Financial Planning and Writing

As writers, we often don’t want to  think about finances. That’s too “practical” and we tend to be the artsy, creative types. Right?

Wrong. If you want to write for a living, you have some serious financial planning to do now.

Walking away from a 9 to 5 job with benefits is going to be tough when the time comes, regardless of the planning you’ve done. However, it will be impossible if you haven’t done any planning at all. Imagine it, you get your first book deal, and you still can’t afford to quit work and write! Not exactly what you’re dreaming of, is it?

Let me say that once more…. Unless you plan financially now, you’ll never be able to quit work and write for a living.

So, what are you doing about it?

Over the past year or so, we’ve been working on our finances and planning/hoping that my writing career can be my main source of income eventually. Here’s what we’ve done.

  • Stop going into debt. This one really is a no-brainer. We don’t charge gas, food, clothes, etc. We don’t even charge bigger items, like furniture.
  • Pay out of debt. If you’re not going INTO debt, then paying off the debt you have becomes much easier, and faster. If you’re able, add a little extra to one of your bills each month so you can see it disappear even more quickly.
  • Layaway is your friend. Many stores still offer layaway plans. This is great for larger purchases you might put on a credit card otherwise. We bought a home recently, and we’ve been furnishing it with layaway. It feels great bringing a piece of furniture home knowing it’s paid for!
  • Cut expenses. Sit down with your last few bank statements and track where your money is going. You don’t have to do a fancy spreadsheet, just look. Are you paying for a service you no longer need or use? I recently found a subscription I hadn’t logged in to for over a year, and it was costing me $15/month. Other easy techniques are searching online for coupons before you shop (online or in-store!) and asking for interest rate discounts from the credit cards you currently hold. If you can talk them into even a small decrease, it will make paying the balance off that much quicker.
  • Save! Sign up for one of the online savings accounts and start putting something in every payday. Once you’re used to saving that amount and you no longer miss it, up the savings by a few dollars. When you get a raise, put at least half of it in the savings.
  • As time goes on, put more of your paycheck into savings and practice living on your spouse’s income only, if you’re in a two-earner family. Start slow and gradually put away more and more of your income as your expenses and debt decrease.

Yes, living on an erratic source of income can be scary, but it’s also very doable! Plan on making just one financial change this month that can put you closer to that goal. What will yours be?

Note: This entry is part of a group writing contest being held at Get Rich Slowly, which happens to be a great site for finding advice on living more frugally, budgeting, getting out of debt, etc.

When you’re asked for edits

Imagine that you’re walking down the street, and you spot a mother pushing her new baby in a stroller. You stop to admire the newborn, gaze at her, tilt your head, and look up at the mother and say, “Wow! That’s one ugly baby you’ve got there.”

That new mom is going to stomp a mud hole in you. Unfortunately, many writers react like that new mom when they’re asked for edits.

1. Your book or story is not your “baby”

I feel a certain emotional attachment to my work too. I spend a lot of time on my writing, and when I need to cut out a scene that I particularly like, it can hurt. However, I also know that once my writing leaves my computer and goes out in the wide world, it will be read, interacted with, and (gasp) judged by others.

Let your baby grow up!

2. Whom are you writing for?

If you’re writing only for yourself, then by all means, ignore your editor. Of course, if you’re writing only for yourself, why are you sending your work out anyway?

If you’re writing for others…well, shouldn’t you be taking others’ opinions into consideration?

3. Get some good criticism

“Good” criticism doesn’t come from your mom, husband, wife, or best friend. Those people will tell you your book is great no matter how horrible it truly is. They love you, or at least like you, and they want you to feel good about yourself.

A writers’ group may be a source for a good critique. However, sometimes strangers are just as likely to feel uncomfortably offering criticism, even when it’s constructive. If your critique group doesn’t usually suggest something to improve on, they’re probably not giving you an honest critique. How many writers are there, after all, who really don’t have room for improvement?

4. Art or Excuses?

Ah, this is the one that’s likely to give some folks an apoplectic fit. Keep in mind my background… I did a grad degree in English and suffered through  endured was a part of many discussions about writing and art. These also included many deprecating comments about genre fiction (try saying it with a sneer, that works best… “genre fiction”… ew).

I write genre fiction.

Needless to say, I’m not big on the “art” side of things. I’m not interested in grad students doing theses on my work. I don’t care if some academic finds me worthy of study. I want to tell a good story and have readers enjoy it.

And that means I need to listen to readers when they tell me something isn’t working.

No, that doesn’t mean that I’d necessarily take any advice given, but I will consider it, and honestly. In most cases, the editor is right, and I make the changes requested.

Yep, this post was inspired by a request I got this week to make some changes to a short story before it’s published. Of course, I’ll make the changes, because the editor was right on the mark.

How do you feel about changing your work at an editor’s request?

What’s holding you back?

If you’re reading this blog, I assume that you have at least some interest in making money from your writing. Maybe you’re very optimistic and hoping to support yourself completely or simply looking to supplement your income or buy dinner once a month or so.
So, what are you doing about it?

I know quite a few writers, both online and in the real world, and many claim to want to publish and make money writing. However, very few even manage to make anything, let alone enough to live on. Why is that?

The Artist

The artist won’t compromise his work for anyone or anything. To complicate matters, proofreading, editing, and rewriting all seem to fall under the large umbrella of “compromises” that he won’t make. Forget working with an editor, this person refuses to change the most egregious errors. None of the really great writers are appreciated until after they’re dead anyway, right?

The Chaser

The chaser will compromise her writing for nearly anything. What’s the latest bestseller? She’ll start a novel that’s similar. She reads that children’s literature is booming; she’ll write a children’s book. Never mind that she has no interest or background in the genre, she wants in on the action. When asked about her “voice,” her most honest answer is “Whatever you want it to be.”

The Perpetual Novel

This is the novel that sits in the writer’s drawers (not those drawers!) and gets pulled out occasionally. A paragraph is tweaked, a sentence is labored over, the novel is stroked, loved, admired, and slipped back in the desk. It must be perfect before going out in the world. As everyone except the writer knows, nothing is perfect, so this novel is doomed to be admired by one.

The Almost Writer

These are the folks who sit down and scribble on a poem or story for a few minutes, and then weeks or months go by with no writing. Still, they hope to one day write full time or publish. They’re sure they can do it, when they get the time.

The Sprinter

These writers start strong on a work and then fizzle out. Sometimes it’s the work that doesn’t quite make it, but often it’s the writer’s stamina that’s at fault. Novels are a marathon, not a sprint. Persistence and stamina count.

Fixing it

Okay, maybe these are a bit tongue-in-cheek, but I bet most writers can see a bit of themselves in the descriptions. I know that I can. What do you do to fix it? How do you get on the path to writing success?

  1. The Artist. Get over yourself. If you want to publish and/or make money, then what you really want are readers. If you’re writing for yourself, it’s one thing. Be as attached to your work as you like. However, if you’re writing for someone else, you need to take others’ opinions into consideration.
  2. The Chaser. Don’t look at the bestseller list. Skip those articles that talk about the next hot genre. Write only what you’d enjoy reading. Given time, you’ll develop your own voice. Besides, you can’t predict what’s going to be popular, and by the time it IS popular, you’ve missed out on the trend.
  3. The Perpetual Novel. Finish it. Set a deadline, and declare it finished as of that date. Send it out to an agent on that very day, and absolutely resist the urge to rewrite until an agent or editor tells you to. Then, start another novel!
  4. The Almost Writer. Write every day. Not a couple days a week, not most days, every day. When you’ve really developed a strong writing habit, you can take a day off here and there, but not until then. At a bare minimum, write every day for thirty days.
  5. The sprinter. Do you have a novel that’s partially finished, AND that’s promising? Dig it out, and spend time every day finishing it.

In short, stick with it!

Simultaneous Submissions

Many publishers, magazines, and e-zines refuse to accept simultaneous submissions. This can cause inconvenience, and sometimes outright hardship, for authors who want to submit their work to them.

What are simultaneous submissions?

Simultaneous submissions occur when you send your work out to more than one potential publisher at the same time. The obvious benefit to you is that you get your work in the hands of more people, thereby increasing your chance of being published. So what’s the problem, right?

Why do so many refuse to accept them?

Let’s say you’re running an e-zine. You have an issue coming up in a week or so, and you’re choosing from your submissions and putting the online magazine together. You’ve notified the authors that you’ve chosen as submitters, but just before the deadline, an author contacts you to remove a submission. It’s been sold to another e-zine.

So, you’re left with only a few days before publication, and you have to pick a story to replace the one you just lost. It’s understandable that publishers want to avoid this situation. So, they ask that you submit your work to them exclusively, wait for a decision, and only then move on to submit to the next publisher.

How long does it take to get a decision?

It depends on the magazine, obviously, but it’s not unusual to see turn-around times of weeks, or even 2-3 months. Yes, that means that the great story you just wrote might get submitted to a half dozen, or fewer, publishers this year. That doesn’t make your chances of getting published great, does it?

Does pay rate have any affect?

I don’t have any official statistics, but anecdotally, I can say that no, it doesn’t. The e-zine that doesn’t pay anything is just as likely to demand no simultaneous submissions as the print magazine that pays good rates.

How do they know if I submit elsewhere?

They don’t, unless you have to pull a submission from them. You might send your story out to several places, ignoring the simultaneous submission rule. What happens when someone accepts the story? You’ll need to pull it from the others’ consideration.

It may be tempting, but your reputation as a writer can follow you. That editor will remember, and the next time you submit a story, it’s likely to get tossed out up front. Is it worth burning the bridge?

What I suggest.

First off, the obvious path is to seek out publishers who accept simultaneous submissions. Many do, so give them first crack at your work.

Consider submitting to a publisher who refuses simultaneous submissions if the pay is high enough or the prestige of publishing there is good enough. In these cases, it’s worth the time spent waiting. Of course, it’s up to you to decide what’s high enough and good enough.

Also consider it if you’re unpublished. You’re better off getting some publishing credits, even if you have to wait for them.

If a magazine is unknown and pays little or nothing, then I’d avoid submitting to them unless they accept simultaneous submissions. In that case, the publisher probably needs your work more than you need to be published, so they should be more flexible.

Geek to Live: Turn your blog into a book, part I

If you read the Lifehacker site, you’ll find this interesting, but even if you don’t, it’s a worthwhile read. While many authors also write blogs as a way to connect to their readers and recruit new ones, this is exactly the opposite situation.

After blogging for nine months, Gina Trapani, the Lifehacker editor, got an offer from an agent. How many authors fantasize about something similar happening? It just goes to show you that the dream of becoming a published author is within grasp, if you keep working at it.

Speaking of working at it, how is that goal setting coming? I’ll be posting here shortly concerning my own.

read more | digg story

Review of Lulu.com

First off, I did take advantage of Lulu‘s free offer a couple years ago for NaNoWriMo winners. I got a copy of my NaNo novel printed up for free, and I was very pleased with the results.

  • The book comes back to you EXACTLY as you sent it out. So, if there’s a little mistake in the cover art, it’ll be there on the book too. This is also a good thing in that you can get exactly the book you want.
  • You do the cover art. Lulu has some stock covers to choose from, but you’ll probably want something unique. If you’re not artistic (like me!), then you’ll definitely want to enlist some help in this department.
  • You do the layout work, based on Lulu’s guidelines. Based on the size book you’ve chosen, you’ll have layout guidelines to follow. It can be a bit tedious, but it’s not difficult. I think it took me and my husband several hours of tweaking to get this just right.
  • It’s free!! Can’t beat that price, can you? Set up and listing is free. I believe they’ll even host your e-book for free. Then, for each book you sell, Lulu takes a cut and you get the rest. I won’t go into the fee structure here, but it’s not unreasonable.
  • You can pay about $100 and also get an ISBN, which allows you to get listed on Amazon and Barnes and Noble. That one’s a no-brainer, in my opinion.

I know there are other sites that offer more help, but they also charge fees. Since I haven’t used any of them, I can’t speak for the quality or whether the fees are worth it. Anyone?

Writing Resolutions

Did you make any? I’m not much of a resolution person; as soon as I make one, it’s practically broken anyway, so there doesn’t seem to be much point.

What I have decided to do is this, concentrate on turning a profit from my writing this year. In 2006 I did make some money, but not enough to cover web hosting fees, supplies, research materials, etc. I figure I may have come close to breaking even, maybe.

If you’re like me, then you also may be wondering how to make some, or more, money from your writing in 2007. Maybe you want a little bit of a second income, or maybe you want to go all the way and support yourself from your writing. I’d be in the second camp. Although I might not choose to leave work (I really enjoy my day job), I’d love to make enough from my writing so I could leave if I wanted to.

As a part of this plan, I’m working on finishing and editing The Resurrected. I’m very strongly leaning toward a print on demand publisher, but I haven’t chosen one yet. Over the next few weeks, I’ll be doing some research and letting everyone here in on what I find.

What is your writing goal, or resolution, for the upcoming year? Care to share what your plan is to achieve it?

Which route?

For those of you planning on publishing a novel — whether it was part of NaNoWriMo or not — will you choose the traditional publishing route or a self publisher or print on demand publisher?

I don’t agree that POD or self-publishing are strictly vanity presses. I think they also have benefits to offer serious writers as well. From my readings, here’s what I’ve gathered about the alternatives.

  1. Time. It may take a year or more to find a traditional publisher, and then you’ll need to go through their publishing process. Your book won’t see the bookshelves any time soon with a traditional publisher. If you choose POD or self-publishing, you can have something ready in a matter of days.
  2. Money. A traditional publisher won’t charge you anything, and you may get an advance. Depending on the route you choose for self-publishing, you may have to pay set up fees. You might want to check out Lulu . They seem like a reputable POD publisher, and you won’t pay to set up your book.
  3. Promotion. Many traditional publishers will expect you to do some of your own marketing, but you’ll certainly need to plan on doing even more if you self-publish.
  4. Prestige. Obviously, being published traditionally offers more clout, but self-publishing doesn’t have to mean a vanity press. If you market your work and achieve respectable sales, you can do a lot to offset that impression. Of course, there’s always the chance that you’re self-published book will be successful enough that a traditional publisher will want to pick it up.

In my opinion, it all boils down to time. If you think the work is marketable, then it’s worth a shot at a traditional publisher. However, you may not want to wait for months (or longer) to find a publisher. If that’s your situation, then self-publishing might be a better choice.

Either choice you make, you’ll want to put your best writing forward. If you self-publish, you may want to pay someone to edit your book. If you’re looking for a freelancer to do just that, check out elance . I’ll give more information on elance and choosing a freelancer in another post.

I’m leaning toward making at least a few overtures toward a publisher and/or agent. If things don’t go well, then POD is always an option.

Good luck everyone, and keep writing!