Personal Finances Archives - Page 3 of 4

09Oct 2017 by Galen

My biggest money regrets

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…

11Sep 2017 by Galen

Kickstarter and GoFundMe Taxability

Personal Finances, Taxes

Kickstarter and GoFundMe Taxes We’ve already established that money you earn from streaming counts as income for US income taxes. That holds true whether it’s a tip, donation, or a sub from any platform. So what about other sources of money? Sometimes when things go wrong, especially costly medical emergencies, we turn to GoFundMe. Also, if there’s a specific project you want to get off the ground Kickstarter can make sense. GoFundMe GoFundMe is the easier case to talk about. Since with GoFundMe you’re asking people to donate money for a one-time thing they’re generally considered gifts. Gifts are not taxable to the recipient in the US. If you’re giving money on GoFundMe and it’s to a registered charity (under US tax code section 501(c)(3)) then you may be able…

04Sep 2017 by Galen

Why Saving Early is Important

Personal Finances

The simple math of saving There’s a lot of BS/financial porn you can read or find on TV. After all, it can be really, really exciting to look at the potential of finding the next Google or Amazon before it’s big instead of saving. Unfortunately, your odds of actually finding something like that are pretty damn small. Let’s talk about what you can control and how it can make a difference: how much you save. It’s not as sexy but it’s the key to successfully going full time streaming as well as having the kind of money to let you choose what you do with your life. Assumptions Ok, first we’re going to use a couple of assumptions. In this scenario you’re 25, single, and just starting to save money.…

07Aug 2017 by Galen

Do You Need to Care About Itemized Tax Deductions?

Personal Finances, Taxes

IMPORTANT NOTE: THIS INFORMATION IS OUT OF DATE AS OF 2018 Do You Need to Care About Itemized Deductions? Choosing whether you use the standard deduction or you itemize deductions is one of the key parts of a tax return. That’s a fun sentence, huh? Unfortunately, it’s not always clear which route is best until you do the math. Often, this is a major reason to hire a tax preparer. They’re much more comfortable with the process and can make the decision more quickly. Let’s take a look at your different options and the ones I think will be most relevant to you. If you want to learn more about tax basics before jumping in to this article check out our tax basics! Standard Deduction First, let’s look at what…

31Jul 2017 by Galen

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…

24Jul 2017 by Galen

Why Streamers Need an Emergency Fund

Personal Finances

Why Streamers Need an Emergency Fund Do you have enough cash? I don’t mean in your wallet, I mean in your bank account. Also, how do you define “enough”? Perhaps it’s enough to help you make the transition to full time. It could be enough to help you get through seasonal changes in your business income. Most certainly it should be enough to help you get through tough times like injury, illness, or just bad luck. You keep that cash in your emergency fund. What is an emergency fund? An emergency fund is an easily accessible account that holds cash you can access in a moment’s notice. The simplest example is a checking or savings account at a bank. However, it should be separate from the account you use…

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…

Category: Personal Finances