—Guest: Steve Laube
—Topic: The Money Behind Writing a Book
Steve Laube joins The Money Millhouse for another episode centered around writing a book, this time they focus on the money side of writing a book. Steve debunks the myth that authors make a lot of money. Before he arrives in the Millhouse, Bethany and Ellie go over The Keys to a Great Proposal from SteveLaube.com, including what points should make up your book proposal when thinking of writing a book.
When Steve joins the conversation, he shares how many books he reads both for work and for fun. He debunks the myth that authors make a lot of money, and says writing a book is a tool for expanding your ideas, not a means of making money. Ellie asks what the average advance (money one is paid before the book is published) for people published with a royalty based publisher, where Steve says there is a wide range when it comes to this and it depends on the publisher. He also gives practical examples of how someone can use a book to make money that may not be directly from book sales (i.e. speaking, back of room book sales at events, periodicals and magazines, etc.). Ellie also shares another income stream called Brand Ambassador work, which also lead to media. All of these streams are because of the initial book. They then talk about tax deductions and expenses that authors can count towards their taxes and what writers can forget they can write off (with the reminder to continually check with your tax expert to make sure you are making the best moves when it comes to your taxes and being above the law).
Ellie remembers a saying Steve said early in her career is the idea of goodwill coin (16:52), and how people can be branded as “hard to work with.” They also discuss practical ways we can earn goodwill coin by being respectful of people’s time and expertise. They also clarify what Ellie meant when
Bethany and Ellie end the show talking about “goodwill coin” again. They also talk about ways they each help each other in the space and maintaining goodwill coin when sending emails, especially when it comes to burning bridges or using up all their goodwill coin. They also finish the last few pieces of The Keys to a Great Proposal.