Blog - Page 8 of 11 - Pajama Pants Finance

17Jul 2017 by Galen

The Importance of Defining Success as a Streamer

Defining Success We all want to be successful, right? The dictionary has only positive entries: the accomplishment of an aim or purpose, the attainment of popularity or profit, a person or thing that achieves desired aims or attains prosperity. Sign me up! Except… what am I signing up for? How do I define success? Consider what gives you meaning/purpose [caption id="attachment_666" align="aligncenter" width="359"] Hopefully not this[/caption] In my humble opinion, you define success for yourself based on what gives you meaning or purpose. The good news is that makes success different for each of us. The bad news is that it makes success different for each of us, meaning it’s easy to judge someone else for not achieving what you would call success. So what gives you meaning? Yes you…

10Jul 2017 by Galen

Homebuying for Streamers

Personal Finances

Homebuying for Streamers Homebuying has long been one of the expected steps in the American growing up process. You go to college, get a good job, get married, buy a home, have kids, etc. While I’d contend that not everyone needs to own their own home I understand the appeal. Today we’re going to look at the practical steps you should take when you plan to buy a home. Homebuying Logistics This is not a minor decision. Not only does it define where you live for the next several years to your life but it’s also the largest financial decision most Americans ever make. Take the time to do your due diligence and you’ll stave off a lot of future headaches. Just think of what a cool person future…

03Jul 2017 by Galen

Disability Insurance for Streamers

Personal Finances, Running a Business

Disability Insurance for Streamers Last week's talk on health insurance was super important. However, disability insurance is even more important. I'd say it's one of the most important but least well known topics I’ve covered yet. Think about it: what would happen to your streaming business if you weren’t able to stream? If you’re a full-time streamer or you’re considering going full time DO NOT SKIP THIS ARTICLE. I promise you, it’s more likely than not to save your ass. What is disability insurance? Disability insurance protects your ability to earn income, even if illness or an accident prevents you from working. It’s been called accident insurance or income replacement insurance in the past. So what kinds of things can be covered? Cancer, car accidents, broken hands or jaws,…

26Jun 2017 by Galen

Health Insurance for Streamers

Insurance, Personal Finances, Taxes

Health Insurance for Streamers Well folks, this is US only because we’re one of those weird countries that leaves health care up to the individual. If you’re from outside of the US feel free to skip this health insurance article. Regardless of where you fall on the debate around how health insurance should be provided you should get health insurance. Why? If you read through our article on analyzing risk you will know that you should insure risks that are infrequent and catastrophic. Health issues are (hopefully) infrequent and are often catastrophic so they fit right in that bucket. Additionally, the American healthcare system is built around people having insurance. Unless you’re remarkably healthy, well-off, and lucky you won’t be able to bear the cost of healthcare without insurance. …

19Jun 2017 by Galen

Top 7 Money/Business Books for Streamers

Personal Finances, Running a Business

Top 7 Business/Money Books for Streamers Lists normally aren’t my thing, but I think it’s conducive to this kind of article. This week we’re covering 7 of my favorite books that are highly relevant to managing your business and personal finances. The list started at 4 books but quickly grew, mostly because I love books. I had to force myself to stop at 7 so this wasn’t way too long to read. Running a business You aren’t the first to run a small business and you certainly won’t be the last. There are a ton of books out there that could help you work a little more effectively, but these are my favorites. Each covers a slightly different aspect of running a business. I would be shocked if these weren’t…

12Jun 2017 by Galen

In-Kind Income for Streamers

Running a Business, Taxes

In-kind Income for Streamers Isn’t that a really, really interesting name for an article? I promise you, while the nitty gritty of this topic is boring the overall message is really important. This is an area that most streamers get wrong. Heck, most don’t even know this is a thing. Think about what that means. You can do better than most other streamers! Let’s dive right in lest you fall asleep before you get to the meat of the matter. What is in-kind income? In-kind income is income paid to you as a good or service instead of money. There are two basic examples of this that are highly relevant to streamers. First, if you get a game for free to promote it you’re getting a good (the game) in…

05Jun 2017 by Galen

How Streamers Should Analyze Risk

Running a Business

Last week we looked at analyzing opportunities as they come your way. This week we're going to look at risk, the flip side of opportunity. Analyzing risk is similar to analyzing opportunities, though there are some parts that are easier and some that are more annoying. Risk So I already said that risk is the other side of the opportunity coin, but what does that mean? A risk is exposure to danger or loss and there's an entire industry dedicated to risk management. It could be the risk of going full time streaming and depending solely on your business for income. It could be the risk that you suffer some sort of disability that means you can't work. Heck, risk can mean death, stock market losses, high taxes, or pretty…

29May 2017 by Galen

How Streamers Should Analyze Opportunities

Running a Business

Every day as a small business owner you have awesome opportunities presented to you. The best part is that you’re the one who gets to choose which of those opportunities you pick and which you let pass by. Do you have a system in place for evaluating them as they come or is it just by your gut? Let’s take a look at how you can analyze opportunities and make the most of them. Opportunity So what is an opportunity? Anything you make of it! But beyond the peppy talk, an opportunity is a chance to do something. It could be that you find another streamer who could become a great collaboration partner. It could be that a brand reaches out to you with a potential sponsorship or affiliation deal.…

22May 2017 by Galen

The “Doing Business As” Process

Running a Business

Do you stream under your own name? I’d guess not. One of the first steps in setting up a sole proprietorship (the type of small business you are!) is filing for a Doing Business As (DBA), also called a trade name or fictitious business name. This is the form that you file with the state government, at least in the US, to show that you’re conducting business but not in your own name. Remember, just the act of conducting business creates the sole proprietorship business in the government’s eyes. Essentially, if your name was Kevin Bacon but you streamed and earned income under CaptainSparklePants it might be a good idea to register that name with the state. Until that point the government assumes your business name is the same as…

15May 2017 by Galen

Business Bank Accounts for Streamers

Personal Finances, Running a Business, Taxes

How many of you have business bank accounts? I’ll admit, it wasn’t the first thing on my list of to-do’s when starting my business. It’s not like there was a ton of cash running through it anyways! There also aren’t many differences between a business and personal account so it’s not that scary of a thing to do. However, it’s a smart idea that can both help you run your streaming business and help your mindset. Why There are two major reasons to get a business checking account. The first is that you then can do transactions in your business name instead of your own name. The second is that you’re separating your business and personal finances. That comes with a whole host of benefits. Doing things in the name…