This is all good advice, and number 3 is a great point. I wrote a book on couple’s finance to try and bring both partners up to speed on money, but marrying someone who is already at that point would save time and energy. It would also save a huge amount of money long term by avoiding the division of assets that a divorce would bring.
Thanks for posting this, and here’s to loving, supportive spouses.
Ninety-nine percent of that applies to any small business owner. Before opening a business:
Get completely out of debt, including owning a home so you do not have to pay rent.
Have enough savings to open the business and pay for one year's worth of overhead, AND one year's cost of living for your entire family. (This is a minimum!)
When you open, expect to work about three times the hours most Americans work and make sure that once you do start making a profit (if you ever do), you put most of it in the bank. Try to get to the point that you are spending no more than one month's income a year and put the rest in investments and savings. This is the reality of being self-employed.
A self-published writer is a small business owner, whether s/he wants to admit it or not.
I live in Florida, 500 yards from the beach and ten minutes from down town Tampa. My mortgage is a little over a thouand a month. Right now it's 79 degrees at one thirty in the afternoon and I just finished a round of golf (79).
I think I'll go with the author's advice and stay away from NY, SF, and DC. Life is good right where I am. Writing is fun in the bright sun.
I am firmly in #2 category. All the money management stuff I already understand, but that's probably because I'm firmly in category #2 and married to a #3.
I don't think I would consider trying to write for a living unless #3 decides he wants to take a contract job in some cool location (not Afghanistan where he is now). Even then, I would still probably try to come on as a contract worker and write part-time. See there's a selling point for sending us to said cool location: two engineers for the price of...two! But only one living expense allowance. ; )
I've got #3 so well sorted I don't actually have to do #2 though I do a fair bit of the housework etc and not doing #2 was his idea and he keeps telling me not to go back even though I tell him we would have more money at this point. I think he likes coming home to wifey.
#4 #5 #6 and #7 were principles we already had #8 thankfull doesn't apply so much being in the uk and owning our little flat already and #9 and #10 are my current focus.
not doing too badly I don't think, all things considered.
I believe it was Terry Brooks who warned writers not to quit their job until they had a year's income in the bank. Regardless of the advice, I would bet every one of us on the forum has our eyes set on self-employment as a full-time author. I know I do. And it's hard to be dissuaded from someone who isn't necessarily taking their own advice, LOL. But it [i]is[/i] good advice.