Author Income Streams, 14 of 15: Grants and Prizes
The 14th type of author income is grant money and contest winnings. Grant money may come from organizations and foundations (large, small, and/or specialized) or government agencies. Sometimes it’s nearly automatic if you apply; usually you apply, wait a long time, and may or may not receive anything. Fellowships are a type of competitive, merit-based grant opportunity that can fund your writing for a few weeks to a few months or longer.
Prize money comes from winning contests — poetry, short stories, essays, screenplays, books, etc. The trick here is to not to spend more money (or any, if possible) on contest fees than you’re likely to win. We’re focusing on income, remember. There are a minimal number of writing contests that are free to enter and some that have a low cost (say, $10-$35), but there are many others with fees that can really add up ($50-$150+).
While grants and prizes are often considered free money, disabuse yourself of this idea. Both receiving or winning grant or prize money require real time, effort, consideration, and (as mentioned) cash outlays. Don’t dismiss this type of author income outright, but proceed in pursuing it with eyes wide open.
The How-To
Learning the ins, outs, and how-tos of applying for grants could be critical to your author income…
