Traditional Publishing Book Money 101 [MONEY MONTH]
ฝัง
- เผยแพร่เมื่อ 6 ก.ย. 2017
- Guys, I'm talking about MONEY in traditional publishing! shock, gasp How does it all work? How are you paid? How much money do you really make from writing books? How common is a six figure advance? Can you live off book money?
I will answer all of these PLUS deliver some brutal real talk. Taxes, y'all. TAXES.
Disclaimer: I'm not a publishing professional, but I've based my information off posts by agents (like this one: literaticat.blogspot.com/2015/...) + my experiences so far in publishing. I'm sure I explained certain things in a terribly unsophisticated, but hopefully helpful way!
September is MONEY MONTH! I'll be making videos about money in traditional publishing all month long! Hit me up with questions in the comments/requests for video topics.
Pre-Order BRIGHTLY BURNING: www.amazon.com/Brightly-Burni...
Goodreads:
/ brightly-burning
Twitter:
/ alexadonne
Instagram:
/ alexadonne
Newsletter Sign-Up:
alexadonne.com/newsletter/
Website:
alexadonne.com/
Wattpad:
www.wattpad.com/user/alexadonne - แนวปฏิบัติและการใช้ชีวิต
![Money Taboos in Publishing & Deal Terms to Know [MONEY MONTH]](/img/n.gif)
Wine and ice cream, are you crazy? We're struggling authors, it's beer and cereal, the budget can't take anymore.
no name beer to be exact
The reality is brutal :( This is the first time i've heard any sort of actual numbers and I have to admit, it's not what I was dreaming of in my head lol
LOOOOOL. Ush
So basically write for fun. Lol
In which case it's better to just give your work away for free (post to the internet) than let publishing houses exploit both you and your readers.
@@austenhead5303 I don't think thats the case. If you enjoy writing and want to at least have a chance of making it you still need to play. I have a full time job and just recently decided to start writing a book, but my goal isn't to make bank: I've just always loved writing.
This was a heart breakingly informative video. Thank you 😁
Hannah Carmona Dias you are 100% true....
And truth is bitter in case of earning always.
Only honest souls can "dare" to speak truth.
Because they really feel others should not get into loss due to lack of awareness....
And so you are...!
God bless you....!
I'm a full-time indie author and love it. I make a living off of it but I work six days a week and publish four books a year. If you make 50,000 and you show 12,00$ of write offs you'll cover your taxes. Darned if I'm going to pay the Gov if I can sink it into my biz:) Great vid thank you Alexa!
You go, Girl!!!😊
Wish I had a day job not to quit. Rats.
This is one more reason why I self-publish: in the long run, the money is a LOT better.
And paying for the editor is hardly a problem if the long term pay schedule is like that. Plus - no agent, no 15% cut...le sigh.
I loooove how informative all of your publishing real talk videos are. You may be Alexa DREAM CRUSHER but you're actually telling us how it is and this is stuff that's difficult to find out and crucial to know before you go in! Thank you!
The two things I want to do for money, writing and teaching...and unfortunately neither are good in the money department :'( I need money making hobby lol excellent and informative video Alexa! Glad you were willing to share this information.
I love the way you approach your videos. I leave feeling informed but never patronized!
Even if I don’t make much money I must write. I just have to. If I don’t tell the stories in my head, who will?
Thank you! Its hard to find anything regarding the financial side of writing, so this was very informative. Nice to have that breakdown.
Okay. Self-publishing it is. Thank you so very much for your informative videos!!
Alexa, very informative and thanks for giving us the EYES WIDE OPEN perspective for all us newbies! Great job, anxious to check out more of your videos! Your energy is great! :-)
Your videos are soooooo bingable. I love that you don't hide the dirty truths because I feel like you are preparing me so well. You share a lot that is not talked about enough to be easily learned before going through it all. Thanks for all you do
Thanks for talking about this, very illuminating (also the bit about the eye shadow because from the start I was like wow I love her eye shadow).
This video made me not want to traditionally publish lmao!
Brilliant Alexa, thank you so much for being so transparent and breaking it down so well
Hi Alexa. Do you think maybe you could make your next video about literary agent/publishing contracts and how to negotiate them to benefit the author?
1K to 10K makes self publishing sound promising
Very informative Alexa! I love your mischievous grin announcing, "I have a spreadsheet!" 😂
Just as well we write for the love of it, hmn? 💗
This is very enlightening. Thank you.
Yup, I'm depressed now. I love to write..but...DAMN!
Oh it's totally depressing! It took me a few years to adjust to the idea that I couldn't be in this for the money haha.
AmysLifeJourney truth is truth....
You should be prepared for it...
Ones you are prepared you are in the way to success....
Having an accountant is a good idea for self-employed deductions, like your office, (even if it's just a portion of the room or kitchen table), office supplies, and office equipment. Even the portion of hydro and telephone that you use for your office may be used. Check out everything. Pennies add up, and any deduction is a good one.
~ Jon
In Ireland, if you're an artist, first €40,000 is tax free.
Looks like I'm moving to Ireland!
I always wanted to visit, now I plan to just not leave.
This video was really informative. Thanks!
Hi Alexa..I'm loving all of your videos. They are very informative..brutally honest..and mindblowing...40% taxes?..omg! That's crazy! Anywho.. I'm retired..school volunteer now ..a Baby Boomer and just finished edited my first Romance novel. After 6 years it is finally completed. I don't have a day job to quit so I don't have to worry about that. 😋
Now what's next?..a CP? And where can I find one? .by the way ..my wish is for my book to become a movie..
Thank you for your awesome honesty! Just subscribed and looking forward to future talks!
40% for taxes?!?! *sobs * I would have guessed closer to 30%
I estimated high, but yes! Jennifer Laughran's post said between 30-40%, and when I paid my contractor taxes (for my freelance essay consultant income) it was 38%. I DIED. But I'm hoping that if I work with a professional accountant that maybe they'll find a way to save me a little bit. Taxes are the worst.
I don't know how author income works for tax purposes, (though I do understand more now!) I do know that in Film and TV you can incorporate and make what is know as a loan out company. My understanding is that by becoming a corporation you can save on taxes because you will have more write-offs. This can be particularly useful if you are planning or end up needing to take care of your own marketing because instead of just being a normal expenditure it becomes a business expense. (Also not an accountant so my understanding maybe amiss.)
But Alexa, the more you earn, the more you pay...so you ain't doing badly girl if you're paying 38%...
Government is slavery. And so is taxation.
Unless I'm missing something, those numbers are way off, unless you're way up in the tax brackets.
I choose chocolate. So thanks so much for this Alex! Reality checks are very important, and this video by you is EXCELLENT!!
Thanks again Auntie Alexa!
This is good to know. I planned to write around 3 books total over my life time. My plan was to go in with low expectations and just hope to get it published just to be able to say "I got published!". Haha. Would love to have my books sell well, but I came in with low expectations to begin with so I wouldn't fall into depression later. :/
You have convinced me to self publish.
Thank you this was very helpful as an Indie author I'm always wondering if I should get a traditional publisher....still not sure:)
I'm thinking hybrid publishing. Traditional resources along with the benefit of self publishing
Always knew I couldn’t give up my day job to write. But I’ve still gotta pursue the dream!
Two of my greatest interests are the publishing world and the personal finance sector, so this video was fun to watch! Looking forward to the rest of the month. It's so taboo to talk $$$, which I hate, because I just want to hear all the nitty gritty details!
I am officially distraught. Thanks for letting me know so I'm not shocked.
Wow, after watching this video, I'm glad I waited until retirement to pursue my dream of becoming an author. I write full time while I live on social security and retirement funds. I just couldn't have done this in my younger years. No way.
😆Taxes are rough and it’s not fair.🤣Please read Dough Casey High Ground series. You’re going to love it!!!
The advance is small sure, but shoot 1000 could put me ahead on a billion things. Put it this way, you sold one book for $1000.
Lol it's actually better than I thought. I originally thought it was around 200 - 2,000 dollars.
Same
You're my hero.
This analysis is just another factor pushing me further and further towards self publishing. Just the crazy long payment schedule/ publishing cycle alone sounds pretty dire >
Yeah, but to be both an author and a publisher? One will take time away from the other, I fear. At least, while the publisher is fixing things for the release of your book, and doing distribution and negotiations and other things, you could be writing your next book.
@@antiHUMANDesigns I get what you mean but what level of payment is finally too little?
I'm not sure writing by itself adds enough value, maybe it's reasonable for us to diversify skillsets.
@@CoconutSundae I'd say it really does come down to how good a writer you are. If you are truly good, then you will break even and start earning royalties. And on top of that, your next book will probably sell quite well, so it's a long-term investment.
However, if you're a mediocre writer, then perhaps it makes sense that the work isn't rewarded.
Traditional publishing is likely to sell more copies, even if you may end up making less money. This means more people know your books and know you. You might then decide to self-publish your next book and take advantage of the free advertisement you've already got.
Of course, you have to note the contract you get, whether it has an "options" clause in it. I'm a swede, so I'm not sure I'm using the right term, but the clause states that they will have the first right to publish your next book[s], should they wish.
So any book you write after it, or within a certain time period, they have the right to publish.
You may want to negotiate that clause, as to not be tied up to them, if such a clause exists.
For those who want the numbers, she says that on average the advance is between 1K and 10K. Very little considering how much time can go into writing a book. Six figure advances are outliers, like winning the lottery.
How about international authors who get published by a US or UK publisher? Do they also have to pay taxes?
In Canada, it's 47% income tax and 13% sales tax in my (Ontario) province. ISBN #'s are free. A spiritual advisor I did graphic design for, did self-published a book. I learned a lot because he complained a lot. Being a graphic design, I dealt with the tech end of things. The book printing co. must do a full run once they make the plates from the proofed pdf. A full run is 10,000 books and costs about $1/book. So 10K + 13% tax + shipping. Slapped on the credit card of course.
Unless you have the means to pick up squids of books or CDs of your audiobook yourself. Shipping was A LOT. Books get heavy. No wonder more and more do quick e-books and kindle self-help books. Which they give free when signing up for their newsletter.
This entrepreneur had to carry books in his trunk. Rent a table at psychic expos ($1500) to sell them. Which he again, put on the credit card. A ze old capitalism eh?
And yet he made 200K/yr. Hmmm... How? Here's the kicker.
He charged 25K per person for a 2-week spiritual retreat that included organic meals + energized bottled SPRING water. He only talked for 3hrs a day. So they bum around the rest of the time. It wasn't intense Tony Robbins style cry your heart out forgiving the unforgivable kind of stuff either. In my opinion, people didn't get their $ worth with him. It was very woo woo. This was in 2009. About 20 people went. He did this 2x year. Recorded the teachings. Then sold them online for $20 each mp3. I set the whole zen cart back end for him for 3K . 10 years later and his books are on 2 squids collecting dust in his garage. He's still at it, making a lot of $ still. But please spread the beauty of your words as far as your mind can imagine. Heck, go further than that and spread your beauty as far as the muses and fairies could spread it.
OK, so how many copies of the book are you expected to sell, roughly speaking? I mean, if you get a $5000 advance, roughly how many books until you break even?
What about setting up an LLC to shield yourself from some of the tax burden?
There’s some reports that the publishers are not getting as many submissions as they used to because of the ability to self-publish
Yes they are not competitive.
I imagine going shop to shop marketing my book to book stores and coffee shops across NYC and LA
Is it ever necessary to finish all edits before they accept manuscripts?
If I ever get 1000 dollars that is more money then I get in a month. So I will be happy if I get 1k. But I have no clue if my book will ever get traditionally published so I might have to go with self publishing my book.
tax portion is misleading because it depends on your income at the end of the year. since it’s 2018, if all you got paid for the entire year was a $5000 advance, your tax rate would be 10% of the taxable amount. (you can write off expenses, so you don’t owe taxes on the full amount.) if you make $100k from your day job and got a $5000 advance, you’d pay around 24% of the taxable amount.
I was once offered $10k to write a non-fiction based on my website how-to articles. But! No royalties. So, I passed. Part of me regrets it (good experience and writer's resume). Part of me is glad (somewhat insulted in case it was wildly successful).
I still muse on this. Dunno. Life goes on.
Thanks.
this is an advert to try self publishing
Huh, I am indeed surprised. I would've guessed this advance would have been $10-20 000 on average.
I'm a kid who is working on publishing a book, do I still have to pay taxes?
Forever Maddie yes
Hi Alexa! I have a question: is it possible to beat the system? Lol. Can authors self-publish first and then approach a traditional publisher later down the track?
Publishers don't want to publish a book that was already published. There are some rare cases of this happening, like with 50 SHADES OF GREY, but this is more of an exception than a rule. You would need to sell thousands of copies on your own first.
Most publishers will not accept books wich are already published. Just check a few websites of publishers and look at their requirements for send in manuscripts. You will find a paragraph saying, that they will only accept unpublished works in 99% of the time
I thought there was an eyelash on my screen. It was your wallpaper.
Why get an advance? Why not just wait till the book sales go through the roof?
One nice thought...
Publishing book is for publishing yourself...!
Not earning and getting rich.
this is incredibly sobering lmao; thank you!!
how do taxes work for international people though?
I'm not familiar with international taxes. You would need to consult a local accountant who specializes in this sort of thing, or ask a local literary agent (who places deals in the US).
I found out that my country takes 0.1-25% of the unemployed (freelancing) job. And you get less if you're an elder or a minor.
I quit my last day job, but I'm already retired.
Taxes are all about DEDUCTIONS! Claim anything and everything! If it inspires you, claim it. Bought a book? Marketing Research! Watched a movie? Research! Pens, paper! Did you write it on your computer, CLAIM THE WHOLE THING! How about games? MORE RESEARCH! Can't play those games without a high end computer. MORE DEDUCTIONS! How much space in your apartment do you use for writing? Claim the square feet as a percentage of your rent and CLAIM IT! I'm an artist, and that rent deduction is how I stop Uncle Sam from taking my food money for the year. Keep those receipts! They are money in the bank, ya'll!
Publication in a foreign land
Uncle Sam takes the most he can :(
Hard Core Nutshell there...
Thank you SO much...I think lol...am writing bcuz I want to write, not as a career...bummer..GREED is nasty
That's great. Advance Adshmance ... how much per book? $1? I mean, if the size of your advance matters to you ... how can you hope to be a successful author? The thing sells or it doesn't? If a lot of people buy it ... hopefully you'll get yours ... eventually ... My concern is, and we've all been burned in different types of work before, HOW MUCH SHOULD WE GET PAID PER PAPER BACK / HARD COVER? I would just like to know how much should an author be paid? Now I expect a name author has more "bargaining power," but let's say you've done the work, rewrote the damn thing 3 times, you believe it's quality ... wtf should you (sorry your agent) insist on you getting paid? O.k., back again to rant some mo ... I heard Stephen King was advanced $250,000 dollars for Carrie. I guess I'm asking, does the quality of the writing determine the precious advance amount?
Sooo how does the break down for self-publishing work financially? Because that sounds like a way better pay off.
I haven't self-published, so I would look to a self-published author offering transparency about money. I don't know any on YT off the top of my head, but I've seen some posts on Reddit. But, don't forget: self-publishing is a gamble. You pay upfront costs and then hope you earn them back, and then earn a profit. There's no "standard" earnings guarantee b/c it depends on your genre, marketing, and luck. Some self-pubbers earn millions. Others are lucky to earn back what they spent. But, for example, if you're looking to publish romance? Self-pub is likely the smarter choice. I would check out www.reddit.com/r/selfpublishing
What is the point of getting published if the money is so pathetic?
Well, most of us want to get read. Even if you don't get a lot of money, thousands upon thousands of people can read your work. Of course, the aim is to then leverage this to get more money down the line. It's complicated because you have to balance the desire to be read with how much you can realistically make from the pursuit.
@@AlexaDonne That makes sense. After posing that question, I watched your Self Publishing video and that did a good job of answering my questions as to why you made your choices. Getting published really isn't even on my mind, so I'll just remember these things for if it does. Thanks! I'm very much enjoying your content.
Interesting what you said... I am a new writer and I am mostly motivated in writing for myself. Things like getting read by a lot of people or accolades are things that really didn't cross my mind. I guess because I dont primarily identify myself as a writer, but I can see why most writers probably do want these things.
40%! Time to go 1776 again :)
😭😭😭
Alexa said "Ancap rights"
😢
Guess it's just a side hustle then
Hi, Could you please mention to me regarding good Traditional Publishers/Liste of Traditional Publishers.
The taxes thing makes me angry
Edit: it’s a good video tho
You have GOT to be kidding me.
1-10 thousand dollars? that is practically nothing.
Why even bother going through a traditional publisher for that kind of money?
Well, you can also self publish and make nothing? In trad pub, lower advances mean you're more likely to earn out and start getting royalties, so it can work out. But, yes, over all: most writers never earn appropriate value for their work, in either publishing avenue. Writing is deeply undervalued.
@@AlexaDonne Thank you for your reply, and for bursting my bubble. I knew of course that writers don't make a lot nowadays, but I was under the impression that things were better in the US, due to its affluence and much larger market.
Very sad to hear.
I actually already knew the money sucked, but this is just abysmal (I learned the terms for a different country and they were a bit better). Anyway, with terms like those, you might as well just post your work to, say, Archive Of Our Own, for free. There's a huge audience, and original work is accepted. Pop in a few tags for the search engine, and bam, you're being read. If you can't quit your day job and free up your work day for writing, then what's the point of making your readers pay for your book so a damn publisher can make a profit? Made sense before the internet when physical books had to be printed and bound and shipped to bookstores around the country, but not so much now.
I really, really want a hardback copy of my book, though. :)
Then again, you can print as few as 25 copies, which isn't a lot of money.
Who laid down the death by taxes rule to this Fluxx Life game? I demand it be removed! (*boardgame/cardgame nerd reference)
So, essentially, writers work for free!
Taxes are not a drag - they are what you pay for roads, your bins to be emptied and for you to participate as part of society... the same society which is civilised enough to purchase books. Why complain, the more you earn, the more you pay?
This video is very discouraging and pessimistic. 👎
No, it's just real. It's better that people get a gift of what the real figured are before they jump head first into something and then get dissapointed.