Monday, April 14, 2008

It’s Royalties Time - What Do You Do With Your $ ?

It’s that time when we start to get our royalty checks. Mine go in a separate checking account I have set up. Out of it, I pay for RT ads, for paperbacks to resell at book signings, for postage and envelopes to mail people autographed copies of my books, and for promotional items (just to name a few things). I do it this way, rather than put the money in the Mooney home account, for two strong reasons:

* to keep myself from “splurging” if the money isn’t there in the first place, and
* for income tax purposes, even though everything gets counted together in the end :)

Would I like to spend it on frivolous things? Sure! I have a teacher friend who gives piano lessons on the side. Her extra income paid for a new car (okay, it was a Kia, but a new car is a new car! LOL!)

But right now my royalties won’t pay for a new car. Not even a tire. Maybe one day, though, I’ll have enough to take a trip. Or be able to spend it in some other wild, nonsensical-but-fun way. Hopefully. :D do your spend your hard-earned bucks?


Angelia Sparrow said...

Most of this year's major royalties went to Mid South Con: room, party stuff, a full sheet cake with my book cover on it, copies to sign and sell, a share in a dealer's table, etc.

Diana Castilleja said...


Well, considering the most I've ever earned in royalties in any given payment term was less than $40 (from all payers) I don't think that equates to a single tank of gas.

My typical payment choice is through Paypal, which I use for ads for SRN and myself, promo items and if I have it, a few ebook splurges. Saying writers don't write for the money is God's own truth.

Beth Caudill said...

It goes into the business account. They can help pay for my bookmarks and other promotional items. Or for my online workshops.

There are plenty of ways to spend the money and currently there isn't enough to cover anything so nothing goes into the 'home' account.


Pamela S Thibodeaux said...

A trip sounds wonderful Linda!

Coincide a couple of author events and it may even be tax deductible.

I usually put my royalties right back into promotion.

Great post!

Good luck and God's BLESSINGS to you all!

Rusty Wicks said...

I bank it. It's slowly growing...very slowly, LOL! But that's what I do with it.

Don't you just love royalty time? :)