is a professional event venue rental website offering a simple way to find and book spaces and venues for work, events, art, sports, and more. It’s good for people who have non-residential space that can hold events like weddings and banquets.

It costs $49 per month to list a private space or $9 per month for nonprofits and public spaces.

Once your space is listed, it’s searchable and bookable, and you’ll be notified of any booking requests. The more details and photography you add, the more likely you are to have success on the platform.

Related: How to Make Money as an Airbnb Host

3. StoreAtMyHouse

StoreAtMyHouse provides peer-to-peer storage solutions around the world. You can rent out storage space in your house, garage, and business. StoreAtMyHouse states storage providers can make $300 to $3,000 per year depending on where they’re located and the storage size available.

StoreAtMyHouse doesn’t offer additional liability insurance to renters or storage providers and states if it does become available, it’ll be an additional cost to the landlord.

Posting and renting your storage space through StoreAtMyHouse is free, but there is a steep 15% fee if you want to use its automated billing system. You can also pay a one-time fee of $35 to have your posting featured on the website.

4. PeerSpace

PeerSpace offers unique spaces for meetings, photoshoots, parties, performances, and other types of events. Spaces that do best on PeerSpace are industrial, vintage, modern, or are in some way out-of-the-ordinary.

It’s free to list your extra space through PeerSpace. You can set your own price, charge by the hour, and you’re also protected by $1 million of liability insurance. Payout is directly deposited into your bank account after each event minus a 15% service fee.

5. Word-of-mouth

Sometimes, renting out your extra space can be as easy as getting the word out.

Parking in Washington D.C. is notoriously stressful and parking garages charge premium prices. When Ilir Salihi of FreedomRep moved to his home in Washington D.C., he learned that a few of his neighbors were renting out their garages for commuters during the workweek.

All Salihi needed to do was tell people he was renting his garage and he was quickly offered $100 a month for it. They signed a six-month contract to test the arrangement, giving the renter access to the garage from 7 a.m. to 7 p.m. Monday through Friday.

“I had permit street parking for my own car and still had the storage space in the garage for my own use. This turned out to be an easily-managed passive income stream that I continued for a couple of years,” Salihi said.

Related: How to Make Passive Income with Your Car

6. Facebook or Craigslist

You can also try advertising your extra space on your own. Facebook Marketplace and Craigslist are highly trafficked websites and even though not specifically for storage, can get more eyes on your listing.

Unlike word-of-mouth, you don’t have anyone to vouch for potential renters, so be extra careful when interviewing people. It’s also a good idea to have renters sign a contract to protect yourself and your property from liability.

Related: How to Sell on Craigslist (and 6 Tips for Success)

How Much Money Can You Make for Your Space?

It’s easy to make extra money renting out your space. You can expect to make around 50% of what storage companies charge for comparable-sized storage units and can easily find renters depending on which platform you use to advertise your space.

Where the storage is located, if it’s air conditioned, and accessibility are other factors to consider when pricing your space.

You can also test out prices before you settle on one. “I would occasionally create ads on craigslist, but this was more to test the market and get a feel for whether or not I was charging a reasonable price for the parking space,” Salihi said.

And don’t forget to write off eligible expenses on your taxes related to the cost of renting your space.

Related: 28 Best Selling Apps to Sell Stuff Online (and Locally)

Risks of Storing Other People’s Stuff

Every opportunity for income comes with its own unique risks. Letting other people store their things on your property allows them access to your home or land. You can set up restrictions on when they can access it, but then you’ll have to be accommodating with your time.

Additionally, you run the risk of your tenant not paying you, breaking your shed or other things on your property, and storing illegal items. Even with the protection of a company like Neighbor, you still rent your space at your own risk.

Don’t let those things deter you. If you take all necessary precautions you can easily, and safely, make passive income with your house or outbuildings.

The post 6 Ways to Make Money Renting Out Your Space appeared first on DollarSprout.

Fortunately, you can find ways to save money on your bills. While some bills like your mortgage and car payment are set in stone, others are negotiable. To negotiate your bills, you’ll need to reach out to your providers and convince them to agree to a lower price. If you don’t want to negotiate them on your own, you can use bill negotiator apps.

3 Best Apps That Automatically Negotiate Your Bills

While you can negotiate your bills yourself, using a bill negotiation app has its advantages. In addition to saving you time, an app may increase your chances of successful negotiation, especially if you’ve never done it before. These apps often have professional bill negotiators on staff and relationships with popular service providers.

1. Trim

Once you download the Trim app and link your financial accounts, the company will send you recommendations on how to save on bills. If you paid $50 for internet last month and are now paying $65, Trim will send you an alert and offer to call your internet company and negotiate. If it’s successful, Trim will take 33% of whatever it saves you annually.

Related: Advice from 3 People Who Use Trim to Save Hundreds

2. Rocket Money

Rocket Money finds and cancels unwanted subscriptions, lowers bills, and gets refunds on fees and outages. It can also save you money on your electric bill. To use Rocket Money, download the app and upload recent bills from your service providers. Once you do, the company will start negotiating on your behalf. While the app is free to use, it will take a 40% cut on the money it saves you each year.

3. Billshark

Once you create a Billshark account, you’ll select the types of bills you’d like to save on and upload images of your current bills. Billshark will then negotiate with your service providers and update you on their status. It’ll keep 40% of whatever the company savings you annually.

The Importance of Negotiating Recurring Bills

Bill negotiation lets you continue using the products and services that you need at a lower price point.

Let’s say you pay $150 per month on your family cell phone plan. If you’re able to negotiate $30 off your monthly payments, that’s $360 in annual savings. You could put that money toward other things that are important to you.

The more bills you negotiate, the more money you’re likely to save. If you successfully negotiate multiple bills, you may be able to save thousands of dollars every year.

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

Types of Bills You Can Negotiate

Most bills are negotiable, even though companies don’t make that information public. Many companies are willing to give you a discount so they can keep you as a customer rather than lose you to a competitor.

Medical bills

Hospitals and doctors often negotiate with insurance companies to reduce the amount their patients owe. Daniella Flores, a personal finance expert and owner of I Like to Dabble, used to work at a surgery center and was surprised to learn how negotiable medical bills are. Her tips for saving on them include:

• Look for billing errors: Coding errors, double billing, or fees for services you never received are common occurrences. Ask for an itemized bill and review it carefully for accuracy.
• Pay in full: Some medical providers will give you a discount if you pay for your service in full on the day of the procedure. This strategy works best if you don’t have to rely on a credit card or take money out of savings to do so.
• Ask about bundle pricing: Find out if your doctor will give you a bundle price for all related services. For example, if you had surgery, suggest one price for any pre and postoperative treatments.

Rent

If you’re a quiet tenant, pay rent on time, and don’t want to move, you have a chance of negotiating your monthly rent payments. This is particularly true if you’re renting from an independent landlord rather than a large property company. To negotiate rent, you should:

• Extend your lease: If you ask to extend your lease, you’re more likely to save money on rent because your landlord will view you as a stable investment. Let them know you’re willing to commit to a longer lease in exchange for a discounted rate.
• Research prices: Find out what comparable homes, condos, or apartments are charging for rent. If you discover you’re paying more, you have a strong case to present to your landlord.
• Talk to your landlord in person: If you’re struggling financially for whatever reason, let your landlord know. While you may not be able to reduce your rent forever, your landlord may be willing to work out a lower rate until you can get back on your feet.

Cable and internet

You can negotiate lower payments on cable and internet successfully if you:

• Find out competitor rates: Do some online research to get an idea of what others are charging for the same services. Use any lower rates you find as a negotiation tactic.
• Call again: If the first person you speak to doesn’t offer a better rate, call again at a different time. You may reach a supervisor or someone else in customer service that’s more willing to work with you.
• State you may switch: This tactic works best if you’ve already done your research. Call your provider and state the deal another company is offering you. Let it know if it can’t match or do better, then you’ll be taking your business elsewhere.

Cell phone

Now that discount providers have made their way into the market, cell phone companies don’t mind negotiating lower monthly payments. Before you call up your cell phone company, look at your most recent bill so that you know how much you pay and what you get. Then, follow these tips.

• Compare competitor rates: Determine what other cell phone providers charge and tell your customer service representative if you’ve found a competitor that offers a more affordable rate. This can convince them to negotiate with you and make you a comparable offer.
• Add a line: If you tell your cell phone company that you’d like to add someone new to your plan, it’ll be more likely to give you a better deal.
• Ask for the loyalty department: Most cell phone companies have a loyalty department whose primary job is to retain customers. 

Car insurance

Just like cable and the internet, car insurance companies are competitive and will do whatever it takes to keep you as a customer. When you call your car insurer to negotiate lower premiums, keep these strategies in mind.

• Ask about discounts: Almost every car insurance company offers a long list of discounts. You may be able to claim a discount for things like being a student, avoiding accidents, or driving a new vehicle.
• Comparison shop: Once you know what coverage you need and want, shop around to find out what other insurers are offering. Inform your insurance company of the quotes you received and ask if it can beat them.

Credit cards

While you can’t negotiate the purchases you’ve made on your credit card, you can save in other ways. Contact your credit card company and find out if it can:

• Reduce your APR: If you’ve paid your credit card on time, your provider may give you a lower interest rate. This can save you a lot of money, especially if you tend to carry a balance on your card.
• Remove a late fee: You may be stuck with a late fee if you missed a payment date. If you have a history of on-time payments, ask your credit card company if it can waive it.

Tips for Negotiating Your Own Bills

If you choose to negotiate your bills yourself, here are several strategies that will make the bill negotiation process easier and increase your chance of success.

Determine which bills you can negotiate.

Jot down a list of your monthly expenses and circle any bills you may be able to negotiate. Then list them in order from most to least expensive. Use this list to help you prioritize your negotiation efforts and tackle your largest bills first.

Create a spreadsheet with customer service numbers.

To save time on bill negotiation, create a spreadsheet in Google Docs or Microsoft Excel. The spreadsheet should include a list of all the providers you hope to call and their customer service numbers. This way you can go through the process quickly and don’t have to spend your time looking for contact information.

Write a negotiation script.

A script can also save you time and make the negotiation process less intimidating. You can write a short script of your own or keep this one on hand for when you speak with your providers:

Hi there. I have an issue with my [PROVIDER NAME] bill and was hoping you can help me. My bill is a bit too expensive for me, and I’m looking for ways to save money on it.

 

I noticed that [COMPETITOR] is offering a lower price of [PRICE] on the same service. Is it possible for you to match or beat them? I’m a loyal customer and would love to stay with your company if you can figure out a way to give me a more affordable rate.

 

Thank you so much for your time.

Be polite.

Try to be as respectful and polite as possible when you speak to customer service representatives. Kari Lorz was able to negotiate her credit card interest rate from 24% to 19%, saving her hundreds of dollars per year. She recommends making small talk and asking the reps how they’re doing.

“As someone who has worked in customer service for over 20 years,” Lorz said, “I always try to help people who are nice to me.”

Consider using a bill negotiation app for a month.

Bill negotiation apps are designed to make it easier for customers to save money on their monthly bills. If you’re new to negotiating and need some guidance, try using one for a month. While using the app, take notes on which bills they negotiate successfully so you can later do the work yourself and avoid paying fees.

Related: 16 Passive Income Apps Everyone Should Be Using

Is the Cost of Bill Negotiation Apps Worth the Savings?

Since bill negotiator apps take a portion of the amount they save you, you may be wondering whether they’re worth it. In most cases, the answer is yes. Let’s say Rocket Money saves you $200 annually and takes 40%, or $80; you would still pocket $120.

Unless you diligently negotiate your bills on your own, a bill negotiation app makes sense. It can free up your cash flow with minimal effort and help to improve your finances.

The post How Bill Negotiation Apps Can Save You Hundreds — And 3 Apps to Try appeared first on DollarSprout.

In fact, according to AAA, it costs an average of $706 per month to own a car._[1] But there are ways you can offset the costs by turning your car into a passive income earning tool.

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10 Smart Ways to Make Passive Income with Your Car

If you choose to pursue these opportunities, you won’t have to make any changes to your schedule or lifestyle. You’ll be able to use your car as normal and make some extra cash while you do it.

Track your mileage

Some companies will pay you in exchange for your mileage data. If you drive a lot and don’t mind selling that information, this is a simple way to earn some passive income with your car.

1. Tapestri

A location data broker, Tapestri works with large brands to help them gain an understanding of consumer shopping habits. They do this by selling the anonymous location data of anyone who uses the app. 

If you use Snapchat, Instagram, Facebook, TikTok, Waze, or a million other apps, you’re already giving away your location data for free. (You consented when you downloaded and launched the app). 

With Tapestri, you install the app and forget about it. That’s it. It tracks your location history as you drive around town in your car. You don’t have to interact with the app in any way, and you’ll earn up to $25 each month, every month, just for leaving it installed. 

I made a little over $5 in the first 10 days of using the app and couldn’t care less if Target wants to anonymously know I work from home all day. 

2. OnMyWay

OnMyWay is a data collection app that helps prevent distracted driving. If you go to the website and type in your phone number, you’ll get a link to download the app. You’ll earn $10 just for downloading it and $0.05 for every mile you drive without texting.

Although you won’t receive a payout in cash to your bank account, PayPal, or Venmo account, you can exchange your earnings for in-app deals or to different, lesser-known stores like Hollywood Sensation or Jordan Lash. These deals are coupon codes that advertisers have purchased and range from $10 to $100 in value.

3. Mobilo

Mobilo is an app that strives to put an end to distracted driving by rewarding users with points instead of cash. The app will activate Google Maps or another GPS app on your phone. If it detects a speed above 12 mph for at least two minutes, you’ll get points.

Mobilo will reward you with one point every minute you don’t use your phone. It’ll deduct a point any time you use your phone while driving. You can redeem your points for Mobilo, a new cryptocurrency. The company states that in the future, insurance companies and others who value safe driving will accept Mobilo as a form of payment.

As of February 2020, the only product you can purchase with the cryptocurrency is Mobilio Airbag, which can help you if you get into an accident during a ride with Zipcar or Share Now. If you buy it 30 minutes before your ride and don’t use your phone during the trip, you can use Mobilio Airbag to pay the damage fee Zipcar or Share Now will charge you.

Rent it out

Just like you can rent out a room or your entire home through Airbnb, you can rent out your car and post the listing through various apps. This may be a great option if you don’t use your vehicle often because you live in a city or work from home.

4. Getaround

Getaround is a car sharing app that allows car owners to connect to people who need to rent a vehicle. According to the company, you can use it to earn hundreds of dollars per month as long as your car meets its requirements:

• Model year is 2010 or newer
• Has fewer than 125,000 miles
• Seats a maximum of 8 passengers

To get started with Getaround, create a free account, including details like the dates your car will be available as well as a pick-up and drop-off location. After a 30-day free trial, you’ll pay a one-time fee of $99 and a flat fee of $20 per month to continue to use the app.

A Getaround representative will install Getaround Connect, a device that allows renters to locate and unlock your car. You’ll also receive a digital key so you can access and unlock your car from your phone any time you’d like. Additionally, your car will carry a $1 million insurance policy when you rent it out.

You can read more about the company and how it works in our Getaround review.

5. Turo

Turo is another car sharing app. The company states that you can use it to earn $500 per month or more if you own a car that’s registered in any state except New York. The platform also requires that your car:

• Be no more than 12 years old
• Have 130,000 miles or fewer
• Doesn’t exceed $150,000 in value

To sign up with Turo, create an account, and click on “List Your Car.” From there, enter information like the make, model, and license plate number. Also, include details such as the amount of trunk space and whether your car has features like a built-in GPS or leather seats.

Although Turo will suggest a daily rate for your car, you can choose your own fee. The insurance coverage you select will determine how much of the rental fees you get to keep.

Here’s an overview of your options.

• Standard Plan: If you opt for the standard plan, you’ll get liability coverage and physical damage protection. You’ll also pocket 70% of the price of your trip.
• Premium Plan: You’ll take home 65% of your trip earnings price if you choose the premium plan. This option is similar to the standard plan but also includes wear and tear and loss of rental income.
• Basic Plan: The basic plan doesn’t cover wear and tear or loss of rental income. Turo will pay 20% of the initial $3,750 of any car damage expenses and 100% after that. You’ll get to keep 85% of your trip price.

Jeremy Poland, owner of The Platform Shop, has used Turo to rent out his Porsche Cayenne to business travelers in Houston. He earned $400 per week for two rental sessions that lasted between three to four hours.

For those looking to use the service, Poland offers some advice: “To make good money on Turo, keep your car clean, leave unopened packs of gum, and relist your vehicle every once in a while,” he said. He also explained that the more luxurious your car is, the more you’ll earn.

Related: 16 Passive Income Apps Everyone Should Be Using

6. HyreCar

Unlike Getaround and Turo, HyreCar gives car owners the chance to rent out their vehicles to Uber and Lyft drivers. To use it, create a free profile with photos of your car, registration information, and Uber or Lyft inspection documents. If you haven’t had your car inspected by Uber or Lyft, you can pay $30 and sign up through RideShare Mechanic.

You’ll be notified any time someone wants to rent your car via HyreCar. Then you’ll need to accept their request within 24 hours and coordinate with the driver to give them your keys and verify their driver’s license. You’ll get paid as soon as the driver picks up your vehicle.

When the rental is over, you and the driver will arrange a drop-off time and location.

According to the HyreCar website, you can make up to $1,000 per month if you rent out your car to ride share drivers.

Wrap it with ads

If it doesn’t bother you to drive around with stickers or wraps on your vehicle, you can get paid to place advertisements on your car.

7. Carvertise

Carvertise is an advertising company based in Wilmington, Delaware that connects brands like Amazon and Sprint with drivers who want to earn extra cash by placing ad decals on their cars. It has locations in New York City, Los Angeles, Chicago, Dallas, Philadelphia, and Boston.

To make money with Carvertise, you’ll need to drive at least 30 miles per day and own a car from 2008 or newer. Once you fill out a short questionnaire on its website, the company will match you with a brand that advertises in areas you frequently visit.

If Carvertise believes you’re a good fit, you’ll go to one of its in-person locations so that a representative can put the car wrap ad on your car. You’ll choose from a partial or full wrap ad and earn anywhere from $300 to $1,200 per campaign.

On average, campaigns last three to four months. Carvertise will remove the ad from your car as soon as the campaign is over.

Related: 13 Apps to Help You Make Money Delivering Things

8. Wrapify

Wrapify works with brands who want to promote their offerings through “rolling billboards.” They place wrap ads on cars and pay drivers based on how many miles they drive. If you’d like to earn money with Wrapify, you’ll need to pass a background check and drive a 2010 or newer vehicle.

To sign up to work with Wrapify, download its app and create an account. The app will track your driving habits and send you campaign offers based on the places you frequently visit. If you see a campaign you’re interested in, register for it and go to a nearby Wrapify shop to get your car wrapped.

The number of miles you drive within a campaign zone and the type of wrap you choose will dictate how much you earn. If you opt for a full wrap, you can make anywhere between $264 and $452 per month. With a partial wrap, your earning potential will range from $196 to $280 per month.

9. Local businesses

Local businesses are always looking for new and creative ways to advertise their products and services. This opens up an opportunity for you to reach out to them and ask if they’d pay you to place their name, phone number, and logo on your car.

If they’re interested, propose a fair offer — around $100 to $300 for a month-long campaign, for example — and negotiate from there. Keep in mind that a business that’s been around for years might have a bigger budget, but a startup might be more willing to pay for advertisements.

Once you settle on a price and duration for the campaign, you can work with a local sign maker to create a magnetic sign to place on your car.

10. Free Car Media

Free Car Media is a nontraditional marketing company that pays drivers to place ads on their cars. If you’d like to make money with the company, fill out an online application. If you’re accepted, the company will email you with program details.

Once you select a campaign, Free Car Media will mail you an ad for your rear window with directions on how to put it on your car. If you want to earn more money and drive around with an ad on your entire car, it’ll direct you to a nearby location for professional installation.

Most programs with Free Car Media last six to 24 months and pay between $50 and $400 per month.

Be Cautious About Investing Money Upfront

When you look for ways to make passive income with your car, stay away from any company that requires you to make an upfront investment. If you have to pay to apply or remove a wrap ad from your car, look elsewhere. In most cases, legitimate companies won’t charge you to work for them.

It’s also important to be realistic about the amount of money you can earn with your car. These opportunities won’t replace your full-time job, but they can help offset car-related expenses like your loan payment, gas, or maintenance. Even if your car is paid off, it never hurts to have an extra source of income.

The post 10 Easy Ways to Generate Passive Income with Your Car appeared first on DollarSprout.