How do Book Advances Work in Traditional Publishing ? 💸 Author Money Diaries

let’s talk $$$$$$$$$$ and make a sweet treat !
hi! i'm jake, a traditionally published novelist who just got paid. how do book advances work? which budgeting software do i use? (spoiler: YNAB, and i'm obsessed!) let's chat about how it all works!
please leave any questions you have for me in the comments!! i'd love to make more videos about how money works in trad pub, and how i budget that money!
#budgetwithme #ynab #authortube
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MY INFO:
name - jake maia arlow
age - 26
profession - full-time author
books - almost flying, how to excavate a heart, the year my life went down the toilet
TIMESTAMPS:
00:00:00 - what are we doing today?
00:01:06 - what is an advance?
00:05:30 - authors are freelancers
00:06:15 - checking in on the sweet treat
00:06:32 - what does it mean to earn out?
00:08:30 - finishing up the sweet treat
00:09:10 - talking numbers $$$$
00:13:53 - what is YNAB ?
00:20:42 - budgeting my advance (sample)
00:22:41 - do you like this kind of video?

[@laurenlovesstories]

This is really cool to see! I love YNAB and seeing others budget in it and as someone working toward self-publishing, this was a super relevant topic. Thanks for sharing!

[@marissah8921]

I really appreciate this transparency. Thank you!!

[@notesoncrows]

Super interesting! I have to say, I love your flow of speaking and how you interact with the camera. You seem very comfortable! I'm a budget girly so I totally understand your obsession with YNAB ❤

[@jakearlow]

honestly thank you so much for saying that !! and budget girlies unite !!!!

[@estherg3617]

I would love to see more budgeting videos!!! I've been budgeting for like a year now and it's always SO nice to see what other people do!

[@jakearlow]

agreed !!!! do you have a specific software you use or do you have your own system ?! i also love hearing about what other people do!!!!

[@estherg3617]

@@jakearlow Honestly I'm so old school lol I just use Excel! I have a big spreadsheet with my income and standard monthly expenses (including setting aside money for yearly expenses like the dentist) and then I have another sheet where I log variable expenses on a weekly basis! Especially satisfying when my very basic Excel formulas work ahahaha

[@rebekaalvie]

This video was great! I signed up for YNAB after you mentioned it in a previous video. I'd love more walkthroughs like this. I love your videos, they've been keeping me going this month. ❣

[@jakearlow]

ah thank you so much !!!! how has YNAB been going for you?! i definitely want to make more walkthroughs !!

[@rebekaalvie]

It's been so long since I actually used a budget I'm still figuring things out. But it's an awesome tool. You're awesome to suggest it.