June 2023 Income At-A-Glance
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%
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 with our June 2023 Tax and Accounting tip.
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: Reimbursement of all business-related expenses
Today, we are going to zoom out from home expenses to the efficient reimbursement of all business-related expenses.
As is always the case with the IRS, documentation and substance are important. 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
Basic forms are readily available on the Internet. Your tax professional should be very familiar with Accountable Plans.
- Having a plan is effective substantiation AND is most efficient.
Showing a relatively minor amount of forethought goes a long way to substantiate and/or establish that reimbursements are anticipated and reasonable.
Further, as I discuss with my clients, if you are going to incur an expense, get the most from it.
This goes beyond tax implications.
It is far more likely you will be able to get the best bargain and the most impact from a planned expense. Additionally, the Accountable Plan is efficient in that it takes the guesswork out of the amount and timing of reimbursements.
Again, this is Ron Parisi, from CPA on Fire, always wonderful to be with you, Fire Nation. Until next month, go out there and crush it!
Those of you in Fire Nation who are entrepreneurs and business owners and are looking to upgrade your financial operations in 2023, 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
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!
A month at home (and in the office)
As you know, we’ve been traveling A LOT!
We kicked 2023 off with a 10-day Caribbean cruise out of Puerto Rico.
We ended January and started February with two events – one in Florida (PodFest Expo) and one in Puerto Rico (Selena Soo’s Mastermind).
We took off for Japan on February 14 and traveled to multiple cities over 3 weeks.
Kate made her way to San Diego for two more weeks on the road, making it back to Puerto Rico in late March.
We hosted three families to celebrate Kate’s 40th birthday over the Easter holiday here in Puerto Rico.
And we left on our 23-day river cruise (which ended up being a total of 30 travel days) in May.
To say we’ve had a busy first half of the year is an understatement!
But we’re so grateful for all the incredible travel and experiences we’ve shared together and with friends and family this year, especially given that our family is expanding!
Travel has always been one of our biggest passions, and it’s something we fully intend to continue once our baby boy joins us. But until then, we have just one more trip in the books this year in September: a 3-day Dave Matthews Band concert at The Gorge in Seattle, WA, followed by 2 weeks visiting family in Maine.
So to have June be a month at home (and in the office) has been a great breather for us.
It has allowed us to settle back into our home, spend a lot of time with Gus, and catch up with friends we haven’t seen much this year.
And 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
We’ll keep you posted on our LinkedIn efforts! We’re still very early on in our testing.
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June 2023 Income Breakdown*
Product/Service Income: $161,165
TOTAL Journal Sales: $2,735 | Total Journals Sold: 74
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $1,840 (45 Freedom Journals + 3 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $735 (18 Mastery Journals + 4 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $160 (4 Digital Packs sold)
100 Day Goal Journal: Accomplish What Matters to You
- Total: $3,333 (royalty income)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $4,880 (47 recurring)
- New members: $1,497 (1 new member)
- Total: $6,377
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $0
Podcast Sponsorships: $148,675
Podcast Launch: Audiobook: $36 | eBook: $9
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: $4,890
*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: $4,303
- Audible: $0
- Bluehost: $0
- Click Funnels: $4,034
- CovertKit: $29
- Coaching referrals: $240 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $291
- Podcasting Press: $0
- Splasheo: $60
- Fusebox: $0
- Libsyn: $202 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $13
- UDemy Podcasting Course: $16
Other Resources: $296
- Amazon Associates: $62
- Other: $234
Total Gross Income in June: $166,055
Business Expenses: $7,319
- Advertising: $49
- Affiliate Commissions (Paradise): $45
- Cost of goods sold (Journals): $289
- Fulfillment: $0
- Consulting: $85
- Design & Branding: $0
- Dues & Subscriptions: $101
- Legal & Professional: $0
- Meals & Entertainment: $311
- Merchant / bank fees: $643
- Amazon fees: $1,008
- PayPal fees: $148
- Office expenses: $653
- Community Refunds: $0
- Promotional: $0
- Travel: $37
- Virtual Assistant Fees: $3,875
- Website Fees: $75
Recurring, Subscription-based Expenses: $3,018
- Adobe Creative Cloud: $110
- Accounting: $513
- Boomerang: $90 (team package)
- Business Insider: $13
- Authorize.net: $36
- Google: $60
- Cell Phone: $154
- CookieYes: $10
- Dropbox: $120 (annual subscription)
- GoDaddy: $30
- Internet: $68
- eVoice: $12
- Infusionsoft (Keap) CRM: $232
- Insurance: $669
- Libsyn: $226
- Linktree: $6
- Taxes & Licenses: $523
- Patreon: $40
- Shopify: $36
- Xero: $70
Total Expenses in June: $10,337
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 2023: $155,718
Biggest Lesson Learned
Commitment
Inspired by a quote in one of James Clear’s recent newsletters, I got to thinking about priorities and commitments.
His quote reads:
“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.”
It reminded me of a common roadblock I hear from entrepreneurs when I talk about setting up systems and a schedule for your business and any related activities.
Many people assume that if you have systems in place – and a schedule to follow – that means you can’t exercise creativity and spontaneity.
My argument is always the same: the systems and the schedule are actually what give you more time for creativity and spontaneity.
Imagine if you were able to accomplish everything you needed to in your business in half the amount of time that it’s taking you right now.
If you’re still have doubts, ask yourself these questions…
- What if you were able to avoid simple mistakes thanks to the systems you have in place?
- What if there were no such thing as repetition or wasted time because the systems and the schedule you’ve created help hold you accountable?
- What if you didn’t forget about important meetings, deadlines, and brainstorming sessions because of the schedule you have in place?
Much like James Clear is proposing, 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.
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.
