In case you have been or wish to be a contract author, you might need puzzled:
Can freelancers retire?
Sure, they will!
I bought this query from a reader not too long ago:
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 current “weekend retreat” with my spouse, we had been speaking concerning the enterprise’ future and the way once I go, it goes.
So having “the top in thoughts,” what’s the top sport 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 laborious work?
Thanks — Matt.
So, can freelancers retire?
There are a number of methods freelance writers can get themselves able to retire, Matt:
Create your individual ebooks
Should you can create ebooks through the years, they might 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 checklist of ebooks with writing-biz fundamentals that may hold incomes for me in future.
Should you’re taken with studying extra about how to write and publish a book, try Self-Publishing College.
Create your individual e-courses
With webinars and video know-how the place it’s at in the present day, it’s not laborious to create programs that may carry on educating for you and bringing in income, lengthy after you’ve stopped actively educating. All of the stay occasions I create for Freelance Writers Den fall into this class.
For extra data on e-courses, you may try this text on best online course platforms.
Create a weblog you may promote
Some blogs supply a lot worthwhile data to readers that they finally develop a large enough viewers to draw an organization that wishes 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 Internet-based service enterprise you may promote
Generally, in the middle of pursuing your writing profession, you get an thought for a associated enterprise you may begin. That’s what occurred to Peter Shankman with Help a Reporter Out — and it grew to become 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 eventualities, 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 a few of the greatest copywriters have created ongoing income streams this fashion.
Write a smash-hit, evergreen enterprise or how-to e-book
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 illustration. In case you have nonpareil data that might hold promoting for years, write that e-book 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 stay on a budget
Any method you slice it, freelancers are actually similar to staff in the case of retirement. Should you get monetary savings, you may retire on it. Should 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).
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 reducing 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 when 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 wish 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 — slightly than determining the way to purchase the behavior of saving.
Additionally…not everybody envisions retiring to a 7,000-square foot seashore villa and touring the world. You could 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.