Pursuing Your Financial Goals as a Content Creator
Save three-to-six months of living expenses in a savings account.
Given the unpredictable nature of when brand deals get contracted (and the even more unpredictable nature of when they are paid out), it is crucial to have an emergency savings fund that can get you through a few lean months.
If you have stable baseline income from YouTube Ads, affiliate links, etc., you might need less savings. If you are very reliant on brand deals, you might want closer to six months.
Plan for taxes!
As a self-employed individual, you are on your own to make sure that you have paid enough taxes on your income. Part of that may mean making quarterly tax payments to the IRS, which you should discuss with your tax advisor.
I guide my clients to consider diverting a percentage of their income from brand deals and other sources into a separate account earmarked for tax payments. That way, they’ll be better prepared for any potential surprises come tax time.
Plan for retirement!
A concept I sometimes refer to as “Pay Yourself” but really translates to “Pay Your Future Self.” It’s important to find the sweet spot between putting enough away for retirement and having enough money to live the lifestyle you enjoy.
I can help you navigate the different retirement accounts available to you and help you pick the option right for you based on contribution limits and tax implications. Then, we will lay out a plan to fund those accounts.
What's on the horizon?
Once you’ve gotten your emergency fund, tax planning, and retirement planning set up, we can look at funding intermediate-term goals. Do you want to buy a house? Go on a big trip? What do you want to accomplish in the next few years?
We will collaborate with you to set aside money for these near-term goals and to ensure those funds are invested to provide the opportunity for your money to work for you while taking the appropriate amount of risk.
Neither Stifel nor its Financial Advisors provide tax advice. You should consult with your tax advisor regarding your particular situation.