Select Page

When you have been or need to be a contract author, you may need questioned:

Can freelancers retire?

Sure, they’ll!

I acquired 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 current “weekend retreat” with my spouse, we have been speaking in regards to the enterprise’ future and the way once I go, it goes.

So having “the tip in thoughts,” what’s the tip 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 arduous work?

Thanks — Matt.

So, can freelancers retire?

There are just a few methods freelance writers can get themselves able to retire, Matt:

Create your individual ebooks

In case 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 a complete listing of ebooks with writing-biz fundamentals that may preserve incomes for me in future.

In case you’re inquisitive about 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 the moment, it’s not arduous to create programs that may carry on educating for you and bringing in income, lengthy after you’ve stopped actively educating. 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 worthwhile data to readers that they ultimately develop a sufficiently big viewers to draw an organization that desires to purchase the weblog outright.

Examples I do know offhand embody the finance blogs (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 may rent different consultants in your business to run it after you depart. The Write Life is a good instance of this as nicely.

Create a Net-based service enterprise you possibly can promote

Generally, in the midst of pursuing your writing profession, you get an thought 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 unsolicited mail copy

In some unsolicited 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 a number of the largest copywriters have created ongoing income streams this manner.

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 example. When you have 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 method you slice it, freelancers are actually similar to workers in relation to retirement. In case you get monetary savings, you possibly can retire on it. In case 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 really has some good choices for direct-to-consumer retirement plans (and low charges).

In case you’re critical about retirement, grasp the artwork of residing under your means. Have a look at your bills and make a dedication to chopping again.

Then, begin saving cash, each month. In case 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 offers you the ability to say ‘no’ to assignments you don’t need and to say while you need to name it quits on working.

I feel too many writers simply wring their palms and quit on ever retiring — dooming them to poverty-stricken later years — fairly than determining the best 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 might 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.