Posts Tagged: money

More Money, (Not) More Problems

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In a powerful and anecdotal essay at The Toast, Nicole Chung discusses how money-related anxiety has stayed with her into adulthood, and how disparity between her and her husband’s attitudes toward money influences the dynamic of their marriage:

It makes it sound as though my money-related anxiety is nothing more than an unfortunate personality quirk, when in fact there’s an excellent reason why my husband generally believes things will work out, while I tend to imagine we are just one crisis away from financial ruin: he comes from a family for whom things do work out, and I do not.

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Tech Companies Profit While Writers Starve

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Digital media companies are suddenly worried about declining ad revenue, and the venture capitalists funding these companies have also turned off the faucet of cash as they realize that success stories like BuzzFeed and Mashable are not the unicorns everyone thought they were.

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More Money, More Problems

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What happens when writers suddenly face a windfall? Bad things. That’s why the Whiting Awards include a financial planning workshop for winners. Winners of the 2016 Whiting Awards each received $50,000. For authors who are struggling as freelancers or adjunct professors, that is a huge influx of cash.

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Does Commercial Success Hurt Literature?

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Publishers are offering big paydays to debut authors—that’s the good news. The bad news is that the books earning big money aren’t particularly literary. Tom Leclair at The Daily Beast takes to task Cynthia D’Aprix Sweeney’s novel The Nest as too middlebrow to be considered great literature:

I understand the economic strategy: a novelist with no history (of mediocre sales) can be publicized as the Big New Find because the author has been given a Big Old Advance.

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Living Wages Cost More Money

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A new study has revealed why academic adjuncts are paid so little: living wages would cost universities a lot more money. A new study says that converting adjunct faculty to tenure track positions would cost $27 billion dollars. The study also suggested that as more faculty became full time, as many as 450,000 adjuncts could lose their jobs.

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Paying Authors to Appear

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The British Society of Authors has called on literary festival organizers to pay authors who make appearances at events. The organization is asking that any literary festivals that charge entrance fees pay authors a minimum fee. At present, few events pay, and those that offer an appearance fee typically pay as little as £150, or about $227, while celebrity speakers are often paid significantly more.

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The Saturday Rumpus Essay: Valuation Methods

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In some of my fantasies, I make a pitch for art or for truth, defend them like commodities. ...more

Unique Pageviews Don’t Pay Your Web Hosting Bill

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Wil Wheaton created quite a fuss last month with an essay about Huffington Post’s request to republish an essay from his blog sans payment. When we called attention to a Salon article discussing paid versus unpaid creative work, Gawker had a “got you” moment, pointing out that The Rumpus doesn’t pay its writers.

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Amazon Monopoly Threatens Everything

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Amazon just turned twenty years old. Even though the company might be too young to celebrate with champagne, competitors have begun to levy charges that the online retailer is becoming a monopoly. While Amazon’s tentacles spread across many retail sectors, the store’s dominance in books represents a major monopolistic threat.

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Writers’ Wages Keep Falling

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A not-too-surprising result of a new poll shows that authors’ annual wages continue to fall and are now below $5,000, reports the Guardian. Authors who split their writing between traditional and self-published methods seemed to fare best, on average.

Overall, half of the writers – traditional and independent – surveyed this year earned $1,000– $2,999 or less.

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Publishers Are Rich

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Writers have been getting poorer, and it turns out publishers are partly to blame. The Guardian reports that while authors are expected to do more when it comes to marketing and promotion, and though electronic books have lowered costs for publishers, the beneficiaries of these savings tend to be the publishers rather than the authors:

Nicola Solomon, who heads the 9,000-member strong Society of Authors, said that publishers, retailers and agents are all now taking a larger slice of the profit when a book is sold, and that while “authors’ earnings are going down generally, those of publishers are increasing”

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Amazon Attempts to Drive Wedge Between Authors and Hachette

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The standoff between Amazon and Hachette has harmed authors more than either corporation. The corporations are surviving on massive war chests and alternate revenue streams. Authors, however, are far more adversely affected by reduced book pre-sales and the sale of electronic books (available immediately) versus physical books (artificially delayed by Amazon).

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Writers Are Poor

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A British study has confirmed that professional writers aren’t making very much money, and worse, that earnings for writers have fallen 29% since 2005. A survey of 2,500 British authors found median annual income at just £11,000 ($18,800) and only 11.5% of authors were earning a living solely through writing.

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All the Poor Young Literary Women

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Earlier this year, Emily Gould wrote about the perils of selling her first book, an essay collection, and the importance of getting out of debt before finishing her novel. That novel, Friendship, launches next week. Gould spoke with Melissa Duclos over at Electric Literature about the writing process, her electronic bookstore Emily Books, and of course, money:

The finances are important, too.

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