Every month we put together an income report to share a behind-the-scenes look at the ups and downs of running a 7-figure business. In full transparency, it’s not easy – but it IS possible. Through hearing about our mistakes, lessons learned, and our wins, we hope to inspire and motivate you to take action in your business with just one step forward every single day. For our full income report, visit EOFire.com/income118, and IGNITE!
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Guest Resources
CPAOnFire.com – Accounting, Tax & CFO Services for entrepreneurs.
3 Value Bombs
1) The overall roadmap to satisfying IRS requirements and making efficient reimbursements is called the “Accountable Plan”.
2) “Highly focused people do not leave their options open. They select their priorities and are comfortable ignoring the rest. If you commit to nothing, you’ll be distracted by everything.” ~ James Clear
3) FOCUS is a core skill for success. Without it, you’re destined to continue to be distracted by all the things that aren’t helping you reach your goals.
Sponsors
HubSpot: HubSpot’s AI- powered tools are changing the way you create content and communicate with your customers! Find out more about how to use AI to grow your business at HubSpot.com/artificial-intelligence!
Thrivetime Show: Is this your year? Visit ThrivetimeShow.com/eofire to see how Clay Clark’s business coaching has helped thousands of entrepreneurs to dramatically increase profitability!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[01:46] – Income review
- Gross Income for June: $166,055
- Total Expenses for June: $10,337
- Total Net Profit for June: $155,718
- Difference b/t June & May: +$1,490
- % of net profit to overall gross revenue: 94%
[02:37] – Ron’s May Tax Tip: Reimbursement of all business-related expenses
- The overall roadmap to satisfying IRS requirements and making efficient reimbursements is called the “Accountable Plan”.
- Sticking to the Plan – the “Accountable Plan” that is…
- Best practice: Have it in writing
- Having a plan is effective substantiation AND is most efficient.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[8:28] – What Went Down In June: Interview of the Month w/ The Kitti Sisters, Palmy and Nancy Kitti!
- How You Can Legally Pay Zero in Taxes Through Multifamily Apartment Investing with The Kitti Sisters, Palmy and Nancy Kitti
- 3 Value Bombs
- One of the reasons you’re not rich is because you have been programmed your whole life to think there’s something wrong with getting rich quick.
- Most people actually think tax laws are there to collect money from us. What they fail to realize is that most of the tax codes are actually an instruction guide on how to reduce taxes.
- Wealth isn’t really measured in money. It’s measured in time.
- Jumpstart Apartments – Join the 5-Days of the Make Better Investments Challenge!
[9:47] – Thanks to our sponsors!
- HubSpot: HubSpot’s AI- powered tools are changing the way you create content and communicate with your customers! Find out more about how to use AI to grow your business at HubSpot.com/artificial-intelligence!
- Thrivetime Show: Is this your year? Visit ThrivetimeShow.com/eofire to see how Clay Clark’s business coaching has helped thousands of entrepreneurs to dramatically increase profitability!
[11:17] – A month at home (and in the office)
- Travel has always been one of our biggest passions, and it’s something we fully intend to continue once our baby boy joins us.
- June has been a much-needed month at home (and in the office); it has been a great breather for us!
- It has also allowed us to give dedicated attention to a few business projects, like:
- Revisiting our email campaigns,
- Testing out a few new things on LinkedIn,
- Updating our Podcasters’ Paradise membership site
[16:36] – June 2023 Income Breakdown*
- Gross Income for June: $166,055
- Total Expenses for June: $10,337
- Total Net Profit for June: $155,718
- Difference b/t June & May: +$1,490
- % of net profit to overall gross revenue: 94%
[18:06] – Biggest Lesson Learned: Commitment
- Inspired by a quote in one of James Clear’s recent newsletters:
- “Highly focused people do not leave their options open. They select their priorities and are comfortable ignoring the rest. If you commit to nothing, you’ll be distracted by everything.”
- The systems and the schedule are actually what give you more time for creativity and spontaneity.
- FOCUS is a core skill for success. Without it, you’re destined to continue to be distracted by all the things that aren’t helping you reach your goals.
[20:58] – Thank you to our Sponsors!
- HubSpot: HubSpot’s AI- powered tools are changing the way you create content and communicate with your customers! Find out more about how to use AI to grow your business at HubSpot.com/artificial-intelligence!
- Thrivetime Show: Is this your year? Visit ThrivetimeShow.com/eofire to see how Clay Clark’s business coaching has helped thousands of entrepreneurs to dramatically increase profitability!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
Subscribe
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
Subscribe
