In case you have been or need to be a contract author, you might need puzzled:
Can freelancers retire?
I acquired this query from a reader just lately:
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 have been speaking concerning 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 on account of my laborious work?
Thanks — Matt.
So, can freelancers retire?
There are a couple of methods freelance writers can get themselves able to retire, Matt:
Create your personal ebooks
For those who 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 e-book I’ve out, however I’m hoping to create an entire listing of ebooks with writing-biz fundamentals that may preserve incomes for me in future.
For those who’re fascinated with studying extra about write and publish a e book, try Self-Publishing Faculty.
Create your personal e-courses
With webinars and video expertise the place it’s at at the moment, 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 reside occasions I create for Freelance Writers Den fall into this class.
For extra data on e-courses, you may try this text on finest on-line course platforms.
Create a weblog you may promote
Some blogs provide a lot invaluable data to readers that they finally develop a sufficiently big viewers to draw an organization that wishes to purchase the weblog outright.
Examples I do know offhand embrace the finance blogs Mint.com (which offered for a reported $170 million) and Get Wealthy 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 might rent different specialists 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 may promote
Typically, in the middle of pursuing your writing profession, you get an concept for a associated enterprise you can begin. That’s what occurred to Peter Shankman with Assist a Reporter Out — and it grew to become a smash hit.
Advert income rose to a reported $1 million a yr. It was offered 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 largest 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 Supervisor don’t fear about whether or not they can retire, as an illustration. In case you have nonpareil data that might preserve promoting for years, write that e book proposal and begin pitching it round.
Chad Allen has an awesome program for crafting e book proposals. An intensive overview of his course has been written right here.
Sock cash away and/or reside on a budget
Any means you slice it, freelancers are actually similar to staff in relation to retirement. For those who get monetary savings, you may retire on it. For those who don’t, your choices are fewer. It’s simply that we don’t have simple 401(ok) plans arrange for us — although our choices are rising. For US-based freelancers, Betterment really has some good choices for direct-to-consumer retirement plans (and low charges).
For those who’re severe about retirement, grasp the artwork of dwelling under your means. Take a look at your bills and make a dedication to chopping again.
Then, begin saving cash, each month. For those who’re younger, you should use the magic of compound curiosity to develop your small financial savings over time. Even should you’re not, it’s by no means too late to start out saving.
Cash within the financial institution offers you the facility 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 fingers 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 seashore villa and touring the world. Chances are you’ll not want $1 million to retire on if you’re a simple-living sort.
Are you planning to retire? Depart a remark and inform us the way you’re making it occur.