Blog - Page 6 of 11 - Pajama Pants Finance

04Dec 2017 by Galen

Top 7 mistakes streamers make with their business and personal finances

Personal Finances, Running a Business, Taxes

We’re all human. Humans make mistakes. Therefore, we all make mistakes. As you can see, I took logic in college. Don’t worry though, you can recover from (and maybe even prevent) mistakes. Here are the top mistakes I see streamers making in their business and personal finances. If it’ll make you feel better as you read it, everyone makes the personal finance mistakes and most business owners, regardless of industry, make the business mistakes. Business Mistakes Not separating business and personal accounts. If you’re running a business you’ll make your life worlds easier by keeping it separate from your personal finances. They are of course tied together but they are separate in important ways. First, you pay taxes on what the business earns, less what it spent to earn that…

27Nov 2017 by Galen

How a planner can help streamers and viewers

Galen's musings, Personal Finances, Running a Business

First, I will fully admit that this article’s a bit more self-serving than the others I’ve written. After all, it’s telling you why working with a planner like me is good for you! Regardless, you should read to the end. I started my business because I believe working with a planner can make Twitch a better place for broadcasters and viewers. The better you’re doing financially the more comfortable and confident you’ll be and that shines through when you’re live. I believe that having a planner is important enough that my wife and I hire someone to do our planning. The outside perspective really, really helps. You want someone who is a fee only fiduciary- make sure you ask! Everyone First, we figure out what you want to do in…

20Nov 2017 by Galen

How and why to set up a payroll.

Personal Finances, Running a Business, Taxes

Previously we’ve covered how you can potentially save money on taxes by incorporating your stream as an S-corporation. Please read up on it as there are some rules you need to make sure you’re following to actually get the tax benefit. The core concept to remember is that you wear two hats in your business. One is the owner who is responsible for making business decisions. The other is the employee who is actually providing the labor the business needs to earn income. That employee is paid via a payroll. One word of warning: This advice is based on the assumption that you're organized as an S-corporation and the only employees of the business are also owners. If your business has non-owner employees payroll gets significantly more complicated. A second…

13Nov 2017 by Galen

How to decide if an event is worth it

Running a Business

How do you know if it’s worth it to go to an event as a streamer? After all, unless you’re a big time IRL streamer you’re taking time away from your core value proposition. While you’re at an event you’re not live. We’ll look at two different scenarios. In the first you’re not getting paid to go to the event and in the second you are getting paid. A lot of the considerations are the same but I think it’s still valuable to go over both. Going for free While of course it would be nice to get paid it can also make a ton of sense to go to events on your own dime. You could meet other influencers, sponsors, fans, and game companies. Basically, you can network. A…

06Nov 2017 by Galen

What’s a joint venture?

Running a Business

What’s a joint venture and why should you care? Have you ever had an awesome idea that you couldn’t implement on your own? Sometimes it’s because you lack a particular skill, sometimes it’s because you’re short on cash, or sometimes you just need someone else to help get it done in time. Heck, it could be worth it to do a project with someone because of their connections and how much easier that will make the project. I think we’ve all had those ideas. How do you set up something where you can complete that project without forever tying yourself to a potential partner? Your answer may be a joint venture. Fine, what’s a joint venture? [caption id="attachment_849" align="aligncenter" width="480"] Not this kind of joint. At least not necessarily.[/caption] A…

30Oct 2017 by Galen

Self Evaluation is a key to success

Personal Finances, Running a Business

Self-evaluation and business success I’ve said it before and I’ll say it again. Your stream is a business. Unfortunately, it’s really easy to get caught up in the day to day of running a business. You have to handle the immediately due tasks, plan for what you need to accomplish in the next week or month, and eventually do long-term planning. There’s one asset that most people forget to analyze and it’s themselves, the business owner. In fact, it’s the most valuable asset the business has. You’d be remiss if you ignored it. It’s time for some self evaluation! Why I touched on it in the intro, but the biggest why is because your business depends on you. Therefore, you need to know as much as you can about the…

23Oct 2017 by Galen

Productivity Tools

Uncategorized

Last week we covered some of the Getting Things Done system and how you can prioritize long term tasks. Today we’ll cover some great books and other resources that can help you improve your time and project management. Productivity tools are awesome, you should learn to love them. Books First, check out our article on great business books for business owners to read. Those are a great start. Here’s what I’ve got for time and project management above and beyond that: Essentialism: I’ll be the first to admit, this author bugs the hell out of me. It feels, at least to me, like he’s constantly name dropping and overstating his position. That being said, the core of this book is phenomenal. The fundamental point of this book is to simplify…

16Oct 2017 by Galen

What do I work on next on my stream?

Running a Business

If you’re taking your stream seriously and treating it like a business you should have a whole host of longer term plans that are waiting for your attention. How do you decide what you should work on next for your stream? Step one is the Getting Things Done system. Luckily, the problem you’re facing is the same problem every small business owner faces. Trust me, it’s good not to be a trailblazer when it comes to problems. Let’s look at some of the best resources for helping you decide what to do next and how to effectively complete it. Getting Things Done My first suggestion is check out the book Getting Things Done by David Allen. We covered it in our best books for streamers article because it's amazing. This…

09Oct 2017 by Galen

My biggest money regrets

Galen's musings, Personal Finances

Hey Mr. Financial Planning Dude, how can you understand us folks who didn't learn about money and it's a painful subject? Let me tell you, mild mannered citizen, I've had my share of money regrets. In fact, I continue to have money regrets. I think it’s really important to talk about past money regrets, learn from them, and realize that you’re not the only one and they’ll always happen. That way, when something does come up it won’t derail you. Some of these might not initially seem related to money but trust me, they are. Please accept this offering; an accounting of some of my biggest regrets. Regret 1: WoW in College Hoo boy, starting off strong. I played an excessive amount of WoW in college. I had a…

02Oct 2017 by Galen

How do hard work, skill, and luck factor in to success?

Running a Business

How do you make it to success? Or, if you’re already successful how do you grow and improve upon that success? What is that magic formula of hard work, skill, and luck? My Philosophy on Success A word of warning- this is my personal philosophy on the question. It does relate to your business in a very real way but there are many philosophies out there. You need to find the one that motivates you. I believe that hard work, skill, and luck are all factors in success. You can have a phenomenal idea but could lack the skill to implement it. If I suddenly had a billion dollar idea for an app for my phone I still wouldn’t be able to code it. Similarly, even if I had the…