Write On 2017! – Money, Money
Posted by Shelley Coriell Feb 8 2017, 12:00 am in motivation, writer's journey, writer's life
WARNING: Today’s topic in our Write On 2017! series is NOT sexy. My apologies in advance. But here’s a cute weimaraner puppy for your viewing pleasure.
In this series we’re exploring ways to keep you on course and on fire about your writing, stuff like missions and visions and goals that fuel our writerly souls. Today is all about spreadsheets.
If you’re serious about the craft and business of writing, you need to invest in yourself and your products. And if you’re earning revenue, you must keep track of earnings. Uncle Sam agrees. I am not an accountant or tax professional, and I am not offering any financial or tax advice. My goal is to encourage you to be aware of your expenses and revenue streams, even if you are just starting out. Why? Money motivates. 🙂
Your #1 Assignment: Identify expenses for 2017.
On a spreadsheet or good ol’ yellow legal pad, record anticipated expenses. At year’s end, record actual expenses. Expenses can include: professional associations; education; craft books and comps; office supplies and equipment; book services such as editing, formatting, etc.; postage; bank fees; publicity; travel and lodging; networking functions; self-employment taxes; etc.
The benefits: Setting aside money for craft books or writing workshops will encourage you to work on your craft. Going to conferences will expose you to industry professionals such as agents, editors, cover artists, etc. Your tax adviser can also talk to you about deductions. Finally, putting figures down on paper is a statement of serious intent. Yay, you!
Your #2 Assignment: Identify income for 2017.
On that same spreadsheet, identify potential revenue streams such as royalties, advances, speaking honorariums, freelance work, etc. As money comes in, record it.
The benefits: You might identify some unexpected revenue streams. In addition, it’s cause to celebrate. Millions of people talk about “writing a book”, a tiny percentage of those actually do it, and a minuscule number of that subset make any money off their writing. This is a tough biz, my friends, and I applaud all of you who have earned money from it!
While budgeting isn’t too sexy, finding ways to empower our writing is. In the comment section below, tell us about one great investment you’ve made in your writing career. Might be a craft book, research trip, conference, or whiz-bang website. Write on!
This is Part 6 of the Ruby Slippered Sisterhood’s series, Write On 2017! A Writer’s Guide to Prioritizing, Goal Setting and Time Management. Part 1, Part 2, Part 3, Part 4, Part 5.
Shelley Coriell is an award-winning author of mysteries, romantic thrillers, and novels for teens. Her debut thriller was named one of Publishers Weekly’s Best Books of the Year, and her other novels have been nominated for an RT Reviewers’ Choice Award, Best Paperback Original of the Year from the International Thriller Writers, and a Kirkus Recommended Read. A former magazine editor and restaurant reviewer, Shelley lives in Arizona with her family and the world’s neediest rescue weimaraner. You can find her at www.shelleycoriell.com and Twittering @ShelleyCoriell.