Wednesday, April 18, 2012

Wednesday Writing Prompt: Make a plan

What? My plans for the future? I have a plan?

I hope you've got one! If not, today's the day to make one.

Where do you want to be in five years? How are you going to get there? Set a goal, and then decide what will be required to get you there.

Do you want to be a full time writer? If so, how much do you need to earn? How many books do you need to have written each year to be earning that yearly salary? And how soon are you planning to publish in order to be gaining enough income that you can be relying on it in 5 years' time?

Or maybe you're like me, and love your job. Are you going to juggle a career and writing? It can be done; I bet you're doing it already. What sort of regime are establishing to be able to continue the double career without burning out?

Also think about the income. If you have full-time job, what do you plan on doing with the income from writing? How much can you invest before you're cutting into savings? Will you pay off debt? Put it into retirement? I suggest setting aside your taxes from your royalties before you even begin - that makes budgeting at tax time much easier! Also remember that not every book you write will sell. Start saving money to cover those time gaps.

(*Note: I'm not a tax specialist. But that's just common sense!)

So what's your plan? 

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