June 2022 Income At-A-Glance
Gross Income for June: $176,198
Total Expenses for June: $14,896
Total Net Profit for June: $161,302
Difference b/t June & May: -$64,009
% of net profit to overall gross revenue: 92%
Why We Publish An Income Report
This monthly income report is created for you, Fire Nation!
By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.
There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.
Check out all of our monthly income reports – from the very beginning!
Let’s IGNITE!
**We’ll receive a commission on the affiliate links below. If you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Ron Parisi’s Monthly Tax Tip
Hello Fire Nation! Ron Parisi from CPA On Fire here for our June 2022 Tax and Accounting tip.
This month, we’re talking about how to future proof your business.
At CPA On Fire, we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.
Our firm has been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.
And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I also provide a new tax and accounting tip every month!
Ron’s June Tax Tip: Future Proof Your Business For Uncertain Times
We hear a lot of chatter about economic uncertainty. But uncertainty doesn’t mean it is time to batten down the hatches. Now is the time to future proof your business with key financial tools to navigate uncertainty and even quickly seize opportunities.
Key Financial Tools to Future Proof Your Business:
1. Keep Your Financials Current
Getting caught without current, accurate financials could eliminate opportunities. We saw this happen to businesses in 2020. Those that did not have current, accurate financials could not take timely advantage of new programs. As a rule of thumb, you should know where you stand financially – cash position, income, etc. – within the first two weeks of the following month.
2. Cash Management
Have an understanding of the rolling twelve-month cash needs of your business. Always be mindful of this cash position to know what can be invested in new opportunities.
3. Dynamic Budget
Rather than a rigid budget, contemplate now how key variables may be changed in response to evolving market conditions. What costs can be adjusted if sales or conversion rates come down? How can resources be deployed to surging sales categories?
4. Write Out Your Plans
The exercise of writing out your plans can pay off both now and later. Documenting plans for different scenarios provides current peace of mind and rapid response capabilities when needed at a later point in time.
Those of you in Fire Nation who are entrepreneurs and business owners and are looking to upgrade your financial operations in 2022, check out our website: CPAOnFire.com!
We’ve been able to get our clients amazing results and would love to help you out as well. Book a call through our website and let us show you how we can help your business grow.
What Went Down In June
Interview of the Month: Austin Netzley
How to Create a 7-Figure Business Without Working 60+ Hour Work Weeks
3 Value Bombs
1) A big key to success is not as sexy as a lot of gurus out there talk about. Think about operational excellence, turning your business into a machine that can thrive without you. If you take that perspective, it’s going to lead to a very healthy business.
2) Make the strategic decisions on how you’re going to be different, how you’re going to solve real problems, and who your customer is. It will make your entrepreneur life much easier.
3) Systems make things much more repeatable, consistent, and not reliant on you.
From 6 to 7 Figures – Get a FREE copy of Austin’s updated and expanded book for a limited-time only!
Yosemite and San Francisco
The second half of June was spent on the road with an epic trip to the west coast to visit the beautiful mountains and valleys of Yosemite, and the rolling hills of San Francisco!
We spent 3 full days in Yosemite at a beautiful AirBNB inside of the park. While we love camping, having a home base with warm showers, a comfy bed, and a kitchen was such a treat!
There were 9 of us total (6 adults and 3 kids, including my sister and her family), and we were sure to leave no stone unturned!
We spent 2 days in the valley hiking Vernal Falls, Mirror Lake, Columbia Rock, and Upper Yosemite Falls.
We also made stops at the Wawona Swinging Bridge (an awesome spot to dip in the water!), Artist Point, and the Ahwahnee Hotel, a hotel that was designed and built in the 1920’s to attract well-to-do clientele.
We spent our third day hiking in Mariposa Grove among the Giant Sequoias, and what an epic experience that was! We’re grateful for the timing, as the area is currently closed due to fires.
From Yosemite we made our way to San Francisco and spent 3 full days circling the city and all it has to offer, which is A LOT! We met up with my parents and continued the trip with the 8 of us.
We kicked things off with a stop in Berkeley to visit my sister’s alma mater! I spent a lot of time in Berkeley when she was going there, so it was fun to revisit some of our favorite spots!
Then we made our way into the city and decided first things first: a run across the Golden Gate Bridge! The weather couldn’t have been better for it.
We followed that up with a Giants versus Tigers baseball game that evening. Giants won 3-2, which wasn’t what everyone in our party was hoping for.
The following day we woke up early for a ferry over to Alcatraz Island. After walking around and taking the full audio walking tour, we made our way back to the mainland and towards Pier 39. We walked the Wharf, had some famous clam chowder, and then made a stop at Ghirardelli Square for some pretty epic ice cream sundaes!
The next day we had A LOT on the agenda, but were confident we could fit it all in – and we did!
We started with a Cable Car ride, then a walk to the Ferry Market Building. We enjoyed some fresh coffee and treats from the Ferry Market vendors before hopping back on a Cable Car to make our way to City Lights Bookstore. After perusing their selection we headed up the hill to USF where I spent my first two years of college.
After a quick walk around campus (it’s pretty tiny!) we headed across the panhandle towards Haight Ashbury. After a thorough walk up and down Haight and a stroll through Amoeba Music, we made the trek back to our hotel.
Whew! That was a wrap for the rest of our family, but John and I still had one full day left in San Francisco.
Our final day we started off with visiting Sutro Baths. Once a very lively public bath house, it’s not just ruins at the foot of the Pacific Ocean. Fascinating to see what it looked like before… and now!
After we made our way to the foot of Golden Gate Park by Ocean Beach. First stop: Outerlands for an amazing breakfast!
We then spent the rest of the afternoon meandering through Golden Gate Park, then managed to make our way down to Union Square and back!
Each day of our trip – starting with Yosemite and ending in San Fran – we walked well over 20,000 steps. It was definitely a trip for the books – one we won’t forget!
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June 2022 Income Breakdown*
Product/Service Income: $163,011
TOTAL Journal sales: Total Journals Sold 87: $2,717
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $1,196 (35 Freedom Journals sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $780 (21 Mastery Journals sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $741 (31 Podcast Journals sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $9,432 (93 recurring)
- New members: $4,058 (14 new members)
- Total: $13,490
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $330
Podcast Sponsorships: $146,418
Podcast Launch: Audiobook: $28 | eBook: $28
Free Courses that contribute to the above revenue:
Your Big Idea: Discover your big idea in under an hour!
Free Podcast Course: Create and launch your own podcast!
Funnel On Fire: Create a funnel that converts!
Affiliate Income: $13,187
*Affiliate links below – if you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Resources for Entrepreneurs: $11,275
- Audible: $24
- Bluehost: $0
- Click Funnels: $11,228
- CovertKit: $23
- Coaching referrals: $0 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $269
- Podcasting Press: $0
- Splasheo: $50
- Fusebox: $0
- Libsyn: $174 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $0
- UDemy Podcasting Course: $45
Other Resources: $1,643
- Amazon Associates: $110
- Other: $1,533
Total Gross Income in June: $176,198
Business Expenses: $12,635
- Advertising: $0
- Affiliate Commissions (Paradise): $191
- Cost of goods sold (Journals): $497
- Consulting: $183
- Design & Branding: $0
- Dues & Subscriptions: $90
- Education: $142
- Legal & Professional: $0
- Meals & Entertainment: $1,469
- Merchant / bank fees: $71
- Amazon fees: $1,172
- PayPal fees: $183
- Office expenses: $208
- Community Refunds: $194
- Promotional: $261
- Travel: $3,849
- Virtual Assistant Fees: $4,050
- Website Fees: $75
Recurring, Subscription-based Expenses: $2,261
- Adobe Creative Cloud: $100
- Audible: $16
- Accounting: $375
- Boomerang: $50 (team package)
- Authorize.net: $38
- Dropbox: $120 (annual subscription)
- Google: $49
- Bonjoro: $45
- Loom: $10
- Cell Phone: $139
- Internet: $40
- eVoice: $12
- Infusionsoft CRM: $241
- Insurance: $89
- Libsyn: $213
- Linktree: $6
- TaxJar: $19
- Taxes & Licenses: $523
- TextExpander: $20 (1-time fee)
- Shopify: $36
- Zoom: $55
- Xero: $65
Total Expenses in June: $14,896
Payroll to John & Kate: $15,900
In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!
Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report :)
Total Net Profit for June 2022: $161,302
Biggest Lesson Learned
Mental toughness
I’m a big fan of James Clears’ 3-2-1 Newsletter. Each week he sends an email that includes 3 ideas, 2 quotes, and 1 question to consider. I love it because it isn’t long, but it packs a powerful punch. Every week I walk away with at least 1 thing to think about.
In June, one of his ideas really stood out to me:
“Mental toughness is often portrayed as determination and persistence, but it can also be flexibility and adaptability.
– I can be happy anywhere.
– I can work with what I have.
– I can have a good day with anyone.
You are tough when your mood is not dependent on your conditions.”
We all know mental toughness is important. Whether it’s having the strength to battle your imposter syndrome, getting back up and trying again after a failure, or going back to ask again – even when the answer was ‘no’ the first time – mental toughness isn’t something that comes easy.
That’s why this idea really stuck out, and I hope it gives you something to think about, just like it did for me!
Alright Fire Nation, that’s a wrap!
Until next month, keep your FIRE burning!
~ Kate & John
Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error.
