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/income108, and IGNITE!
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Guest Resource
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
3 Value Bombs
1) Everybody has room for improvement.
2) Be careful about defining what matters. Say no to the distractions and say yes to actions that matter.
3) The real progress begins when you start to take action on what you’ve learned.
Sponsors
Netsuite: Over 31,000 businesses know their numbers – because they use NetSuite, by Oracle, the #1 cloud financial system! To check out NetSuite’s one-of-a-kind flexible financing program visit NetSuite.com/fire!
HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:18] – Income review
- Gross Income for August: $250,322
- Total Expenses for August: $18,727
- Total Net Profit for August: $231,595
- Difference b/t August & July: -$23,778
- % of net profit to overall gross revenue: 93%
[01:52] – Ron’s August Tax Tip: The “Augusta Rule” – Rule for Tax Free Rental of Personal Residence for Up To 14 Days
- The Augusta Rule arose from the rental of personal residences in beautiful Augusta, Georgia in connection with the Masters Tournament.
- Key Tax Planning Points:
- 14 Days can be non-consecutive.
- It needs to be a “personal” residence but not a “primary” residence.
- Rent must be reasonable for the location and date.
- This rule may apply to business events hosted in your residence.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[7:06] – What Went Down In August: Interview of the Month w/ Clay Clark!
- How to Create a Time and Financial Freedom Creating Business NOW
- ThriveTimeShow.com/eofire: Schedule your FREE 13 point assessment with Clay today!
- Flow Photos: One of Clay’s students created Oklahoma’s highest rated and most reviewed real estate photography company, Flow Photos!
- 3 Value Bombs
- The point of a business is to create both time and financial freedom so you can do what you believe God has called you to do.
- Nail it then scale it. Most entrepreneurs don’t have a system. Once you’ve put a system in place, things become easier.
- Be careful about defining what matters. Say no to the distractions and say yes to actions that matter.
[9:21] – Thanks to our sponsors!
- Netsuite: Over 31,000 businesses know their numbers – because they use NetSuite, by Oracle, the #1 cloud financial system! To check out NetSuite’s one-of-a-kind flexible financing program visit NetSuite.com/fire!
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
[11:20] – Podcast Movement 2022
- JLD taking the stage for a live Q&A session!
- Check out our recap to get a full rundown of what happened at Podcast Movement 2022!
[18:12] – August 2022 Income Breakdown
- Gross Income for August: $250,322
- Total Expenses for August: $18,727
- Total Net Profit for August: $231,595
- Difference b/t August & July: -$23,778
- % of net profit to overall gross revenue: 93%
[20:15] – Biggest Lesson Learned: Tip the Scales: Consuming vs. Producing
- The real progress begins when you start to take action on what you’ve learned.
[23:40] – Thanks to our sponsors!
- Netsuite: Over 31,000 businesses know their numbers – because they use NetSuite, by Oracle, the #1 cloud financial system! To check out NetSuite’s one-of-a-kind flexible financing program visit NetSuite.com/fire!
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
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!
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