I know we've all wondered at some point how much an author makes. Advances, royalties. And the honest truth is that everyone makes something different. Some are able to make that dream of quitting the day job a reality, and some aren't. (Most aren't.) Which is why I completely believe that if a person wants to write, they have to do it for the love of it. Because if you're in it for the money, you're probably up for a rude wake-up call.
There are already so many great resources out there on royalties and advances, so I thought I would give you a list of what I've been able to find on these topics. First, a couple definitions.
*au·thor's ad·vance: Payment or payments made by a publisher to an author before sales of the book have properly earned the author any income. The advance may be the entire sum an author will receive for the book, which makes it work for hire, or, more commonly, the money may be an advance on royalties.
*roy·al·ty: A sum of money paid to a patentee for the use of a patent or to an author or composer for each copy of a book sold or for each public performance of a work.
And now for the links! Hope this is helpful, guys. Here's apost on Genreality by Lynn Viehl, The Reality of a Times Bestseller. And a second post later on entitled, More on the Reality of a Times Bestseller. I love this blog! Always very helpful.
Joe Wikert on The Average Novel Advance.
Another great post on Average First Novel Advances by Justine Larbalestier. This one is very thorough; you can tell Justine did her research.
Chris Holifield published an informative post on Advances and Royalties. Recently updated. Check it out.
By author Rebecca Brandewyne: Advances & Royalties - How Authors are Paid. This one also has some more great links that inform authors about the financial aspects of things.
This post covers a wider variety on publishing. Book contracts, rights, warranties, copyright, proofing and editing, foreign sales, and more. Morris Rosenthal on site Foner Books.
Agent Rachelle Gardner on Advances. (I adore Rachelle. I follow her blog kind of obsessively...)
And last but not least, Michael Meyer wrote an article for the New York Times entitled About That Book Advance... Honest and, again, informative.
There are so many more, bit this is a good start. Have a great night, guys.
*Definitions courtesy of Google Dictionary