I think the biggest, baddest lie about this business is that authors make a lot of money once they land that publishing contract. How many times have your friends joked, "will you still talk to me when you're rich and famous"?

You can tell them to relax, because it's unlikely to be a problem.

How much do traditionally published authors make?

Last month an author posted on her blog the breakdown of her actual income from a multiple book contract. It came down to about $3000 a year. More on this at Lexi Revellian's blog.

The author in question had to remove the post after a few hours because it violated a non-disclosure clause in her contract, but she was very brave to post it. Publishers seem to want to keep up this myth that their authors are raking it in.

But the fact is: publishing advances have been evaporating in the past decade. Agents are saying, "$10,000 is the new $50,000". Also, it's important to know that $10,000 comes in several installments, over a couple of years, and of course the agent gets 15% (not that they don't earn every penny.)

And according to a study reported in the Guardian on January 17th, 54% of trad-pubbed authors make even less than that. The study put the average at $1000 (£600). Yeah. Picking up cans for recycling on the side of the road would probably pay better.

Of course, some big name authors are making millions. And a lot of self-publishers do much better than the trad-pubbed mid-lister who wrote that post.

But the average self-publisher makes even less: 77% are reported to be making less than $1000 a year.

That trad/self-pubbed ratio may be a little skewed, because the trad-pubbed category counts only the authors who've reached the point of getting contracts. But as Hugh Howey pointed out, while aspiring trad-pubbers are querying agents, self-pubbers are putting their fledgling work into the marketplace, so they get counted in the stats and the queriers don't. Also, the self-publishing category includes the hobbyists who may only have one book and aren't necessarily trying to earn money from it.

But it's important to point out that the authors with the highest income are hybrid authors. A hybrid author self-publishes as well as working with a traditional publisher.

You can find a fascinating breakdown of income streams for a hybrid author from Elizabeth S. Craig on her blog this week.

You can can become "hybrid" either of  two ways:

1) Start out in traditional publishing (agent+Big 5 or smaller presses) and supplement with self-publishing.

2) Start by self-publishing, become a mega-seller, and wait to get offered a traditional contract like Howey and Hocking. Unfortunately you don't get to choose this path to hybrid-dom. You have to hit it big first and wait to be invited. Agents don't welcome queries from self-publishers unless they're mega-sellers.

This means querying agents and going the traditional route to break into print—while it may not be as lucrative as you imagined—can still be a good way to launch a career. Just make sure you don't sign any "non compete" clauses that prohibit you from self-publishing other work. Contracts can be full of booby-traps these days, so run it by a lawyer.

Yes, your initial trad-pub books will probably bring in less money than your later self-pubbed books, but that's not necessarily a bad trade-off.

Many self-pubbers make one or two of their early books perma-free in order to entice new readers. Your trad-pubbed book may only make $1000-$3000, but it can be a "loss leader" like those indies' perma-frees.

The marketing and cachet you get from starting with a traditional publisher (and having an agent in your corner when you start out) can still make this path attractive.

But don't make the mistake of thinking it's a get-rich-quick proposition. Write because you love it, have patience, and don't count on living the life of Richard Castle with your first few books.

The Gatsby Game is based on a real unsolved Hollywood mystery. It was inspired by the mysterious death of David Whiting, a man I knew in college. Nobody knows what happened the night he died in Sarah Miles' motel room during the filming of a Burt Reynolds movie, but I have a theory, and this is a fictionalized account of it. Like David, my anti-hero Alistair Milbourne is obsessed with F. Scott Fitzgerald, and imagines himself to be "the ghost of Jay Gatsby, in a straw boater and spats, whistling a tune by Cole Porter."

"Like a finely woven tapestry... a vivid portrayal of a woman's life and how it intertwined with a man who authors from an earlier time would have called a cad. It seems to be a love-hate relationship, an inexperienced and trusting young woman skillfully taken in by a man who was a scoundrel, a true user of women, a man who always seemed to show up like a bad penny throughout Nicky's life... and a man who saw himself as Jay Gatsby from F. Scott Fitzgerald's classic novel."... John Williamson

"I was thoroughly entertained by The Gatsby Game. It has all the elements for a good mystery, and would also appeal to readers who enjoy romance in a women’s fiction style. I give the characters, cultural references, story building, and especially the slightly sarcastic narrator voice a 5 star rating" --Donna Hole

And you can now get The Gatsby Game together with Ruth Harris's The Chanel Caper together in one volume: Two comedies for the price of one