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Home » Money » Page 3

Money

Let’s Talk about Money

By Tamela Hancock Murrayon June 16, 2016
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Imagine receiving this letter with your utility bill:

Dear Family:

Please see the attached statement asking for payment. We are so very sorry that we feel the need to ask you for payment. We know we have provided electricity and running water for you faithfully, and without interruption, all month. Judging from your usage, these are services you both need and want.

As you are aware, Hestia, the goddess of hearth and home, has graciously provided fire so we can run our generator. As Hestia’s servants, we don’t want to disgrace her in any way. We love providing utility service to you so much that, because of Hestia, we would gladly let you enjoy lights and water for free, forever, if we could. Sadly, because this world is cruel and hard, we are forced to ask for meager compensation.

Please don’t let Hestia or any of her earthly representatives know about this missive. We know that money is filthy and should never be discussed. We apologize a million times for bringing up this matter and would avoid this discussion at all costs if we could. Again, we are so sorry.

Your Obsequious Servants,

The Utility Company

If you ever get a letter like this from any corporation, let me know. Because it would be weird, right? Unfortunately, many writers express similar feelings about being paid for their work. If you are one of these writers, I get it. But. Please. Stop. Today.

Why?

For one, money is not evil. It is the love of money that is evil. Money is a tool, and currency is our agreed upon system to gauge the worth of an item or service. That’s all.

Of course it’s wonderful to possess a sweet spirit, and not to be money grubbing. But the fact is, we must not be afraid of money. Writers need to give their agents an overview of their financial needs. While the best agents will work as hard for a rich author as a poor one, knowing how the author is positioned moneywise does help us help you make the best decisions for managing your career.

If you’re shy about talking about finances, working with an agent who isn’t averse to talking money with publishers is a gift from the real God. You can say to your agent, “I love writing so much I’d do it for free!” Your agent should know not to tell that to your editor!

As a writer, you are providing a service to your publisher and to the public. Never, ever, be hesitant about discussing your compensation with your business partner.

Your turn:

What tips can you offer writers when they need to talk about money?

 

Leave a Comment
Category: Career, MoneyTag: Career, Money

A $100,000 Threshold for a Worthy Book?

By Steve Laubeon July 20, 2015
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Recently Brad Martin, the President and CEO of Penguin Random House Canada, was quoted as saying the following: “I’m not interested in a book that is going to generate less than $100,000 in revenue unless the editor or publisher [division] has a compelling vision for the book and/or the author…If the person that’s championing that book in the acquisitions meeting doesn’t have a compelling view of …

Read moreA $100,000 Threshold for a Worthy Book?
Category: Book Business, Book Business, Economics, MoneyTag: Book Business, Economics, Money

A Major Money Mistake

By Tamela Hancock Murrayon January 16, 2014
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When I was working for a small company years ago, the extremely reliable woman who cut our paychecks missed the Big Day -- a Friday. As it became evident she would be a no-show, one of my co-workers revealed she was upset. "I wrote out and mailed checks for all my bills last night because I thought I was going to get paid today. Now they'll all bounce."

I didn't understand why anyone would …

Read moreA Major Money Mistake
Category: Book Business, Career, Money, TamelaTag: Book Business, Money

Two Basic Tips on Budgeting with an Irregular Income

By Tamela Hancock Murrayon January 9, 2014
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One challenge of writing books for a living is the fact that unlike many other jobs, you don't usually see a cycle of paychecks appearing at regular intervals with predictable amounts. Instead, you may see a whoosh of money, followed by smaller amounts every few months triggered by actions on your part, such as turning in manuscripts and proposals. Only well-established authors will have this …

Read moreTwo Basic Tips on Budgeting with an Irregular Income
Category: Book Business, Career, Money, TamelaTag: Book Business, Budget; Finances; income, Money

Why Is My Royalty Check So Small?

By Tamela Hancock Murrayon December 6, 2012
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This is it! You’ve had a book published, and your advance money is long gone. But your publisher has promised a royalty check and you know exactly when that check is supposed to arrive. You run to the mail box every day for two weeks until finally, Voilá! The check is here! You rip open the envelope to see a grand total of: $28.52? What???!!! How can this be? So much for the big screen TV. …

Read moreWhy Is My Royalty Check So Small?
Category: Book Business, Contracts, Money, TamelaTag: Book Business, Money, royalties

I Thought I Was Rich!

By Tamela Hancock Murrayon November 15, 2012
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Recently I received a check in the mail. I opened the envelope, and discovered the amount that was larger than I anticipated. "This is great!" I thought. "Now I have a little extra to shore up my savings."

I reached for another envelope in the stack of mail. It was from the insurance company. Upon opening, I discovered that, after I deducted income taxes, the premium consumed the entire amount …

Read moreI Thought I Was Rich!
Category: Book Business, Money, TamelaTag: Money

News You Can Use – April 17, 2012

By Steve Laubeon April 17, 2012
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Getting by on a Writer’s Income – Lawrence Block reflects on the challenges of the writing life. An excellent article from someone with a half a century of experience.

Microsoft Word is Dead – Tom Scocca in “Slate” makes a bold claim. I would vehemently disagree from the point-of-view of writers and editors and publishers. But he may be right when it comes to office collaborations and the …

Read moreNews You Can Use – April 17, 2012
Category: News You Can UseTag: lawsuit, Money, Movie rights, Writing Life
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