PDA

View Full Version : What should I do with my first advance?



JackinElgin
12-24-2009, 11:20 AM
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
12-24-2009, 11:24 AM
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.

Wayne K
12-24-2009, 11:36 AM
I'm going to buy candy.

Wayne K
12-24-2009, 11:37 AM
And Italian pastry.

bettielee
12-24-2009, 12:13 PM
candy, pastry, diet coke.

:)

Cliff Face
12-24-2009, 12:15 PM
A PVC trenchcoat and a posse.

CACTUSWENDY
12-24-2009, 12:33 PM
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
12-24-2009, 12:34 PM
A very large box of dark chocolate and a bottle of wine.

blacbird
12-24-2009, 12:38 PM
Good booze.

caw

gothicangel
12-24-2009, 12:58 PM
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
12-24-2009, 01:42 PM
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
12-24-2009, 02:08 PM
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
12-24-2009, 02:17 PM
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
12-24-2009, 02:18 PM
My first advance is going fully into debt management. I need to pay back my husband for carrying my ass this long lol.

James D. Macdonald
12-24-2009, 02:49 PM
A dishwasher.

Maxinquaye
12-24-2009, 02:58 PM
Buy more books? :)

Samantha's_Song
12-24-2009, 03:55 PM
A long overdue trip to Paris.

Maxinquaye
12-24-2009, 04:10 PM
Ah oui, nous aurons toujours Paris :D

MarkEsq
12-24-2009, 06:30 PM
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
12-24-2009, 06:42 PM
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.

yttar
12-24-2009, 06:46 PM
My first advance is going fully into debt management. I need to pay back my husband for carrying my ass this long lol.

Same here.

Yttar

Calla Lily
12-24-2009, 06:47 PM
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
12-24-2009, 06:51 PM
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
12-24-2009, 06:58 PM
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
12-24-2009, 07:14 PM
[after removing estimated tax obligation] A portion to a college fund for the kids and a portion for pure fun and enjoyment.

Elias Graves
12-24-2009, 07:19 PM
http://universeofluxury.com/wp-content/uploads/2008/05/pen.jpg

EG

SarahMacManus
12-24-2009, 07:20 PM
Depends on how much it will be, honestly. I tend to like to invest in promotion. It's a hang over habit from my business career.

I think I'd take a hell of a road trip/book tour and write it off as a tax deduction. :) Two birds, one stone.

Fredster
12-24-2009, 07:27 PM
I would use the first advance in the way that would best help me get a second advance.

Tasmin21
12-24-2009, 08:24 PM
I put half away for taxes (probably won't need that much, but there it is) and used the other half to repave my driveway.

BradyH1861
12-24-2009, 08:48 PM
I would use it to set up my entourage. I've always wanted an entourage but I hear that they can be expensive. The advance would have to be large enough to make it a reality. It would need to be enough that I could attract the right people. (Or maybe the wrong people?)

Smish
12-24-2009, 08:55 PM
Hmmm, I'd like to pay off my student loans, but it'd have to be an amazing advance in order to do that...

So, I'd take a trip somewhere. The bigger the advance, the better the trip. :D

Elias Graves
12-24-2009, 09:09 PM
I would use it to set up my entourage. I've always wanted an entourage but I hear that they can be expensive. The advance would have to be large enough to make it a reality. It would need to be enough that I could attract the right people. (Or maybe the wrong people?)

Its gotta be the WRONG people!
http://www.legendsofamerica.com/photos-arizona/HashknifePosse.jpg

EG

JackinElgin
12-24-2009, 10:34 PM
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. :)

Ha, my advance is a thousand big ones (I joke with my friends that I signed a "Major 4 figure book deal")

I plan to buy my wife a picture of greece (where she wants to go) and use it as a placemat when we go to outback

Medievalist
12-24-2009, 10:54 PM
There used to be a tradition of buying a rather nice fountain pen, used not only for ms. production, but for signing. That said, they're perhaps not the best choice for most writers, these days, for either purpose.

ChainsawLicker
12-25-2009, 01:52 AM
I plan to buy my wife a picture of greece (where she wants to go) and use it as a placemat when we go to outback

Classy!!

scarletpeaches
12-25-2009, 01:54 AM
If the advance was big enough, I'd visit certain of my AW buddies, spreading chaos, panic and disorder (and a large amount of sexual pleasure) in my wake.

Cliff Face
12-25-2009, 02:29 AM
Ugh, taxes and agent commission... my advance would probably wind up being just big enough to go shopping for luxuries, and then live on it for a little while before having to go back on disability payments. But then, the idea is to keep writing, and get another advance before the first one runs out - this new advance bigger than the last one.

So if I eventually did have money to throw around, maybe I'd see a bunch of Australia and decide where I want to live (it gets too hot in South Aus, and I can rule out Queensland for the same reason, even though they have more rain).

Or I could just blow it all on paying for SP and tt42 to visit my house and have a sinfully good time :D That's when my PVC trenchcoat would come in handy, I suppose.

djf881
12-25-2009, 03:03 AM
Ha, my advance is a thousand big ones (I joke with my friends that I signed a "Major 4 figure book deal")

I plan to buy my wife a picture of greece (where she wants to go) and use it as a placemat when we go to outback

I remember you talking about using a freelance editor. Did your advance cover the money you spent on freelance editorial services?

Regardless, it looks like you've hooked up with a very good small publisher.

JackinElgin
12-25-2009, 03:43 AM
I remember you talking about using a freelance editor. Did your advance cover the money you spent on freelance editorial services?

Regardless, it looks like you've hooked up with a very good small publisher.

Yes, The advance covered the cost of the editing service, but I'm sure that I itemized the cost of postage, printing i made an absolutely minimal amount on this deal.

Fortunately, I'm not writing to eat or pay the bills. My only requirement for a publisher was that they:

Not Be scammers
Not be a vanity publisher
Be stocked in REAL bookstores.

The people that I'm working with now meet all those requirements. In fact I couldn't be. I wrote this novel over last summer and typed "The End" in early october and began querying agents and small publishers. I got an offer to publish in mid december. As far as im concerned things could not have turned out any better.

Libbie
12-25-2009, 03:51 AM
I'm going to use my first advance to pay off the rest of my totally useless student loan. (I only owe $4000 more, so I think I can reasonably expect to get at least that much.) :D

AryaT92
12-25-2009, 04:00 AM
I have plans to leave with my advance check to the bank to get one of those LARGE lottery checks, other than that maybe a vacation?

Jess Haines
12-25-2009, 05:10 AM
With the first part of it, I fixed my car (yay!), had a nice dinner with my friends, bought a handful of tchotchkes for myself, and put the rest in the bank for taxes.

Pesimisticus
12-25-2009, 05:48 AM
Paying down debt is always a good choice.

So is lobster dinner.

AryaT92
12-25-2009, 06:04 AM
Also a pony or if it is a high end advance you can look into unicorns.

SPMiller
12-25-2009, 06:18 AM
Hookers and blow.

JackinElgin
12-25-2009, 06:51 AM
Hookers and blow.

I'd need to be putting up King numbers to pull that off properly

scarletpeaches
12-25-2009, 06:53 AM
Depends on how skanky the hookers are.

JackinElgin
12-25-2009, 07:05 AM
Aw well you get what you pay for.

scarletpeaches
12-25-2009, 07:08 AM
I'm so classy.

If you want a serious answer - just...travel. I'd get the hell out of this city and just see a few places I've never been. I'd like to travel on my own, but have someone waiting for me when I get there, which is why AW is so cool.

Wherever you end up there'll likely be someone with whom you have something important in common - writing! - living close by.

Ken
12-25-2009, 07:21 AM
... lumber to build a new desk. Maybe mahogony or something fancy. Rest would go to the IRS, and if there was anything left over it would go in the bank. Think I'd make a charitable donation or two, too.

cwfgal
12-25-2009, 07:27 AM
I put half in the bank to cover taxes, used a grand to do something fun for the family, and then used the rest to pay off debt. Since then I've always dedicated a portion of my advances to marketing and promotional stuff. Booorrrriiinnngg.

Beth

DWSTXS
12-25-2009, 09:39 AM
A trip to Vegas. And what I do there will stay there, and locked in secrecy, else the authorities will put me away.

ChainsawLicker
12-25-2009, 09:56 AM
A lot of people are saying they're paying off taxes... I've never owed anything on taxes before--not even my parents when I lived with them. Is this something that a newbie would have to worry about?

AryaT92
12-25-2009, 09:57 AM
When you make a large amount of money it is taxed yes?

ChainsawLicker
12-25-2009, 09:57 AM
I've never even known anyone that made that much money lol

scarletpeaches
12-25-2009, 09:59 AM
Everyone's taxed on their earnings. It doesn't have to be a 'large' amount. Hell, people on minimum wage have to pay some sort of tax.

ChainsawLicker
12-25-2009, 10:01 AM
What I mean is, we always get a few thousand back. We never actually pay anything when we file.

scarletpeaches
12-25-2009, 10:02 AM
Move to Ireland. Artists don't pay tax there.

Plus, they have Colin and JRM.

ChainsawLicker
12-25-2009, 10:05 AM
o.o If only there were an Air Force Base in Ireland...

JackinElgin
12-25-2009, 10:16 AM
What I mean is, we always get a few thousand back. We never actually pay anything when we file.

Well if you work a regular job, like most of us, they take your federal and state taxes out of your check before you get it (you might remember complaining looking at your pay stub, I sure do.)

When you file you get a certain percentage back because you always overpay or some gov't program gives you back something (i'm not a tax guy)

Your advance would fall under income you didn't pay any taxes on. So when you file taxes you might actually owe the gov't money.

In all seriousness, given the size of my advance I'm sure that I'll just end up taking a hit on my return.

ChainsawLicker
12-25-2009, 10:20 AM
Ok. I wasn't sure how that all worked. My husband files the taxes. I'm pathetic with numbers and pretty much everything to do with money. The only thing I know about it is that we don't have any lol

ChaosTitan
12-25-2009, 07:05 PM
A lot of people are saying they're paying off taxes... I've never owed anything on taxes before--not even my parents when I lived with them. Is this something that a newbie would have to worry about?

We're not paying off taxes, we're putting money aside to pay the eventual taxes on the advance. Advance money is earned income, so it's taxed by the government just like a paycheck from McDonald's or any other employer. Taxes are not taken out before you get the money, so it's up to you to set it aside before you spend it all.

With a small advance, you may owe very little, depending on your tax bracket, regular salary, and other deductions. Large advances, though...well, don't spend it all in one spot or you'll be hurting when it's time to pay the Piper. :)

scarletpeaches
12-25-2009, 07:06 PM
Weird. In this country the agent deals with taxes for you. Or at least according to one author I know, whose agent knocked me back. Bah! (And yes it was a legit agent).

BradyH1861
12-25-2009, 07:11 PM
If the advance was big enough, I'd visit certain of my AW buddies, spreading chaos, panic and disorder (and a large amount of sexual pleasure) in my wake.

I hope you get that advance in the near future!

scarletpeaches
12-25-2009, 07:12 PM
So do I - might even move me to have a merry Christmas in such an instance! :D

Libbie
12-25-2009, 08:32 PM
What I mean is, we always get a few thousand back. We never actually pay anything when we file.

People who are mentioning their taxes are talking about socking away a percentage of their advance for FUTURE taxes. You will owe Uncle Sam (or the friendly tax-collecting deity of your nation) the standard amount on your earnings -- in the U.S.A., it ends up being just shy of 25% when you figure in the income tax, social security tax, and other goodies the state uses to fund all these very useful public betterment projects.

Never neglect your tax accounts, because when tax day rolls around, you've got to pull the money from somewhere. People who have been self-employed before know this all too well.

ChainsawLicker
12-25-2009, 08:35 PM
Okay, that makes sense. I guess it would be best for me to go to a tax pro in the event that I ever do get an advance. I wouldn't have a clue how to figure out what to save.

Jess Haines
12-26-2009, 11:29 AM
It's best to consult a professional on this, but usually 20-25% is a safe enough bet.

AryaT92
12-26-2009, 11:32 AM
There goes 1/4th of my advance :/ I hate taxes.

SarahMacManus
12-26-2009, 07:36 PM
Ok. I wasn't sure how that all worked. My husband files the taxes. I'm pathetic with numbers and pretty much everything to do with money. The only thing I know about it is that we don't have any lol

As an author, you're basically "self-employed" - which means no one is deducting your taxes for you. At least, I'm assuming not. The check from the publisher isn't taxed (not sure about this), you're responsible for paying that yourself quarterly.

Not only that, but you have to pay the full 12% for Social Security and Medicare, rather than the 6.5% you'd pay as an employee (your employer pays the other half).

The expenses you incur as an author are deductible, including a portion of your home where you write (office, finished garage, etc) as are a portion of the utilities/repairs on your home.

Sorry... I slipped into accounting mode. No wonder I invent fictional worlds to inhabit.

In brief - if you write at home and make money, keep track of everything that you spend on your home, including mortgage, rent and repairs, property taxes, everything you spend on office supplies (ink/paper/printers/computers/phones/cards/brochures), shipping supplies, internet services, etc. Your accountant will tell you what is and isn't deductible. Just save the receipts.

Like I said, with a decent advance, I'd finance a short book signing road trip and grand debauch. and write off the expense. Now to convince the IRS that I really needed to hit Buenos Aires, even though the book wasn't picked up in South America...

Blow and hookers may be a legitimate entertaining expense, but remember to get receipts.

Terie
12-26-2009, 08:19 PM
There goes 1/4th of my advance :/ I hate taxes.

Sweetie, taxes are paying for the education you're getting right now (unless you're in private school, but I daresay you get my drift). And the asphalt on the roads. And the firemen and policemen who would respond if your house caught fire. Need I go on? :)

And one-quarter? Lucky you. I'm in the 40% tax bracket.

OctoberLee
12-26-2009, 08:43 PM
And one-quarter? Lucky you. I'm in the 40% tax bracket.

:D Every year I stop working overtime at my company in about November, just so I don't sneak into the next tax bracket. I'm used to getting bonuses at work and having 40-60% of it taken out in taxes. So I'd just be glad that advances count as income and not a bonus!!

ChainsawLicker
12-26-2009, 09:09 PM
As an author, you're basically "self-employed" - which means no one is deducting your taxes for you. At least, I'm assuming not. The check from the publisher isn't taxed (not sure about this), you're responsible for paying that yourself quarterly.

Not only that, but you have to pay the full 12% for Social Security and Medicare, rather than the 6.5% you'd pay as an employee (your employer pays the other half).

The expenses you incur as an author are deductible, including a portion of your home where you write (office, finished garage, etc) as are a portion of the utilities/repairs on your home.

Sorry... I slipped into accounting mode. No wonder I invent fictional worlds to inhabit.

In brief - if you write at home and make money, keep track of everything that you spend on your home, including mortgage, rent and repairs, property taxes, everything you spend on office supplies (ink/paper/printers/computers/phones/cards/brochures), shipping supplies, internet services, etc. Your accountant will tell you what is and isn't deductible. Just save the receipts.

I'm thanking Uncle Sam right now for giving the military and their families free financial services lol.

mbroadway
12-27-2009, 07:47 AM
Can I deduct my Corvette as a business expense if I have the name of my book painted on the side? (Just kidding.)

Ervin
12-27-2009, 08:39 AM
diet cokeDisgusting.

Cliff Face
12-27-2009, 03:12 PM
Seeing as we're talking about taxes - do you get taxed on your advance earnings of before the agent takes their cut? If so, the 40% tax bracket would be taken out, and the agent would take 15%, leaving you with 45% total. OR do you pay the agent, and then you pay tax on that 85%, so it's more like 51% that you get to keep (on the 40% tax bracket) ??

Terie
12-27-2009, 05:06 PM
Seeing as we're talking about taxes - do you get taxed on your advance earnings of before the agent takes their cut? If so, the 40% tax bracket would be taken out, and the agent would take 15%, leaving you with 45% total. OR do you pay the agent, and then you pay tax on that 85%, so it's more like 51% that you get to keep (on the 40% tax bracket) ??

You only pay tax on income, which is profit minus expenses. The tax bracket I personally am in is due to my income from my day job. Because I want to have a cushion when it comes time to pay my taxes, I simply put 40% of anything I receive (other than my paycheque) into a separate savings account. That way, after I figure my taxes and pay the tax man, I have a little bit of extra spending money....assuming I didn't miscalculate, which is another reason I put aside more than I expect to need to pay. I'm a maths idiot.

You shouldn't ever take tax advice from someone on an internet forum. You need to talk to your tax accountant. Among other things, I don't live in the same country as you do, and tax laws vary from country to country. I have to pay taxes (or at least file forms) in two different countries (as a citizen of one and permanent resident of another), neither one of which is Oz. :)

NewKidOldKid
12-27-2009, 05:50 PM
Disgusting.
Without Diet Coke, I would be 300 lbs. Thank God (and Coca Cola) for it.

SarahMacManus
12-27-2009, 07:13 PM
You shouldn't ever take tax advice from someone on an internet forum. You need to talk to your tax accountant. Among other things, I don't live in the same country as you do, and tax laws vary from country to country. I have to pay taxes (or at least file forms) in two different countries (as a citizen of one and permanent resident of another), neither one of which is Oz. :)

Heavens no! Do NOT take tax advice from someone on an internet forum. I AM a financial professional, and I'll tell you that, too. Different countries, different rules. Even different states in the US have different rules for state income tax.

The only advice that's safe to give (or take) is to save all your documentation and receipts for EVERYTHING! Much of it is deductible, some of it isn't, but only your tax professional knows for sure. So just save all your receipts and expense records to include your living expenses at home, travel expenses, cost of conferences, phone records, property taxes, home repairs and upgrades, purchases of manuals, books on writing, printer paper, etc. Save ALL of it.

As for vehicle expenses, if you are driving for business purposes, you should keep a log of mileage and purpose if you think you can deduct it. Give this log to your accountant with the other documents. If you drive 50 miles to a writer's conference or a book signing, you definitely want to log that down.

Tedious, but it could save you a fortune in the end.

I'm not saying that all these things are definitely deductible, but if your accountant feels they are, he will want proof in the way of receipts and statements and bills.

Anon76
12-27-2009, 10:52 PM
Back to the original question:

Buy a bottle of bubbly and save the cork. Use a permanent marker to label said cork with the date and reason. First advance, first contract, first book release, yada yada yada.

Hopefully, as the years pass, you will have to buy a dedicated cabinet just to hold all your corks!

OctoberLee
12-27-2009, 11:23 PM
Back to the original question:

Buy a bottle of bubbly and save the cork. Use a permanent marker to label said cork with the date and reason. First advance, first contract, first book release, yada yada yada.

Hopefully, as the years pass, you will have to buy a dedicated cabinet just to hold all your corks!

LOVE it! I bought a (cheap) bottle of bubbly just to celebrate finishing my novel...

Adam
12-28-2009, 12:23 AM
I'll bank half, and use the other half for buying shiny things for myself and the people who've supported me in my work. :)

Cliff Face
12-28-2009, 03:08 PM
Bank half, take a holiday, and buy more books! (Damn it, I keep changing my vote of what I'd do... when the time comes I'll probably just eat KFC with a stupid grin on my face and then get stabbed for looking at someone the wrong way.)

ETA: And a glass of bubbly on the plane. :)

bylinebree
12-28-2009, 03:17 PM
Disgusting.

Hey. HEY. Never knock the DC:tongue (Diet Coke from prev post)

I've heard from published authors I know that you should put "some" of that advance aside for promoting your book -- like maybe 1/3 of it depending on how much it was/according to what time/energy/venues you plan on using. Such as travel expenses for doing booksignings, or buying custom bookmarks or pens to hand out to your minions, or for running your website or whatever.

In other words, don't go spend the whole darn thing!

Samantha's_Song
12-28-2009, 04:01 PM
Minion's a rather strange choice of word for someone who buys your novels. If I ever saw an author, no matter how much I rated their work, call their readers/followers 'minions', they would no longer be making any money out of book sales to me. I'm no one's underling. :tongue

bylinebree
12-28-2009, 04:28 PM
Minion's a rather strange choice of word for someone who buys your novels. If I ever saw an author, no matter how much I rated their work, call their readers/followers 'minions', they would no longer be making any money out of book sales to me. I'm no one's underling. :tongue

I meant it in the sense of "follower" and not as derogatory, really. That's what I get for posting this time of the morn with my brain half-awake!

When I do have a "following" of readers, my attitude will be one of gratitude only, that's for sure.

Use of "minion" is officially repented of!

Shamrockgreen
12-28-2009, 07:42 PM
Full time real estate agent...part time writer. Put some away for taxes and keep track of anything that could be a deduction. I keep a mileage log, every receipt for gas, food, copy paper, mailings...etc. My office is 60 miles from my house. We hold back 30% of everything I make because we are right on the edge of another tax bracket. :-( Plus every state is different here in VA we have personal property taxes and a state income tax. We also lost two tax deductions this year (our eldest children) so we are planning ahead. You don't want to pay down your debt then end up owing Uncle Sam at the end of the year. Get a good CPA. Best advice and money I have ever spent.

P.S. Find a writer's conference you work into a vacation...tax deductable. :-)

Samantha's_Song
12-28-2009, 08:03 PM
:Hug2: No worries. I know there are two kinds of meanings to the word, but I always picture it as someone like Lord Snooty looking down on his fellow human beings. :D


I meant it in the sense of "follower" and not as derogatory, really. That's what I get for posting this time of the morn with my brain half-awake!

When I do have a "following" of readers, my attitude will be one of gratitude only, that's for sure.

Use of "minion" is officially repented of!

Richard White
12-29-2009, 02:10 AM
1st Advance on a short story sale? Took wife out to dinner, spent rest on kids stuff for school.

1st Advance on a tie-in novel? Paid on credit cards, went to several SF/F conventions.

1st Advance on an original novel? Provided I ever sell one, there's this bottle of 37-year-old Scotch I've been eyeing . . ., plus, I'm thinking a family trip might make up for seeing the back of my head for months at a time.

SarahMacManus
12-29-2009, 02:28 AM
I want minions.

I promise to take care of them.

Adam
12-29-2009, 02:46 AM
I want minions.

Don't we all? :D

Samantha's_Song
12-29-2009, 02:47 AM
Strikes Sarah MacManus and Adam off any of my future reading material. :D :tongue

bettielee
12-29-2009, 06:43 AM
Minion's a rather strange choice of word for someone who buys your novels. If I ever saw an author, no matter how much I rated their work, call their readers/followers 'minions', they would no longer be making any money out of book sales to me. I'm no one's underling. :tongue

oh no, readers are one thing. Minions are another.

They're usually are more heavily armed than readers, for one thing...

Blackest_Nite
12-29-2009, 07:04 AM
Hm...I'd probably start saving up for my college education. Boring, but practical. :D

colealpaugh
12-29-2009, 07:12 AM
A dishwasher.

...wearing a French maid's uniform.

Samantha's_Song
12-29-2009, 01:44 PM
:roll:

...wearing a French maid's uniform.

Hip-Hop-a-potamus
12-30-2009, 06:37 AM
No matter what I get, it will get put into our homebuying fund. We had our own house in Texas a few years ago, but have steadily gone through all our savings, 401Ks, and home proceeds during this shit economy.

Right now we are living with my husband's parents in the middle of nowhere west of Edmonton. If I don't get out of here soon, I'll be indicted for some degree of violence against my MIL.

Oh, and those of you still drinking Diet Coke, I beg you to stop. It's worse than the real stuff. It's a neurotoxin, and I'm convinced that my egregious use of Aspartame in the 1980s is what helped to give me MS. (http://www.laleva.cc/food/dietcoke-pepsie.html). I've switched to items like lime flavored Perrier or regular water. It's so much better for you.

Shamrockgreen
01-03-2010, 07:26 AM
No matter what I get, it will get put into our homebuying fund. We had our own house in Texas a few years ago, but have steadily gone through all our savings, 401Ks, and home proceeds during this shit economy.

Right now we are living with my husband's parents in the middle of nowhere west of Edmonton. If I don't get out of here soon, I'll be indicted for some degree of violence against my MIL.

Oh, and those of you still drinking Diet Coke, I beg you to stop. It's worse than the real stuff. It's a neurotoxin, and I'm convinced that my egregious use of Aspartame in the 1980s is what helped to give me MS. (http://www.laleva.cc/food/dietcoke-pepsie.html). I've switched to items like lime flavored Perrier or regular water. It's so much better for you.
On the upside...you have free health care. I agree with you about diet sodas and if you want to come to Virginia I know a great real estate agent (me!). Good luck in all your endeavours.

True
01-03-2010, 08:13 AM
On my first advance, I'd probably spend it either on the camera I've been eyeing for a while now, a comfy desk, or a new laptop. The rest I'd put away.

browneyes106
01-03-2010, 08:39 AM
Congrats on the first advance.

If I ever get a first advance. I would probably spend half of it on myself and put the rest in savings.

PoppysInARow
01-03-2010, 10:16 AM
Whenever I achieve something really big, my friends take me out to this expensive icecream store.

For my first advance, I'm buying them all icecream. :D

But that's just me...

Cliff Face
01-03-2010, 12:18 PM
I want some ice cream! If I knew where Felport Symaria was I'd come over and befriend you, all for that nefarious scheme of getting free ice cream. Mwuhahhahaa!

My first advance might see me buying a new guitar amp, and maybe even a bass package. Of course, I'm terrible at music, but it's so much fun, I can't help but buy more equipment as time goes on. When I can eventually afford my own house, I need to have a dedicated music room, if only for the fact that my drum kit is massive and won't fit anywhere else, not to mention the 2 guitars (plus the bass I want) and a keyboards, and I'll be inheriting my grandad's organ at some point too...

So maybe something I could do with my first advance would be to pay for lessons so I can at least play one song...

Aschenbach
01-04-2010, 07:23 AM
With my first advance I will clear all my debts, buy a second home in Ibiza, and a private jet to fly me there and back. But being realistic...

If a first-time author's advance is as small as I have often been led to believe, I would be tempted to just give it away. To a charity, or a worthy cause of some description.

It would be a grand gesture that says, "money doesn't matter to me, ONLY THE WRITING!" That might be a better use than paying down a sliver of debt or adding enough to the kids' college fund only to feed said kid for a few days.

M.W. Palmer
01-04-2010, 07:54 AM
Hmm, I'd definitely put some money aside for taxes first. Don't really have any friends, and I'm not married or anything, so I'd probably treat myself to dinner.

lucidzfl
01-04-2010, 08:00 PM
A dishwasher.

Already got a wife..

pretticute80
01-04-2010, 09:24 PM
:hooray:Congrats on your advance and plz get your wife that blooming onion.
Unless it is more than I imagine an advance would be, I would spend a day with either one of my bffs Christian or Louis. Then again, if it’s more than I imagine I may include my boy Manalo in the mix. I doubt there will be anything left after an indulgent day with my bffs so no rainy day tax fund.

jrector
01-04-2010, 10:36 PM
I replenished my savings account then put aside a chunk for future conventions. Now I'm going to finally get rid of every Windows PC in my house and convert to Macintosh, but I'll wait and see what Jobs has to say at MacWorld this month before I make the switch.

Jenifer
01-04-2010, 11:24 PM
Pennywhistles and moon pies.

lucidzfl
01-04-2010, 11:53 PM
I replenished my savings account then put aside a chunk for future conventions. Now I'm going to finally get rid of every Windows PC in my house and convert to Macintosh, but I'll wait and see what Jobs has to say at MacWorld this month before I make the switch.

Damn, musta been a nice advance!

On top of that, you're with Tor!

Very cool man, thats my target pubber.

Ladybuggg
01-05-2010, 02:48 AM
I am totally buying a good bottle of wine when I get my first advance ... whenever that may be. :)

Skodobah
01-05-2010, 03:23 AM
Good booze.

caw

LOL! Me, too. And a new Mac.

- Julie

bylinebree
01-06-2010, 10:21 AM
Having repented of "minions" (but still wanting to swarms of them, armed or not) I would:

Buy me an 80's-era Jag
Buy my DH a 70's-era restored 'Cuda
Take a long vacation in Baltic region, France & Britain to research other books
Pay off my kid's student loans
Get Lasik & Collagen treatments
Hire a (temp) personal assistant to organize my crap
Donate to a non-profit for single mothers (note that I didn't play all saintly and put donating as number one...)

That would have to be a "Very VERY Nice Deal" of an advance & contract! :snoopy:

Shallow, but honest :D

artemis31386
05-21-2010, 10:02 AM
My first advance, I'd save part of it for taxes, buy an e-reader, and put the rest of it in savings (for my buy a nice little condo fund--I do not want a house, I hate yard work). If I got a really, really nice advance, I'd probably just put aside some for taxes, promo and use the rest on my condo down payment.

Oh and I would buy a nice carrot cake. yum

Miss Plum
05-21-2010, 11:35 AM
This thread is fun!

If I ever get an advance . . . I'll pay off my credit card, take my mother out to a fabulous dinner, and enroll in some dancing lessons.

ishtar'sgate
05-21-2010, 09:13 PM
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 have no idea if there's any tradition but I promised my family and extended family that I'd take them all out for dinner when I got my first royalty cheque. No advance as it was for a small publisher. I did that, bought a new living room suite and banked the rest.

Rhoda Nightingale
05-21-2010, 09:21 PM
I'm going to pay off my college loan. And put the rest directly into savings. (Assuming there's a "rest.")

MGraybosch
05-21-2010, 10:37 PM
Hookers and blow.

Amarie
05-22-2010, 02:40 AM
I'll just throw in a practical post here. I used part of my first advance for a website, conventions, and book swag (bookmarks and some cool flashlight/compass gadgets to use as drawings at talks. I'm also having a book trailer made.

Ton Lew Lepsnaci
05-22-2010, 03:18 AM
I'm also having a book trailer made.

What's a book trailer? And how do you reach an audience with them? I'm curious.

Amarie
05-22-2010, 06:24 AM
What's a book trailer? And how do you reach an audience with them? I'm curious.


Book trailers are like movie trailers-teasers to spark interest in the story.

Boylit.com (http://boylit.com/) has lots of them for MG and YA books if you want to view some. The quality of them is all over the place, so don't limit yourself to looking at just one or two. The idea behind them is to get them out on the web as one more way potential readers might become interested in your story. I'm not sure how effective they are, but for certain groups of readers, it can't hurt.

Ton Lew Lepsnaci
05-22-2010, 07:58 AM
Thanks, I tried to look them up but nothing shows.

gideonna
05-22-2010, 12:57 PM
I'd buy a feast for family & friends. Surplus funds would go into a magnificent website.

Sassy3421
05-24-2010, 04:16 PM
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.

Congratulations first off! With my first advance - yeah it should go to Debt, but what fun is just that? I plan on taking my husband, and a couple good friends that have been there for me the entire journey out to THE KEG for an awesome dinner on me. I plan on having a limo pick all of us up too. (aah, i look forward to that time. ...hopefully)

Alitriona
05-26-2010, 12:23 AM
I'm going to go with a bottle of Moet and a nice meal, anything else towards debts. I live in Ireland, we have an artist tax exemption to 250,000 per year. I don't expect to earn more than that on my first book.

Becky Black
05-26-2010, 01:07 PM
I think I'll buy a sailboat with mine. Of course, this sailboat may be half a walnut shell, with the mast made of a used matchstick and the sail a small Post-It note...

midknighthaze
06-06-2010, 07:45 AM
First advance? I'd go to Japan with a close friend or my sis :) *sigh* but to practical- pay off student loans. I just started school and I'm seriously drowning in loans. Darn private schools...

starryeyedkt
06-07-2010, 06:35 AM
I'd buy my mum an iPad, because she's technologically handicapped, and then buy my boyfriend a new acoustic. That is, of course, if I have that much of an advance in the first place... :P

MissMacchiato
06-07-2010, 06:38 AM
I'd put it towards my 'don't want to be living at home after I turn 30' property fund!

Swordswoman
06-10-2010, 09:53 PM
To answer the OP, then yes, I spent a chunk of mine on investing in my writing. I paid for a video trailer and the build of two websites, and also the luxury of two big research trips to France for the next book. Writing isn't my hobby - it's what I want to go on doing forever.

The rest of my first instalment went on paying my dues. Most of it went towards household expenses (boring stuff like mortgage) to take the pressure off my wonderful, heroic husband, who struggled to pay everything alone for two years in order to give me time to write and my chance to be published. I owe him everything.

The last bit went towards assuaging another kind of guilt. When I got my deal I wasn't a member of any writers' forums, but afterwards I found AW and began to realize just how many of us there are trying for this dream and how very, very lucky I've really been. So yes, I donated both to AW and to Dave Kuzminski's legal fund, and when I get my next instalment I'll do it again.

Mac and the gang do so much to help all of us. This is a really 'all-for-one' community, and come advance time I think it also needs to be a 'one-for-all'.

Louise

Sunnyside
06-11-2010, 06:26 PM
Bought an iPod.

But it was NICE iPod!