As I was researching my latest column for Creative Screenwriting, which is all about the real skinny on making a living as a screenwriter, I came across this awesome article by screenwriter John August (Go.) August covers similar ground as my article, and goes into detail on how and why breaking in as a screenwriter may result in a lot less dough than you think. A must read! Check it out right HERE.
For example, take a look at this money table. 100 grand sounds like a lot of money, right? Until you realize how many folks are grabbing their cut. In a nutshell, if you have a writing partner, an agent, manager and lawyer (and you will likely need the agent, manager and lawyer,) your NET is going to be $36,750 BEFORE taxes. If you live in California, those taxes are pretty damn high. So let's then assume a 40% tax rate (Federal and state combined, although this is likely low.) Your net is now $22,590. And that's not even counting California's 10% sales tax on everything you buy.
These are sobering numbers to be sure, but the point here is not to demotivate anyone, but rather to lay out the facts so you can plan accordingly. August also spells out specific instances where it made sense for people to quit their day jobs and move into a full-time creative gig--only when it would have been impossible to do anything else. A great read - check it out!