2020 Money Update

2020 Year In Review: Money Edition

Each year, I complete my annual planning workbook: Write Your 2021: Reflect, Set Intentions, & Chart a Course for Your Writing Life.

One of the things I track, and like to share about, are the various income streams I've established to help support my creative life.

​Over the last few years I've shared these money updates on the blog, in part because us creatives aren't always as honest and transparent about the role money -- and more precisely financial security -- plays in our ability to create and do good work in the world.
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​By being more transparent, I hope to encourage others to do the same.

I am in the incredibly privileged position to have a spouse whose income financially supports our family. The very modest income I earn with my projects is NOT currently anywhere near enough to support an individual, let alone a whole family.

It does bring me satisfaction to contribute financially to our family and to donate to other organizations, even while the majority of my (care) labor remains unpaid.

Also, at the current moment of caring for young children, I feel zapped of the mental space to do the deep work of revising and crafting.

I still have a lot of creative energy though, and I'm glad I've been able to turn that more entrepreneurial creative energy into creating courses and coaching opportunities while sharing valuable resources with my growing writing community.

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Money Updates Archive

• 2019: "2019 Money Update"
• 2018: "Mamihood, Writing, and Money: Moving Past My Money Shame & Crafting a Creative Life I Love.”

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2020 MONEY UPDATE

Income Streams

• 60% Online Course & Workbook for Writers
• 24% Affiliate Income
• 8% Honoraria / Speaking Fees (not counting in-kind comped conference fees)
• 8% Donations/Grants
• 0% in 2020
  
  • ​Income from Publications (including individual submissions & book sales)

Expense Categories

• 42.5% Web Hosting, Software & Apps
• 37.8% Education
• 17.2% Mailbox
• 2.6% Payment Processing Fees
  
• 0% in 2020
  
  • Travel & Meals
    
  • Office Supplies
    
  • Advertising
    
  • Submission Fees ​

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2020 Reflection

Overall, writing life related activities once again earned a little over $1,000 this year.

I still had a good chunk of expenses, but I was actually able to pay myself a little something this year (unlike last year) and still had about $100 in profit after taking my "owner's pay."

So I hit my goal for 2020 of actually making a profit!

I also grew the portion of my income that came from the two areas I planned to focus on: course sales and affiliate income.

In 2021, I hope to streamline my operations, tweak and re-sell my courses and workbooks, continue promoting my Resources Page, and host a Summit to both grow my email list and income through one big event.

Check out my RESOURCES page for reviews of some products I swear by:

Weebly, Mailerlite, Scrivener, Passion Planner, Audible, and books from Bookshop.

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How About You?

• What relationship is there (if any) between your writing life and money? 
• What writing life related skills or activities (teaching, speaking, etc) do you use to make a living and/or earn supplemental income?
• What resources help bankroll your writing life?

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Let me know in the comments.