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/income83, and IGNITE!

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Resources

Podcast Trademark – How to Register a Podcast Name – Check out the full post about Trademark Law, Registering Your Podcast Name, and more!

Ardor SEO – The team we’re working with on our SEO and optimization projects!

3 Value Bombs

1) It’s important to consider what you can create space for during this time, especially given all the frustrations that come with it.

2) When you have clarity and a plan in place around the projects you want to accomplish, progress is inevitable.

3) The importance of building that discipline muscle is critical.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

[01:05] – Income review from JLD

Gross Income for July: $170,492
Total Expenses for July: $33,052
Total Net Profit for July: $137,440
Difference b/t July & June: +$5,298
% of net profit to overall gross revenue: 81%

[2:06] – Monthly tax tip from CPA On Fire, Josh Bauerle – Is a Monetary Gift Taxable?

Good news is, if you are the receiver, you will not pay taxes, but the giver will pay tax for the monetary gift.
If the gift is over $15,000 to a single person, the person giving the gift will have to fill out a gift tax return and potentially pay taxes on it.
How to avoid paying taxes on a monetary gift?
- The $15,000 limit is per person.
- You can take five years worth of gift exclusion for a single person all at once.
- You can use the lifetime gift tax exemption of $11.58 million to avoid paying any gift tax.

[9:08] – David Lizerbram’s July Legal Tip – How to Register a Podcast Name

Find a name for your podcast that hasn’t already been claimed.
David reviews the trademark registration process.
Check out the full post for more details > Podcast Trademark: How to Register a Podcast Name.

[15:47] – Thanks to our sponsors, ZipRecruiter and Klaviyo!

[18:16] – What went down at the Entrepreneurs On Fire studios in July

[18:40] – Test, Check, Ditch, Double Down

It’s important to consider what you can create space for during this time, especially given all the frustrations that come with it.
Tasks we’ve been working on in July:
- Website speed
- Broken links on the site
- Cleaning up our redirects
- Optimizing our top podcasting content
- Creating a content plan for the next year
- Adding value to other sites we’ve been featured on
The SEO team who has been helping us: Ardor SEO
When you have clarity and a plan in place around the projects you want to accomplish, progress is inevitable.

[35:05] – Income breakdown from JLD

Gross Income for July: $170,492
Total Expenses for July: $33,052
Total Net Profit for July: $137,440
Difference b/t July & June: +$5,298
% of net profit to overall gross revenue: 81%

[37:30] – Biggest Lesson Learned – Refocusing on the 80/20 Rule

The importance of building that discipline muscle is critical.
Remind yourself of the 80/20 rule: that 80% of your results come from 20% of your efforts.
This rule will help you create a massive impact with your business, and at the same time create the life you want to live!

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!

Income Report for July 2020: Test, Check, Ditch, Double Down

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