Article Review: "How to Make the Most of the Money you Earn" by Sage Cohen
Writer’s Digest produces books for writers and aspiring writers without end in sight. Often, these books are collections of articles over a spectrum of a chosen topic with professional writers’ contributions. This is for the format for the current book, Writer’s Digest Guide to Self-Publishing 2015 .
I’d like to offer a brief overview of each article and note on each author over the next several weeks then sum up the entire book.
Writer’s Digest Guide to Self-Publishing 2015 is divided into three main subject areas: 1) Production 2) Management and 3) Promotion. Other sections include author interviews, listings (of professional services to the self-publishing author), resources such as conferences and book fairs, and an index.
The current article, “Making the Most Out of the Money You Earn,” sets forth ideas for financial strategies to make a writing life financially stable: tax strategies, as wells as IRAs, insurance and the idea or a 9-month savings buffer to make the writer less vulnerable to the whims of the ups and downs of life.
Author Sage Cohen is not a C.P.A or a lawyer so she can’t give specific advice, but she does give some good pointers. What about disability insurance for a writer who is making a living writing? If the person suddenly finds s/he can no longer write because of an illness or injury, how will she provide for him/herself? Depending on age and overall health, is disability insurance really a worthwhile investment? (Of course, because of the penalties for people without health insurance, self-employed people have to find health insurance somewhere.)
She also discusses the need to keep business and personal expenses separate, as well as classifications of items that might be tax deductible: i.e., education, promotion, supplies.
Again, this is a good, common sense article that discussing things that anyone who it making or thinking about making a living as making a liking should think about. It doesn’t so much provide answers, but gets a good conversation started, and that is just as important.
Title: “Making the Most Out of the Money You Earn”
Author: Sage Cohen
Writer’s Digest Guide to Self-Publishing 2015
©2015 Denise Longrie
Other articles from Writer’s Digest Guide to Self-Publishing 2015:
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