For Authors: Cultivating a Money Mindset for Success

As an author, you’ve likely heard advice about “writing for passion,” “writing what you love,” and “the art of storytelling.” But in the world of publishing, there’s another essential component of your career that deserves attention: your money mindset. How you think about money, success, and value can dramatically impact your writing career and financial outcomes. Please note, I am not a financial advisor (!), but I did want to share some tips to cultivating a healthy author money mindset:

What is Money Mindset?

Your money mindset is the set of beliefs, thoughts, and attitudes you hold about money and how it influences your financial decisions. It’s how you perceive your ability to earn, save, and manage wealth. Your mindset shapes how you approach your writing career, how much you value your work, and how open you are to opportunities that can bring financial growth.

In essence, money mindset is about aligning your mindset with abundance and opportunities, rather than scarcity and limitation.

Principles of a Positive Money Mindset for Authors

1. Value Your Work

One of the biggest challenges for many writers is understanding the value of their work. Too often, authors undervalue their writing or hesitate to charge what they’re worth. If you think of your work as valuable, others will too.

Principle: Your time, creativity, and expertise are worth compensation. If you don’t treat your writing as a valuable commodity, no one else will either.

Take a moment to reflect: Would you ask for less than you deserve in any other job? Your writing is an investment of time, effort, and creativity. It deserves to be compensated fairly. Don’t be afraid to ask for a reasonable payment, whether that’s through royalties, advances, or flat fees for freelance projects.

2. Embrace Abundance, Not Scarcity

An abundance mindset means believing that there is plenty of success, money, and opportunity for everyone. Scarcity thinking, on the other hand, is the belief that there’s not enough to go around. When you adopt an abundance mindset, you’ll see opportunities everywhere, rather than obstacles.

Principle: There is enough success for all writers, and you don’t have to compete for limited opportunities. Embrace the idea that your success doesn’t take away from others’ success.

As an author, it's easy to fall into the trap of believing that there’s only a limited number of readers, agents, or publishers. But the truth is, readers are hungry for new stories, and your voice is unique. When you let go of scarcity thinking, you open yourself up to more opportunities – whether that’s through traditional publishing, self-publishing, or creating new revenue streams like audiobooks or courses.

3. Set Clear Financial Goals

Having a clear vision of what you want to achieve financially can help you stay focused and motivated. Whether you aim to generate a certain amount of income per year from book sales, grow your passive income streams, or secure a specific advance from a publisher, setting clear goals is the first step toward financial success.

Principle: Set concrete financial goals that are specific, measurable, and achievable. Track your progress regularly to stay on track.

Think about your ideal financial scenario. Would you like to earn a living purely from your books? Or maybe you’d like to diversify your income with writing workshops, self-publishing, or freelance opportunities? Once you identify your financial goals, you can create a plan to achieve them.

4. Be Open to Multiple Income Streams

As a writer, your primary income source may be book sales, but don’t limit yourself to just one stream of revenue. There are multiple ways to monetize your writing and expand your financial opportunities.

Principle: Diversify your income by exploring additional streams, such as freelance writing, speaking engagements, teaching writing workshops, or creating digital products like e-courses or printables.

You don’t have to rely solely on traditional book sales or advances. Consider offering services like editing, ghostwriting, or consultation. You can also turn your expertise into revenue by creating products or services related to your writing niche.

5. Learn to Budget and Invest in Your Career

Being a successful author isn’t just about earning money – it’s also about managing it wisely. As an independent contractor or self-employed individual, managing your income and expenses is crucial to sustaining long-term success.

Principle: Budget your earnings carefully, set aside money for taxes, and invest in your career by purchasing tools, attending conferences, or hiring support (such as editors or marketers) to improve your craft.

When you treat your writing as a business, you’ll understand that investing in your career is essential. From attending workshops to hiring professionals who can help you with marketing or cover design, these investments can help you grow as an author and increase your earning potential.

Overcoming Limiting Beliefs Around Money

For many writers, limiting beliefs around money can hold them back from fully embracing financial success. These beliefs often stem from childhood, societal pressures, or past experiences. Identifying and reframing these limiting beliefs is a key step in cultivating a healthier money mindset.

Common Limiting Beliefs:

• “I can’t make money as a writer.”

• “Writing is a hobby, not a job.”

• “There are too many other writers out there; my work will never be successful.”

• “I should just be happy with whatever I earn from my writing.”

How to Overcome Them:

• Challenge the belief: When you catch yourself thinking these limiting thoughts, challenge them. Ask yourself: “Is this really true? What evidence do I have that contradicts this belief?”

• Reframe the belief: Change the narrative from one of limitation to one of opportunity. Instead of thinking, “I can’t make money as a writer,” try, “There are many ways to make money as a writer. I am open to exploring new opportunities.”

• Visualize success: Use visualization techniques to imagine your ideal financial situation. Picture yourself earning a living from your writing and receiving compensation that reflects the value of your work.

Building a Prosperous Author Career

Creating a prosperous career as an author goes hand in hand with a healthy money mindset. Here are a few more tips to help you build a financially successful writing career:

• Invest in your skills: Continuously improve your writing through courses, workshops, and feedback from others.

• Build an author platform: Marketing and building an audience are key to sustained financial success. Consider starting a blog, growing your social media presence, or creating a newsletter.

• Stay organized: Keep track of your income, expenses, and financial goals so you can stay on top of your finances.

• Seek support: Don’t hesitate to hire financial advisors, agents, or bookkeepers who can help you manage your money more effectively.

Remember, your creativity is worth investing in. Treat your writing like the business it is, and you’ll open the doors to greater opportunities, financial growth, and lasting success.

A Christmas gift for yourself

“Thank you, Megan. I found a less expensive editor.”

Well, ho, ho, ho.

Receiving messages like this never feels good, and even after going on 20 years in the business, it does still feel like a kick in the pants from time to time.

The sad thing about choosing your rates is that no matter what number you choose, there will be people who come along and tell you that you are too expensive. Basically, they want you to do the work for free, out of the kindness of your heart (though more likely it would be out of their ego).

Are there situations in which people have legitimate financial concerns that prevent them from spending money on non-emergency services? Absolutely.

Would I want to have someone give me their last dime and be evicted from their apartment. Of course not.

But what I see a lot, and what truly breaks my heart, is that authors will talk about their writing dreams…and then do nothing about them.

If you’ve followed me on social media at all you’ll have seen the countless mantras that I have posted that encourage authors to see themselves as necessary, creative beings, and worthy contenders in the world of publishing. There is no better time to write that first word, or that last word.

But what happens after a book has been written? Or what if major writing blocks keep an author from moving forward on their journey? What happens then?

Two things happen – authors either a) struggle indefinitely or b) invest in themselves.

By “invest” I do not mean purchase business cards or purchase another writing course they won’t have time to complete. I do not mean search for the perfect pen or pencil or notebook.

I mean they invest their time in their writing, and then when they need help they invest their money in the best possible guidance they can receive.

My purpose on this planet is to help authors make their writing great and their publishing dreams come true. That is my very deepest passion.

It is also my job, and unfortunately I can’t buy groceries with hugs and good wishes.

How do I choose my rates? I want to fall into industry standards, of course, but I also base my rates on my aforementioned nearly 20 years of experience, as well as the level of detail I put into my work.

Any editor can look at a manuscript and say, “your main character is under-developed.” But when I say that, I also go on to ask the author questions (“what is your main character’s goal?” “what are they looking for in life?”) and then give suggestions on how to improve (“if Brody is willing to sacrifice everything in order to bring Susan home, we need to establish the stakes in the first third of the book”).

So, this holiday season, I am sure that you have already spent a ton of cash on things for other people – toys aren’t getting any cheaper! But what did you get for yourself?

Just imagine what 2023 could look like if you knew that your book could finally become a real, tangible thing.

Just imagine how could it would feel to stop getting lost in the questions and the what-ifs, and have someone actually guide you through the process, kicking the roadblocks out of your way.

I’d love to talk to you about your book project, and how I can help you get that book into the readers, hungry for your words.

Hop on over to the Services page on the website, or simply respond to this email and we can see how to find a way for me to give you the assistance you need.

Give yourself (and your book) a gift this holiday season.

As we begin to close out 2022, I wish you the very best!

To you and your book!

Introducing the Author’s Roadmap, a boutique service offered to authors who are ready, really ready, to realize their long-held dreams of being published.

First we’ll begin with a 60-minute call in which we’ll get to know one another. You tell me about you and your book and what your big, audacious dreams are for getting it published (and even after that). You ask me whatever questions you have and together we identify which roadblocks are keeping you from getting to your last stop.

After we meet, you’ll send me your manuscript and I’ll dive deep within it, identifying which aspects will be most attractive to publishers, literary agents, and readers – and which might need a little work (and then I’ll tell you how to fix them).

Finally, I’ll give you the steps you will need to take to get your book published, and beloved by readers everywhere. Looking for a literary agent? I’ll tell you how to get there. Self-publishing? I’ll get you there, too.

It can be hard to know which way to go, and the options can feel overwhelming.

I’m here to get you where you need to be: published.

​Are you ready to play big?

Everything I need to know about writing…I learned from Audrey Hepburn?

 Audrey Hepburn is one of the most famous actresses of all time. Her presence on the screen is unforgettable, and she seemed to move through the world as a sort of luminous being.

She had a pretty tragic childhood (thanks, World War II), and plenty of heartbreak throughout her life, but for all intents and purposes seemed to never lose her vivacity, and her passion for absorbing life and leaving a terrific legacy behind.

She is an inspiration just as a human being, but of course as a creative person who had many gifts that touched people all over the world.

When you’re struggling with your writing, or life, perhaps let yourself hear Audrey’s voice, and let her words permeate:

“Nothing is impossible; the word itself says ‘I’m possible!’”

Believe in yourself – you must do that before asking anyone else to do so, too. You CAN become an author. You CAN write a book. There are no limits.

“Paris is always a good idea.”

If you’re feeling stuck, get out. Is there a place you can go where you can feel relaxed or recharged? Is there a local garden that delights you with its beauty? Do you feel inspired walking about your local bookstore?

“I believe in being strong when everything seems to be going wrong.”

Even the luckiest of authors still face roadblocks along the way – rejection letters, a lack of confidence, etc. But it’s so important to keep moving forward. There IS light at the end of the tunnel – your day will come.

"Good things aren’t supposed to just fall into your lap. God is very generous, but He expects you to do your part first."

You can’t become a bestselling author without a book. You can’t make readers’ hearts swell if they have nothing to read.

“Remember, if you ever need a helping hand, it’s at the end of your arm. As you get older, remember you have another hand: The first is to help yourself, the second is to help others.”

Books have the power to change lives. If you have something to share with the world, it is your goal to share it – whether you’re educating, entertaining, comforting, and/or inspiring.

I believe in you!

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​I’m Ready to Be a Published Author