Are Most Writers Broke?
Many of us have been working one or multiple jobs since we were teenagers. If you think you don’t know how to make money, that’s a false belief—you’ve been doing it for decades. But earning a living is not synonymous with acquiring wealth. These two actions could overlap, but the former frequently occurs without the latter.
Growing up with caregivers who were chronically stressed about empty bank accounts or high credit card balances planted the first seeds of financial trauma inside many people, particularly those from communities that have systematically been blocked from securing homeownership, business loans and more. As a result, a fear of being broke has kept subsequent generations stuck in a languishing labor loop—our economic security can feel entirely dependent upon our capacity to work…and…work…and work. However, if we are always working, when are we writing?
It is a conundrum many artists must attempt to solve sooner rather than later because creativity rarely blossoms under duress. We need a base level of financial stability to consistently carve out slivers of time to work on a memoir, book proposal, poetry chapbook, or short story collection. Without those challenges, mental space for your imagination—and your intrinsic motivation—will gradually return. Although I am not a wealth management advisor, I have learned over the years that budgeting and investing are often two of the most accessible pathways to decreasing money woes.
Jump-start this process by brainstorming if, when and how and when you can start saving or investing. To be clear, I view the concept of investing through a broad lens. There are numerous ways to use personal funds for long-term gains. Buying stocks is one option, as is purchasing real estate or opening a high-yield savings account. Paying for professional development opportunities is another example if it helps you level up in terms of connections within the publishing industry, visibility as a writer and/or marketable skills.
That being said, spend slowly—and wisely. My number one rule when I first started pursuing freelance writing was to avoid spending money on this side hustle until I had actually secured a paid assignment. That first one was less than $100, but cashing that check was a boost to my bank account and my confidence. It validated that the writing career I craved was possible. Today, the bulk of my income is generated via book deals, recipe development, blogging and other content production. But much of my ability to now be a “writer for a living” is derived from learning how to better manage the larger sums of money I made in recent years.
Keep a close eye on your income/expense ratio as a creativepreneur. It can be so tempting to drop a ton of coins on colorful business cards, a new website and access to a trendy co-working space. I am not saying you shouldn’t purchase these items ever. Leave them on the back burner until you are earning enough to prevent every dollar you make from writing being used to pay for more biz-related expenses.
Remember that there is a cost for your labor even when no one, or barely anyone, is paying for it. Your labor is also finite because there is a limit to your creative output—none of us are chained to our computers or phone 24 hours a day. So do you have a clear idea of what success or enough means to you? There are periodic dips of income for almost every author, journalist, or poet. Book advances, fellowship stipends, and royalty checks can arrive later than expected. Plus, there is no end to the material objects or accolades (many awards and contests have entry fees) humans can decide to splurge on. This does not mean settling for becoming a ‘one-book wonder’; it means knowing what holds the most worth for you personally and professionally.
Evaluate if there are tasks or commitments which you could scale back on that are absorbing more of your time, talent or treasure than you can really afford. Being wealthy does not only equate to dollar amounts. The ultimate wealth flex is consistently having a greater capacity to replenish your energy, peace, and dreams.