An Easy Way to Save Money on Taxes

June 25, 2022

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Creator Crumbs

Business: My First Million - Demo Day [video]

A less fancy version of Shark Tank, this hour long episode with Shaan Puri and Sam Parr features pitches from 4 new founders trying to land an investment for their business.

Sam and Shaan give feedback along with each pitch, making it entertaining and valuable for those who want to learn more about the investment side of business.

Money: How to Save Money on Taxes with a Health Savings Account (HSA) [article]

Everybody will have some sort of medical expenses throughout their life.

With an HSA, you can write off the amount of money you contribute, invest it and let it grow tax-free, and then pay for qualified medical expenses completely tax-free as well.

It's an amazing, wildly underutilized account and if you qualify, there aren't any accounts that give the same tax benefits that an HSA does.

Money Matters

If you spend time on Twitter, you might recognize Alex from his well-branded yellow visuals.

He's built an incredible following over the past year and has turned the journey into a career.

Grateful for the opportunity to share some of his insights:

In your opinion, what’s the most important character trait to have to succeed as a creator?

Some people would say talent. Others creativity, getting ideas...

The one thing I've observed that ALL top creators have is consistency.

I know. Boring.

While it may sound cliché, having the ability to stick to something long enough to see it succeed is not so common. The ability to endure the highs and lows, the 0 engagement, and cricket periods...I think it's underrated.

Simply by sticking to it longer than the others, you're probably far ahead of 95% of creators.
Source

What’s the best investment you’ve made in your creative business?

Getting help with legal and money management stuff for the business side of things. I have this rule that, if you don’t know how to do it, either eliminate or outsource the task.

I work with an accountant, and I no longer have to worry about so many things. I only have to send and receive invoices. They handle the rest, such as taxes. While it costs some money, it's well worth it for the peace of mind it provides.

In terms of creativity, educating myself.

Usually, I buy courses and coaching from creators who are a few steps ahead of me. I can learn what works for them and apply it immediately.

My favorite is probably Build Once, Sell Twice by Jack Butcher. Game changer.

What’s one thing you wish you knew about money before becoming a creator?

It's crucial to have some runaway. One month you can make $10k and the next nothing. Having some savings definitely helps ease the stress this can cause.

Also, I wish I knew before how important it is to separate your personal bank account from your business account. It can be a mess if you mix them up. I use two separate accounts (and banks) for them, and it works great.

Bonus - What's your favorite thing to spend money on?

In business, probably books and courses that I never get to read or complete 😅 In “real life”, Spotify premium.

Connect with Alex on Twitter & subscribe to his newsletter The Steal Club here

..more crumbs

🎵 How much will a band spend making an album?

📱 A guide to social media algorithms & how they work

🧠 How to protect your well-being when you have to be online

👀 TikTok testing paid subscriptions similar to Twitch

✍🏼 Freelance Finds: How to map your ideal workday as a freelance writer

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Keep creating,

Treyton DeVore

treytondevore.com

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