Money Changes Everything

June 1st, 2017

I first started freelancing as a book designer over 26 years ago. It was slow going getting started. I’ve mentioned more than once on this blog about the lucky break that became my first steady work and that helped me start a track record. But it wasn’t until about three or four years later that someone online, an experienced freelancer, dropped the nugget of wisdom on me that raising what I charged for book design and layout would get me taken more seriously and help me expand my business.

And you know what? That worked.

Over 20 years after that, my situation’s changed. I’ve also mentioned here more than once that I started out freelancing “with a net”—that is, I had a full-time, 9-to-5 job all those years. So I was secure and could be patient growing my book design practice.

I’m semi-retired now and still secure. And there are tax consequences to consider that I didn’t have to concern myself with when I was a full-time employee. In addition to the pension I earned from the day job, I decided to not be presumptuous about life expectancy and hold out on collecting Social Security until I would be entitled to the maximum. But there is a maximum I can earn for the next few years, above which there is a payback I would have to make to Social Security.

On the one hand, I’m not averse to paying into Social Security if I make above the maximum. I just don’t want to get into a situation where my next year’s payments could be recalculated at a lower amount. Just as important to me is that for the first time, since I don’t want to reach that maximum in just three or four projects, I can take worthy book projects from self-publishers who are working on a shoestring and can’t afford my normal rates. I’ve figured that the optimum reduction is to 25–50% of what my typical full price would have been.

The first such project, one I haven’t completed yet, is a book written by a young woman, a junior high schooler. I’m working on her book, The 100 Most Important New Yorkers, for about 25% of my usual fee. I’m having a good time doing it. Plus I actually feel like I’m doing something that matters, helping a young author come to press in a serious and professional way. The author, Agatha Edwards, has actually self-published before. But I’m doing my best to place this latest book of hers on the same level playing field as every adult who is self-publishing. I think she’s that good and worth the read.

And it’s only by lowering my rates that I am able to “pay it forward” like this. I understand that most freelancers should not do this. They shouldn’t cheapen the value of their efforts. But I’ve been through that already, for years now. Now my prime concern is to keep making books, especially the ones that wouldn’t get quite the professional push without me.

Entry Filed under: freelancing,self-publishing

2 Comments Add your own

  • 1. TJ Edwards  |  June 10th, 2017 at 7:14 pm

    Steve designed my daughter’s (Agatha) book. OMG it’s incredible. INCREDIBLE! We are soooo excited. It is a brilliant design. This is as first-rate as it gets. Thanks, Steve, for something amazing! Tj

  • 2. admin  |  June 10th, 2017 at 8:30 pm

    Thanks, TJ. It’s been great fun working Agatha’s book. I look forward to seeing what else she’ll come up with.

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