The Financial Reality of a $200,000 Book Advance

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In 2008 I sold a book-in-progress for $200,000 ($170,000 after commission, to be paid in four installments), which still seems to me like a lot of money. At the time, though, it seemed infinite. The resulting book—a “paperback original,” as they’re called—has sold around 8,000 copies, which is about a fifth of what it needed to sell not to be considered a flop. This essentially guarantees that no one will ever pay me that kind of money to write a book again.

It took me a while to realize that my book had failed. No one ever told me point-blank that it had. It was more like the failure occurred in tiny increments over the course of two years, after which it was too late to develop a solid Plan B.

I spent some of the advance on clothes that no longer fit my body/life, but mostly I spent it on taxes—New York even has a city tax, on top of the state and federal kind—and rent. I lived alone for three years in Brooklyn, paying $1,700 a month ($61,200 all told) for a pretty but small one-bedroom within eyeshot of the Brooklyn–Queens Expressway. I also spent $400 a month on health insurance. At one point I thought I would find another full-time job after finishing the book, but then I must have convinced myself that teaching yoga part time would better enable my writing. I also thought that I would immediately start another book, which I would sell, like the first, before I’d written half of it. In order to believe this I had to cut myself off from all kinds of practical realities; considering these realities seemed like planning for failure. In retrospect it seems clear that I should never have bought health insurance, nor lived by myself.

-Emily Gould, in an essay from the anthology MFA vs. NYC, about the book business, personal and professional failures and the harsh financial realities of being a writer. Read more from Gould in the Longreads Archive.

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