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/income109, and IGNITE!
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Guest Resource
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!
Kate’s Take Podcast – Join our 100 Day Goal Challenge!
3 Value Bombs
1) A lawyer can either be an expensive line item or a huge asset for your business. As an entrepreneur, it’s up to you to make that choice.
2) Be sure to hire a lawyer before you do something that’s going to get you into trouble.
3) When you understand how the mind works and why we do the things we do (or don’t do the things we don’t do), you can make immediate changes to improve your behaviors.
Sponsors
NetSuite: It’s a dangerous time to not know your numbers, and right now NetSuite is offering a one-of-a-kind flexible financing program. Visit NetSuite.com/fire to learn more!
HubSpot: Building a business is challenging enough; your tech stack shouldn’t make it harder! Learn how HubSpot can help your business grow better at Hubspot.com.
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:25] – Income review
- Gross Income for September: $182,899
- Total Expenses for September: $23,393
- Total Net Profit for September: $159,506
- Difference b/t September & August: -$72,089
- % of net profit to overall gross revenue: 87%
[01:55] – Ron’s September Tax Tip: Owner’s Distributions vs. Owner’s Salary
- 4 General Types of Reporting/Treatment Based on Entity Structure
- Schedule C – single member LLC’s filed under your personal tax return.
- Partnerships – 2 or more owners of a company.
- S-Corp – only entity that offers owner salary vs owner distributions.
- C-Corp – double taxation.
[7:21] – In an S-Corp, an owner needs to pay themselves a reasonable compensation via salary or distributions.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[10:27] – David Lizerbram’s September Legal Tip: 4 Keys to Choosing the Right Lawyer for Your Business
- Figure out when you need to hire a lawyer.
- Focus on the type of lawyer you need.
- Find a lawyer who understands – or is willing to learn about – your market or niche.
- Make sure you’re comfortable with their fee structure.
- David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!
[15:44] – Thanks to our sponsors!
- NetSuite: It’s a dangerous time to not know your numbers, and right now NetSuite is offering a one-of-a-kind flexible financing program. Visit NetSuite.com/fire to learn more!
- HubSpot: Building a business is challenging enough; your tech stack shouldn’t make it harder! Learn how HubSpot can help your business grow better at Hubspot.com.
[17:55] – What Went Down In September: Interview of the Month w/ Ivan Anz!
- Investing in Life Essentials with Ivan Anz
- 3 Value Bombs
- Becoming successful requires you not to be the person creating your success.
- Philanthroinvesting is getting a financial return for your philanthropy.
- Life essentials is everything humans need – and will constantly need – whatever the situation is.
- Housing Philanthroinvesting book on Amazon – Grab your copy now!
- Philanthroinvestors – Change lives while making money. Learn more about how to invest with a purpose!
[19:02] – EOFire Turns 10!
- 10 Things We Know After 10 Years
- Know Your Niche
- Know That Consistency Is Key
- Know How to Set and Accomplish Your Biggest Goals
- Know This: You Are The Average of The 5 People You Spend The Most Time With
- Know Your Avatar
- Know What is ‘Enough’
- Know Your Numbers
- Know How To FOCUS
- Know That You Have The #1 Solution To a Real Problem
- Know That Creating Systems is The Fastest Way to Scale
[22:54] – 100 Day Goal Challenge
- For 100 days Kate will be publishing a brand new episode on the Kate’s Take podcast, in addition to posting in our private Facebook group, to help you reach your goal by the start of 2023. Join us!
[24:54] – September 2022 Income Breakdown
- Gross Income for September: $182,899
- Total Expenses for September: $23,393
- Total Net Profit for September: $159,506
- Difference b/t September & August: -$72,089
- % of net profit to overall gross revenue: 87%
[25:54] – Biggest Lesson Learned: Tip the Scales: Habits
- James Clear article: How to Start New Habits that Actually Stick
- Habits 4 stages:
- Cue
- Craving
- Response
- Reward
- Kate’s Take – How to start new habits!
[28:10] – Thanks to our sponsors!
- NetSuite: It’s a dangerous time to not know your numbers, and right now NetSuite is offering a one-of-a-kind flexible financing program. Visit NetSuite.com/fire to learn more!
- HubSpot: Building a business is challenging enough; your tech stack shouldn’t make it harder! Learn how HubSpot can help your business 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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