This Guest Post by Dennis E. Hensley, PhD, Director of the Professional Writing Major at Taylor University in Upland, Indiana first appeared on Gary Hensley’s blog.
First, establish a guaranteed monthly positive cash flow. Cash flow for freelance articles will be sporadic and unpredictable, but monthly bills will be constant and inflexible. You need to secure some kind of work that will guarantee a set amount of income each month. Perhaps you can teach a continuing education class at a local college’s night school or write a column for a newspaper or magazine or perhaps run a part-time résumé service.
You might even want to do what I’ve done: invest some of your royalty earnings in rental real estate which generates monthly rent payments while also providing a tax depreciation deduction. Do whatever you feel most comfortable doing, but never jump into freelance writing full-time without some guarantee of cash flow from some source.
Click here to read the rest of post on Gary Hensley’s blog (Yes, Gary and Dennis are related).
Adapted from Writing for Profit by Dennis E. Hensley [Thomas Nelson, 1985; revised 2003]. Learn more about the prolific Dr. Hensley’s writing, editing, and public speaking credentials at www.DocHensley.com.