Yesterday I asked whether "does it make money" should be a factor in determining a creative work's success.
This, by the way, is one of the oldest questions in the book, we were debating it back in grad school, but in grad school we were also all on food stamps because that was literally part of the orientation process.*
Since then, I have had varying levels of income — specifically, two periods of earning at or above the median income in the United States, separated by a few years during which I earned significantly below the median income — and I've become less interested in the philosophical question of whether creative work should make money then the practical question of how to earn money from your creative work.
Here's what I have come to believe:
The big creative work you want to do with your life — aka THE WORK — should include a money-making component.
THE WORK might not earn enough money to be your sole source of income. (If it is, congratulations!)
You will probably need to do additional types of work to fund THE LIFE you want to live. If possible, choose work that complements and/or supports both THE LIFE you want and THE WORK you want to do.
A successful piece of WORK should, at minimum, earn back the cost of producing the WORK. This cost may or may not include your time.
None of these foundational beliefs address the question of how to earn money from your creative work — we'll get to that, probably next week — but, at least for me, they set up a framework through which I can structure THE WORK, THE LIFE, and THE MONEY while simultaneously evaluating the success of all of the above.
This brings me to Grant Sabatier's new book Financial Freedom: A Proven Path to All the Money You Will Ever Need.
Sabatier wrote this book as a sort of unofficial sequel to my very favorite personal-finance book ever, Vicki Robin and Joe Dominguez's Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence. (Vicki Robin wrote the foreword to Financial Freedom, making it an official unofficial sequel?)
Your Money or Your Life teaches you how to interact with money; how to calculate your true hourly wage and identify jobs that give you the most value for your time, how to avoid blowing your cash on impulse buys and poorly-thought-out purchases, and how to save and invest for the future.
Financial Freedom teaches you how to earn more.
Financial Freedom also provides an updated guide to the whole saving-and-investing thing. The original edition of Your Money or Your Life was all about savings account interest and U.S. Treasury Bonds (both of which are no longer performing at a rate that can lead a person towards long-term financial security), and Financial Freedom focuses on newer strategies such as index funds and Roth IRA conversions.
If that's not where you are in your financial journey, you can skip that part.
But I would argue that every creative person should read both Your Money and Your Life and Financial Freedom, if only because these books will cement the connection between THE WORK, THE LIFE, and THE MONEY.
If your job is not giving you enough time and/or money to live THE LIFE and do THE WORK, these books will help you find and/or create a better job, preferably one with a higher true hourly wage.**
If THE LIFE you want to live does not match the life you are currently living, and especially if you are spending extra money because you are dissatisfied with your life, these books will show you how to shift your habits and your spending to get you closer to THE LIFE you want.***
If you want to go all Marie Kondo on your everyday expenses and ask yourself "do I really want to spend $780 every year maintaining my pixie cut or do I want to invest that money and turn it into three months of financial freedom," well... guess what, I started growing my hair out.
(Financial freedom, by the way, translates to "the amount of time you can live comfortably without earning another dollar." You can stack up your months of financial freedom to provide security for the future, or cash them in for a big purchase such as a house or a sabbatical or an indie-published book.)
Most importantly, if you want to figure out how to turn THE WORK into THE MONEY-MAKING WORK, Financial Freedom has several excellent suggestions.
That's all for today. Next week we'll continue discussing how to make money on your creative work, so... see y'all on Monday. ❤️
*The orientation, which was student-led, consisted of two components: don't sleep with the undergrads and here's how to get on food stamps.
**I know jobs don't grow on job trees and getting a new job is not always easy. But if you are going to do the work of job-hunting, it's worth knowing what kind of job you're hunting for.
***I can hear you saying "I don't earn enough money to change any of my spending habits," which, believe me, I've been there. I first read Your Money or Your Life in 2004, when I was making $9 an hour working as a telemarketer. (That's the equivalent of $12 an hour today, if you were curious.) I could make very few changes to my spending, but I started doing things like making peanut-butter-and-raisin sandwiches because a tub of raisins was cheaper than a thing of jam, and taking the bus during off-peak hours because it was less expensive, and finding a job that paid $13 an hour, and within nine months I had saved $500, which was NOT A LOT, but also proved that the system worked.