For the last month, I’ve been part of a team working on Goldcast’s 2024 Demand Generation Compensation Report, which was compiled based on salary and compensation data from 229 demand gen and event marketers. (If you want to see the full report, check back here in a couple of weeks.)
I’m nosy as hell, and I love reading about what other people make—plus, if you find out what someone in your role makes, you can assess whether your own pay is fair. So I figured I’d share my own numbers over the last four years in case you are: A) nosy like me; B) a freelance writer wondering what other writers make; or C) both!
First up: 2020, a complete trash fire of a year.
Note: Business Income is the gross amount I earned. Business Spending covers any expenses as well as quarterly taxes and healthcare premiums. Business Profit is the difference between the two.
That’s right—in my second year of business, I only netted $3,672 in 2020 from my writing and editing work. Very few businesses were investing in marketing during the pandemic, and almost every freelancer I know got hit hard.
HOWEVER, a few big caveats here. I was laid off from a full-time marketing role in late 2019, so I benefited big in 2020 with the boosts to unemployment (at one point, it was like $1100+ a week). I’d also moved to my parents’ house with plans to be a digital nomad, so when I got stuck in place during Covid, I didn’t have any bills to pay. All of this was coincidental but made it possible to live on a non-existent writing income.
2021 was much better, especially given the fact that I was in law school half of the year.
I was super busy in law school for much of the year, so I outsourced some work to subcontractors, which accounts for much of the jump in biz spending. I also spent a chunk of money on developmental editing for my novel and entering it into book contests.
2022 was the first year I broke six figures in my life.
In 2022, I experimented with subcontracting even more projects out and seeing if that was an effective way to scale. (I ultimately decided it didn’t make sense when I weighed the time/effort I was still putting into projects while paying other people.) I also still invested in developing my novel.
Crossing the six-figure freelancer mark in my fourth year of full-time freelancing was a HUGE milestone for me, and I felt like I’d finally created strong momentum in my business. I started to see more business via word-of-mouth and referrals and had to spend less time pitching myself.
Last year, I stayed above the six-figure mark for the second year in a row.
The business income went down in 2023, as I focused only on projects that I really wanted to work on and stopped outsourcing any tasks.
I still had a lot of business expenses for many reasons, including:
I started living with a partner, which cut down on living expenses and meant I could donate more money to causes I care about
I invested in a coworking space membership
I joined a couple of paid membership communities
I paid to have my website redesigned
I bought new office furniture
Final Thoughts
I’d like to net more money in 2024 than I did last year, but I’m also happy with where I’m at now. I know I could earn more if I took on projects I wasn’t passionate about or cut my rates, but I don’t want to make money just for the sake of it. I want to enjoy my life and spend more time off-screen, too.
Currently, I make my own schedule and typically work around 4-5 hours a day, max, sometimes more if I’m inspired. I don’t have to answer to a boss, and I travel frequently. However, I do miss being part of a team and making friends at work.
There’s also a high level of uncertainty associated with contract work—if I lost my biggest client, it would drastically affect my income and leave me scrambling. However, I guess that’s a risk at any job.
What are your thoughts on these numbers? Are they in line with what you earn as a freelancer or with what you expected? I’d love to hear from you!
Check out some of my latest published work:
5 Veterans Examine Their Relationship to Sleep and Share Sleep Hygiene Tips (Healthline)
Lessons From a Content Marketer on Breaking Up With Burnout (Managing Editor)
What product managers, in fact, do not do (GoPractice)
Trained on Tech: Here’s Everything Students Are Learning About A.I. (Plus, How To Catch Up!) (Indeed)
If you’re looking for a writer/editor or need help with admin/project mgmt tasks at your company, let’s talk! I’m always open to new work and interesting projects.
Opportunities:
Kerra Bolton is teaching a workshop series called Writing With Your Ancestors: Infusing Memoir With Family History
Are you interested in working with a leadership coach but worried about the investment required? Meredith Ellis is offering 8 sessions at a deeply discounted rate. Contact her at ellis.meredith@gmail.com to find out more.
Listening:
In keeping with the theme of this newsletter, I’ve become obsessed with Future Rich, a podcast where a Certified Financial Planner talks to someone about their salary/compensation and figures out how to plan for the future.
(TW: eating disorder) I am in the middle of Wild Boys and don’t have a clue what’s going to happen next. I also didn’t know people who only ate fruit were a thing!
(TW: mental health/self-harm) I listened to Untold: The Retreat about vipassana meditation. I did not know meditation could be harmful in large doses, so this was interesting to me.
Watching:
I haven’t been in a TV mood, but I did binge Love is Blind against my better judgment. Oh, and the latest Real Housewives of Beverly Hills while Davey was out of town on a work trip. The amount of times people sip a drink while casting side-eye!
Reading:
I read I Have Some Questions For You by Rebecca Makkai. I really like her writing; I LOVED The Great Believers and thought this was good too.
NASA is accepting applications for a yearlong Mars simulation taking place here in Houston!
A primer on the Alabama embryos ruling and what it might mean for people trying to grow their families
A beautiful, heart-wrenching essay on losing a baby: I wonder how my next pregnancy might feel: like a continuation, a way to rediscover maternal corners within myself, or like I’m beginning all over again?
One of the more interesting Modern Love columns I’ve read
Tulum as “aesthetics without substance”
I’m currently at two months without refined sugar, and these little treats are my favorite thing right now.
See you next month,
Nikki
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