When you’ve got been or need to be a contract author, you may need questioned:
Can freelancers retire?
I obtained this query from a reader not too long ago:
After a 20+ yr profession in nonprofit fundraising I’ve been consulting within the subject for the previous six years and actually specializing in writing for them for the previous two. Thus far, so good.
On a current “weekend retreat” with my spouse, we had been speaking in regards to the enterprise’ future and the way after 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 because of my exhausting work?
Thanks — Matt.
So, can freelancers retire?
There are a number of methods freelance writers can get themselves ready to retire, Matt:
Create your individual ebooks
When you can create ebooks through the years, they may promote for you roughly on autopilot, by way of 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 e-book I’ve out, however I’m hoping to create an entire listing of ebooks with writing-biz fundamentals that may maintain incomes for me in future.
When you’re curious about studying extra about how to write and publish a book, take a look at Self-Publishing Faculty.
Create your individual e-courses
With webinars and video know-how the place it’s at in the present day, it’s not exhausting 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 possibly can take a look at this text on best online course platforms.
Create a weblog you possibly can promote
Some blogs supply a lot precious data to readers that they finally develop a sufficiently big viewers to draw an organization that desires to purchase the weblog outright.
Examples I do know offhand embrace 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 few matter of excessive curiosity to a broad viewers, the place a purchaser might rent different consultants in your trade to run it after you depart. The Write Life is a superb instance of this as nicely.
Create a Net-based service enterprise you possibly can promote
Typically, in the midst of pursuing your writing profession, you get an thought for a associated enterprise you 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 way of the copy they wrote. I don’t have any of those gigs lined up, however I collect among the largest copywriters have created ongoing income streams this fashion.
Write a smash-hit, evergreen enterprise or how-to guide
I’m certain the authors of the perennial enterprise bestseller The 1-Minute Manager don’t fear about whether or not they can retire, as an example. When you’ve got nonpareil data that would maintain 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 method you slice it, freelancers are actually identical to workers in relation to retirement. When you lower your expenses, you possibly can retire on it. When you don’t, your choices are fewer. It’s simply that we don’t have simple 401(ok) 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).
When you’re severe about retirement, grasp the artwork of dwelling beneath your means. Have a look at your bills and make a dedication to chopping again.
Then, begin saving cash, each month. When 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 begin saving.
Cash within the financial institution offers you the ability to say ‘no’ to assignments you don’t need and to say once 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 — reasonably than determining 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 if you’re a simple-living sort.
Are you planning to retire? Go away a remark and inform us the way you’re making it occur.