Galen, Author at Pajama Pants Finance

07Jan 2019 by Galen

2019 Tax Changes for US Streamers

Welcome to 2019! First, some good news. The 2019 tax changes are much less significant than the whopper we got last year. In fact, most of it is just adjusting to inflation. Beyond that it’s some delayed implementations from the Tax Cuts and Jobs Act (TCJA). New rules I hesitate to mention it, but one of the new rules that could most impact the streaming community is that there’s no longer a penalty for not having health insurance. That being said, it’s still incredibly ill-advised to not have health insurance if you live in the US. We are unfortunately good at bankrupting people with medical issues. Yes, it sucks to have to pay monthly. Those monthly payments keep you from an even larger potential disaster so don’t skimp on health…

03Dec 2018 by Galen

2018 year end planning

Insurance, Investing, Personal Finances, Running a Business, Taxes

There’s one month left in 2018! So, what should you do for your streaming business and personal finances with the last month of 2018? Unfortunately, there are some opportunities that close off at the end of the year. Fortunately, you’ve still got time to implement them! Business Create a Profit and Loss (P&L) A P&L documents what your business has earned and spent this year. I wrote more in depth about it here. The main importance of this document is the information it gives you. With an accurate P&L you can make good estimations on any tax you might owe, what you can pay yourself, can find areas of improvement, and can compare against previous years to track trends. Cash flow is the lifeblood of your business. Don’t neglect monitoring…

19Nov 2018 by Galen

Convention Follow Up

Running a Business

I love going to conventions. They’re a ton of fun, I get to meet great people, and I get to learn a lot of interesting information. They’re almost always worth the cost. Today we’re going to look at the convention follow up you can do to help make sure you’re getting the most out of your experience. Define what you’re hoping to achieve This is the big one. After all, it’s a lot harder to hit what you’re aiming for if you don’t know what you’re aiming for. What is it that you’re hoping to get out of the conference? For me I generally aim to make one new professional connection and have one more prospect because of my time at the conference. I won’t complain if I achieve more…

23Oct 2018 by Galen

What to do with old 401(k) plans

Investing, Personal Finances

If you’ve ever changed to a new job it can be hard to decide what to do with your old 401(k). Do you leave it as is? Roll it over into a new 401(k)? Roll it over to an IRA? Pull it out all together? Let’s dive in to your options. This is something that’s relevant for pretty much anyone who worked for a company that offered a 401(k) plan. If you’re a streamer then you might eventually open your own 401(k). If you’re in the gaming industry you probably have a decent option at your company. Most young professionals working for larger companies have some sort of plan. Decision Criteria There’s no one answer to if you should roll over an old 401(k). Instead, you need to consider a…

01Oct 2018 by Galen

Updated cash flow

Running a Business

This week instead of a full article I'm sharing my updated cash flow tool for your stream as well as a hastily recorded video describing how to fill it out. If you're the DIY type this is the tool for you! If this is something you find useful but a pain to go through that's a sign to reach out to me for some help. Cash Flow Projections

24Sep 2018 by Galen

Getting things in order before starting planning

Personal Finances

Welcome to my once every couple of months self-serving post. Today I want to talk about something I hear a lot that I think misses the point. Often, I have prospects (and others) tell me that they want to get organized or just take care of some financial housekeeping before starting to work with me. I think that’s a mistake. What I hear It’s mostly in that intro paragraph but many times I’ve had people tell me that they want to get organized before meeting with me or that they’re embarrassed for me to see how disorganized their personal finances are. Sometimes it’s how much debt they have. It’s always some sort of embarrassment. What I think I get it. Money’s one of those things that’s pretty taboo in our…

17Sep 2018 by Galen

Twitch Bounty Board Interview with Naomi

Running a Business

Recently I talked to Naomi (Twitter) about the Twitch Bounty Board. I originally reached out because I’d noticed that she completed a lot more bounties than I’d seen anyone else do. Before we jump in to the interview you should review our recent article on what the Bounty Board is. Enjoy this Bounty Board interview! What’s worked well with bounties? Naomi’s major kudos for the Bounty Board is how easy it is to use. “You can start the bounty at any part during the stream. Just change the title, add #ad or ‘sponsored’ and it’s automatically counted. You can wait for the perfect time and it promotes collaboration with other broadcaster.” Basically, it’s flexible and somewhat automated. Additionally, the deals that match your stream are offered to you and you…

03Sep 2018 by Galen

Twitch Bounty Board

Running a Business

Twitch recently (in May 2018) announced that they have a closed beta for a Bounty Board. Today we’re going to talk about what it is and some of the positive and negatives of the program. The next article will have an interview with a partner who routinely use the Bounty Board. There’s nothing like firsthand experience as a teacher. Bounty Board Basics First and foremost, check out the resource Twitch has for the Bounty Board. It’s currently only open to English speaking Partners but the waitlist is available to Partners and Affiliates. Also, it’s still in closed beta. The Bounty Board is Twitch’s attempt to become the middleman in sponsored deals for broadcasters. It is an automated platform where you are presented with bounties that match your stream’s stats and…

20Aug 2018 by Galen

Common Investing Misconceptions

Personal Finances

Last week we covered common planning misconceptions. This week it’s common investing misconceptions! What can I say; I’m not in a mood for long intros. It’s hard to start investing Luckily, it’s not super hard to start investing. Later, we’ll get in to some of the decisions you should consider (or outsource!) For now, we live in a world with internet access to everything you can pretty easily set up a brokerage account. Vanguard, Fidelity, Acorns, or a robo advisor like Betterment can all be good options for getting started. I need a ton of money to invest Nope! You don’t need a ton of money, just a savings plan. When you’re starting out the amount you save matters a lot more than investment return. For instance, if you’re saving…

13Aug 2018 by Galen

Common Planning Misconceptions

Personal Finances, Running a Business

Running your own business can be a real pain. First of all, you need to do all of the things that actually keep it running day to day. For streamers that involves streaming, community management, improving the stream’s quality, and a whole host of other things. However, it should also involve planning for the future. Here are some of the common planning misconceptions I see in streamers around business and finances. It’s one and done You put in a ton of time and effort, come up with a plan, and you’re freed from all future planning burdens. Right? Right? Nope. Planning is a process, whether it’s for your business or your finances. You can (and should) work hard to make a solid plan for yourself. However, no plan survives first…

Author: Galen