Top 5 tips for Authors to be Practical about Money
Publishing and Money...Bah Humbug
Our attitude towards money is determined by our inner dialogue and state of mind rather than our bank balance. Financial success may result in temporary feelings of excitement just as financial failure may lead to depression. But our innate sense of happiness with our lives in general will tend to readjust to a ‘normal’ level. This is referred to as ‘adaptation’. We do it every day. The external conditions may differ: a lotto win, a fight about money with our partner, a pay rise or a large car repair bill can play with our emotions. Our internal happiness limiter is determined by our ability to perceive the situation and our level of satisfaction with what we already have. Our attitude towards money determines how happy we are with the trials and tribulations of our daily lives.
Discover and develop a healthy respect for money before you begin your publishing journey to financial security. As you make practical and positive changes in your life, you will develop a relationship with money based on negotiation, not dominance. Excessive financial desires lead to greed. In its simplest terms, greed is inflated expectations. It can only lead your attitude towards money towards feelings of frustration, disappointment and confusion. Even when you get what you want, you are not satisfied and your wants become limitless. The only way to combat greed is by being truly honest about your financial situation and thankful and grateful for what you already have.
Financial security as an author is an achievable goal. In simplest terms, it is being patient and holding on for the long term until you start earning more than you spend. The process for achieving financial security is equally as uncomplicated. Identify the factors in your author business that make money and those factors which cost money. Determine if you are receiving all the income you are entitled to. Then gradually eliminate those factors which lead to an unfulfilling discharge of cash. The result is more money flowing in than out. If you earn less, spend less.
If you don’t know where your money is flowing, you can’t make it work for you.
- Do you know where your money goes? - What do you spend money on?- How do you need to make ends meet until your author income increases?
You should have money left over at the end of the month but the reality for most of us is that there is often none. If there is none left over, there is none to allocate to investment into your books that will help make you make more money. Publishing a book can be a difficult business and not often a profitable one.
It is not how much you earn, but how much you keep and what you do with it that counts.
Decide on a workable definition of what financial success as an author means to you. The aim is to provide the quality of life you desire. Make a mental model of what your life will be like when you achieve it. It may change over time and be influenced by economic, social and health conditions. It has to be flexible enough for you to incorporate new and equally exciting ways of reaching your goal. Look at your current financial position and make sure your mental model is achievable. Setting unrealistic expectations will only further frustrate an already testing task.
Maximize Your Author Income with these top 5 tips1. Set an income goal.2. Know what you are entitled to (ELR, PLR etc).3. Learn about different ways of making more money as an author
4. Set a marketing budget, put your money into areas that work at building your platform
5. Find an accountant that has had experience lodging tax returns for authors
When you are a creative person, it can be very difficult to get your head around the business side of being an author. To be successful and have a long term career, you need to approach your writing as a business. You are the CEO of your own empire, how big it grows is up to you.
Talk soon,
Michelle
www.michelleworthington.com www.michelleworthington.com
Our attitude towards money is determined by our inner dialogue and state of mind rather than our bank balance. Financial success may result in temporary feelings of excitement just as financial failure may lead to depression. But our innate sense of happiness with our lives in general will tend to readjust to a ‘normal’ level. This is referred to as ‘adaptation’. We do it every day. The external conditions may differ: a lotto win, a fight about money with our partner, a pay rise or a large car repair bill can play with our emotions. Our internal happiness limiter is determined by our ability to perceive the situation and our level of satisfaction with what we already have. Our attitude towards money determines how happy we are with the trials and tribulations of our daily lives.
Discover and develop a healthy respect for money before you begin your publishing journey to financial security. As you make practical and positive changes in your life, you will develop a relationship with money based on negotiation, not dominance. Excessive financial desires lead to greed. In its simplest terms, greed is inflated expectations. It can only lead your attitude towards money towards feelings of frustration, disappointment and confusion. Even when you get what you want, you are not satisfied and your wants become limitless. The only way to combat greed is by being truly honest about your financial situation and thankful and grateful for what you already have.
Financial security as an author is an achievable goal. In simplest terms, it is being patient and holding on for the long term until you start earning more than you spend. The process for achieving financial security is equally as uncomplicated. Identify the factors in your author business that make money and those factors which cost money. Determine if you are receiving all the income you are entitled to. Then gradually eliminate those factors which lead to an unfulfilling discharge of cash. The result is more money flowing in than out. If you earn less, spend less.
If you don’t know where your money is flowing, you can’t make it work for you.
- Do you know where your money goes? - What do you spend money on?- How do you need to make ends meet until your author income increases?
You should have money left over at the end of the month but the reality for most of us is that there is often none. If there is none left over, there is none to allocate to investment into your books that will help make you make more money. Publishing a book can be a difficult business and not often a profitable one.
It is not how much you earn, but how much you keep and what you do with it that counts.
Decide on a workable definition of what financial success as an author means to you. The aim is to provide the quality of life you desire. Make a mental model of what your life will be like when you achieve it. It may change over time and be influenced by economic, social and health conditions. It has to be flexible enough for you to incorporate new and equally exciting ways of reaching your goal. Look at your current financial position and make sure your mental model is achievable. Setting unrealistic expectations will only further frustrate an already testing task.
Maximize Your Author Income with these top 5 tips1. Set an income goal.2. Know what you are entitled to (ELR, PLR etc).3. Learn about different ways of making more money as an author
4. Set a marketing budget, put your money into areas that work at building your platform
5. Find an accountant that has had experience lodging tax returns for authors
When you are a creative person, it can be very difficult to get your head around the business side of being an author. To be successful and have a long term career, you need to approach your writing as a business. You are the CEO of your own empire, how big it grows is up to you.
Talk soon,
Michelle
www.michelleworthington.com www.michelleworthington.com
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