When you’ve got been or need to be a contract author, you may need puzzled:
Can freelancers retire?
I received this query from a reader just lately:
After a 20+ yr profession in nonprofit fundraising I’ve been consulting within the area for the previous six years and actually specializing in writing for them for the previous two. To date, so good.
On a latest “weekend retreat” with my spouse, we have been speaking concerning the enterprise’ future and the way once I go, it goes.
So having “the top in thoughts,” what’s the top recreation in freelance copywriting? How do you create one thing in order that when it’s time to “fade into the sundown” there could also be one thing to supply somebody to purchase on account of my laborious work?
Thanks — Matt.
So, can freelancers retire?
There are just a few methods freelance writers can get themselves ready to retire, Matt:
Create your individual ebooks
Should you can create ebooks over time, they might promote for you kind of on autopilot, by phrase of mouth from individuals who’ve already purchased them, and proceed to earn for you.
I’m simply getting began on this myself with the one book I’ve out, however I’m hoping to create a complete checklist of ebooks with writing-biz fundamentals that may preserve incomes for me in future.
Should you’re involved in studying extra about how to write and publish a book, take a look at Self-Publishing College.
Create your individual e-courses
With webinars and video expertise the place it’s at at present, it’s not laborious to create programs that may carry on instructing for you and bringing in income, lengthy after you’ve stopped actively instructing. All of the dwell occasions I create for Freelance Writers Den fall into this class.
For extra data on e-courses, you’ll be able to take a look at this text on best online course platforms.
Create a weblog you’ll be able to promote
Some blogs supply a lot useful data to readers that they ultimately develop a large enough viewers to draw an organization that wishes to purchase the weblog outright.
Examples I do know offhand embody the finance blogs Mint.com (which sold for a reported $170 million) and Get Rich Slowly, in addition to Freelance Writing Gigs in my very own writing-advice area of interest.
The important thing right here is that the weblog not be a cult of character that’s all about you, however a couple of subject of excessive curiosity to a broad viewers, the place a purchaser may rent different consultants in your trade to run it after you depart. The Write Life is a good instance of this as effectively.
Create a Internet-based service enterprise you’ll be able to promote
Generally, in the middle of pursuing your writing profession, you get an concept for a associated enterprise you possibly can begin. That’s what occurred to Peter Shankman with Help a Reporter Out — and it turned a smash hit.
Advert income rose to a reported $1 million a yr. It was sold to Vocus in 2010.
Write junk mail copy
In some junk mail writing situations, the author earns a royalty on gross sales made by the copy they wrote. I don’t have any of those gigs lined up, however I collect a number of the greatest copywriters have created ongoing income streams this fashion.
Write a smash-hit, evergreen enterprise or how-to guide
I’m positive the authors of the perennial enterprise bestseller The 1-Minute Manager don’t fear about whether or not they can retire, as an illustration. When you’ve got nonpareil data that might preserve promoting for years, write that guide proposal and begin pitching it round.
Chad Allen has a great program for crafting book proposals. A radical review of his course has been written right here.
Sock cash away and/or dwell on a budget
Any manner you slice it, freelancers are actually similar to staff on the subject of retirement. Should you get monetary savings, you’ll be able to retire on it. Should you don’t, your choices are fewer. It’s simply that we don’t have straightforward 401(okay) plans arrange for us — although our options are growing. For US-based freelancers, Betterment truly has some good choices for direct-to-consumer retirement plans (and low charges).
Should you’re critical about retirement, grasp the artwork of residing beneath your means. Have a look at your bills and make a dedication to slicing again.
Then, begin saving cash, each month. Should you’re younger, you should use the magic of compound curiosity to develop your small financial savings over time. Even in the event you’re not, it’s by no means too late to start out saving.
Cash within the financial institution provides you the facility to say ‘no’ to assignments you don’t need and to say while you need to name it quits on working.
I believe too many writers simply wring their arms and quit on ever retiring — dooming them to poverty-stricken later years — moderately than determining tips on how to purchase the behavior of saving.
Additionally…not everybody envisions retiring to a 7,000-square foot seaside villa and touring the world. It’s possible you’ll not want $1 million to retire on in case you are a simple-living sort.
Are you planning to retire? Go away a remark and inform us the way you’re making it occur.