Most of us here have a burning desire to tell stories. Some of us are happy to tell nonfiction stories, while others can only imagine sharing their original fiction.
It would be wonderful if we lived in a society where we didn’t need our writing to earn money. Or where rich patrons paid our living expenses while we created our works for their amusement. (I’m envisioning the gathering of artists in the movie Impromptu here. They may not have appreciated their patrons as people, but they surely appreciated their money.)
But we live in a world where the bills must be paid and the food must be put on the table. How do we balance our creative desires and our worldly needs? Or, how do we make sure we have a steady income while still doing the work we love?
Anyone who has sold a book–fiction or non–knows that it takes a long time to begin earning royalties from the sale. You may get a small advance, but it’s probably not enough to live off until the royalties start coming in. (If it is a healthy six-figure advance, congratulations!)
The key is to create multiple income streams so that you have income all the time. While your book is at the publisher being edited, laid out, and printed, write articles for local and national media. Consider doing business writing for local companies. Hey, sell your donated blood if you can find a place that pays for it. Balance your short-term income and your long-term income so that you are able to meet your financial obligations.
You will also want to make sure that your monthly expenses are reasonable. Perhaps you want to take a break from the full cable or satellite package for a few months to lower your expenses. Or cut back on features on your landline or cell phone plan. Or cut your use of credit cards so that unsecured debt payments don’t gobble your income. Balance your needs and wants against your reality so that you can stay in control.
The final tip is to ensure that you take a balanced approach when the income comes in. We live in a society of instant gratification, and you might be tempted to blow your check as soon as it comes in. That would be fun–I love shopping as much as the next gal. But, then when it comes time to pay your quarterly income taxes, ouch. Save 30% of your income to cover taxes, then allocate the rest of it to your salary, investment in growing your business, and the other needs your business has.
Happy writing!
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