Do You Know the First Step to Making More Money as a Writer?
Want to make more money as a writer?
Of course you do. What a silly question, I’m sure you’re thinking. Well, I’m feeling kind of silly.
I was a guest on the Self-Publishing Roundtable recently and I was asked where one would start, if they wanted to make more money.
You can watch/listen to the show, and I’ll answer it right here and now:
The first step is to decide how much money you need to make.
And I’m not being cheeky here. The real first step is a decision. The word decision means the “the act of deciding.” It’s actually very simple to determine your initial number, but don’t confuse simply with unimportant. Once you decide, there’s quite a bit to do after, but let’s take first things first.
Here’s what to do:
Step One. Determine how much money you need to live on every month. You’ll include all of your “big” expenses (rent/mortgage, car payment, revolving debt, loans, etc.) and all of the little ones (tolls, subscriptions (KU? Netflix? Cable?) and everything in between. Total them up: that’s your Monthly Nut.
Step Two. Multiply your Monthly Nut times 1.5. In other words, your initial income target is to make 150% of what you actually need to make ends meet. Why? Because your goal is to be a prosperous writer not a struggling writer, right? (Yes.)
If you’re wondering why, I have really good reasons for this advice:
When you make an abundance of money, you can pay every single bill and obligation, and give away some money. That’s your tithe, I write about this in depth in Prosperity for Writers. Giving away a portion of your income tells your subconscious mind you have more than enough, which means you’ll make and attract more money to prove it right.
You can also save some money. There’s nothing better than having a pile of cash available (and eventually an even bigger pile of cash invested for long-term growth, a.k.a. what you’re going to leave your grandkids). This is helpful in case you come across an amazing opportunity, or you or someone you love needs something in a pinch.
Having what I call an “opportunity chest” provides a psychological benefit unlike any other. You feel like you can handle anything that happens (time to buy a birthday gift? break a tooth? need new tires? get invited on a 15-day Mediterranean Cruise? Yes, I’ve got this!), and it’s a great feeling. Although NSFW, and perhaps offensive (depending upon your level of tolerance for salty language, I’ve never seen it better described than in this scene in the movie The Gambler).
The reason I say “initial target” is because once you’re making a full-time living from your writing, you’ll obviously want your income to increase. Obviously. I increase my income goal by 10% every month. As I publish more and more assets, I increase my target, which also increases what I tithe and save.
It’s easy to decide upon your number and then get overwhelmed by it. Please don’t. Just write the number on a 3×5 card and post it on your bathroom mirror. Then craft an affirmation that serves you, perhaps something like:
I am a prosperous writer. I easily and effortlessly receive $insert your number here on a monthly basis. In fact, I am a money magnet. I receive money every single day! I have more money than I need!
Write it 15 times every day. Say it, sing it, think it all day long. As you know, I expect abundance to come within 24 hours … so when it does, let me know about it.
Until next time, here’s to your writing abundance!
(Have you ever been rejected? Find out how Honorée deals with rejection on her latest business blog, here)
I am on a mission to inspire and motivate people to turn their vision and dreams into their real-life reality, sharing leading-edge processes I’ve created for myself and my executive coaching clients. I write about business growth and personal development, including shedding limiting beliefs, dreaming big and living the life you truly want. If enjoyed this article, then join my free newsletter and you’ll get a free copy of my networking book, Business Dating: Applying Relationship Rules in Business for Ultimate Success.
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