As shocking as it may seem, not all published authors support themselves on their royalties. I know, huh? Yeah, I was a little surprised, too, when I first discovered that little known fact. So, to answer the many questions I get about how I earn income between blockbusters, here’s the scoop: I make sure that OPM handled by my clients is all accounted for. No, that’s not opium. It’s Other Peoples’ Money. Trust funds. If you’ve ever been a homeowner or played one on TV, you’ll know that real estate transactions require good faith deposits, down payments and loan proceeds – all of which are placed into bank accounts in trust. Escrow and title companies, real estate brokers, banks and attorneys act as disinterested third-party facilitators, and the regulations imposed upon them are quite strict when it comes to the bookkeeping part. Every penny must be accounted for and recorded—daily. Their bank statements must be reconciled by the 15th of each month, and any discrepancies must be identified and corrected by month-end.
Enter moi.
For the past 20 years, I have made it my business to help escrow holders keep track of their trust funds. I balance checkbooks with running balances in the millions of dollars. I’ve been forced to become proficient at computer networking, various software programs and banking systems. I have excellent clients, some of whom have been with me for 14, 15 and 20 years. The business is pretty much arranged so that I don’t have to leave my office; my customers don’t need me interrupting their days anyway. I don’t spend a lot of time marketing my business because I’ve never had to—word of mouth has been very good to me. But still, I’m always open to new customers and appreciate referrals.
I just updated my business website and am updating some promo materials. Just in case you know someone whose escrow trust account has fallen into disarray.
Pam Ripling
(Um, President.)