Writers can definitely learn to overcome Writer’s block with financial advice. I believe that the world benefits from the peaceful hearts and minds of creative individuals. Why? Because these passionate people are valuable to the peace of mind of everyone who appreciates artistic entertainment. Imagine living in a censored world with no new expression of art. No music, no paintings, no sculptures, no dance, no novels.
Extended periods devoid of artistic creation would likely sadden, grieve and stifle innovation in other fields such as business, medicine, sports, education, and more.
When people express themselves through the arts, they literally tap into a part of themselves that has the ability to not only brighten and bolster their own needs but also to do so for the needs of millions of people everywhere—for generations to come. Agree? Yet many creatives stumble in the area of managing their money, with many living payment to payment. Does this describe you? If so, it is imperative that financial education be tailored to you, to the needs of those who make their living in the arts—especially the independent writer. Unlike other forms of artistic expression, writers have the power to leverage words, crystallizing and cocooning them into priceless products. Yet what is the writer’s return on investment?
Great Writers Are Essential To Upholding Liberty and Justice
Consider how the words penned by the Founding Fathers in the Declaration of Independence inspired those who fought in the American Revolution. Or, what about the imaginative and spiritual insight of Author C.S. Lewis, whose “Narnia” series brought hope to countless thousands of children during World War II. What is penned today could possibly sustain a generation tomorrow through hope, joy, or dogged determination to keep the faith during a personal trial or national tragedy.
Financial Stress Has The Potential Of Stifling Clarity of Thought and Creativity
A threat to the sustenance and survival of the arts, and most particularly the professional writer, is having a poor understanding of personal finance—what it is and what it isn’t, how the economy will inevitably impact both sides of the balance sheet, assets versus liabilities, including income and expenses. Are you a writer in need of financial wit? If so, whip out your pen and take notes as I outline the essential steps for making a living as a writer. Trust me—when I say that the livelihood for the rest of us depends on you being able to sustain yourself in this much needed profession, I mean it.
As a writer, you may earn a lot, or perhaps a little. However, I would encourage beginning writers to get into the habit of paying yourself first. It is very tempting to rationalize by saying, “Well, I don’t earn that much yet and since I will not achieve my peak earning years for quite some time, why should worry about saving money for the long term?” Listen, if you earn $2,000 per month your annual income is $24,000. If you were to save 10% of this amount each year in a retirement account such as a Roth IRA that is wisely invested in a moderate growth mutual fund (earning 8% per year), after ten years the account would be worth $89,363.37. The lesson here is to never despise small beginnings.
The same is true for implementing a debt elimination strategy. A person who owes $5,000 on a credit card with an annual 15% interest rate and a monthly payment of $125.00 will be debt free in 56 months. However, if the monthly payment is increased by just $125 per month, then the debt will be fully paid in 24 months. Clearly, it takes discipline to save as well as to pay off debt. Therefore, writers should consider ways to free up money in order to accomplish both.
What A Good Cup of Hot Goodness Will Do For One’s Writing Ability
For writers, few simple pleasures are enjoyed more than a hot cup of coffee (or Chai Tea in my case) while trying to express with pen and pad. Therefore, it would be wise to frequent the chain coffee shop a little less and brew your own hot cup of goodness in the comfort of your own home! Take the savings and begin paying down debt and start a Roth IRA with a portion of the money that you save.
Be careful to not over complicate this concept in your mind. Notice how the money that you’ll save by making your own hot beverage is simultaneously increasing the value of your assets while decreasing your liabilities. By redirecting the funds that “take money out of your pocket” (the asset column of your balance sheet) and putting it toward “paying off debts you owe to others” (the liabilities column of your balance sheet), you are successfully managing the inflows. You are proactively managing the columns of your financial life. And this will foster peace of mind as you build wealth—as you become more savvy—by increasing the quantity and quality of your assets and free yourself from the shackles of financial liabilities.
Think about it, how successful will you be at overcoming writer’s block if you are saddled with burdensome debt, little to no savings, and countless other distractions (which bar you from writing)? You and I both know the answer to that. Let’s face it, learning how to better manage your personal finances is the first step in dismantling any block—especially writer’s block. Other than that, you just need to find a comfortable place where your senses can be stimulated by another forms of art. Check out a painting, a good book, jazz in the garden… and don’t forget to bring your favorite cup of hot goodness.
- Financial and Retirement Planning
- Portfolio Management and Investment Allocation (401K, IRA, Brokerage)
- Estate Planning
- Retirement Income Planning
- Insurance and Annuities