Tuesday, 22 of May of 2012

Tag » money issues for writers

Book Review: Overcoming Underearning by Barbara Stanny

Overcoming Underearning is a combination narrative and workbook designed to help you break through your earning blocks and begin earning what you are worth.

It is no secret that many writers work for low wages, whether they are on staff, writing for revenue share sites, or taking low-paying freelance jobs. And many times, the reason these writers settle for these low wages comes down to a lack of confidence. Writers often fail to realize their own worth and, thus, settle for low wages.

Barbara Stanny would argue that this lack of self-confidence may be based on deep-seated beliefs that they are simply not the type of people who could ever earn a lot of money. She provides guided questions to help readers determine how their beliefs about money and the people who have it affect their own ability to earn more money.

This is not new territory. The popular self-help books Secrets of the Millionaire Mind and Rich Dad, Poor Dad both address how belief affects earning potential. But Stanny brings a new way of addressing those beliefs that I believe can be more effective. Where the Millionaire Mind and Rich Dad authors simply tell their readers to stop having negative beliefs about money, Stanny uses journal exercises and questionnaires to help readers understand where their beliefs came from and how they can address and change them.

These exercises are of particular use to writers who need to earn more money — we all journal already, so it is easy to add the guided  exercises to the regular rotation and use them to follow the steps Stanny outlines to break through our own personal earnings barriers.

Have you read this book? If so, how did the steps work for you?

What are your personal earnings challenges?

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Writing Roundup, July 22

The Business of Writing | Craft | Fiction | Freelancing | Platform | Money

The Business of Writing

Craft

Fiction

Freelancing

Platform

Money

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Writing Roundup, June 24

The Business of Writing | Craft | Fiction | Freelancing | Platform | Money

The Business of Writing

  • Amanda Hocking, Storyseller: A nice profile of Hocking and her success.
  • Book Expo’s Sorry Turn: This person thinks book’s are dying. Do you agree?
  • A Literary Father’s Day Weekend: Stories from writers and their kids.
  • Can’t Shake the Devil’s Hand and Say You’re Only Kidding: Why one Seattle shop has said “no thank you” to books published under Amazon’s Thomas & Mercer mystery imprint.
  • Ebook Sales Down? Are you freaking out that there was a dip in ebook sales? JA Konrath isn’t, and neither should you. Unless you bet three year’s income that ebook sales would be up in June.
  • What If Those Pesky Agents Don’t Bite? First, I have to say how sad I am that I missed Randy Ingermanson’s talk at the Willamette Writer’s meeting this month. I would have to do much more finessing to be able to get baby home to daddy and get to the Old Church on time that I have been able to handle so far, but this one would have been so good! Anyway, here is Randy’s advice if agents aren’t jumping over each other to sign you after you present your novel.

Craft

  • Courage to Write: Tips from an Anxious Bestselling Author: If you are nervous about writing, print this post and keep it on your bulletin board to keep you motivated.
  • A Good Reviewer Sees Things in Your Writing That You Might Not Have: Kim Falconer shares her response to a review of her work. I am awaiting some reviewer feedback on one of my short stories, and I can’t wait to see what I can learn from it.
  • http://allfreelancewriting.com/2011/06/24/freelancing/making-money/think-twice-about-writing-for-revenue-share/

  • All Superheroes Know Their Strengths: A nice look at how self-assessment tools such as the Strengths Finder can help us improve as writers. I have done the Strengths Finder, and it has given me the power to focus my energy on what I am good at (Strategic, Intellection, Empathy, Ideation, Learner) and look for support for those I am less strong in. (See, “less strong” not “weak.” Our words have the power to life us or crush us. Use your words especially carefully when you are talking to or about yourself.)
  • Tricky Words: Past/Passed, Except/Accept: Straight from an English teacher, this advice will help you use the right words.

Fiction

  • On Character Authenticity: As part of their Pride Week series, Dear Author has interviewed some LGBT writers about creating true characters. Great advice here.
  • Five Openings to Avoid: Okay. I will be honest. My novel WIP currently opens with a wake up. But it works–I swear. Actually, I will probably kill the actual waking up. It is a crutch for me, and it is unnecessary.

Freelancing

Platform

Money

  • Mortgage Challenges for the Self-Employed: Jenn Mattern shares her concerns with mortgage shopping as a successful self-employed businessperson. Have you had successes or challenges getting financing without a full-time gig?
  • Think Twice about Writing for Revenue Share: Jenn Mattern gives a great list of why content writing for revenue share is a bad deal for writers. If you are being lured by a revenue share deal based on promises of unlimited earning potential, print this out and keep it posted where you can see it.
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Writing Roundup, May 9

The Business of Writing | Craft | Fiction | Freelancing | Platform | Money

The Business of Writing

Craft

Fiction

Freelancing

Platform

  • Paid versus Free Book Marketing Activities: This post helps you decide whether to commit financial resources to marketing by laying out the options you have and comparing them with those that cost you only time. Do make sure you adequately value your time, too!
  • How to Create a Free Author Website on WordPress: Good, easy step-by-step process. The process will be similar if you choose Blogger, you’ll just start at blogger.com.
  • To Blog or Not to Blog: Before you follow the steps in the previous post here, make sure you know what oyu want to accomplish and share by blogging.

Money

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Writing Roundup, April 18

The Business of Writing | Craft | Fiction | Freelancing | Platform | Money

The Business of Writing

Craft

  • 20 Great Similes from Literature to Inspire You: A little lesson in the difference between similes, metaphors, and analogies, followed by some examples from great literature. Do you have any faves from this list or from another written work?
  • Writers: Are We Always Honest with Each Other? A look at our ability to give feedback to our fellow writers.
  • A Foolish Consistency: If you have spent any time on the site Television without Pity, you know that fans of your work do not find consistency foolish–they find it essential. Of course, it is not just essential in fiction. Consistency helps all writing read better.

Fiction

Freelancing

Platform

Money

  • I Heart Tax Prep: Did you learn anything about your spending patterns when you did your taxes this year? Did you enact some changes for this year?
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Writing Roundup, April 4

The Business of Writing | Craft | Fiction | Freelancing | Platform | Money

The Business of Writing

Craft

  • Grammar’s Dirty Little Secret: I love the Fake AP Stylebook Twitter feed. And they are right: grammar is simply a construct. Certain rules apply over multiple style guides, but many differ. This really makes grammar look like smoke and mirrors to those who don’t work in publishing in some way!
  • Does Pro Editing Pay Off: This is a nice look at when you should spend the money on an outside editor and when you should keep plugging away on your own.
  • When You Hate the Book You’re Writing, Part 1: Are you sick and tired of your book? If so, you can commiserate with Lynette Benton and, I hope, get some tips to help you fall back in love.

Fiction

  • Why You Need to Make Yourself Completely Unavailable: This post, which argues that sometimes we need to completely disconnect to enhance our creativity, makes me think of Stephen King’s suggestion of writing with the door closed for your first draft. The Internet, TV, even family members can distract us from our creative processes.
  • Just Write the Story: Quit tying yourself up in knots and just write. You know, back to writing with the door closed. Turn off your inner editor and get that first draft done.

Freelancing

Platform

Money
I’m going to send you to the entire money week discussion on Nathan Bransford’s blog (remember, I mentioned it in Friday’s post). He did a great job of looking at the different financial issues we need to think about for our futures.

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Writing Roundup, February 9

The Business of Writing | Craft | Fiction | Freelancing | Platform | Money

The Business of Writing

Craft

Fiction

Freelancing

Platform

Money

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Tax Tips for Writers

We’re just over one month away from the deadline for filing your taxes. Have you put it off, or have you already taken care of them? I have put it off, not because of the IRS fear, but because this year has completely gotten away from me so far. I mean, really, how did it get to be March so soon?

I enlisted the help of a few experts to create list of tips to help you prepare this year’s tax returns and to prepare for next year.

  1. Make record-keeping easy on yourself. Debra Yergen, author of the Creating Job Security series, has an easy system for keeping your receipts organized. “Carry a ‘receipts’ envelope in your purse, briefcase, or car. When you get a business-related receipt, jot any relevant notes on it and add it to your envelope. When the envelope begins to get thick, drop it in an IRS box at home and grab a fresh envelope. Every few months organize your receipts,” Yergen said. Having your receipts together and labeled when tax time comes around will make it easy to account for all of your deductions.
  2. All expenses directly related to your business are fair game. Many writers forget some eligible expenses when completing their tax returns. Retired CPA and author Jeffrey Taylor reminds us that “anything that has the direct benefit of generating income, i.e., computer, business phone, isp, website development, publicist, accountant, tax advisory, book publisher, business driving and travel to conferences, education” are eligible deductions.
  3. All deductions should make sense. When writing off an expense, think about whether you can justify it easily. Because, Yergen said, “if you get audited, you are going to have to make a case to the IRS for the decisions you made.”
  4. Sometimes, its better not to deduct everything. “The worst threat is being declared a hobby by the IRS instead of a business,” said Taylor. “A business must generate income at least for two years within a five year period.” If you haven’t generated a profit recently, you may not want to write off everything. Generate a profit this year to keep your status as a business.
  5. Keep up on your quarterlies. Cathy Golsticker, a CPA who works with freelance writers, has an equation to help writers who have day jobs know when they need to makes quarterly estimated tax payments:Self-employment tax rate of 15.4% (assuming day job wages are below $106,800, other-wise SE tax rate is 2.9%) + income tax rate (estimated (25-28%) = 40% (rounded) tax rate times net income from freelance

    Deduct from this amount the expected tax refund (what you usually receive in a typical year)

    Equals: Annual federal tax estimates to pay in

    Now divide by 4 for the quarterly amount.

    Goldsticker also cautions writers not to forget about state estimated tax payments. Check with your accountant or your state’s department of revenue to get rates and deadlines.

  6. Consider incorporating. According to Michael T. Hanley, CPA and author of Effective Tax Planning for the Microbusiness, “Most writers who earn $250 or more each year will end up paying less tax each year by operating as an S-Corporation.” In addition, Hanley said, writers who incorporate have “an audit risk that is approximately nine times lower than the audit risk of any writers who report all income/expenses as if they were personal income/expenses.” [Note: I'll be going back to Hanley to find out a little more about incorporating. Stay tuned for an April post on this topic.]

Writer’s Digest also posted some further tax tips. What are your favorites?

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More on Money

Last week, I shared a few posts related to money, how we charge for what we do and why it is important to seek higher wages. Kristine Meldrum Denholm provided a follow-up to her original post that gives advice for how to set rates and how to negotiate.

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Writers and Money

Two interesting blog posts this week address the concept of monetary compensation for writers.

No Money…Are You Really a Writer?
Rebecca starts a series on what makes you a writer. Is monetary compensation your measure of success? Or is it a story well crafted?

Writers, Let’s Join Together on Payment
Kristine Meldrum Denholm provides a bit of a counterpoint in her call for writers to quit taking crappy low-paying writing jobs.

What is your take on payment? Do you take a different approach to fiction and nonfiction projects? How do you decide when a low-paying project is worth it?

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