Financial Literacy For All – For Writers Especially
I want to be a successful writer. And that can mean different things for different writers and authors. But my writing goals are mine to achieve. As I laid out my writing goals in a previous post, earning money from writing was one of them.
Knowing how to manage money is an obviously crucial skill for most people. Being broke or homeless is not usually the dream goal; I believe that it is important for me, especially as a writer, to be financially literate beyond basic knowledge so that I can be a writer, pay my bills and live my life.
As we know writing is not a career famous for its high salary and benefits. Not for most writers anyway. And I have yet to hear a parent wish for their child to be a writer. This also seems to be the case with other types of art.
But not all writers have to be broke. And maybe it is possible for some of us if not most of us to generate good incomes, suitable for our living situations. 2021 was a whirlwind of many things. Many people lost their jobs or had family members, spouses, children, etc. without a job. So they got creative with how they make their money. So much so that it almost was a trend.
People began making tons of money online, with social media, or with new side hustles and businesses.
And that assured one fact: There are so many ways to make money. How many ways, is all up to how many income streams or avenues you want to manage and keep track of.
Writer = Hustler & Writing = Business
In the same way, writers can learn to maximize their income and earnings. This post won’t list more ways to make money like the others posts did and will. But instead, talk about my mindset and approach toward making money as a writer.
Writers have to be hustlers. In that, we must be proactive and diligent about making money from our beautiful work. The number of hours put into making a book doesn’t guarantee a certain amount of money or book sales. Even after the book is published it’s best to keep informed and stay working, towards making more book sales.
As much as writing is an enjoyable form of creative expression for me, if I want to be a full-time writer or just a successful writer, then I can’t just view it as a form of expression. It can’t just be a hobby. It is my job, my money-making machine.
Not Just a Hobby
Here’s the thing, before I took writing seriously, it was just a hobby. When I seriously decided that I wanted to be a writer, it was a passion. And the more and more posts I write on this blog I also consider writing my business. Not just mine to mind, but a skill that is a job, that will and can make me money. And the better I get at writing and selling what I write, the more money I can make.
The most popular form of business is the exchange of goods. It practically is business. Trading things of value for the purpose of gaining profit and the value of the goods or items. After my books or creative works are finished. When I decide to publish them, I am essentially hoping that people will read my books and works, like them and what they offer in exchange for book sales and more reads.
Learning how to market and sell my books and works will help me make more money. Money that is used to help me live a comfortable life which will include making more creative writing works. I really enjoy writing. But I also enjoy my sometimes expensive beauty products and eating really good food that may cost way more than a deli sandwich. I also have goals that cost more than 100k. Needless to say, if I want to become a successful writer, live comfortably, and accomplish my goals, writing can’t just be a hobby.
Everyone’s definition of comfortable living is different and the costs vs demands vary. But knowing how to achieve my definition of comfortable living in my field of work is not just a goal, but something for me to work on, since before yesterday.
How I Plan on Living a Comfortable Lifestyle With Earnings From Writing
As I grow in my writing career my methods may grow, refine or change but currently I…
Write on this blog
Blogs have the potential to make tons of money. For me, blogging is a way to start some income that can fund my writing and living. Especially in between books and works, rejections, and school. My blog is fairly new and growing but not yet generating any substantial income. I made a crucial mistake when starting my blog that kinda thwarted my income growth. But I’m happy that I noticed that mistake and learned from it.
This blog also doubles as my author’s platform. And as this grows the chances of me getting high advances grow.
Writing
Aiming to publish a book (or more) and short stories, I am working on and writing works that I hope won’t take too long to be finished. These works can also bring me money through book sales. Although getting money from book sales may not happen right away. I don’t know how long it’ll take for me to complete my works, but I also don’t want to rush them just for sales. I want my work to actually be good.
Hence one of the reasons I write on this blog.
Learning How To Be A Better Writer
To be a better writer and make good money from it I need to produce good work. So learning how to be a better writer directly impacts my success.
Learning How To Sell And Do Business.
After I finish my creative works and pursue getting them published-How do I keep people buying and reading my work? Aside from my work just being good. How do I also keep this blog thriving? How can my works continue to make money and help me better at writing and selling my work?
Learning how to sell and market my works will help me work better with agents and publishers to bring in more book sales and sales in other areas.
Using Book Sales, Advances, And Income To Make More Money
Invest, invest, invest.
I see investing as a smart way to own and control my money: how much it grows for however long it can make me money; Book sales are great but at the end of the day, they depend on other people deciding whether they want to buy my work or like my work. Investing in my book sales and all other earnings related to my writing, helps me ensure that I can still earn and generate income if I stop writing. If book sales plummet and as I Iose or gain readers.
Investing (overall) is a great move for any human being, but in this context, it can fund me beyond my writing. What kind of investments may you be wondering…
Well, having a diverse investment portfolio helps and these are some of the avenues I aim to invest in
- Real Estate
- Stocks
- Cryptocurrency
- my own work
- Other businesses and establishments
and any other way I need or need not to.
There are many other ways to invest so investing sounds like a thing for you, find which ways are best for you.
Other than Writing
Other than writing I need to trust the Lord, eat, sleep, have shelter, laugh, cry and live my life. Writing is important to me, but it is just an aspect of my life and who I am. For the fact that I enjoy it alone, writing adds value to my life. And as I choose to write as a profession I have to be a bit more strategic and aware of the many other ways it can add value. So I have to be smart about how I make my money, especially as a writer. It can’t just be a hobby. If I want to be a successful writer in many ways, writing has got to be my business.
Until my next words (on here that is)
Christa
