Guest Post: Navigating the Financial Ups and Downs of the Ghostwriting Industry: 10 Suggestions and Safeguards

By Alice Sullivan

I’ve been in the book publishing industry since 2001, primarily as a ghostwriter. While I’ve experienced a few bumps in the road throughout my career when it comes to managing project loads, the rare unhappy client, and the stress of rate negotiation, I’ve never had financial whiplash so bad as over the last three years.

In 2023, I was on top of the world. I had several six-figure projects. My clients loved me and loved their books. In my best month, I earned just under $73,000. I was living large, spending money as soon as it was coming in because it was so plentiful. New lipstick from Sephora? Don’t mind if I do. New jewelry to celebrate the latest career win? Most definitely. Take yet another international trip? My passport was always at the ready.

But the winds began to shift in summer of 2024. My current projects ended but no new clients were signing on. Maybe it was my price-point. Maybe it was the economy and concerns over a new presidency. Maybe the universe wanted to teach me a hard lesson. Maybe it was all of the above and more.

It was scary. What if no one ever hired me again? How long could I live off my savings before I had to dip into retirement funds? Would I need to get a part-time job? Would I need to sell my house?

The lull in new business continued for nearly a full year. I soon maxed out my credit cards. I had to dip into retirement money. And I was somewhat seriously considering selling foot pictures. (I do have cute feet.)

As a last resort, I started gamifying my finances, seeing how little I could spend each week, and challenging myself to be creative in my kitchen with all the boxed, canned, and frozen food. I reached out to all the leads I’d received over the last few months to see if I could start a conversation.

I also started to reflect on my spending habits—namely, the emotional drive behind them. It’s true that I wanted to celebrate my successes with nice things, but it’s also very true that much of the spending was coming from a place of lack, of not feeling worthy.

Even after 25 years in publishing, I struggle with impostor syndrome, especially the thought that I should have gotten a master’s degree. I thought if I read more books (and I was always buying new books), I’d magically be smart enough and be deserving of my career.

I’ve also struggled with body image and self-worth. So anytime I was feeling less than stellar about myself, which was often, I’d buy new makeup, clothes, or those new shoes I thought would make me feel better or at least look taller.

As a result of chasing material things to fill an emotional void, I continued to deplete my energy levels and my bank account. My lowest point came in May 2025, when my income dwindled to a whopping $353.61. It was laughable. And it was all my fault. I hadn’t saved nearly as much money as I should have, due to all that frivolous spending.

Then miraculously, I got a yes. It was the 165^th query I’d received in 2025. And it changed everything.

By that time, I had begun to change my interactions with money. So, when the check came in, I paid my bills and put the rest into my savings account. And when I felt the internal pull to buy something nice for myself to celebrate getting a yes, I cleaned out my closet instead and donated to a local nonprofit, making space in my home and in my mind to breathe a little easier.

I’ve started cooking more at home and eating out of my garden. I’ve made a pact with myself to use up the things I already have—from cleaning supplies and shampoo to packaged food and my favorite pens—before I buy anything new. I looked on my local Facebook Marketplace page to get free garden supplies, and I’ve offered free items to others.

I have a plan for how to save, spend, and invest for the rest of this year and well into the future. And I know, with practice, I’ll be able to build my reserves back up. I’m also learning to let go of the need for more, and to start being okay with what I have, and, more importantly, who I am.  

So, as the ultimate example of “please do what I say and not what I do,” here are 10 suggestions and safeguards for how you can create a better relationship with money, material things, and yourself. When hard times come (and they will from time to time), you’ll have a cushion and a plan.

1. Save 25-30% of everything you make for taxes and pay your quarterlies.
2. Put 10-25+% of your income into savings. Bonus: invest regularly into a Roth or a SEP IRA.
3. Challenge yourself to gamify your spending and saving. What do you really need versus want?
4. Use what you already have: food, clothes, and other supplies. This may be hard when it comes to books, but read what you already have, then consider donating, sharing, or consigning books before you buy new ones. Bonus: get a library card and consume more eBooks and audiobooks.
5. Make a list of everything you want to buy—this can include everything from clothes and books to vacations, experiences, online workshops, and that random product you saw on Instagram at midnight. Review the list once a month and decide what you still really want, and what you no longer have a strong desire for. Then, buy the items you want without guilt.
6. Follow-up with leads consistently. Someone will eventually say yes. Offer additional information like helpful articles and new offerings.
7. Don’t be afraid to ask for help in finding projects and let others know of your availability.
8. If you are an emotional spender, find things to do that don’t cost money when you are triggered. This could include journaling, going for a walk, reading, or any other activity that distracts you from the urge to make a purchase.
9. If you struggle with impostor syndrome or self-worth, look back at all your successes and happy moments along the way to see how far you have come and how much good you’ve already accomplished in your writing career. Bonus: keep a list on your desktop of all the compliments and testimonials clients have given you. When I’m feeling down, I love to review these to help me remember that I am a great writer with a unique skillset.
10. Remember that hard times won’t last forever. This industry moves in cycles. You could be having your best year while another writer is having her worst. New opportunities will eventually find you, so stay strong, prepare as best you can, and focus on what you can control instead of what you can’t.

I hope I never experience another down year, but if I do, I’ll be far better prepared with more robust savings, less monthly spending, and the knowledge that a new project is up ahead.