Writing a book is one of those things that many people dream of doing, but most people don’t act on that dream. Why? These are a few reasons:
- Not enough time to write
- Concern about finding a publisher
- Lack of confidence
Whether you’re retired today or you’re planning your golden dream, this could be the ideal time to write your book and increase retirement income.
Turn Your Bucket List into Retirement Income
At this point in your life, the kids may be out of the house. Any stragglers may require little or no attention. The things that you once loved to do, such as going to sporting events or concerts, may have lost their flair. You may even be spending more time at home to get back on track with retirement savings.
The point being? You likely have more extra time now to write than you’ve had in decades.
More than that, writing flexes your brain muscles and keeps you sharp as a tack. Whether you’re tapping into your creativity writing a fiction novel or you’re drawing on a wealth of professional expertise for a non-fiction book, you’re exercising the most important part of your body.
At this point in your life, you’ve had tons of experiences that many younger adults could only dream about. You’ve lived through history that they’ve only read about. You’ve gone to amazing places and met fascinating people. These are all deep wells that you can draw from to produce incredible books and to increase retirement income!
How to Write a Book
Writing a book seems like a monumental feat on the outset, but rest assured it’ll go faster than you think. What are the steps?
- Come up with an amazing idea. Not sure if you have a great idea? Search Amazon for similar books. Look at how many other books yours would be competing against. Think about how you can make your book better than the competition. In addition, pay attention to book reviews for the competition.
- Draft an outline. If you need help, put AI to work for you. Head to ChatGPT, and make a query like, “Make a book outline for how to bake the world’s best apple strudel.” *As a word of warning, though, only use AI for background tasks. Do not use it to write the actual book.
- Write a little each day. A typical book is between 50,000 to 80,000 words, but there are outliers in both directions. When you’re looking at a blank screen, 80,000 words seems darn near impossible. However, chip away at it. Write 500 or 1,000 words each day. By doing so, you’ll make progress, and you’ll become a faster writer.
- Edit your book. Once your book is done, you may be inclined to ship it to a publisher. Don’t do that just yet. Instead, hire an editor or proofreader on Fiverr. The process is easier, and it is far more affordable than you think.
- Decide how you want to get published. Many people still go through a traditional publisher, but self-publishing is fast and simple. Amazon is responsible for more than 80% of book sales, and you could self-publish on that website in a matter of hours. Definitely do your research to decide what’s best for you.
- Design your book cover. There are several approaches to creating a book cover. You could hire a Fiverr artist or try to make your own cover on Canva. There are numerous independent book cover companies as well. Amazon’s Kindle publishing hub even has cover creation tools as well. Just be careful not to rip off another artist.
- Focus on book promotion. A traditional publisher will do some promotion for you, but you still need to promote your work regardless of how you decide to get published. Here are some book promotion ideas.
Retirement Income: How Much Money Do Authors Make?
Income expectations ran the gamut. Some authors literally don’t make a single sale, except for maybe a sale to a family member or two. Others are overnight successes, and some even sell movie rights for incredible gains.
Your book income will be based on your promotional activities, your niche and even a spot of luck. Generally, a first-time author sells roughly 300 copies of the book over its lifetime, and most of those are sold in the first few years after publication.
It may not seem like a lot, but many authors earn $10,000 to $30,000 or more per year. How? They write multiple books. There’s a type of synergy created when an author has more books available. Why? A reader who likes your book will inevitably want to read your other titles. This extra retirement income can be life-changing.
Is It Too Late to Write a Book?
The best time to start was yesterday. The second-best time is right now!