Money and Your Writing Life
Updated: Jun 10
Should you quit your job to write full time?
Photo Credit: Xzactlycorp.com
Writer’s Digest has just published agreat article by Jeff Yeager on the ten questions to consider before you quit your jobs to write full timehttp://www.writersdigest.com/writing-articles/by-writing-goal/write-first-chapter-get-started/10-questions-writers-must-ask-before-quitting-their-day-job
You can find all ten questions by clicking on the link above. Question #3 is – Do you have a sensible financial plan and adequate financial resources.
Jeff Yeager, who also wrote THE ULTIMATE CHEAPSKATE’S RAOD TO TRUE RICHES, advises that you’ll need to do your sums to figure how much you’ll need and to make concrete plans to have that sum coming in before you hand in your resignation. Regardless of your plans, also make sure that you have at least 6-12 months of living expenses.
That’s good advice but I’d say doing your sums is a STEP 2.
BEFORE DOING YOUR SUMS YOU NEED TO FIRST FIGURE OUT YOURSELF.
Financial intelligence is first and foremost about knowing your money personality.
Having a conversation about money is really having a conversation about love and fear, hope, desire and desperation.
Setting out on a writing journey is going to be an emotional rollercoaster all by itself. Before you start do make sure you’re as emotionally fit about your money issues as you are financially fit.
Let’s get acquainted with the MONEY YOU.
When I was a volunteer financial tutor, I found the exercise below really useful.
Complete the following sentences AS QUICKLY AS POSSIBLE
My main money concern right now is …
Moneywise what I want to do is …
I’m happy when I am (5 states of doing) ….
I try very hard not to be (5 emotional states you avoid or hate) …
Keeping track of my money is …
Investing is ….
10.My best money experience is…
11.My worst money memory is…
12.If I had all the money in the world to do anything I wanted I would…
13.My main money concern is…
14.Moneywise, what I want to do is…
DONE… So what do you do with all this information now?
First – Check if there are any differences between what you wrote in Sentences 1 and Sentence 2 and what you wrote in Sentence 13 and Sentence 14. If there are, how did the sentences change and why?
Second – What did you write in Sentence 12. Is it congruent with what you wrote in Sentence 13 and Sentence 14.
Third – Did you write happy or sad sentences in Sentences 5 to 9. How do the happy sentences relate to the happy experiences described in Sentence 10. How do the sad sentences relate to the happy experiences described in Sentence 11.
Fourth: Now look at the five things you wrote for Sentence 3 and Sentence 4. Imagine yourself managing your finances in your new full time writing life and think of which feelings you’ll be feeling.
HOW DO YOU FEEL ABOUT MONEY AND YOUR WRITING LIFE NOW?
If you ran through the exercise and found something interesting, do leave a comment.
Catch next week’s post to see read about how some other people got clearer about their financial selves and their plans after doing the exercise.