Three Personal Finance Book Anniversaries: Lessons Learned

I’ve solely authored three personal finance trade books so far during my life and 2024 is a milestone year.

2024 is the anniversary of Saving On A Shoestring (my first book published 30 years ago in 1994) and Investing On A Shoestring (published 25 years ago in 1999). In addition, four years ago on August 3, 2020, my latest book, Flipping A Switch: Your Guide to Happiness and Financial Security in Later Life, was published.

Flipping a Switch discusses 35 financial, social, and lifestyle “flipped switches” (a metaphor for transitions) in later life. It was inspired by a conference speaker who noted that people who diligently save for retirement for decades must suddenly “flip a switch” from saving to spending down their assets. Each chapter has “How to Flip This Switch” action steps for readers.

 

All three books are available on Amazon and sales for Flipping a Switch remain steady. Earlier this year, the book reached #8 and #14 in Amazon’s wealth management and retirement planning categories, respectively. This followed a mention in a nationally syndicated newspaper article. A similar thing happened in 2021, when it ranked #7 and #14, respectively after another AP article.

 

Below are five lessons I’ve learned from being a three-time personal finance book author:

 

Decide Your Publishing Route- There are three options: traditional publishers that pay an advance against earnings and provide the most support, hybrid publishers where authors self-fund certain book expenses in exchange for specific services (e.g., copy-editing, book cover design), and self-publishing, where authors take on all publishing responsibilities and bear all costs. My 1990s books each had a traditional publisher while Flipping A Switch has a hybrid publisher.

 

Have Reasonable Expectations- You could make less than minimum wage when you add up time spent writing a book proposal, shopping it around, and writing and marketing a book. For both self-published and traditionally published books, average sales are low for the majority of authors but can be significantly higher for those with substantial platforms or bestselling titles. Median book-related earnings for all authors in 2022 were $2,000 and over 90% of self-published books sell less than 100 copies. By those standards, Flipping a Switch is doing well.

 

Do Your Own PR- Even traditional publishers quickly move on to the next book once yours is published. That’s why a few select social media platforms that your target readers use are critical to get the word out. For example, I use Facebook, LinkedIn, and X. Ideally, start pitching a book idea before you even start writing. Example: I am mulling over a new book called Money After 70. Prepare a media kit for your book with interview questions, an author bio, and a headshot photo.

 

Show Your Unique Value- To get a book published, you must show that its content is unique and convince marketing, as well as editorial, decision-makers at publishing companies. This requires a detailed review and analysis of comparable titles and pitches tied to current events or trends. Book publishers are also impressed by authors with existing social media and professional connections.

 

Work Smarter, Not Harder- Books need not start “from scratch.” For many non-fiction authors, myself included, books start with a compilation of previous writing (e.g., blog posts and articles) and/or presentations (e.g., speeches, webinars, and classes). It is also important to have a “why” for writing a book (e.g., building credibility for a business brand) and strong passion for the topic.