If you get 6-digit advance, would you ...
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No.
A six-figure advance is big, but it's not enough to retire. What if your book doesn't do well and you don't sell another one?
Also, I like my job, and I think it's good to take a break from writing.
That being said, I might cut my hours a bit.
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No; six figures isn't even close to being enough for financial security. Especially if you have kids.
-papaholmz
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If writing wasn't my job, then yes. I could live frugally for a decade on £100k, or very well for 5 years.
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High six-figures? Low six-figures? For how many books?
If I got a $600,000 advance for one book, definitely.
On the other hand, I know an author who received a $120,000 advance...for six books. That's only $20k per book, and even though the on-signing portion is a good chunk of change, broken down into thirds and over several years, the rest isn't a lot of money to live on.
I understand the spirit of your question, but there are so many variables involved that make it impossible to answer.
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It depends. $100K? No way. $750K? More likely, but still not certain.
The advance will be paid in chunks over two to four years. Deduct my agent's 15% and the tax office's 40%, and it starts to look a lot smaller. For example, in a case where the payments were paid out in three chunks and turned out to be one in each of three years, $100K / 3 = $33K - 15% = $28K - 40% = $16K, which is considerably less than I take home on my day job.
Now, if I were still working full-time, I'd probably switch to part-time. But there's no guarantee there's going to be a second sale, and I wouldn't be planning the rest of my life around what might happen....or might not.
The advance will be paid in chunks over two to four years. Deduct my agent's 15% and the tax office's 40%, and it starts to look a lot smaller. For example, in a case where the payments were paid out in three chunks and turned out to be one in each of three years, $100K / 3 = $33K - 15% = $28K - 40% = $16K, which is considerably less than I take home on my day job.
Now, if I were still working full-time, I'd probably switch to part-time. But there's no guarantee there's going to be a second sale, and I wouldn't be planning the rest of my life around what might happen....or might not.
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Here in the states, you'd end up with about half of whatever was left after your agent takes his or her 15%. Of course then you'd probably have a bunch of write offs, but still...
If I get the job I am interviewing for next week (a second interview), then no. Because it would only be two days a week and it will be a job I would love.
If I had a full time job and was under contract for more books, I might change jobs so that I could have more writing time and still a steady income. Of course, even with half of a mid to high six-figure advance, if you invest it right you can make it work and make your life a little easier.
So not an easy question to answer.
If I get the job I am interviewing for next week (a second interview), then no. Because it would only be two days a week and it will be a job I would love.
If I had a full time job and was under contract for more books, I might change jobs so that I could have more writing time and still a steady income. Of course, even with half of a mid to high six-figure advance, if you invest it right you can make it work and make your life a little easier.
So not an easy question to answer.
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Yeah, I'm thinking it depends on what numbers are involved in those six figures. $900k? Yeah, probably so. Actually, I'm not sure I'd even think twice about it. $100k? Not at all. If I got a high enough figure, my first business would be to pay off my student loans, and after that there wouldn't be a ton left if it was on the low end of the scale. Then I'd have to figure out how much I had left after taxes, how much good health insurance would cost, etc. It would probably require a really good budget, but I could make it for a few years at least on a really high figure, and sure, I'd be willing to try. I could always hop back into the work force if I had to later on. Then again, I'm not someone who has ever seen a day job as a career that I'd do for life, either, so that probably would influence my decision.
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I would quit two of my part time jobs, the ones that pay the lowest and drain me the most. Low six figures for one book is three years of income from those two jobs. If the extra time I'd get in my schedule to write couldn't produce the lost income when three years was up... I wouldn't deserve to call myself a professional writer 
But I would keep my main part time job. It's pretty high profile in my day job industry, and if I couldn't make up the "lost" income by writing, I would need that high profile to get more jobs.
I get two fat advances, then writing is my job
But I would keep my main part time job. It's pretty high profile in my day job industry, and if I couldn't make up the "lost" income by writing, I would need that high profile to get more jobs.
I get two fat advances, then writing is my job
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High six figures, most definitely, I have a crappy low-paying job that stresses the hell out of me, so I would quit in a heartbeat. Then I would have more time for writing and I wouldn't be so tired and stressed all the time. Low six figures--I'd be tempted, depending on how low, but I would still work. Just wouldn't be enough money to live on for very long.
I agree about the low six figure mark not being enough to retire on. All the more so, considering that publishers are slower than ever to pay, I've heard. And tolerance is probably at an all-time low for publishers and agents in dealing with desperate writers. Like it not, our main job is staying solvent so our agents are free to make the best possible deals.
It depends on what lifestyle your living.
For me as a student it would solve all my worries about financing a PhD. But I have been living on £10,000 a year since 2007.
What it would mean, is the end to the demeaning student jobs. But it would still be a means to an end. As soon as I was in my second year of my PhD, I would want to take up a post of teaching undergrads.
For me as a student it would solve all my worries about financing a PhD. But I have been living on £10,000 a year since 2007.
What it would mean, is the end to the demeaning student jobs. But it would still be a means to an end. As soon as I was in my second year of my PhD, I would want to take up a post of teaching undergrads.
No. One six figure advance doesn't make a career in writing. Plus, I really like my current job/career.
A low six figure would help out a lot getting ahead, but not setting up one for life. What if the book tanks and it's difficult or impossible to sell the next?
A low six figure would help out a lot getting ahead, but not setting up one for life. What if the book tanks and it's difficult or impossible to sell the next?
Absolutely. Fresh out of university with no kids, no mortgage, nothing but student loans and rent? I could live off the remains of £100k (minus agent's cut and income tax) for years. If and when the money runs out, it'll be time to start looking for a day job.
It's possible to get by on that in your mid-30s, too. No kids, no car, no mortgage, no credit cards, no debt, no nothing. £100k? Piece. Of. Piss.
The words spend, spend, spend; wine, women, and amateur dramatics spring to mind.
So hell yeah, I'd quit my job.
But I wouldn't burn any bridges though. I'd probably need a reference a couple of months down the line...
So hell yeah, I'd quit my job.
But I wouldn't burn any bridges though. I'd probably need a reference a couple of months down the line...
£100k is like ten years wages (and would pay off the mortgage twice over with a few grand to spare). So, yeah, reckon I would.
I wouldn't quit working entirely, but I'd change jobs, I think. Right now, I have a high-stress, work-all-the-time-even-nights-and-weekends job. So, if I had a six-figure advance, I think that'd be enough for me to justify changing to a job where my writing could come first, job second.
Yep. My partner and I live extremely frugally and have no life accessories (kids, pets, car, house, etc.), so we could stretch that check far. I've been living on four figures for years.
For someone with a family? Doubtful. It really depends on your current debts and responsibilities.
For someone with a family? Doubtful. It really depends on your current debts and responsibilities.
I don't know if I would quit outright, but I might go part-time for a while so that when things slow down I could just go home, but I could be support if things were busy. If it was a high 6-figure advance, of course. My workplace is pretty flexible. If it turned out that that was the only money I got for writing and for whatever reason it wouldn't be enough to sustain me, I could probably go back full time as long as my foot was still in the door.
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