## Verdict [[My Community Plans]] ## Platforms ### [[Discord as your community]] ### [[Patreon]] - Can also include posts - 8% + payment processing (2.9%+0.30 USD) - For canadians - Either you take mostly USD and convert it to CAD during payout, or you get everyone to get charged Patreon: - 8% platform fee - For CAD, 3.2% + CA$0.35 - Patreon applies a 2.5% currency conversion fee on all membership payments made in a currency other than your payout currency. This fee will be reversed on any payments that are refunded to paid members. All fees will be reflected in your payout currency. - 1% non-US creator payout fee - 1% of the amount transferred with a minimum of $0.25, capped at $20.00 USD - 0.1% currency fee (this is the 2.5% currency conversion fee from all patrons no paying in USD), but like I said, most are paying in USD so it works out to be small overall) PayPal: - 2.5% currency exchange fee So it might actually be cheaper to take subscriptions a different way? #### Simulation 1000 payment would only be 830.36 (169.64 in fees based on max 16.96% fee), which does not seem to scale well when you make more. That is already more than skool pricing on it's own. To simulate your payout from a $1000 payment through Patreon and then transferring the funds to PayPal, considering all the fees you've mentioned, we'll break down the calculation into steps. Here's how it works: 1. **Patreon Platform Fee (8%)**: This is a straightforward deduction from the total amount received. 2. **Patreon CAD Transaction Fee (3.2% + CA$0.35)**: Since this fee applies specifically to CAD transactions, it will be considered in the calculation. This fee is comprised of a percentage of the transaction plus a fixed amount. 3. **Patreon Currency Conversion Fee (2.5%)**: Applied to all membership payments made in a currency other than your payout currency. 4. **Patreon Non-US Creator Payout Fee (1%)**: This is a percentage of the amount transferred, with a minimum and a cap. 5. **Patreon Currency Fee (0.1%)**: This is a lower currency conversion fee based on most payments being in USD. 6. **PayPal Currency Exchange Fee (2.5%)**: Applied when transferring funds to PayPal in a different currency. Let's calculate the total percentage being taxed and simulate the payout based on the provided information. For simplicity, we'll assume all Patreon fees (except the fixed CAD fee) are calculated on the initial $1000, and the PayPal fee is calculated after Patreon deductions. The minimum and maximum limits for certain fees will be considered in their respective steps if applicable. Based on the calculations: - The total fees from Patreon are approximately $148.35. - The fee from PayPal for the currency exchange is approximately $21.29. - This sums up to total fees of approximately $169.64. - The total percentage of your $1000 payment that goes towards fees is approximately 16.96%. - After all the fees, your final payout would be approximately $830.36. These calculations provide a simulation of your payout after accounting for all the mentioned fees from Patreon and PayPal. ​ ### [[Skool]] Simpler to use, currently the trend, can pay for itself, but $100/mo is steep imo and you can just use other tools if you are willing to learn. They are popular because it's easy for the creator to set up. ## Reasoning for paid **Skin in the game:** One monthly fee, \*\*\*\*no strings attached. If you find it worth it you stay, if not you cancel. As simple as that. **Exclusivity**: A paywall ensures that only serious and dedicated people join the community, creating a more focused and qualitative group. **Exclusive & Higher Quality Content**: Twitter is a good platform to introduce and simplify concepts but not so good when it comes to going more in-depth or into technical stuff. Thanks to this community, I will be able to produce exclusive and more qualitative content such as case studies, concrete analysis, Q&A, behind-the-scenes of my strategies and much more. **Networking Opportunities**: A paid community attracts the most dedicated people in the industry, offering valuable networking opportunities and potential collaborations. **Commitment**: I dislike people who want results but won't invest in their education. You either learn the hard way or invest money to save time. A paywall helps filter out this kind of person. [^1] # References [^1]: https://wonoccino.notion.site/The-Investor-s-Kitchen-0643c5d9a48c428688c531aa9dde64d, which is then from https://twitter.com/wono_strategy/status/1670793716578091015