0 (2s):
Boom, shake the room fire nation. JLD here with the entrepreneurs on fire December, 2020 income reports, fire nation, our income at a glance for December of 2020 on the growth side of things was 211,000 to $169. Our total expenses were $32,558 for a total net profit for December of $178,611. That is an increase of $16,000 from November to December. And that gives us eight 85% net profit to overall gross revenue, which makes me very, very happy running the lean mean profit making machine known as entrepreneurs on fire and fire nation.

0 (52s):
So they will be talking about some really cool things. I have my accountant, Josh, Bowerly on the mic. He's gonna be talking about individual stimulus checks, the four key components of the new relief bill PPP round two, by the way, some really, really important stuff for everybody out there in the entrepreneurial and business world, I may or may not have put a ring on that finger. You'll have to listen. If you want to hear some more details on what the heck that even means. We're going to talk about five amazing bonuses for everybody that pre-orders, pre-orders my first traditionally published book, the common path to uncommon success and so much more.

0 (1m 33s):
When we get back from thanking our sponsors, we're all looking for new ways to stay active from home these days and fight camp can help fight. Can't brings the boxing gym right to your home with a mix of cardio and conditioning for a full body workout. Visit joinfightcamp.com/fire. To get free shipping on your new gym today, that's joinfightcamp.com/fire. Looking for a business coach who has helped thousands of entrepreneurs, just like you to increase our profitability by an average of 104% per year, all for less money than it would cost to hire a full-time minimum wage employee. Schedule your free consultation today with clay Clark, a former small business administration entrepreneur of the year thrivetimeshow.com/fire thrivetimeshow.com/fire.

0 (2m 20s):
All right, fire nation. We are back and we are ready to roll. We have a lot of really cool things to talk about today. I mean, Josh, Mr. CPA on fire himself has some really important timely topics to discuss. So Josh take it away.

1 (2m 34s):
Well, fire nation would not be 2020 if the year did not end with another bombshell bill out of our Congress impacting both individuals and entrepreneurs. And while the entire bill, which is combined with their 2021 spending plan is over 5,500 pages. There are actually four key components that I think are going to help that going to impact much of fire nation. So in this final income report tax tip that that's covering 2020. I want to highlight each of those four things and how they might be of help to you. So the first up is we once again have individual stimulus checks and under this new bill, each individual is going to receive $600 per person on their return, right?

1 (3m 21s):
So if you're a family of five, meaning you have a husband and wife, three kids, you're going to get $3,000, total $600 per person. All right. All right. The same standards that were in place for the first round come through for the second round of stimulus, right? Which means if you are a single taxpayer, you don't have a spouse on your, on your tax return. Your threshold is seven under $75,000 AGI. Okay. So take your tax return from 2019. Look at your AGI. If it's under 75,000, you're going to get that full amount. If you're married, it starts the threshold caps 150,000 AGI, meaning you and your spouse combined made less than 150,000 AGI.

1 (4m 7s):
If you're under that threshold, 75,000 single 150,000 married joint, you're going to get the full amount of the stimulus. If you're over that, if you're single and you're over 75,000, but below 99,000, you're going to get a reduced portion of that. If you're above 99,000, you're gonna get nothing married. If you're between 150 and 198,000, you're going to get a reduced portion. And if you're over 198, you're going to get nothing, right? So the exact same standards as they use the first time, which means if you receive the full stimulus, the first time you should get the full stimulus a second time. Now, a lot of questions I'm getting, what if I was not eligible based on my 2019 tax returns, but I made a lot less money in 2020 due to COVID or for whatever other reason does that mean?

1 (4m 54s):
I'm just out of luck. No, when you file that 2020 tax return, if you're eligible based on 2020 numbers, you're going to get both stimuluses as a part of your 2020 tax return. All right. So for those of you who had a big 2019 did not have near as big of 2020, you could very well be eligible for both. Stimuluses when you file that 20, 20 tax return. So make sure that that's being done correctly, make sure you're giving your tax preparer correct information, because it's going to depend, they're going to be asking things like, did you get, how much did you get in the first round of this? How much should you get in the second round of stimulus? And that's going to impact what you got in 2020. All right. And I know the next follow-up question is, well, what if I made more in 2020?

1 (5m 36s):
Are they going to take some back? No, you can not have any of your stimulus taken back based on what you made in 2020. So you're safe there. And finally, one more thing. There was a lot of talk of this moving to $2,000 per person instead of $600 per person, based on the results of the Senate elections a couple of nights ago. I do think that there's a very good chance that that's going to happen, but for now you're going to get 600 and you probably have already gotten your stimulus. All right, next up additional unemployment benefits. When the first stimulus package passed, they said they put in there that people who lost their jobs due to COVID related, whether it's a business shutdown from COVID or you personally just couldn't work due to COVID, the federal government was going to give you an additional $600 per week and unemployment benefits on top of what the state gave you.

1 (6m 22s):
Right? Those ended, I think in September, October, somewhere in that range, under this new plan, they are extending that. However, they are cutting it in half to an extra $300 per week. It's still a big help for those who need it. And the other big thing is a part of the first plan that they included people who are typically not eligible for unemployment. So contractors, sole proprietors, people who, if they lost their business, they weren't eligible. They were eligible under this under the first stimulus. And they're again, eligible under the second stimulus. So make sure you know, your rights with unemployment, make sure you're getting everything you're entitled to next up the big one, one for business owners, PPP round two, right?

1 (7m 2s):
If I'm sure you've probably heard a ton about PPP paid payroll protection program, it's a forgivable loan, meaning you never have to pay it back. If you follow the rules and they are allowing another round of this, both for people who didn't get it the first time. And even for people who did maybe eligible for a second round of funding, right? If you got that PPP loan and the original one, and you had any in 2020, they experience a 25% decrease in total revenue from the same quarter in 2019, you are eligible for a second round of forgivable PPP funding. And this is huge. I know for those of you who got this, these PPP funds the first time, this is a huge way to put sometimes significant money into your account that you never have to pay back if you do it correctly.

1 (7m 51s):
All right. So let's just walk through a quick example here of how you could be eligible. Let's say that in 2019 quarter two, you had a hundred thousand dollars in total revenue in 2020 quarter to your business, brought in a total of $75,000 total revenue. That means you experienced a 25% jump quarter over quarter from 2020, from 2019 to 2020, you would be eligible for two, for another round of PPP funds, or it doesn't matter if for the rest of the year, your business recovered and you're doing fine. Now, if you had any quarter, any of the four quarters in 2020, that experience at 25% or more drop in total revenue from the same quarter in 2019, you are eligible for these funds again, right?

1 (8m 30s):
And in no way am I can daunting people taking advantage of money that they don't need. That's meant to help those who are in need. But my personal advice is that if you are eligible and you are able to put that money to good use, whether that's hiring people who are out of work or spending that money on other businesses who are really struggling, my opinion is you should take the funds that you're entitled to based on the rules. All right, again, I'm not the police. You, you can do what you want. Everyone feels differently. That would be my advice if you're eligible and you can put it to good use to help people, even if you don't technically need it, take the fund you're entitled to. All right. And finally, last thing again, in regards to those PPP funds, they are no longer taxable, right?

1 (9m 12s):
We talked about this on a previous income report, but under the original PPP stance, the IRS said that the expenses paid with PPP funds would not be deductible on your taxes. Meaning if you took a hundred thousand dollar PPP loan the first time, and you use that to pay people's salaries, those salaries would not be an expense in your tax return. And what that essentially did was made those PBP funds taxable. All right, this is going to be a huge deal for people who received a large PPP loan. They've now changed that all expenses associated with it are no longer taxable income. They're now deductible, right? So you don't have to plan for any taxes around the PPP funds, if it was forgiven and you used it correctly, right?

1 (9m 54s):
And there's, there's plenty more in this bill. It includes some potential assistance for those who are behind on rent, some healthcare related stuff, but for most of fire nation, those four pieces could be huge for you for you and your business, right? If you were struggling in 2020 to get through this, like many people were, there could be some saving graces here. If you weren't struggling, this could be an opportunity to get more money in your pocket that you can use to help those who are struggling. So make sure you know what you're doing here. Make sure you're talking with your tax professional, make sure you're doing things correctly and make sure you're getting all the money that you're entitled to, to either help you or to help someone else. Right? Let's all hope that 2021 brings us no more reasons to discuss any more stimulus packages. Let's hope there's pandemics behind us and raw thriving, right?

1 (10m 37s):
But in the meantime, get what you're entitled to as always, if you have any questions, reach out to me directly, Josh, at CPAonfire.com. We have plenty of free resources on our website, CPAonfire.com.

0 (10m 46s):
All right, fire nation. We're going to keep moving on. So Josh, thank you for those incredible tax tips, super important stuff. And I gave a little teaser in the introduction. Fire nation was actually quite a big tease, but I'm going to just pass it over to Kate to talk about what went down in December 1st and foremost, because it's kind of her day. So Kate what's up.

2 (11m 16s):
Oh my goodness. So excited. I have been on cloud nine since Christmas morning. Well, I've been on cloud nine since I met.

0 (11m 25s):
Oh, I'm blushing before that. And I'm be still blushing right now.

2 (11m 31s):
Oh my goodness. Christmas morning was so special for many, many reasons. I mean, so many things were different about this holiday season. For many, if not every single person who's tuning in right now, just given the current state of all the things, but it was extra, extra special because on Christmas morning you asked me to marry you and said, yeah,

0 (11m 57s):
Still feels pretty new. I will say,

2 (11m 59s):
Still feel new. And I feel like we were chatting with someone earlier and they were like, do you guys feel overwhelmed by all the messages that you're getting? And I was like, no, no, no, hold on. I want all the messages. It makes me so happy. I just feel like so loved on and supported. And I'm so excited to be sharing this news with everyone. I think, I mean, I know that my Facebook posts has close to 600 comments on it. I've read every single one. I've replied to every single one. And it just makes me so happy to share this news and to, I mean, I don't, I, I may never stop talking about it. I'll just keep talking about our engagement.

0 (12m 42s):
Yeah. I just can't believe he put up with me for nine years. So a huge kudos to you.

2 (12m 48s):
Well, we've had such a special journey together, which each of us has shared in our social media posts. So fire nation, if you missed the announcement one, we sent out a pretty cool email with the subject line. She said, yes. And then we also both posted on our social channels. So if you haven't checked those out, Jonathan, you have a pretty special story. And you know, of course, any chance I get to share our story about how we met and the last nine years that we've spent together, I always love doing that, but it has just even more of a heightened, special place in my heart that now the most recent chapter of that is us getting engaged.

2 (13m 29s):
So I couldn't be happier. I love you so much. And I'm so excited for us.

0 (13m 35s):
I love you too. And it was quite a special day and I will say Kate posted some really special photos over at eofire.com/income88. One of them is of the spot that we got engaged. The actual rock that we were sitting on, another one is a little smoochy smooch kiss with Keda and her newly, a gifted ring on her finger. And another is a pretty awesome beat shot of her from above that's a you'll have to see to believe so to speak. But I will say, you know, as a guy, when you need to give a quick shout out here, because it's kind of intimidating to go and find that ring and to get that ring. But a couple of years ago, a company reached out to me and they were going to sponsor the show, but they weren't really the right fit because we didn't really have their audience per se.

0 (14m 22s):
But a couple.ceo was such an awesome, awesome partner to help me choose the perfect ring for Kate's multiple sessions I had with them on video chat. And they walked me through the ring specialists. They worked with my sister and my mother to, to, to help the whole process up. So huge shout out couple.com. Believe it or not. This is lab grown rings, lab grown diamonds, fire nation. So really, really cool what they're doing over there. And obviously unbelievably ethically sourced because they're lab grown. So, so many cool things going on. Definitely recommend checking them out and I don't necessarily want to move on, but you know, we can't talk too much about our engagement because that's not really why most people are tuning in right now.

0 (15m 8s):
So let's move on to business stuff. And that is going to be my first traditionally published book launch the common path to uncommon success. We officially opened up pre-orders in December and we are pushing hard on those things, fire nation, because pre-orders make or break book launches, and we need your support. We are asking for your support. If we've given you any value over the years whatsoever, this would be so meaningful if you would, pre-order a book or two or three for family, friends loved ones because it is going to be the reason or it's going to be the decision that Amazon makes on how many books they actually order based off of these pre-orders.

0 (15m 55s):
So it's critical that we get that number up as high as possible. So I would implore you to visit uncommon success, book.com, uncommon success, book.com and listen to these five bonuses that you get when you pre-order. And by the way, only when you pre-order, these bonuses go away when the book launches. So they're only available for those who step up, support us in pre-order bonus. Number one, we are literally shipping to your door. The journal trio, the freedom journal, the mashy drone, the podcast channel are shipping to your door. Plus you get the digital versions of them. If you're in the United States, if you're outside the USA, we're going to give you immediate access to those digital packs and they are amazing as well.

0 (16m 38s):
So just that alone fire nation is $150 of real actual value. We're shipping three to your door. So that's number one. Number two, we're doing a lot. I've asked me anything where you can ask me any question that you have on your journey in your business, in your life, whatever that might be just for people that pre-order number three, Kate and I recorded an hour long lost contents, MP3 recording. Are you going to get access to behind the scenes, audio again, of myself and Kate talking about launching the common path down comma success. So for anybody who's ever thought about writing a book, there's so many really cool details about that process in here. That's going to be very, very, very helpful. I wish I had access to this before I started my journey.

0 (17m 19s):
I would have learned so much. Number four is the downloadable PDF workbook. This companion guide for the common path to uncommon success, that's going to ensure your success. And again, this is only available to people who pre-order. Plus I am doing video interviews with many of the 17 all-star entrepreneurs who are featured in the book, the common path to uncommon success and only people who pre-work are going to get access to these video interviews. So those five unbelievable bonuses all are for you. And, you know, it's kinda move forward from that. And like, I hope everybody who's hearing my voice right now takes that action. And does pre-order at least one copy of the fruit of the book, the a common path, uncommon success.

0 (18m 1s):
But we also like to say, Hey, maybe you, you know, want a little more than just one or three or four books. So we created an amazing bulk buy package option for people. And we spent a ton of time creating unbelievable reward experiences. I'll give you a little sneak peek that the 1200 book package means we're buying you a first-class tickets to fly to Puerto Rico and to spend a whole weekend with myself and Kate, it's going to be a blast for obvious reasons. So we would love if anybody took that step and made that happen, we've actually already had a taker on our $15,000 package to come and spend a day with us. So that's one of, two of those are gone. So there's only one of those left and there's other bulk options from 12 bucks, again, all the way up to 1200.

0 (18m 46s):
And that's over at eofire.com/book. So go check those out. It would mean the world. If you just looked at them and see if any are fit for you, your team, your clients, your customers, your audience, sort of whatever that looks like. So the two URLs to you need to keep in mind to pre-order the book, uncommon success book.com and to bulk buy eofire.com/bulk. And Kate's before we move on to the income breakdown, what else do you want to add to this? If anything,

2 (19m 18s):
All the awesomeness of these pre-orders going live and everything that we've been doing with the book, like you said, those bonuses, the last content interview that we did together was so much fun. I really loved just like revisiting so many of the points on our journey up to this point with like dealing with a publisher and hiring a marketing team. And man, there's just been so many new, amazing lessons that we've learned that, you know, this is brand new. A lot of this is so brand new for us because we've always self published previously. So we share a lot of great stuff in that last content interview. And I believe you said this, John, but just so everybody hears it again. If you did, these bonuses are only available.

2 (20m 0s):
If you pre-order and we are going to be pulling some of these bonuses as we approach the launch date of the book. So you might still get four or three or two of them, but all five of them are available right now. If you're hearing this the day it goes live. So make sure you get over to uncommon success, book.com and check it out. These bonuses are, there's just so much value. Here is such a no brainer

0 (20m 29s):
Fire nation, the income breakdown for December, 2020 coming up. As soon as we get back from thanking our sponsors, looking for a business coach who has helped thousands of entrepreneurs, just like you to increase their profitability by an average of 104% per year, all for less money than would cost to hire a full-time at minimum wage employee fire nation meets clay. Clark clay has been coaching businesses just like yours since 2006. Yup. Even through the great recession. And he does it for less money than would cost to hire a full-time minimum wage employee at a time when Inc magazine reports that by default 96% of businesses will fail. Within 10 years, clay is helping businesses like yours to grow on average by 104% annually. How's this even possible clay only takes on 160 clients.

0 (21m 10s):
So he personally designed your business plan. Plus CLIs team helps you execute that plan with access to graphic designers, Google certified search engine, optimizers, web developers, online ad managers, videographers, workflow, mappers and accounting coaches visits, thrivetimeshow.com/fire to see thousands of video testimonials from real people, just like you, who clay has helped over the years. That's right. Do your research and view thousands, not hundreds of proven documented in archived video testimonials from real people, just like you at thrivetimeshow.com/fire, thrivetimeshow.com/fire. Then schedule your free consultation with clay himself to see how he and his team can help you thrive. Ready to take your at-home workouts to the next level fight camp can help fight.

0 (21m 54s):
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0 (22m 50s):
Our fire nation. We are back in man per usual. December was a baller year for our journal sales. I mean, you know, Hey, it's Christmas time. It's a time to get gifts since we own. Those broke 900 journals sold in just one month. We did 899 journals that were sold actually the total cause we did 89 trios, which is three journals being as a bonus. You know, that brought it through to a 1,166 for a total of $30,672 for general sales. So pretty darn impressive for one month. We are really stoked about that. And thanks to anybody listening, who is one of those 1,166 journals, the freedom journal did three 86, the mastery journal three Oh four and the podcast journal just dominated at 476.

0 (23m 43s):
So all of them did really, and it's great to see those numbers. Podcaster's paradise brought in $23,000. Our podcast sponsorships was baller $105,912 killed it. Our bulk buy packages have already brought in almost almost $24,000. So thinking anybody who's done the bulk buys and thank you in advance for those listening that are going to continue to buy the bulk buys because that's baller. Our affiliate income was $27,000. The all-star per huge was ClickFunnels at 24 K and we did $790 with crushed it with challenges with Pedro a day.

0 (24m 26s):
Oh, we also did 360, $67 with Libsyn, which was pretty cool. And a lot of other stuff you can check out at EO fire.com/income ed eight, our business expenses, $30,892, which brings our total net profit to $178,611. And that feels great. Kate's going to take us home with minding your yeses and nos.

2 (24m 54s):
What an incredible month, John, what a way to end 2020 and happy 2021. Since all of us are in January now, together as we record and publish this income report, as we start the new year, I thought that I would share a topic that I focus on a lot, which is time management. And along with time management comes other peripheral topics and focuses like productivity and freedom. But the thing is, I find that most people think that time management is something way too rigid for them that maybe time management stunts your creativity or by scheduling things and committing to things is preventing you from being able to be spontaneous.

2 (25m 37s):
This is all in your head. Time management is the exact opposite of those things because when you focus on time management, when you commit to time management, that is the exact thing that will bring you any type of freedom that you want. And I was reminded of this when thinking about the book essential ism, which I feel is a must read for anyone who cares about their time and in it, the author, Greg McKeown talks about saying yes to things. And essentially like, I mean, if you just even look up Greg McKeown quotes from a centralism, you're already going to be mind blown, and then you will definitely have to pick up this book.

2 (26m 18s):
I've probably read it six or seven times and going back and revisiting it and having it be the lesson learned this month actually has me wanting to read it again. So what he says when he talks about saying yes to things, and this is obviously very nutshell, ish, is that when you choose to say yes to one thing, you are at the same time choosing to say no to everything else that you could be doing with your time. Now, when you think about your yeses from this perspective, doesn't it make you like really want to say yes, knowing that when you do say yes, you were saying no to everything else that you could be doing with your time, this should be the case.

2 (26m 60s):
And when you choose to say yes and in turn also say no to everything else, that's a big commitment. And of course, if you're saying yes to something that you absolutely want to do, and that fires you up and that you're passionate about, and that you love like me saying yes to John, then that's awesome. But if you are saying yes to avoid an awkward conversation, or because you're not really sure how to say no to the person, like you kind of feel backed up in a corner then is the wrong reason. And if it's easier for you to look at it from the flip side, I always like to say, what are you willing to say no to in order to be able to say yes to what's most important to you, what are you willing to say no to in order to be able to say yes to what's most important to you, any way that you look at it, please respect your time.

2 (27m 56s):
Star S as in nose, it's an absolute, perfect time for you to commit to this. To understand that time management actually brings you freedom versus taking away spontaneity and creativity. It will give you those things in so many more ways than you could ever imagine. And I want that for you. I want that for you in 2021 and way far beyond just this year. But right now, please make this commitment with me. Start minding your yeses.

0 (28m 27s):
What a great way to end the income reports, fire nation. We will catch you on the flip side. We're all looking for new ways to stay active from home. These days and fight camp can help fight. Can't brings the boxing gym right to your home with a mix of cardio and conditioning for a full body workout. Visit joinfightcamp.com/fire to get free shipping on your new gym today, that's joinfightcamp.com/fire. Looking for a business coach who has helped thousands of entrepreneurs, just like you to increase our profitability by an average of 104% per year, all for less money than would cost to hire a full-time minimum wage employee.

0 (29m 7s):
Schedule your free consultation today with clay Clark, a former small business administration entrepreneur of the year thrivetimeshow.com/fire thrivetimeshow.com/fire.