So, Would You Give Up The Day Job?

Sadly, $1M wouldn't do much for me.

$1M - 15% = $850K

$850K is likely split into 3 payments spread out over a couple of years. So $283K per payment.

Lose half to taxes right away. So $141.5K per payment.

That's nice money. But it's not much more than my annual salary now, and it would be only a few payments. My annual salary has the benefit of coming regularly. Yeah, it could replace my salary for 3 years or so, but then what? What if the next book doesn't get a $1M advance? No guarantee I would get my job back or make this salary at the next one.

I'd rather put the money towards retirement (or a retirement home).

rainsmom said:

Sadly, $1M wouldn't do much for me.

$1M - 15% = $850K

$850K is likely split into 3 payments spread out over a couple of years. So $283K per payment.

Lose half to taxes right away. So $141.5K per payment.

That's nice money. But it's not much more than my annual salary now, and it would be only a few payments. My annual salary has the benefit of coming regularly. Yeah, it could replace my salary for 3 years or so, but then what? What if the next book doesn't get a $1M advance? No guarantee I would get my job back or make this salary at the next one.

I'd rather put the money towards retirement (or a retirement home).

Click to expand...

When you put it like that, the 1 million dollar book deal all of a sudden seems quite unremarkable and boring.

But I totally get it. You're bringing the fantasy down to reality level, which is what we'd all have to do if the fantasy ever becomes real.

I guess how much each person is currently making annually is a big factor too. Those who are making 6 figures will be a lot less likely to quit their jobs, but those who are making far less would be tempted, because that 1 million, even after taxes, will be able to sustain them for many years, and in those years, they can write, write, write and try to build up their audience and thus have a solid writing career when the 1 million runs out.