Must like the cliche, writing a book is a labor of love. Tradestream took me about a year from start to finish.And it's true: Very few people make real money penning their investment ideas. But that doesn't mean writing an investment book is a losing endeavor. Here's 10 reasons why you should write a book:
- New clients: Bringing in investment advisory/financial advisory clients in today's market requires having a wide sales funnel. The book and international distribution allow me to scale my presence into various markets I wouldn't normally penetrate.
- Another revenue stream: In Tradestream, I discuss how some advisors are creating new revenue streams (also, see here). A book, though not big money, gives you some diversification in earnings.
- Expanded media opportunities: Newspapers, blogs and other media outlets are always looking for fresh ideas and new authors are an age-old source of them. Writing a finance book puts you in play to be included as a guest author/contributor.
- Reputation builder: walking into meetings with a book in hand that you've written brings a lot of cred with it. Investment advisory clients like to know that their advisor is respected in his field. A book spells respect. When journos look for a source on a particular topic, a books presents you as the go-to expert.
- Deal flow: Writing and publishing Tradestream has brought me new business, sure. But it's also brought me consulting and speaking gigs that I wouldn't necessarily have received if I wasn't in the market with my book.
- Change momentum: As Seth Godin says, "If you want to change people, you must create enough leverage to encourage the change to happen". Books change lives everyday. Writing a book can create a movement, not just forward ideas.
- Looking for a job/career change: If writing a book builds reputation, then doing so is one of the best ways to land a sweet gig or job. Prospective employer: "I'm not just hiring anyone...I'm hiring the guy who wrote the friggin' book on X"
- Create cornerstone for more products: Not everyone in the investment field is interested in managing portfolios. There are opportunities in training, job search, education, compliance (yech). If you're interested in other parts of the investment business, a book creates a cornerstone to launch new products like courses off of.
- Get chicks: Well, this hasn't worked so well for me. But seriously, books are cool and the process of conceiving, writing and publishing a book impresses people. Well, at least it worked for James Altucher.
- Leave a legacy: Many of the authors who participate in my podcast, Tradestream Radio, say that one driver behind their book writing is to leave something over for their kids. Books, in their concrete and virtual form, are commemorations of the thought process and human experience. That goes a long way.
Why would you write a book?photo courtesy of AngelaShupe.com