This article (and others like it) stir some very basic feelings in me. Hopefully this won't be considered too tangential to the thread topic.
All of the rah-rah articles about the fantastic successes of a select few authors, and all of the gloom-and-doom articles about another subset of writers don't hold particular lessons for me.
I have to (we all have to) pay attention to my (our) particular situation(s) and make reasonably sound financial decisions about both the present and the future. Writers are writers whether they spend full time at it or cobble together irregular time increments whenever possible. Some us are lucky enough to have spouses or partners who can financially support us, partially or fully. Others of us have familial obligations that can include children and extended families. Some of us are single parents who have no choice but to provide some form of financial stability for those who are dependent upon us. Some of us have wonderfully fulfilling day jobs, others are extremely unhappy with their available means of support.
Despite this wide spectrum of situations, we should hold ourselves to some common attitudes toward our writing (others may want to add to this list, others may want to dismiss this in part or in whole):
1) Regardless of our writing methods, we should strive to write to the very best of our abilities, and continually seek ways to improve in the writing and storytelling crafts. The best way to enhance the possibility of our financial success is to write damn good stories, and to continually work to make subsequent ones better and better. Another way to look this--the enemy of excellence is "good enough," and which of these two options do we think will best serve our developing business plans for our writing?
2) We should try our best to make sound financial decisions about both the present and the future. This means we shouldn't rely on isolated accounts of fantastic success, nor should we succumb to dire predictions of an equally small sample of those having difficulties. We can gain encouragement from the former and warnings from the latter, but there is danger in relying too heavily of either.
3) This is a very subjective business, which makes any prediction difficult at best, particularly related to our individual potential for financial success. Therefore, we should make our decisions based on actual data rather than on an anticipation of possible success. If we make a decision to give up the day job, it shouldn't be made based on the successes of others we deem our equals, but based on a reasonable track record of our actual financial gains and costs.
4) We have to realize this is a "what have you done for me lately" type of business. Great financial success in one year doesn't guarantee any degree of financial success in the next or subsequent years. Writing is a continuous hustle that requires a different kind of financial planning than a regular and long-term day job. When we were new to this writing thing, many of us had those dreams of multi-million dollar successes in the backs our our minds, and in our imaginations. If we continue to let those dreams dominate a more realistic evaluation of likely success in this business, we might want to also continue to buy lottery tickets.
4) Never have so many different kinds of publishing options been available to us. This has led to some very different business models for publishing. We should avoid any fanatical or evangelical devotion to any one model, but keep our mind clear to take advantage of any and all models that are available. But we have to be totally honest about not only the financial gains of each, but also the up-front financial and time costs of each. We also have to be wary of the volumes of misinformation that have been spread by those who forward the fanatical or evangelical devotions as absolute truths.
5) We should realize that writing is something we do, it is not what and who we are. We are still sons and daughters. Some of us are fathers and mothers, brothers and sisters. We are friends, and we are fellow humans. Our lives should be full of much more than just writing. We should seek to be a part of our world (even if we spend all of our writing time creating alternate worlds), and we should interact with others in this world. The data for writing comes from our experiences and our observations from our world. If we become hermits and limit our experiences and observations to books or computers, our writing may turn out to be as two dimensional as the pages of those books or that computer screen.
6) The possibility is strong that we may live long enough to where we are unable to do certain types of work. As long as we remain mentally active (physically active would help as well), we can continue to write until we stop breathing or until we lose our wits. But whether we are 20 years old or 60 years old, we should have some sort of forward-looking plan for financial support through our later years because of the limitations that come with advanced age.
7) One possession for which we should never allow compromise is our personal integrity. We should run our flag of personal ethics all the way up the pole even if a half-mast setting promises additional financial rewards.
If this is too far afield of the thread topic, someone give me a heads-up and I'll delete.