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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 2:25 pm 
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IMF'd

Joined: Sep 13, 2007
Posts: 31688
Location: Tullamore
I would sort of agree with cavok. Don't do anything daft. You have a couple of choices -
1. Forget about exchange rates, convert the money and enjoy it.
2. Convert the money bit by bit and average into the euro.
Either way, don't torture yourself by having missed out. You are not a currency trader and no advice you receive on a board will help you be one!

Looking forward to a sci-fi blockbuster (I hope it's the first of a decaology - I'm a bit disappointed at the scope of most sci-fi these days - Peter F. Hamilton excepted!).

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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 2:36 pm 
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Real Estate Developer

Joined: Nov 17, 2008
Posts: 977
jcsmith wrote:
Can't stress enough the value of the comments you've just received about taking professional advice re the artists' tax exemption.


+1
You need to apply for a tax clearance cert first- you can do this online quite easily.
Irish Writers Union and Irish Playwrights and Scriptwriters Guild here are easily found on line and give good advice on artists tax exemption.
There are 2 separate exemptions - book and scripts. You should apply for both in case your book is optioned for tv/film.
Advances on royalties are not repayable unless you don't deliver the book and they safeguard themselves re this by staging the payments.
Vague memory of some publisher suing Joan Collins over a book she delivered that they considered not up to scratch but they lost.

Congratulations - getting a book published in these times is a huge achievement and getting a good advance is up there in the land of dreams. Well done and best of luck with it.


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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 3:11 pm 
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Neo Landlord

Joined: Feb 22, 2008
Posts: 230
You could buy a serious amount of shoebox flats in Leitrim ;)


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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 3:20 pm 
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Under CAB Investigation

Joined: Apr 23, 2007
Posts: 1801
congrats on your book.

you should get a better rate on the fx if you do it all in one clip. my bank has a threshold at 100k - below that is retail. watch the market for a few weeks and pull the trigger.

on sci-fi and the move to Ireland.

Fantastic choice! Remember that the ordinary laws of physics don't work in ireland. we have special laws of physics here called green physics. We have Greens in government to make sure that the laws of green physics are obeyed here at all times.

So forget about sex with aliens etc - you can just listen to Ministers Ryan and Gormley if you want some parallel universe sci-fi inspiration.

:|

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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 3:26 pm 
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Location: The Lawn
Is the exemption still for the chop following the new PFG?


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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 3:35 pm 
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Location: South of the Border (Down Mexico Way)
Please tell me the zombie banks die at the end?


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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 4:44 pm 
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What Goes Up... wrote:
Please tell me the zombie banks die at the end?


Sorry WGU,the black guy gets it first and the zombie banks just keep going until the inevitable sequels........................

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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 4:49 pm 
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PROFESSORI wrote:
What Goes Up... wrote:
Please tell me the zombie banks die at the end?


Sorry WGU,the black guy gets it first and the zombie banks just keep going until the inevitable sequels........................

Noooooooooooooooooooo!!!!!!!!!

Get them to wear red shirts!

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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 5:13 pm 
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Of Systemic Importance

Joined: Nov 7, 2007
Posts: 5669
bungaloid wrote:

on sci-fi and the move to Ireland.

Fantastic choice! Remember that the ordinary laws of physics don't work in ireland. we have special laws of physics here called green physics. We have Greens in government to make sure that the laws of green physics are obeyed here at all times.

So forget about sex with aliens etc - you can just listen to Ministers Ryan and Gormley if you want some parallel universe sci-fi inspiration.

:|


Do you ever give it a rest?

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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 5:50 pm 
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ewd3 wrote:
bungaloid wrote:

on sci-fi and the move to Ireland.

Fantastic choice! Remember that the ordinary laws of physics don't work in ireland. we have special laws of physics here called green physics. We have Greens in government to make sure that the laws of green physics are obeyed here at all times.

So forget about sex with aliens etc - you can just listen to Ministers Ryan and Gormley if you want some parallel universe sci-fi inspiration.

:|


Do you ever give it a rest?



There's a lot of rabid anti-green nonsense on the pin that i assume is mostly spouted by people who voted FF at the last election, but in an attempt to reconcile the current state of the country with their contribution to it, they blame the Greens instead. Cognitive dissonence.

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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 5:56 pm 
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Jamesblonde wrote:
Quote:
There's a lot of rabid anti-green nonsense on the pin that i assume is mostly spouted by people who voted FF at the last election


James,wherever you are old son,just DUCK!!!

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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 6:07 pm 
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jamesblonde wrote:
There's a lot of rabid anti-green nonsense on the pin that i assume is mostly spouted by people who voted FF at the last election, but in an attempt to reconcile the current state of the country with their contribution to it, they blame the Greens instead. Cognitive dissonence.


:shock: :shock:

Ah now I get it. Its a reality-warping Twilight Zone idea for the sci-fi author!

Clever. For a moment I thought you were just barking mad!! 8DD

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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Wed Nov 04, 2009 11:54 pm 
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If it were me i would immediately convert 10-20% of it into gold and silver (silver especially has lots of upside - it is important to take PHYSICAL DELIVERY of any metals you buy - do NOT let them sell you certificates), then also very quickly put the rest into a euro account (or a basket of currencies) - and then get some expert independent financial advice (be very careful and cautious who you listen to) - and then think hard what it is you really want from your money.

I would be very uneasy about leaving the money in a dollar account - that currency is doomed :shock:

good luck - when will your book be in the shops?


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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Thu Nov 05, 2009 12:32 am 
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Joined: Jun 17, 2008
Posts: 1719
SamG wrote:
Hello all. Been an admirer of this site for just over a year now. This is my first post...

Some background... I'm a writer with 3 kids. Moved back to Ireland in '05 from France and there was no way my wife would even consider buying (thank God for the "rent is NOT dead money" mindset of the French - I don't think I'd have held out if my wife had been Irish). We struggled throughout the Celtic Tiger years while I wrote my book (a sci fi spectacular).

Bottom line - I've just signed a contract with a major publisher and have received a cheque for $170,000 US. I've opened a $ account with AIB until I decide what to do with the money. We don't have any debts and have no intention of buying a house any time soon.

Should I change my money into Euro? Keep in $? Buy gold? I know this isn't a money advice website but I really respect the opinions and attitude of the posters on this site and would appreciate any advice you can offer me...


any advice you see... ok your words not mine .. here goes any advice...
well try making other posts instead of just the one post where your looking for advice on what todo with $170k, after all your a big admirer of the site
make a public statement saying you refuse to apply for writers tax exemption , or donate 75% of it to charity on the grounds its immoral to accept a state handout when the state is treating so many disadvantaged people without vocal representation in such a disgraceful manner
pay your taxes
you did say any advice
sorry did I upset the general warm fuzzy feeling we had going on there.
Irish people seem to think someone elses fortune will rub off on them if they doff the cap
congrats on the success of the book .. can I say that even after my other comments, seems I can, I just did.

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it had to teach and not when I came to die to discover that I had never lived..Henry David Thoreau


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 Post subject: Re: Just sold a book for a lot of $... NEED SOME ADVICE
PostPosted: Thu Nov 05, 2009 12:50 am 
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Joined: Nov 17, 2008
Posts: 977
It will probably be altered anyway, most writers earn very little, sums such as 170,000 are rare and he may find it has to last a long time.

I agree if he has other earnings which are consistent he should not avail of tax break and same should apply to a whole lot of others, businesses avail of tax breaks too but it could be all he earns for the next ten years that's the way it is for most writers.

Don't consider it cap-doffing to congratulate someone on an achievement.

Anyway this is a whole other argument there is loads of info available and breakdown of writers earnings on this site.

http://www.ireland-writers.com/Exemption.htm#db


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