Some authors can write "full time" and live off book money. Who are they?
- unicorn book deals--think "major deal" (500K and up), though if you're in a lower cost of living area, anything above 300K may be livable for you with smart budgeting. Caveat: unless you continue to get large book deals and/or earn out and get mad royalties, this money will run out after a few years. Plan accordingly.
- prolific writers who write & sell 2-3 books a year, whose books sell pretty well, who earn out on one or more books and earn royalties. This is usually a longer-game situation, though some authors are able to do it sooner than others if they are prolific/have a great agent/churn out highly commercial books
- those who are married or partnered with someone who has steady, comfortable, full time income and can provide the majority of the "guaranteed" financial support. Your book deal money becomes the "extras" money, or "utilities" money (their money pays your rent and puts food in your stomach).
- those with wealthy parents/family/trust fund/inheritance
I'll be honest: if you get a pretty good book deal (anything over 6-figures) and you have a partner with a great job who is OK providing primary support, go for it. Live the dream. I know a healthy handful of authors who "write full time" where this is their situation. They have wonderful partners with great jobs. After long enough, with enough publishing success, the balance may shift where book money covers more and more and comes in more steadily, but in those early years, it can be nigh impossible to quit your job without a massive deal without someone to support you (partner or parents).
But there are also very good reasons not to quit your day job, even if you get a pretty good deal. It's going to be an individual choice for everyone, but here are some benefits to keeping a full time job:
- Health benefits. Sadly in the U.S. with the state of healthcare (and the fight over it) right now, having a job with good medical, dental, etc. coverage can be key.
- 401K. With matching! Fully vested! If your company has a generous retirement savings program, there can be a huge incentive to stay employed as long as possible. If you have to wait to be vested, that's a particular incentive, to make sure you reach the cut-off so you can keep all matches funds if/when you leave.
- Other benefits: adoption/IVF assistance, tuition reimbursement, etc.
- Guaranteed, consistent monthly, bi-weekly or weekly income. Having a steady paycheck that you know will cover your basic expenses is key. It removes a certain level of stress, and if you're someone who can't be creative while under stress, avoiding the emotional/financial strain of living off publishing money can be a boon to your writing.
- Compartmentalizing your work modes/emotional energy. This couples with the steady paycheck component: you can do your day job for the money, saving your creative work/writing for off-time and "fun." This takes pressure off your book writing having to support you.
- Maybe you really enjoy your day job! (it happens)
But! There can be some very good reasons to quit your day job. (See how complicated this is?) It's a trick of balance, between working the job that pays your bills/feeds you, and writing the books you love, that you are being paid to write, and what is essentially a second career.
At a certain point, the balance will tip and your full time job may interfere with your writing career.
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#HowToAuthor: Book Deals & Marketing
Non-FictionAdvice for writing book-shaped things and getting them traditionally published. This series will cover everything from querying to agent fit, to building a platform and marketing yourself.
