An Old Belief or Myth…
I had two people repeat a bad myth to me today. The myth is that writing is NOT the fastest way to make a buck.
I suppose over the very short term, that is true… sort of.
Say you want to be a lawyer. Your first buck will come in around year eight.
Doctor around year nine.
Plumber, after some training, as an apprentice, maybe the first year.
Architect, year six.
Being a waiter or tending bar, or a janitor, or any other hourly job, you get paid in two weeks after you start, so I suppose those are the quickest way to making a buck. Get an hourly job or a salaried job.
But making a fortune? Sure, you can save for retirement, invest in the stock market, but most of those day jobs will not make you a fortune. They might make you comfortable over time, but not a fortune.
Writing, on the other hand, can make you a fortune.
Sure, the money coming in is slow to start, but the more you write, the more property you own and over time, the more property you own, the more you make, if you understand what you are doing.
The reason is that the hours you spent writing a story continue to earn for a very, very long time.
EXAMPLE… (caution, math)
Say I have a day job that is making me $12 per hour. I work for three hours, get $36 minus taxes and all that, and that’s the end of it.
Period. Those hours had a finite value. Nothing more, nothing less.
Say I am a writer and I spend three hours writing a 3,000 word short story.
First I sell it to a major magazine for $180, thus making $60 per hour. Nice.
But then after the magazine publishes it, I put it up for sale electronically for $2.99. In all the places around the world, over an entire year, it sells 10 copies and after fees I make another $20 that year on those same three hours.
And over 20 years it averages (not in collections or anything else) 10 sales a year worldwide, making me $400. (10 sales x $2 x 20=$400)
And over another 20 years it averages 10 sales a year making me another $400. (I have stories that have done this exact same thing, and they are not stopping.)
So forty years after I spent those three hours working a day job, I still only earned $36 minus taxes.
But forty years after I spent those three hours writing a short story, a piece of IP, I have earned $960 at least. So for those three hours, I made $320 per hour.
And it is not ending and that is not counting sales of collections or many other ways of using that IP.
Once a writer understands this simple concept, they will never spout the myth that writing is not a way to make a buck.
If you want short term money that goes away quickly, get a day job.
If you want to make a fortune over time, write faster.