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/income97, and IGNITE!
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CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
Podcast Law Guide – Download the book.
JLD’s FHL Reel by Matt Pete – Watch the video here!
Matt Peet – Connect with Matt Peet.
Dog Food Desire – Your Ultimate Guide To Buying The Best Dog Food.
3 Value Bombs
1) Use it or lose it. If you haven’t used your mark “in commerce” for three years, you are generally considered to have abandoned the mark.
2) Having a dog is the best thing in the world, but it’s a lot of work – and a lot of love!
3) Never lose sight of the lifestyle and future you want.
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**Click the time stamp to jump directly to that point in the episode.
[01:19] – Income review
- Gross Income for September: $280,391
- Total Expenses for September: $15,428
- Total Net Profit for September: $264,963
- Difference b/t September & August: +$41,110
- % of net profit to overall gross revenue: 94%
[02:17] – Josh’s September Tax Tip: The true tax benefit to real estate (con’t)
- What if the home is your personal residence – is that tax treatment the same? Do you owe taxes at all?
- It depends.
- The good news is, for many people, selling your personal home – even at a very high profit – is entirely tax free.
- What happens if you sell the house after living there for only a year?
- It depends.
- It’s possible you could qualify for a partial exclusion, as long as your excuse for moving is an IRS approved excuse.
- A change in your place of employment.
- Health problems that require you to move.
- Any other change in circumstance you couldn’t have foreseen when you purchased the house.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
[6:55] – David Lizerbram’s September Legal Tip – Podcast Name Conflicts
- Someone else has the same podcast name as me – what do I do?
- The #1 most important tip is this: in the U.S. and many other jurisdictions, trademark rights go to the first person to use that mark for similar goods or services.
- Trademark rights can also be lost.
- Use it or lose it. If you haven’t used your mark “in commerce” for three years, you are generally considered to have abandoned the mark.
- Two other commonly misunderstood points
- Owning a domain name does not necessarily give you rights to use that name as a trademark for your goods or services.
- The law generally treats words or phrases that sound similar as the same trademark.
- Podcast Law Guide – Download David’s book!
[12:09] – What Went Down In September – Funnel Hacking Live
- Run by Russell Brunson and the ClickFunnels.
- John’s presentation: How to Create, Grow, and Monetize Your Podcast: The Funnel Hackers Way
- Check out JLD’s cool entrance!
- Check out this sizzle reel from Matt Peet.
[15:48] – Dog ownership and entrepreneurship
- It has been a year and half since we welcomed our Goldendoodle, Gus, into the family!
- He’s shown us that it’s actually quite easy to change your mood with a wagging tail, a smile, and a kiss!
- Dog Food Desire – Your Ultimate Guide To Buying The Best Dog Food.
[21:16] – Having a dog is the best thing in the world, but it’s a lot of work – and a lot of love!
[24:16] – Sarah shares 3 reasons why every entrepreneur should own a dog.
- Dogs reduce stress.
- Dogs help you socialize better.
- Dogs are a perfect friend.
[28:27] – Thanks to our sponsors, ZipRecruiter, CrowdHealth, and Notion!
[31:40] – September 2021 Income Breakdown
- Gross Income for September: $280,391
- Total Expenses for September: $15,428
- Total Net Profit for September: $264,963
- Difference b/t September & August: +$41,110
- % of net profit to overall gross revenue: 94%
[33:20] – Biggest Lesson Learned: Celebrating Milestones
- Entrepreneurs On Fire turned 9!
- The combination of hard work, dedication, drive, focus, support – and luck – that has helped us get to where we are today.
- Never lose sight of the lifestyle and future you want.
Boom, shake the room, Fire Nation. JLD here and welcome to Entrepreneurs On Fire September 2021 Income Reports. And as always, Entrepreneurs On Fire is brought to you by HubSpot Podcast Network with great shows like my first million. We have a lot to talk about today, our income at a glance, we're going to talk about the true taxi benefit of real estate. We'll talk about podcast, name conflicts, funnel hacking, live dog ownership, and so much more. When we get back from thanking our sponsors, chances are you're no stranger to high deductible health insurance plans. Why is it that there seems to be no good options.
Introducing CrowdHealth. Visits JoinCrowdHealth.com/fit and enter code fire at up for a special offer. That's JoinCrowdHealth.com/fit promo code fire CrowdHealth is not health insurance. It's a community powered alternative terms and conditions may apply. According to a survey over two thirds of Americans are planning to travel in the upcoming months. This means that airlines restaurants and more have been ramping up their hiring, who do they turn to ZipRecruiter? ZipRecruiter technology finds qualified candidates for your job, and you can easily invite your top choices to apply. And right now you can try ZipRecruiter for free at ziprecruiter.com/fire. All right, Fire Nation, let's start with these September 2021 income at a glance.
0 (1m 25s):
Our gross income for September was $280,391. Our total expenses were 15,428 for a net profit in September of $264,963. That is a $41,000 increase from August, but the most impressive number in my opinion is our percentage of net profit to overall gross revenue is 94%. That is our highest ever. Wow. We will not be able to sustain this because that is just crazy. But I love seeing that number because it's all about the money you keep at the end of the day Fire Nation. And as I mentioned in the intro, we'll be talking about some really cool things today.
0 (2m 8s):
Podcast, name conflicts, real estate tax funnel, hacking, live dog ownership, and so much more so stick around and I will pass it over to our CPA On Fire. Josh Bauerle, who's going to be talking about the true tax benefit to real estate. Take it away, brother.
1 (2m 26s):
All right, Fire Nation. Last month on this income report, we discussed the tax treatment of selling assets, such as rental properties. And after that one came up, I had several people offer a very good follow up question. They wanted to know what if you sell your personal residence is a tax treatment. The same view of the capital gains taxes. Is it all calculated the same way? Or do you even know taxes at all? And if you follow these income report tax tips long enough, you already know what I'm going to say. It depends because like most questions, tax related questions that is, there are a lot of particulars involved in getting to the correct answer. But the good news is for many people selling your personal home, even at a very high profit can be entirely tax-free right.
1 (3m 10s):
So first I'll start with this. If the home you sold was your primary residence for at least two of the last five years and your profit, meaning what you sold it for minus whatever your sales fees were like, like real estate commissions and all that kind of stuff minus what you paid for the house, plus what you did to update it, right? So I know that seems complicated, but, but check out the report, you can see the exact formula in there. All of that is less than $500,000. If you're married, if you made less than $500,000 on the sale, you will pay no taxes, right? If you're single, that threshold is $250,000 as you can make a profit all the way up to half a million dollars, if you're married or a quarter of a million dollars, if you're single and pay absolutely no taxes, as long as you meet those standards, right?
1 (3m 60s):
So that's a pretty substantial amount of money to make tax-free. So the next question is what happens if you do sell your house after living there for only a year, right? Or anything less than the two year threshold? Well, the answer again is it depends because you could possibly qualify for what they call a partial exclusion, as long as your excuse for moving is an IRS approved excuse, right? And here's a list of most of the reasons that they will qualify as an approved excuse, basically for not hitting that two year threshold, right? Number one eight, change in your place of employment that puts your new job more than 50 miles from your new home, right? So if you take a new job more than 50 miles from where you currently live, the IRS says it's reasonable that you would sell your house in less than two years, and you will qualify for a partial exclusion.
1 (4m 48s):
If you have health-related problems that require you to move. Okay? So that could cover a multitude of things. If there's any change in circumstance, you couldn't have foreseen when you purchased the house such as a death in the family, birth of multiples, loss of income, or a change in your marital status, right? So if you purchase the house and then something happened like a death or a birth of twins, which I've experienced myself or a loss of income, so one of you lost a job, or if you got divorced or married, right? None of those things you were anticipating when you bought the house, all those things could change your living conditions and what you need to live in. So the IRS says, it's okay to sell in less than two years and you will qualify for that exclusion, right?
1 (5m 31s):
The exclusion it's again, a little bit of a complicated formula, but you'll just divide how many years you live there by the two year threshold, and then take that percentage of the exclusion. So if you lived there one year, you could potentially qualify for up to $250,000 if married, right? So again, a lot of ways to get a lot of tax free money, real estate is the number one way that the average person builds wealth. And there's a lot of people who use this strategy to, to, to get tax-free income, right? They'll go and buy a house, knowing they only want to live there for two or three years. They'll fix it up, make it better, sell it for a substantial gain. And we'll all be tax-free right?
1 (6m 12s):
So if you can stick it out in your home for those two years or more, or if you qualify for one of those exclusions selling that personal residence tax-free can be a way to quickly boost that net worth. Now having said all that, just make sure that you are following all these rules involved, talk with your tax professional before you sell. And if you do this correctly, you're going to be turn one of the biggest transactions most people ever have into a completely tax-free stream of income, right? If you have any questions, feel free to reach out to me directly, Josh and CPM, fire.com. Always check out our website, CPM fire.com for free resources on things like this. And we'll be back next month with another tip.
0 (6m 51s):
Awesome. Josh loved to hear it as always looking forward to hearing from you next month, brother. And let's just pass it right along to David lizard. Bram. Who's going to be giving us our September legal tip podcast, name conflicts, take it away. Big D
2 (7m 6s):
Okay. So a question we get all the time is someone else has the same podcast name as me. What do I do? So in order to answer this, we need to discuss trademark law. Okay. Quick review time. A trademark is anything that identifies you as the source of goods or services. Trademarks, commonly include brand names, product names, logos, taglines, things like that. In this case, the question is about the name of your podcast. That's your trademark or is it well, the number one most important tip is this in the U S and in many other jurisdictions, trademark rights, go to the first person to use that mark for similar goods or services.
2 (7m 54s):
That means that if someone else has already used that name or a similar name for a podcast, she's going to have superior legal rights. And that's true. Even if she never registered the trademark with, let's say the U S patent and trademark office or the trademark office in the country where she lives, or even if she never applied to do so, even if she never thought about it, she is still going to have superior legal rights, not to mention the rules in let's say apple podcasts, similar podcast services, those services won't allow you to upload a podcast. If the name has already taken, has already been taken in most cases. And if the other podcast or discovers that your name is identical or similar to theirs, they can submit a form to have your podcast taken off of the service.
2 (8m 39s):
And I've dealt with as many times with clients. If that happens to you and your podcast is taken down, it is a real pain. You put all this work into your podcast. And the last thing you want is to have it just taken down and disappear all of a sudden. So the best practice is to avoid using a name that's either identical to, or very similar to a pre-existing podcast name. This is true. Even if the two podcasts are about totally different topics, all podcasts go through the same feeds in apple, Google, Stitcher, so on. So in that sense, all podcasts are really the same type of quote, unquote goods or services for trademark purposes.
2 (9m 19s):
Now there's an important, but here while a trademark can last forever, which is one reason why they're so valuable, like think of Coca-Cola, it's been a trademark for more than a hundred years, super valuable trademark rights can also be lost. So the rule is actually pretty simple. Use it or lose it. If you haven't used your trademark in commerce for three years, you're generally considered to have abandoned the mark. That means that someone else who's used the name may have lost their exclusive rights to that name. If they're no longer podcasting, let's say somebody put up, you know, a couple episodes 10 years ago, you know, maybe you could say, okay, at that point, they've abandoned the mark. They're no longer using it and they no longer have legal rights.
2 (10m 2s):
However, you should be very careful when adopting a previously used trademark, for example, a podcast name, there are some pitfalls here. So unless, and until you consult a qualified trademark lawyer, your best advise to just stay away from names, podcast, names, brand names, things like that that have been used before in a similar context, two other commonly misunderstood points. Number one is that owning a domain name does not necessarily give you rights to use that name as a trademark for your goods and services. In this case, podcasting, the same goes for social media handles. And so on. This is so important. I'm going to repeat it just because you own a domain name or social media handles, or even if you've registered the name of the LLC or corporation in your state, for example, none of those things give you the right to use that name as a trademark, to prevent others from using it to enforce it, et cetera.
2 (10m 57s):
So that's a very commonly misunderstood. You can't just buy the domain name and say, Hey, okay, I can stop anybody else from using this. I can use this as the name of my podcast. I'm golden. It does not work that way. If that's what you think, or you have some thoughts along those lines of concerns, definitely talk to a trademark lawyer. Okay. That's point number one, number two is that the law generally treats words or phrases that sound similar as the same trademark. So if your podcast shares a name of another podcast, but you spell yours differently, you still have trademark issues. The names have to be visually and audibly different, which, you know, if you think about it, podcasts or an audio medium. So it makes sense that spelling differences are not going to make sense to somebody's ears.
2 (11m 41s):
If you have more podcast law questions, while you're in luck, I've written an ebook called podcast law, which you can get for free at the website podcast, law guide.com that's podcast law guide.com. Go download it. Enjoy. Let me know what you think and happy podcast.
0 (12m 0s):
All right, Fire Nation. Let's dive into what went down in September here at entrepreneurs on fire. First off funnel hacking live. I was so honored to be asked to speak by Russell Brunson at one of my favorite conferences that I've ever attended funnel hacking live. It was live in Orlando, Florida. There were over 3000 live attendees. It was a one-stage event, which meant that I got to be onstage in front of every single one of those individuals. There was no breakout rooms or anything. It was an amazing event from beginning to end, right there in Orlando, Florida.
0 (12m 40s):
And the first night that I love that he did is he actually rented out all of Hogwarts over at the universal studio. So we got to walk around Hogwarts just with these wands. And I never been there before. And you get to do all these cool things and go on the rides. And there was like 50 people there for a couple hours. And then the VIP guests got to come in. So then there was just a few hundred people there for another couple hours. So it was unbelievable to have this entire park to ourselves. I mean, listen, Russell Brunson and click funnels. They do a funnel hacking live, right? It was an unbelievable event. I got to share the stage with Tony Robbins, Anthony trucks, Trent Shelton, Alison prince.
0 (13m 23s):
I mean the list goes on. It was amazing. The guests were amazing. The attendees were amazing. The speakers were amazing. Everything was fantastic. And it was so cool being amongst the people again, just being around. And let me just say the stage was spectacular. You simply have to go to EO, fire.com/income 97, go to EO, fire.com/income. 97. I have a 31 second video clip of my entrance. They just did the coolest entrance with doors, opening, smoke, music lights. I chose a very special song. I want to hear if anybody loves the song that I chose, if I have any eighties fans out there.
0 (14m 7s):
So please reach out to me on email or Instagram, DM, whatever you want. Let me know if you like my choice of song, but it's worth 31 seconds of your time. And actually right below that video, I have a two minute video that was created by my videographer, Matt, Pete, you can find him at the mat, Pete, where he did this great sizzle reel that you get a fantastic taste of the events, the audience, people on stage, everything. It was just such a cool sizzle reel. It's two minutes long. Definitely check that out as well. But overall, I just want to say, I thought the event was fantastic. I was really happy with my talk. I felt great doing it. The energy was so high. I just fed off of the crowd.
0 (14m 48s):
I really, really, really hope that I'm going to get a copy of just my talk that I can share with everybody here on a future income report and on social media. So I'll definitely keep you updated on that because my presentation was on how to create, grow and monetize your podcast, the funnel hackers away. So, so much fun there. And I really, again, just want to stress visit eofire.com/income 97 to look at the video that's 31 seconds long. So watch that watch. My two minutes is a real buy at the mat, Pete, my videographer, who did a killer job. And of course, we're going to talk about dog ownership and entrepreneurship next, and you get to see a nice picture of Gus when he was just born.
0 (15m 31s):
When he was like eight weeks old, such a cute little stuffed animal. And man, he has really grown since then. He's over 60 pounds now. So super cool stuff over at EO fire.com/income 97. And without any further ado, I want to keep this moving cause we are going to talk about just that dog ownership and entrepreneurship. And I know it's been way, way too far into the episode where you haven't heard the lovely Kate Lynn Erickson's voice. So Kate what's up say hello, give us a quick update on our September. And of course let's talk about dog ownership in entrepreneurship.
3 (16m 8s):
What's up Fire Nation as always excited to be on the mic for our September, 2021 income report income report, 97. How whoa, how are we going to celebrate income report 100,
0 (16m 21s):
Ah, wait, that's going to be October, November. That's gonna be December to oh
3 (16m 26s):
Wow. 100. That is in scene. So Fire Nation, just to make sure, you know, you want to check out the pictures, the videos, all the awesome stuff we got going on in the report today. eofire.com/income 9, 7 97. All right. Let's dive into dog ownership and entrepreneurship. Speaking of milestones, we have had our little golden doodle Gus for a year and a half now, which is kind of wild to say like that is, that's kind of a long time and it feels, it feels like a couple of months since we've gotten him. Don't you think though? I mean,
0 (17m 5s):
Time's definitely gone by, I will say he just kind of feels like part of the family now. So I don't really, you know, feel like we got on yesterday or years ago. It was just kind of like here he is.
3 (17m 16s):
You know, it does feel like forever ago is when he was so small that we could hold him in one of our hands.
0 (17m 23s):
Oh man, I'm looking at that picture right now in the income report and he's just a Teddy bear.
3 (17m 29s):
So you definitely have to check out these pictures, Fire Nation. I mean, this is coming from someone. I never thought that I was a dog person. I grew up in a cat family. So I never thought that I would own a dog I've I had never owned a dog up to this point. And Gus has just been the best bundle of joy that I couldn't have even imagined the amount of love and smiles and cuddliness he is brought into our family. And you will definitely see that if you go check out the picture of the day that John and I picked Gus up in actually in, at the airport and Puerto Rico, and I thought it would be fun to bring us into this month income report because he has helped us improve in so many ways.
3 (18m 18s):
And as we'll get to in this month, biggest lesson learned, I'm just kind of, I guess, on this train of milestones and reflection and thinking about what Gus has helped us practice in terms of patients, hin, introducing us to new ways of seeing things. I feel like I see things through guesses eyes sometimes now. And it's like the simplest thing, like going for a walk on our street, like Gus is just, he's excited about it. He wants to smell all the things and he wants to see what the birds are up to when he wants to like play with the iguanas. And he has just shown us that it is actually quite easy to change your mood with a smile and a cold nose and a warm kiss.
3 (19m 6s):
And we actually I'm scrolling down and looking at this picture of when we taught him to swim and now thinking of like how much he loves our pool, how excited he is to just go flop himself down in our pool is, oh my goodness. He just brings so much excitement and joy to life. And again, that's why I thought it would be fun to bring him into this month's income report because we connected with a woman by the name of Sarah Walker. She's the founder of dog food desire. So you can check out what she has going on at dog food, desire.com and Sarah has helped us kind of, we actually just reworked Gus his diet and he's such like a lean in shape, like just so much energy pup, but we were thinking like, maybe we should actually talk to somebody about the types of dog foods and what's best for his breed, which I never would have thought of before to think that like a specific breed of dog would maybe require, you know, different levels of whatever.
3 (20m 16s):
And that's kind of what Sarah does. So it was awesome to chat with her. And while we were chatting, we started talking about all these things that I'm imagining, just like how Gus has helped us learn like these new levels of patience. And we start seeing things through his eyes and he's brought so much joy and love to our lives. And she's like, oh, that's an actual thing like entrepreneurship and dog ownership, the parallels of it. And the reasons why Sarah very strongly believes that every entrepreneur should have a dog. We started talking about that. And so I was like, why don't you send over the top three reasons why you believe every entrepreneur should have a dog and we'll go ahead and share it with Fire Nation.
3 (20m 56s):
Because of course we are so in love with guests, so happy that we have him and agree with all of these things. So if you want to check those out, definitely head over to this month income report, you see some super cute pictures of Gus and also see the three wees reasons why Sarah believes every entrepreneur should have.
0 (21m 16s):
I want to jump in there for a second. Cause I like giving up both sides of the equation here. I mean, having a dog is fantastic. I grew up with dogs. I usually had actually two dogs at one time in my family at the very minimum, we always had a one dog and our breed and our family was always Springer, Spaniels who are just great dogs. They have very similar personalities to golden doodles, which of course is a mix of a golden retriever and a poodle. And definitely love the Springer, Spaniels and dogs in general. But I do want to be very honest with people. It's not all sunshine and rainbows. There's the puppy blues. They are real, I've never met somebody who's in the middle of puppy training.
0 (21m 57s):
So to speak where maybe like you're at eight weeks to maybe six months, there's not like, oh my God, what did I get myself into? I mean, people always have that moment is the puppy blues. It's real. In fact, I made a pledge that any future dog that I ever get will be at least 18 months old and fully trained by somebody else by the time that I actually get ownership of that dog. And I still actually honestly kind of feel that way. So I haven't changed my mind. I still remember the puppy blues. I mean, obviously we feel so lucky with Gus cause he's such a great dog for so many ways, but you know, there's still issues with dogs and having a dog because it's responsibility and there's this and there's that.
0 (22m 39s):
And there's things you can't do now. And there's things that like, you know, you have to like have as part of your, I'm not trying to complain. I just want to paint both sides of the picture. I don't think it's just fair to say having the dog is the best thing in the world. Not the case saying that, but I really want to just make sure that we understand holy crap, it's a lot of work. It's a lot of love. It's a lot of frustration. It's a lot of joy. It's a lot of happiness. It's a lot of anxiety. It's all of this wrapped in one, which is just, you know, to go with what I know we're going to be talking about with Sarah A. Little bit, although we're going to be talking about mostly the positive things. I did want to kind of throw that in there. So Kate back to you with the sunshine and the rainbows take it away.
3 (23m 21s):
No, you're so right. It's so much work. I have, I like, whoa. I've had some meltdown moments on role-play like as I'm walking Gus and I, he's not listening to me, he's not walking on the leash the way he's supposed to. And I have like had moments where if somebody else was actually like seeing or hearing me,
0 (23m 43s):
And by the way, I think our neighbors have heard you and have laughed because we have two neighbors who we love Charles and Ann Marie, they're both 86 years old. They live up on the hill right next to us. So they can pretty much hear everything that happens on role-play, which is our street role-play valley. And you know, I mean, they're set up there and sometimes we're like, Gus, stop it, get over here. And we can just kind of hear them chuckling. Cause you know, they think it's funny. They love Gus, but you know, th they love Gus like grandparents. They're just like, they don't have to deal with the frustrating parts of things.
3 (24m 15s):
Absolutely. So I, you can definitely head over, check out the details of the top three reasons that Sarah shared why every entrepreneur should have a dog. I will give the very high overview by sharing what those three reasons are. One is that dogs reduced stress can totally relate to that. Two dogs help you socialize better. And on this point, actually I will tell a funny story here. You know how, when people have kids, they end up like meeting, you know, the moms and the dads. And then like you end up creating friendships because like, you know, your kid plays with their head and, and then you, and then you, you see someone you're like, oh, you're so-and-so's mom.
3 (25m 2s):
Like, you know them because of their kid.
0 (25m 4s):
Yeah. And then you like leave for college and you talked to your parents and you're like, what do you do this week? And they're like, nothing. We have no friends anymore. Now that you left.
3 (25m 12s):
Exactly. I feel that way with Gus a hundred percent, I feel like we've created these friendships and like have met these parents of these pups because Gus will do like play dates and then I'll see someone I'll be like, oh, so you're so-and-so's mom, but it's like, not with kids. It's with our dogs. So point number two, dogs help you socialize better. It is so true that like, you know, you just automatically have something to talk about when you see. So I would, oh my goodness. 3, 4, 5 years ago. I never would have stopped someone with a dog and like how to fall on conversation. But now it doesn't matter if I'm with Gus or not. If I see someone walking a dog, especially if it's some type of doodle, I am always stopping them.
3 (25m 56s):
I am always asking if I could pet their dog. And then I'm asking them like all the questions. So I thought that was a great point as well. And number three dogs are a perfect friend. Oh God, what's Gus doing right now.
0 (26m 10s):
I took the chair from your office, which he just loves to curl up in and to look out the window. And I set it up right next to my window here in my office. And that's what he's doing. He's just curled up in that right now. He's just snoozing away. We had a nice hike last night. So I think he's still kind of in snooze mode from that. And life is good.
3 (26m 28s):
That is a great chair. I feel like if you can kind of picture Fire Nation, this chair's almost like a little bucket in a way, like the sides. It's not just like straight armchair type of chair. It's kind of almost like a little round bucket feeling. So like his curling up in there, it's almost like it was, it's like a very dog ergonomic friendly. He feels like
0 (26m 51s):
He's being coddled. And there, you know, it's like, he's kind of being touched around all sides when he curls up. And I think he does love that. Although at the same time I have a, like a chase lounge in my office as well. And sometimes she just loves completely splaying out in that as well. So I think he, he likes a little variety.
3 (27m 10s):
I'm realizing what an ergonomic dog gussets, he's got his chase lounge. He's got this little scoop chair.
0 (27m 17s):
All right. There's probably some dog non lovers in this community. That's listening to this episode. So why don't you wrap it on
3 (27m 25s):
And we'll move it on. Yes. So in summation, we're excited to celebrate that. We've had guests for a year and a half. Now. We love our pups so much. He's such a joy. As John said, obviously he's a ton of work and the puppy stage has been probably everything that you've ever heard of a puppy stage, but we're just so grateful to have him in our lives. And Sarah, shout out, thank you so much for helping us find a great dog food for Gus. And again, if you want to check out what Sarah has going on, and those three reasons why every entrepreneur needs a dog, EO fire.com forward slash income nine, seven
0 (28m 4s):
Belgium. And you can check out more about Sarah and all of her dog awesomeness at dog food, desire.com, dog food, desire.com and Gus is currently eating the dog food that he desires. Thanks to Sarah and Fire Nation. We have the income breakdown and a couple of the cool things. When we get back from thanking our sponsors, looking for a single place online, where you can access next level project management tools, plus organized documents, systems, apps, and more with your team. Introducing notion notion is an all-in-one team collaboration tool that combines everything you need to run your business effectively in one space.
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0 (29m 30s):
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0 (30m 54s):
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0 (31m 37s):
It's a community powered alternative terms and conditions may apply. All right, we're back and let's dive into September's 2020 ones. Income burnt down the product service income was 272,153. We did a 216 journal sales for a total of $7,000. The freedom journal did 76, the mastery 53 in the podcast journal 85. So pretty close across the board, which is cool. Podcast journal wins for the month end Podcaster's paradise. We currently have over $10,000 in recurring revenue for a total revenue of $15,441 for the month.
0 (32m 18s):
Our podcast sponsorships was off the chain at $249,536. Our affiliate income was 8,000 a little down that month. Well, there's probably some reasons for that I'll look into, but our ClickFunnels was over four thousands. We brought in over a thousand dollars for our support of Tony Robbins and Dean Graziosi's course KBB. And some other income came in through different avenues, which you can check out on the income report posts for a total gross income of 280,000 3 91. Our business expenses were a total of 15,000 4, 28 for a net profit of 2 64, 9 63 90 4% net income to overall gross revenue, which is our best yet.
0 (33m 4s):
And I touched upon that in the intro. So insane month for that reason, keeping all the money that we make down here in Porto Rico, Fire Nation, and Kate, why don't you take us home with the biggest lesson learned for this month?
3 (33m 20s):
Yes. Biggest lesson learned this month was all about celebrating milestones because I know how easy it is. Your head down. You're excited about the projects you're working on your goal focused. You're looking ahead to the future. And sometimes that can mean missing out on celebrating some pretty awesome milestones and John for us, congratulations, Fire Nation. You are a huge part of this entrepreneurs on fire turned nine years old in September.
0 (33m 55s):
We are officially into our 10th year of entrepreneurs on fire. That is crazy.
3 (34m 2s):
Oh, it's always like I have to really sit. I have to sit with that and like continue saying it over and over. I so distinctly remember celebrating the first entrepreneurs on fire birthday. We were actually in Maine for that. And we had like, do you remember those cupcakes that we made? And we had like these little like toothpick signs that we put in them with our logo.
0 (34m 27s):
And I had not thought about that till this very second. So that is a crazy blast from the past.
3 (34m 33s):
Yes. Oh my goodness. Well, I, wow. Just looking back again. I talked earlier in this episode about reflection and, and recognizing those milestones and everything that goes into them. And I think of John, the brainstorming and the dedication and the focus and determination that you had at the very beginning of entrepreneurs on fire, and just your whole idea for the podcast, your idea, to bring a community together, your idea, to help inspire others, to know that entrepreneurship was possible taking that leap into entrepreneurship.
3 (35m 15s):
Well tough. It can totally be done, especially when you have the right type of support around you. And so many businesses struggle to gain traction and momentum. So we certainly do not take for granted the combination of hard work and that dedication that drive focused the support. And, you know, we've, we've come up on a lot of luck on our journey as well. And that has helped us get to where we are today. And again, Fire Nation. You're such a massive part of the celebration. We hope that you too are looking back fondly on maybe some early episodes that you remember some of the great things that entrepreneurs on fire and entrepreneurship in general has brought your way has provided you with, for your family for freedom, time, freedom, financial freedom, whatever that might be, because again, running a business, isn't just about always having your head down.
3 (36m 18s):
It's about being aware and in sync with your vision and making sure that your daily actions are in alignment with where you say you want to be in the future with where you're headed. And just a reminder today to not lose sight of that. There have certainly been times over the past nine years where John and I have corrected course and kind of, you know, snapped ourselves back into focus with what our vision and mission is with this company and our lifestyle, what we want our lifestyle to look like. And that's not always easy. So just don't lose sight of that. Never lose sight of that lifestyle and that future that you want.
3 (36m 58s):
John, what do you think nine years, nine years,
0 (37m 1s):
Nine years, that's a long time for a business to be rocking and rolling. I will say at funnel hacking live, Tony Robbins got on the main stage and he talked about the percentages and I won't get them exactly right. But I mean, you know, most businesses do fail within the first year, like a, like a 60% or something. And then within the first five years, only like 10 or 20% of businesses make it to the five-year mark. And then the 10 year mark it's even a significant drop, like somewhere less than 5%. So I feel very honored to be in that category right now with entrepreneurs on fire. We're still thriving. I think we really have a great finger on the pulse of what you want, Fire Nation, what our audience wants, what we want as owners of this business, the lifestyle that we want.
0 (37m 54s):
And I think we also have a very kind of exciting openness to the future of, you know, who knows what is going to come next, but it's going to be based off of what we really think is the best for us and you, our community. So I'm excited and it's been a blast serving this audience now for nine years. And I think it's going to be another potentially great another nine years, we'll say.
3 (38m 17s):
Yeah. And our team, oh my goodness. We, of course would not be where we are right now without our incredible team. Actually one of our team members, JM just celebrated nine years. Pretty much along with us. She's been at front since the very beginning.
0 (38m 31s):
It's literally the very beginning because she was my virtual assistant in my previous real estate venture. So I took her along with me to entrepreneurs on a fire. So she's been here since day one.
3 (38m 41s):
Yeah. Wow. And JM just knows that. I mean, she knows Fire Nation. She knows this business so well. And she's such an awesome part of the team as is Jess and to poo as well. So shout out to our team, our team art, our lean team of fire, for sure.
0 (38m 60s):
Lean mean Team on Fire and Fire Nation. That is a wrap for today. And until next month, keep your firearm burning. And of course, as always be prepared to ignite chances are you're no stranger to high deductible health insurance plans. Why is it that there seems to be no good options. Introducing CrowdHealth. Visits JoinCrowdHealth.com/fit and enter code fire at sign up for a special offer. That's JoinCrowdHealth.com/fit promo code fire. CrowdHealth is not health insurance. It's a community powered alternative terms and conditions may apply. According to a survey over two thirds of Americans are planning to travel in the upcoming months.
0 (39m 40s):
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