October 2024 Income At-A-Glance
Gross Income for October: $140,470
Total Expenses for October: $10,867
Total Net Profit for October: $129,603
Difference b/t October & September: +$30,918
% 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 with our October 2024 Tax and Accounting tip brought to you by CPA on Fire. This month, we’re talking about How Marathon Planning Can Strengthen Your Business Strategy.
At CPA on Fire, we work with many 7-8 figure entrepreneurs who face this very challenge, so let me break it down in a way that’s relevant to your business.
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 October Tax Tip: How Marathon Planning Can Strengthen Your Business Strategy
As 2024 winds down, many of us are reflecting on the challenges and triumphs of the year.
I recently had a conversation with our early founder, Josh Bauerle, who shared an insightful story about completing his first marathon, and it inspired this month’s tip.
His experience reminded me of a powerful truth that resonates deeply with entrepreneurs: the value of a well-thought-out plan – and the discipline to stick with it.
Why Planning Matters in Business
At CPA on Fire, we emphasize long-term strategic planning — looking 5 years ahead while dialing in the specifics for the next 12 months.
The past year has been filled with unpredictability, from economic swings to hiring challenges. But a clear, well-crafted plan serves as a guiding light through these uncertainties.
Think of it as your business marathon.
You start the year with optimism and a crystal-clear vision, but as the months roll by, unexpected twists arise: revenue might fall short, costs might rise, or a new hire might not meet expectations. These moments test your confidence in the plan.
The Marathon Analogy
Josh’s marathon training offers a relatable analogy. Despite moments of doubt, he stuck to his training plan and achieved results he was proud of. Similarly, in business, the more effort you invest in creating a detailed plan, the more likely you’ll trust it when faced with challenges.
As an entrepreneur, it’s tempting to pivot at the first sign of trouble, or chase every shiny new idea that comes your way. But staying committed to your plan — while allowing for course corrections along the way — often leads to breakthroughs.
You might be closer to success than you think, just like drilling through a wall without knowing how thin it is.
Finishing the Year Strong
As we gear up for 2025, now is the time to refine your plans. Write down your assumptions, clarify your goals, and prepare for potential detours.
Remember, the key is not just creating a plan, but trusting it and seeing it through.
At CPA on Fire, we’re here to guide you through this process, helping you craft a roadmap that balances foresight with flexibility. Let’s finish this year strong and set the stage for an even better 2025!
Here’s to sticking with your plan and crossing the finish line together!
CPA on Fire offers vCFO and fractional financial operation services. We have vast experience working with high-growth entrepreneurs. If you recognize the need to level up your financial operations to improve growth, profitability and free your time, let’s connect! We can show you how we help our amazing clients and what we can do for you and your business. Learn more at CPAOnFire.com.
What Went Down In October
Interview of the Month
Live from INBOUND 2024 with Alex Lieberman
3 Value Bombs
- Avoid pod-fading by consistently producing the right content over time to serve your audience in a meaningful way.
- Podcasting is the most intimate channel to build an audience.
- Choose the hard way when creating your niche; the higher the barrier, the lower the competition.
Morning Brew – delivers quick and insightful updates about the business world every day of the week from Wall St. to Silicon Valley.
Joshua Tree, and Returning to Puerto Rico
In October we closed out our summer and fall travels with a trip to Joshua Tree before heading home to Puerto Rico. Since this was Bo’s first camping trip, we decided to approach it a little bit differently than we normally would.
We rented a camper! :)
Despite temperatures in the 100’s, we had an incredible time, and we were very grateful for our camper, which also had A/C. As was the case our entire 2.5 months off-island, Bo was a champ and seemed to enjoy his new transportation method of backpack riding!
While Maine, San Diego, and Joshua Tree were all incredible, we were excited to get back home and settle in. Traveling is incredible, but it always feels great to get back into a routine.
We closed out the month diving back into work (John didn’t have a single interview day our entire trip!), and catching up with our friends and neighbors.
We also celebrated Bo’s first Halloween!
Now that we’re officially in Q4, we’re excited for the holiday celebrations ahead and to close out 2024 strong with the business.
Wishing you, Fire Nation, a very happy holiday season!
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October 2024 Income Breakdown*
Product/Service Income: $135,278
TOTAL Journal Sales: $1,350 | Total Journals Sold: 35
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $610 (15 Freedom Journals + 1 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $340 (8 Mastery Journals + 1 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $400 (10 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Total: $3,324
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $0
Podcast Sponsorships: $130,570
Podcast Launch: Audiobook: $20 | eBook: $14
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: $5,192
*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: $5,192
- Audible: $0
- Click Funnels: $4,987
- Coaching referrals: $0 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $119
- Libsyn: $84 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $6
- UDemy Podcasting Course: $29
Other Resources: $86
- Amazon Associates: $34
- Other: $52
Total Gross Income in October: $140,470
Business Expenses: $7,673
- Advertising: $0
- Affiliate Commissions (Paradise): $0
- Cost of goods sold (Journals): $149
- Fulfillment: $0
- Consulting: $240
- Design & Branding: $0
- Dues & Subscriptions: $347
- Legal & Professional: $0
- Meals & Entertainment: $611
- Merchant / bank fees: $1,701
- Amazon fees: $1,241
- PayPal fees: $16
- Office expenses: $46
- Community Refunds: $0
- Promotional: $0
- Travel: $(61)
- Virtual Assistant Fees: $3,383
- Website Fees: $0
Recurring, Subscription-based Expenses: $3,194
- Adobe Creative Cloud: $36
- Accounting: $976
- Boomerang: $90 (team package)
- Authorize.net: $25
- Google: $90
- Cell Phone: $162
- CookieYes: $10
- Internet: $68
- Analytics: $70
- eVoice: $15
- Keap CRM: $256
- Insurance: $494
- Libsyn: $209
- Linktree: $9
- Spotify: $19
- OpenAI: $20
- Taxes & Licenses: $505
- Patreon: $45
- Zoom: $15
- Xero: $80
Total Expenses in October: $10,867
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 October 2024: $129,603
Biggest Lesson Learned
Choosing a word of the year
Last year in October I shared my annual routine of choosing a word of the year. Since we’re approaching a new year once again, I wanted to bring this back to the top so we all have time to brainstorm!
I haven’t chosen my word of the year for 2025 yet either, so let’s do it together!
First, let’s revisit what I shared last year so you know a bit more about the exercise – and how it can be so powerful…
How can choosing a single word help you stay focused throughout an entire year?
This is a great question.
Choosing a word of the year, and consistently reminding yourself of what that word is and why it matters to you, can not only help you stay focused, but also motivate you.
Distractions are around every corner, and it’s easy to fall off track. But when you have your word of the year to constantly go back to, you can easily refocus and remind yourself of what’s really most important to you.
My word for 2024 is surrender. I knew that becoming a new mom would flip my world upside down, and that I would need a strong reminder that not everything is within my control. I really wanted to enjoy my first year with Bo to the fullest and not let frustrations or tough times override all the incredible joy and excitement.
I also knew that my work life was going to look a lot different, and I had no idea how I was going to feel about that. Would I miss working every day? Would I crave being challenged by the same types of things I’ve been facing for the past 10+ years?
I knew 2024 was going to bring a lot of unknowns, and so surrender was a word I knew could help me stay focused and on track with whatever my “new normal” was going to look like.
This word has served me very well this year, and I’m so grateful for it.
So take some time out in the coming weeks to really think about some of the big goals you have for 2025.
- What do you want to focus on?
- What do you want to give your time and energy to?
- What reminder would serve you in tough times?
- What word can help you stay FOCUSED and remind you of what’s most important to you?
Once you’ve chosen, write it down, look at it daily, and share it! I’ll be doing the same in the coming weeks, so stay tuned!
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.
