Writers! How to Avoid Poverty And Juggle a Day Job
How to Avoid Poverty And Still Write
Some writers earn a lot of money from their books. The sad reality is that most do not.
There are some unique features to writing that make it particularly difficult to generate income. That’s because writing is a tournament marketplace.
Tournament Marketplaces
Tournament marketplaces are characterised by:
High numbers of players
Low average earnings per player
Very small number generating profits
However, profits for a tiny number of players are extremely high
These extremely high profits act as an incentive for new players to join the marketplace
Other examples of tournament markets include professional tennis players or (get this!) merchant bankers. Seriously. (I once read a whole economics paper on this. Personally, I would have thought merchant bankers did okay, but apparently not. Poor things… )
If you want to get rich, DON’T join a tournament market. Instead, be an engineer or a doctor, where both the average earnings and the profits per player are high.
Be Realistic
However, you may still have a dream of being a paid writer. Like me, you may even know in your head that the chances of making any money are incredibly low. So, if you decide to enter a tournament marketplace, do it with your eyes open.
Like any business start-up, you should assume it will take time to generate sufficient earnings. That’s why I always say to start-out writers: keep the day job.
Keep Your Day Job
A day job gives more than money – it gets you out of the house, and a sense of doing something meaningful. But managing work and writing (especially when you’ve got kids) is challenging.
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From Will Write for Chocolate by Debbi Redpath Oh
I’ve tried it all: full-time, part-time and contract based. Here’s my thoughts on each option.
Options for Day Jobs
1 Project-based work
Advantages:
If you’re self-employed, you can offset costs against your taxable income
You may have flexible hours
You can use times of paid work to save for times when you’re not working.
Disadvantages:
You don’t get paid holidays or sick leave
You can quickly get behind on income-related savings, such as superannuation payments.
You may need to take out income insurance
If you’re based at home, you may feel isolated
You’re vulnerable to marketplace changes
2 Part-time work
Advantages:
You get paid holiday, sick pay and colleagues
Superannuation schemes are maintained
You may be able to increase the hours worked if your boss has a shortage.
Your work may have skills/tools you can leverage to help your writing – like printers and reliable internet!
Disadvantages:
Salary levels of workers who traditionally look for part-time work (i.e. mothers with children) can be low
Not every workplace allows part-time work
You may be perceived as ‘less valuable’ to an organisation than your full-time colleagues.
Part-time hours can easily creep to full-time
Personally, I find it better to have a couple of writing days, and a couple of work days – this saves me having to juggle projects
3 Outsourced/Freelance
Advantages:
Very flexible.
You can, to a certain extent, set your own rates.
You can acquire work online. Platforms include: fiverr; upwork; yourVA.
Your costs are tax-deductible.
You may be able to leverage writing-related skill sets. For example: editing, marketing, copyediting.
Disadvantages:
You need to have a marketable skill set
You’ll be running a small business, so you’ll have to be comfortable with working as a business-person
You may be competing against low-wage economies. A designer based in Bangladesh has a lower cost of living than a designer in London.
Not all professions allow freelance work
It can be isolating
You may be vulnerable to platform changes or marketplace shocks
Payments may be lumpy, so cashflow can be a problem
Can take a while to gain traction
Learning to Juggle
Trying to write while working a day job can be really, really tough. A writer with a day job has to learn to cope with a messy house and saying No. Here’s a tip: If you’re a working writer, do NOT join a PTA.
Do you have any tips for fitting in writing with a day job? How have you managed the juggle?
The post Writers! How to Avoid Poverty And Juggle a Day Job appeared first on RL Stedman.
