← The Art & Business of Writing Podcast with Nicolas Cole
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I didn't understand how to make a million dollars as a writer for a very, very long time. And the first misunderstanding is that you don't make a million dollars as a writer by saying you want to make a million dollars as a writer. That's the wrong goal. Let me walk you through how I used to think this worked. So, level one, when I graduated from Columbia College Chicago with a degree in creative writing, I thought, the way I get rich as a writer is by writing down in my journal. I want to get rich from my writing. That is wrong. Level 2. Then, after a few years of getting humbled in the real world, working as a copywriter at an ad agency, I thought, oh, now I get it. The way I get rich as a writer is by working really, really hard and writing more words than anyone ever was. Wrong again. Which led to level three. It has taken me a very long time to realize that the highest paid writers in the world aren't rich because they wrote down in their journals. I want to get rich. And. And they also didn't get rich by just writing a gazillion words. How did James Clear, the author of Atomic Habits, make millions of dollars? How did Ryan Holiday, the author of the Obstacle Is the Way, make millions of dollars? How did James Patterson and J.K. rowling become billionaires? Seven words become known for a niche you own? Let me show you a simple example. Here's what most aspiring writers do, myself included. I made this mistake for years. Writer A says, I want creative freedom. I want to be able to write anything. So what they do is they tweet about fiction writing, but they make tiktoks about mystery and thriller writing. But their first novel is a fantasy novel, and their newsletter is about how to land content writing gigs on upwork. You see the problem? When you bounce around like this, you make it impossible for compounding to happen. Now, let's compare writer A to writer B. Writer B doesn't bounce around. Instead, Writer B commits to a niche for a prolonged period of time. They tweet about stoicism. Their newsletter is about stoicism. Their podcast is about stoicism. Their digital products are about stoicism. And every time they write a book, guess what it's about. It's about stoicism. If you want to know how a writer like Ryan Holiday has generated tens of millions of dollars, this is the big secret. You have to become known for a niche you own, and you have to commit to that niche for a prolonged period of time. It doesn't have to be forever, but it does have to be for at least several years. As soon as this clicked for me, I copied this exact same roadmap for myself. And guess what? I have unlocked very similar outcomes to some of the wealthiest writers in the world. I tweet about digital writing. I make LinkedIn carousels about digital writing. I have a podcast about digital writing. I create education products and programs around digital writing. I I write books about digital writing. And as a result, I've generated tens of millions of dollars from my writing. Not because I wrote down this goal in my journal and manifested it every morning. Not because I wrote more words than the next person, although I have written a lot of words, but because I've committed to a niche for a long time. Almost a decade at this point. And I have allowed compounding to happen. So I promise, whatever story you're telling yourself about why you can't or shouldn't niche down, it is wrong. My niche is too small. My niche is too saturated. I can't niche down. I have too many interests. Niching down will prevent me from reaching my creative potential. All of these are just really clever ways that you've tricked yourself into thinking to postpone taking action. And even worse, they are the opposite of the winning strategy. Pick a niche, commit to it for at least five years, and let compounding happen. That is how every successful writer has made their millions.