Lesson #1 on being a writer: Don’t quit your day job!
It takes time to generate enough income from writing to not have to do anything else and even that is short term. Do it yourself authors can expect to earn (less expenses) around $500 on the low end perhaps $10,000. I would say for my friends who pop out book after book after book and market like crazy they are still struggling to reach that $10K mark. I saw a report that stated writers earn an average of $58,000 annually, I suspect that this is includes freelancers, DIY’s and others.
As for me I have other sources of income, which include paid book reviews. The following in an exert from my other blog:
Do you have a good dependable job? Congratulations, HOWEVER, I would suggest you not get to comfortable even if you are your own boss. Forget about the economy, the color of your skin and your gender; in today’s ever changing world what is good and dependable now will be old and useless tomorrow.
It is very important that you have multiple sources of income.
Like your 9-5? That’s good; have you saved at least 3 months of your income in case something should happen and you not have a job tomorrow? It does not matter if you sit in a cubicle or the corner office you can: be laid-off, have your position eliminated due to corporate downsizing, or in the case of companies like Hostess have the union walk you out of a job.
I don’t know any self employed individual who does not have slow periods. There will be times when: the customers are not there, the leads turn sour or the team goes on vacation.
Multiple-streams of income can derive from:
- Investments that mature
- Having multiple jobs or
- Having multiple businesses
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