SWOT analysis

SWOT analysis

Galen's musings
SWOT analysis While getting my MBA I learned many things that really don’t matter to me today. For instance, I rarely my CFA level investment management class. However, one of the things that I do use is the SWOT analysis. While it’s safe to say that it can get a bit buzz-wordy, at its core it’s a useful tool. What is a SWOT analysis? SWOT is an acronym. Is stands for strengths, weaknesses, opportunities, and threats. The idea is to analyze those factors as they apply to you, your business, or even a specific opportunity. With strengths and weaknesses you focus on the internal and with opportunities and threats you focus on the internal. Strengths What are you good at? What advantages do you have? What’s unique and beneficial about…
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The Four Things You Can Do With Money

The Four Things You Can Do With Money

Galen's musings, Personal Finances
The four things you can do with money This concept is blatantly borrowed from Financial Planning 3.0 by the late Richard Wagner. My plan is to take it and more specifically apply it to content creators with a focus on streamers. Let’s dig in to the four thing you can do with money and the magic formula you can use it figure out the right mix for you! Thing 1: Receive it Receiving money can be extremely sweet or the worst thing in the world. After all, it could be payment for an awesome commission, your first sub, or the sub that gets you to the level you calculated would let you go full time. However, it could also be lottery winnings (check out the stats, usually leads to bad…
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Bet on Yourself for Accountability

Bet on Yourself for Accountability

Galen's musings, Personal Finances, Running a Business
I came across a really interesting personal accountability tactic while reading the book Nudge, a book with strong behavioral finance implications. If you’ve not read it before, I think it’s pretty interesting. Anyways, the basic idea is that you set up a meaningful bet that you will do something. That way, you are in control of the outcome. This could be an awesome tactic that helps you improve your stream’s consistency or your business’s operations. The book’s examples The author is a professor and part of his work involves mentoring PhD students during their thesis. His students have a strong financial incentive to finish their thesis as soon as possible because it leads to a promotion, increased pay, and increased benefits. However, one of the main ideas in the book is…
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New Year’s Resolutions

New Year’s Resolutions

Galen's musings
I’m often a bit cynical. Because of that, I’ve often looked down upon New Year’s resolutions. “Why”, I scoffed, “would the passing of an arbitrary date make you change your life?” Well, I’m a changed man. I’ve come to realize that anything that can help motivate someone to improve can be a positive force. Also, what am I doing bothering with how someone else runs their life? Point being, this year I decided to make some resolutions for myself and to suggest some for streamers. Hopefully some of my ideas help you with coming up with your own goals or resolutions. My resolutions There are SO MANY things that I could and should improve. However, I firmly believe that you’re most likely to achieve your goals if you’re realistic. There…
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How to ask effective panel questions

How to ask effective panel questions

Galen's musings
This one’s a little different than most of my posts but it’s been on my mind since TwitchCon. My awesome panel went a little longer than we intended (totally my fault) so I felt as though we didn’t have enough time for questions. Part of the problem was that we didn't get effective panel questions. Let’s jump right in to how to ask better questions! Have a Clear Goal What is it you hope to learn from your question? Hopefully you know that before getting up to the mic. If you’re not certain what it is you want to learn in the moment or have a very involved question it may not be appropriate to ask it at a panel. After all, the panelists are having to interpret what you're…
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How a planner can help streamers and viewers

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…
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My biggest money regrets

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…
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My Love Letter to Streamers

My Love Letter to Streamers

Galen's musings
My love letter to streamers Don’t tell my wife I’m writing a love letter to anyone besides her, ok? I love you guys. Streamers, broadcasters, content creators: whatever you feel is the most relevant label for you. You do damn good work and you build meaningful, caring, supportive communities out of nothing. You bring people together as friends; people who may never have met without your help. They get an awesome place to hang out, totally for free. That so many of them choose to support you speaks for itself. You’re making a difference. I’m constantly staggered by the pure passion I see fueling Twitch. How many hours do you guys put in? So many of you work full time, stream, produce videos for YouTube, and manage a community. Even…
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