All About Advances

All About Advances Let’s talk about advances today. Please keep in mind all of this information is very generalized and won’t accurately describe every situation. First, what’s an “advance” anyway? An advance is a “pre-payment” of the royalties the publisher expects you to earn on your book. Let’s say the publisher has agreed to pay you a royalty of 8% on the retail price of the book, and your book is going to sell for $14.00. You are going to earn $1.12 for each copy of the book sold. So if the publisher has paid you an advance of $10,000, how many copies do you have to sell to earn out your advance? Your break-even would be 8,929 copies. Your publisher has already paid you the royalty on those first 8,929 units sold. If and when your book sells more than...
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Keep Money in Its Place

Keep Money in Its Place Today I’m going to tell you the quickest way to drive yourself crazy and lose the joy in your writing journey. You thought I was going to say “Reading agent blogs,” right? Good guess, but no, that’s not it. The quickest way to lose the joy is to expect that your first book contract is going to solve some kind of financial problem in your life. Lately with the economy being rough on so many people, I’ve noticed that some writers who’ve been working at this awhile and feel like they’re getting “close” to having something published are harboring unrealistic expectations about the financial end of being an author. Their entire process of writing and rewriting and preparing proposals (etc.) is overlaid with this pressure and this...
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This Post is For the Ones You Love

This Post is For the Ones You Love I’ll be answering some letters from readers this week. Today I’m responding to Ruth, who wrote to say her husband has a hard time taking her writing seriously and refuses to think of it as a career or lifelong vocation, since she’s not making any money at it yet. Ruth wants to know how to help her husband understand that it can take quite a long time to make any money at writing. Here is my answer for Ruth’s husband. To Anyone Who is the “Significant Other” of a Writer: Congratulations on having the fabulous good fortune of living with a writer-type. There are many great things about being involved with a writer, among them: Awesome income potential. Hollywood premieres and red carpet treatment. A stable, non-emotional partner. Opportunity to try new...
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