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Entrepreneurs on Fire with John Lee Dumas

Daily business podcast interviews

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Income Report for November 2018! A Return to the EOFire Studios & the 100 Day Goal Journal

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/income63, and IGNITE!

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Resource Mentioned:

  • Your Big Idea: Successful Entrepreneurs have One Big Idea. Follow JLD’s FREE training & you’ll discover Your Big Idea in less than an hour!

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Time Stamped Show Notes

(click the time stamp to jump directly to that point in the episode.)

  • [1:45] – Josh Bauerle’s Monthly tax tip: Overseas Trips = Tax Deduction
    • US is 1 of only 2 countries that will tax you on money earned no matter where you spend your time.
    • More than 330 days in another country in a year $104,100 is tax free in the US.
    • How do you qualify? Tune in to find out the details!
    • Only exempt from “ordinary taxes”.
    • Only applies to earned incomes – not dividends and capital gains.
    • Your business entity becomes even more important!
    • What about taxes owed to the country you’re living in?
    • Who is this an ideal opportunity for?… really someone who:
      • Wants to live overseas
      • Is generating about 150-200k per year
    • Always consult a tax professional!
    • Reach out to Josh at Josh@cpaonfire.com
    • More info about this tax deduction: 330days.com. (Sorry! This link was active when this episode was first published in 2018. This resource is no longer available.)
  • [10:30] – David Lizerbram’s Monthly legal tip: Standard Nondisclosure Agreements
    • A Nondisclosure Agreement should be in place whenever you share secret info with partners or other individuals and require that they keep it a secret
    • Be sure you define who the agreement includes.
    • What is “confidential information”? Make sure you spell it out.
    • Clarify whether it’s mutual or unilateral.
    • Set the duration – what’s the term of the agreement?
    • Write out what happens in the result of a breach.
    • Contact David over at lizerbramlaw.com

[16:00] – What went down in November

  • [16:15] – Goodbye Europe, Hello Puerto Rico!
    • Recap of our travels: EOFire.com/travel.
    • Our time spent in Lisbon – what we did during our time there.
    • Settling back in at home and jumping back into the EOFire studios.
  • [20:00] – John talks about how lucky we are to live in today’s world.
  • [22:05] – Introducing: 100 Day Goal Journal
    • John talks about our existing trio of Journals.
    • There are certain struggles that come along with self-publishing.
    • An opportunity to collaborate with Sterling Publishing – tune in to hear more!
    • What is the 100 Day Goal Journal? It’s the best of The Freedom Journal and The Mastery Journal in one!
    • You can check out the 100 Day Goal Journal in Barnes and Noble and select Target stores and Urban Outfitters! You can also find the 100 Day Goal Journal on Amazon. (Sorry! This link was active when this episode was first published in 2018. This resource is no longer available.)
    • John mentions some of the pros of going the traditional publishing route.
  • [28:00] – John shares a story about walking into the same Barnes and Noble he walked into in 2015 to find inspiration for The Freedom Journal.
  • [30:00] – Thanks to our sponsor, ClickFunnels! Try it free for 14 days at EOFire.com/click

[31:25] – Income Breakdown

  • [35:30] – Biggest Lesson Learned: Seeing your business (and life) from a new lens
    • What taking a step back from your business and your daily routine can do.
    • Kate talks about what this helped her realized and discover.
    • How is your business set up to run?
    • Be clear about what type of business you want as early as possible.
    • We’ve proven that our business is set up to run without us, but this trip was different – we traveled for 60 days and only worked 2 full days during that time.
      • Our bottom line wasn’t affected.
      • Our relationship with our audience and customers continued to thrive.
    • That’s an incredible feeling.
    • It has forced me to reconsider and pay closer attention to what I’m spending my time doing every day – 80/20 rule.
    • If you haven’t considered what type of business you want to run, take time to really think about it now.
  • [41:00] – John talks about sprinting and coasting in business
    • We sprinted leading up to our trip in August.
    • Then we were able to coast during our trip.
    • Think about how you can set your business up in this way.
  • [44:00] – Building the business and life of your dreams IS possible
    • Join our newsletter list and we’ll help guide you every step of the way! EOFire.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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