Actually, since this is a Top Five List™, make that $0.10.
1. Self/e-publishing is no more a get-rich-quick scheme than traditional publishing. The only difference is that rather than ending up in a drawer or as a doorstop or in the trash bin, a sub-par manuscript can now be made available to millions of people on the Internet in short order. However! Consider this:
Traditional publishing: your book isn't very good or is unsalable. You pay no/few up-front costs, get rejected by agents, and make no money.
Self-publishing electronically: your book might not be very good or salable, but you still might make a few sales. You pay no up-front costs and possibly make a few bucks.
Something is better than nothing, but after awhile you have to ask yourself whether the opportunity cost of spending months writing a novel and then only getting $50 through Amazon is worth it.
2. Think of e-books like apps. A beautifully written app that doesn't fill a niche may sell, but probably not well. A shoddily written app that fills a niche will probably sell better, but probably not well, and the next app that does the same thing better will quickly overshadow it. A beautifully written app that fills a niche will sell well, and through the Mysteries of the Internet, some become phenomenal bestsellers that earn their creators bajillions of dollars.
3. Think about the advance in advance. The advance you can earn through traditional publishing may or may not end up being more than you'd make electronically (odds are it'll be more), but the beauty of the advance is in the word itself: you get it before you sell a single copy. Many midlist authors use money from their advances to finance author events, tours, &c that the publisher may not cover. Since you won't have that benefit with self-publishing electronically, most of you will have to rely on cheaper (or free!) methods of selling yourselves and your work.
4. Consider getting outside help. Even assuming you're a great writer, that doesn't necessarily mean you're a great editor, marketing manager, sales(wo)man, or graphic/web designer. If you know people who are, hire them! (Or, if you're best bros with said people but can't afford to hire them, ask for favors.) This is where that advance (see above) would come in handy. Maybe offer to cut them in on your profits.
5. Learn everything you can about the tools you're using. If you're selling through Amazon, learn as much as you can about how their search systems, recommendation systems, &c &c work. Read everything you can on search engine optimization (SEO), on-line advertising, and keywords in order to make sure your work is readily available when its title or your name is entered into search engines like Google or Bing. If you don't have time to do this, maybe ask that best bro of yours to do it for you (see above). If your best bro is already pretty knowledgeable about these things, so much the better.
As I've said before, mes auteurs, self-publishing is not a ticket to easy street and most self-published novels, electronic or physical, don't sell many copies. If you write a great book and do your research, however, it's possible to do pretty well for yourself.