The Thing We Never Talk About

Ivo Gasparotto is a software designer who recently started working for himself as a freelancer. And he's one of my oldest friends! Ivo and I were roommates when we moved to Chicago together in the early 2000s and remain good friends to this day. We talk about our early days getting by on very little money, the importance of keeping your spending in check, and the cushion that saving & investing provided when he decided to go freelance. Ivo's question for me: Was there anything that brought you joy so far this year?

Key takeaways:

1. Early inspirations and how they shaped Ivo's artistic vision.
2. His approach to design, aesthetics, and the creative process.
3. The importance of working with others and building strong creative networks.
4. Managing personal time while staying productive.
5. Practical takeaways for those entering the creative industry.

Ivo's website

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Money is weird, right? It touches almost every part of our lives, from the work we do, to our homes, to where our kids go to school. Money plays a part in pretty much everything, but we don’t really talk about it. Something that impacts nearly every part of our lives should not be so off-limits that it prevents us from moving forward in life. Ok, maybe don’t share your bank account balance on social media – but does it really need to be such a stressful topic? So let’s talk about money.

Introducing "The Thing We Never Talk About", a podcast about personal finance for weirdos.

What’s the one thing that you definitely, never, ever talk about in polite company? That’s right, money. Not in public, not with your peers, and lots of times not even at home. And, if you're a creative person, money is absolutely the least cool thing you can care about. Creative people are supposed to do what they do because they love it, right?

But what about if you actually want to, you know, get ahead a little bit? What if you actually DO care about your financial stability and security? And who do you turn to when you have questions?

My name is Tim Iseler. I'm a Certified Financial PlannerTM and I run my own independent advisory business in Durham NC helping creative professionals take control of their money. In a previous life I worked in the music business for 18 years as a recording and touring audio engineer. I know from experience that, when it comes to personal finance, most creative professionals feel like they are on their own.

I started this podcast as a way to talk about the thing you're never supposed to talk about: how to make smart decisions with your money while also living & working outside the mainstream. This isn't going to be a technical, tactical, how-to podcast with lots of numbers and such. Instead, we'll look at the human side of financial choices and how you can take the stress out of complicated topics. I'll share tips & tricks for managing money, conversations with creative professionals and other weirdos, different perspectives on how to think about common problems, and, best of all, answers to listener questions.

Which business type is better for self-employed people – LLC or S-Corp? This episode takes self-employment tax a step further with a look at the pros & cons of LLCs and S-Corps, including how S-Corps help self-employed people save on employment taxes (but add more complexity and paperwork). At the end, you should understand the basics of sole proprietors, partnerships, LLCs, and S-Corps, and how each of them gets treated by the IRS when it comes to income & employment tax.

Key Takeaways:

• Sole proprietors & partnerships are simple to run, but offer no distinction between owner and business when it comes to income, profits, or liability.
• LLCs offer liability protection between owner(s) and business, but they don't change your tax treatment. LLC members get taxed the same way as sole proprietors & partners.
• The S-Corp Election allows LLCs to be treated as S-Corps for tax purposes. That means you can treat yourself as an employee and pay yourself a salary.
• The remaining non-salary profits avoid employment tax when they flow from an S-Corp to shareholders, but do not avoid income tax.

Links
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The IRS site on S-Corps

John Darnielle is the founder & songwriter of The Mountain Goats, as well as the author of three excellent novels and the 33 1/3 series book about Black Sabbath's classic "Master Of Reality" album. We talk about how he got started in both music & writing, how he managed to stick with music for years despite not really making any money, the decision to pursue music full time, the responsibility he feels to the other members of The Mountain Goats and support staff, and balancing writing with touring. John's (tongue-in-cheek) question for me: we're in for four years of markets responding to things posted on social media by political actors. what long positions will give the highest yields in such a volatile environment? Hooboy, let's see how I do with that one!

Key takeaways:

1. John reflects on his early life and the development of his musical career. He mentions how creating music often started as a hobby before becoming more serious.
2. He talks about his shift from making music to writing novels, stressing the importance of doing something that feels true to oneself.
3. John shares insights about balancing art creation with financial pressures.
4. He recounts the financial struggles of his early career and how those experiences shaped his commitment to his creative work.
5. John emphasizes the importance of maintaining integrity in both his music and writing, and that financial success should never be prioritized over artistic satisfaction.

Links:
The Mountain Goats
John's page at MacMillan Publishers

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