2018 year end planning

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…
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Life Insurance for Streamers

Life Insurance for Streamers

Insurance
Today’s topic is life insurance. The good news is that many of you won’t really need life insurance. However, it’s better to know that you don’t need something than it is to never consider it. A note: this is focused on the US when it references any laws. Also, I don’t sell any insurance so I get no monetary benefit from you buying something. Life Insurance Basics Life insurance pays someone (clearly not you) money when you die. Its main purpose is to cover someone who was economically damaged by your death. A little morbid, huh? That’s the reality of it though. Better to think about it and deal with it than have something unfortunate happen and be caught unprepared. The secondary function of life insurance is to pass on…
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How Streamers can Avoid Getting Screwed by Personal Liability

How Streamers can Avoid Getting Screwed by Personal Liability

Insurance, Personal Finances
How streamers can avoid getting screwed by personal liability Today’s topic is how streamers can avoid getting screwed by personal liability. One of your best options is buying umbrella insurance. I’m not an insurance salesman, just someone who through work and study knows this is a big risk. This is one of those things that you just need to do as an adult in the US. However, most people miss it. Let’s look a bit more in depth. What is umbrella insurance? Umbrella insurance is liability insurance that layers over your other insurances, kind of like an umbrella is a layer over you in the rain. Umbrella insurance doesn’t start until your previous insurance ends. For instance, if you have auto insurance that covers for up to $300k for accidents…
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Health Insurance for Streamers

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.  …
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