Boston Gal's Open Wallet

I think you're giving them all way too much credit. I seriously doubt that a single one of those three people was "saved" by their book deals. A temporary stay of execution? Sure. But profligates don't change their reckless ways merely because they get a $10 or $20k book advance. In fact, that's probably the last think likely to make them face reality.

Andrews had said as much, actually -- that he was hoping massive sales of the book would save the day. What a nice way to rationalize not even try to fix your financial situation while writing the book.

 

I disagree anonymous. I think Boston Gal is correct to use the term "saved". Take the first example - Caitlin of Maine, failed California transplant.

She and her husband "escaped" Portland for LA in search of the artistic life. They dreamed of him working as a photographer and her as a writer - together making enough to live well. Instead, they could not find paying gigs in LA, ate through their savings, had a baby, and finally had to escape back East and fall penniless into the arms of Caitlin's parents.

Now, half a year later the couple has been "saved" from having to find real jobs by Caitlin's book deal and loans which are helping Dan go back to school (Master's in Photography). So Dan is now a student and pulling in some money doing bar tending. Caitlin is a stay-at-home Mom with a book deal.

If the book deal had not come along, Caitlin would be figuring out affordable daycare options and looking for a job. I also assume the potential book deal was a big factor in Dan heading back to Grad school. Otherwise he would not be getting into more debt and instead would be pulling more bar tending shifts.

This couple still gets to live their dream lifestyle. The rest of us would be stuck slogging it out in low-wage jobs, bone tired, praying the daycare option we could afford is best for our kids while we shuffle forward.

 

I am astonished that there is any market for such books. Do we really need another How We Mismanaged Our Finances book? Who would buy it? Not people in the same situation, who have their own worries and couldn't afford it. And certainly not people who have managed their finances well.

This is only a temporary reprieve for them because they have not solved any of the underlying problems. I've seen plenty of adults bailed out by their parents with large sums of money only to be back in the same situation a year later because they didn't deal with the factors that got them in trouble in the first place. If this couple is smart, they will use this gift of breathing room to do a brutal assessment of their situation and come up with a realistic, long-term plan.

 

I'm with the camp that doesn't necessarily believe a book deal "saves" this couple, because for most unknown writers, there is little to no advance money to be had from a publisher - especially given the precarious state of book publishing and the current economy in general. It's at best a band-aid. Appreciate the opportunity and take the deal of course, but this couple should still work on solidifying a realistic longterm financial plan. Advance money, like any sudden small windfall, has a way of disappearing fast.

 

I have to agree with the first commenter. Mainstream book deals are not usually -- and certainly not currently -- as lucrative as you might think. Probably this is a big boost to the journalist's career, and it may give the family an influx of cash, but I don't think it "saves" them, by any stretch of the imagination.

Please note, however, that however much these situations may grate, writing is still work -- albeit a kind of work that can be far more flexible than most jobs.

(Incidentally, I just finished a book (not a textbook) that will soon be published for the academic publishing market.... That "success" has so far only cost me money, and not earned any yet! )

 

I read all of Caitlin's blog and I think her writing is much more about pursuing your dreams versus settling for a secure life. Both she and her husband have chosen to follow an arty, creative path. They have talent and are willing to forgo some of the comforts that others have acquired with 9 to 5 'responsible jobs'. They also have good educations and Caitlin comes from a more established family than her husband, hence a family to fall back on when times got tough. Without that foundation where would they have ended up? Her family would not have let them starve, penniless by the highway.
The book deal will sustain them until the next opportunity comes along. Maybe Dan will hit it big in photography or at least get a steady gig teaching.Caitlin will maximize her theatre and NPR contacts. Maybe a movie deal will come out about their travels, especially with that crazy lady who starved herself to death. Now there is a soul to feel sorry for!
Looking back 40 years, I pursued the 'responsible' job track and now am confortable and secure, with a sunstantial pension, mutual funds, a promise of SS benefits, an almost paid for house. I'll be comfortable when I retire. But I always wonder - what if I had taken a different path? Does anyone else wonder too?

 

There is our favorite financial failure MP Dunleavey who wrote a book. Something about how money could not buy happiness. Only didn't she use her book advance money to buy a 2nd home that she could not really afford?

So in her case the book deal was a bad thing overall.

 

So if they have the safety net of a well-off family that will always come to the rescue, how can she even truly write on behalf of the artsy, creative types who go out on a limb and sacrifice all to pursue their dream? What a joke.

 

Watch, when Caitlin's book comes out she will be on Oprah's couch with Dan and now toddler talking about their misfortune and selling boatloads of books in the bargain.

She speaks well, looks good for the camera, and the book people likely purchased her story as much for the PR circuit as for the actual content.

If this is played right, she may get speaking gigs, etc.

You can't blame her personally, but I am with Boston Gal on this one. I also are getting tired of the book deal coming along and getting these folks out of trouble at the last minute.

Didn't that woman who wrote "Not Buying It" do something similar? Realize that she was a 50-something writer with fewer and fewer freelance opportunities and no money saved for retirement and in debt. So she did the experiment, wrote a book about it, got on Oprah and presto - debt gone, money in the bank, etc.

 

If they don't get with the program and start managing their money, the book deal could actually make things worse. One of Orson Scott Card's books, LOST BOYS, deals with this -- the protag, like (apparently) the author himself, got a nice chunk of change for a creative work and spent it all, without saving money for the taxes. He ended up in a worse position than the one he started out in. (I'm only naming names there because OSC wrote about that case in the book, but it's not an uncommon situation.)

Large, irregular, unreliable sums of money are really, really hard to manage. The book deal money will probably give them some breathing room, but it isn't a long-term solution.

 

In days of old, starving writers were at least creative enough to write about something other than their own lives. Or maybe it's just a sign of our self-centered times that today's writers think their experiences will be so fascinating to others.

 

Why buy the book when you can read the blog for free?

 

Well everyone has a talent and if writing a book that will educate others and not the soul aim of gaining financially then it will be successful. Sometimes we need to encourage others to aim for their goals. Wish her all the best with the writing.

 

I recently bought a copy of "Not Buying It" at Goodwill. It was amazingly dated, having been published before the economic bust of 2008. Like many, I was irritated by Edmund Andrews--he received a $30,000 advance (?). I wonder if his book and related deals eased his--self-created--financial problems.

 

Not only is an advance on a book deal not as much money as you may think, but the book has to earn at least as much as the advance when it hits the market before the author will see any more money. Depending on her contract, if the book doesn't earn back the advance, the author may have to pay the difference back to the publisher.

So yes, she's able to stay home and write, but now she's under a lot of pressure to perform and make the book a success. The more the advance, the more her editor is going to be riding her and making revisions. And good luck in this market.

At best this is a temporary fix for their situation like other commenters noted. She'll have to work hard to make this a career. An author may be able to count on a book to get their name out there and put it on their resume, but then usually the author has a side business going on that is the real money maker (such as teaching, speaking engagements, seminars, conferences, - if they're lucky enough to get paid for them).

Take if from someone in the business, you're in publishing because you have a passion, not because you want to be rich!

 

I too wonder who buys these books when the essence of the story had been pulled through so many mediums already.

Edmund Andrews went on a financial show and said he got $30,000 for the book. The experts who reviewed his financials agreed he must downsize to a cheaper home. He was as delusional as ever saying his wife was going to get a fantastic job and everything would be fine.

This couple has time on their side and can hopefully find a way to be fulfilled artistically and pay their bills.

 

Boycott the book and all others like it. Financially irresponsible people with their heads in the clouds should not be rewarded. I went to law school, graduated with honors and 100k in debt, and I'm working a dead-end 9-5 just to survive. People look at me and treat me like I'm dirt, even though I'm actually trying to fix my financial problems myself (the student loans - I have no other debt because I have made smart decisions EXCEPT for going to law school as the legal profession is a dying breed.)

I'd just like to know why some of these people get book deals. In this economy, most people have a story to tell. Why do we care what this silly juevnile-like couple has to say? They need to grow up in my opinion.

 

Following on MistyQ's comments, "saved" is a stretch. Publishers are penny pinchers these days - they won't devote support to marketing unless you're one of the big players. If you're lucky, you'll get $7/book with a retail price of $35. Advances on books are peanuts ($500 and up). Let's hope Caitlin has a huge following and included an 'out' in her contract to also self-publish. If not, her book may go nowhere.

 

It looks like she got more than a $500 advance. Her latest blog posts mention that her husband has quit the bar tending job.