What should I do with my first advance?

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JackinElgin

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What did you do you do with your first advance? I'm about to recieve the advance for my first book (The Severance Nov '10 {ish} Bridgeworks.)

I'm wondering is there if there is any tradition for writers to buy something with their first advance because right now this puppy is earmarked straight for the "debt management fund" though I promised my wife we'd get a blooming onion the next time we go to Outback.
 

alleycat

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First, congratulations.

I think you've got the right idea already. Use a small part of it to "reward" the people who have stuck with you and had faith in you on this difficult journey (maybe also buy your wife a little present), then sock the rest of it away for a rainy day, or to pay down debt.

By the way, I like the title of your book. If I saw that title, I might pick up the book just to see what it was about.
 

CACTUSWENDY

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I'd be willing to set up a special account that you could put the money in with me as a co-signer....

It is more blessed to give then receive and I would want you to be on the receiving end of blessings.

What? Not a good idea?

Sigh...................
 

Albannach

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A very large box of dark chocolate and a bottle of wine.
 

gothicangel

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What did you do you do with your first advance? I'm about to recieve the advance for my first book (The Severance Nov '10 {ish} Bridgeworks.)

I'm wondering is there if there is any tradition for writers to buy something with their first advance because right now this puppy is earmarked straight for the "debt management fund" though I promised my wife we'd get a blooming onion the next time we go to Outback.

I know where you are coming from! If I sold the book over the course of the next year, my first commitment would be to pay off the DMP! A treat would be nice, but debt and stress free would be even nicer!:D
 

AlishaS

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If I got an advance I think I would put some aside for debt repayment and have a huge "I'm getting my book published" party.
Maybe a new laptop or something that would help me further my writing career.
 

gothicangel

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If I got an advance I think I would put some aside for debt repayment and have a huge "I'm getting my book published" party.
Maybe a new laptop or something that would help me further my writing career.

Might also sell a few copies that way too!
 

Terie

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Don't forget to set some aside for taxes. Better to set it aside and find out you didn't need to have done than to spend it all (including on DMP--which I highly recommend as a great strategy after a treat for you and your wife) and then have taxes to eke out of your regular income. And congratulations!
 

ChainsawLicker

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My first advance is going fully into debt management. I need to pay back my husband for carrying my ass this long lol.
 

MarkEsq

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A long overdue trip to Paris.

Yes! This! I'd take my wife to Paris as a thank you for putting up with me during those writing hours, and making those hours possible.

Unless, of course, my advance was $500 and then she may have to make do with the Bloomin' Onion. :)
 

Samantha's_Song

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LOL @ MaxinQuaye. :D My French is very rusty, I haven't done any for five years so I'm not even going to attempt to write it, although I can still read it well enough to understand what's being said.
 
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Calla Lily

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We're trying to somehow, some way, make my advance pay for most of our usual vacation--since BA (Before Advance) vacation was not happening for the first time in 7 years :cry:. (Oldest son started college, which trumped vacation.) But now, maybe... maybe... *furiously crunches budget numbers*
 

CaroGirl

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I would hold a big book-launch party for all my family and friends (at a local art gallery) and then take a trip somewhere I always wanted to go. I've been to Paris, but you can't have too much Paris!
 

ChaosTitan

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First advance - figured out what I needed to save for taxes, so I didn't end up screwed come tax time; treated myself and best friend to dinner and a movie; bought a shiatsu neck massage pillow; paid off a credit card; put the rest in the bank.
 

NeuroFizz

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[after removing estimated tax obligation] A portion to a college fund for the kids and a portion for pure fun and enjoyment.
 
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