INCOME REPORT July 2020
Entrepreneurs on Fire
John Lee Dumas
4.8 • 4.1K Ratings
🗓️ 14 August 2020
⏱️ 37 minutes
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Summary
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!
July 2020 Income At-A-Glance
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%
Sponsors:
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Transcript
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| 0:00.0 | What's shaken fire nation JLD here with the entrepreneurs on fire July 2020 income |
| 0:08.7 | reports. We have a lot of fun things to discuss today. We're going to hear from our CPA |
| 0:13.5 | Josh from CPA on fire with a great tax tip. We're going to hear from our lawyer David Liza |
| 0:19.5 | Bram with a great legal tip. We're going to be talking to you about what Kate and I have been |
| 0:23.5 | focusing on while we've been quote unquote quarantined in paradise as well as breaking down |
| 0:29.2 | all of our revenue, all of our expenses and getting you our biggest lesson learned for the month |
| 0:35.0 | as soon as we get back from thinking our sponsors. Clavio is the e-commerce marketing platform |
| 0:41.8 | that helps brands build relationships with memorable email and SMS messages. Today more than 40,000 |
| 0:48.4 | brands like Living Proof, Kopari Beauty and Huckberry choose Clavio to help them grow. Learn more |
| 0:55.5 | and get started with a free trial at clavio.com slash fire. That's KLA V I Y O dot com slash fire. |
| 1:05.2 | All right fire nation. Let's kick things off and first and foremost what was our July income |
| 1:11.6 | at a glance. Well our gross income for July was $170,492. Our total expenses were a clean and |
| 1:21.2 | lean 33K for a net profit of $137,000 which was an increase of $5,000 from June, mostly because of |
| 1:31.6 | that lean expense report there. And our percentage net profits to overall gross revenue was 81% which |
| 1:40.1 | is my happy place. 80 plus percent is my happy place. So I'm loving where that's at. We're going to |
| 1:45.2 | keep trying to focus on that number and above. And I know we won't always hit a fire nation but we |
| 1:50.1 | always can try. So we have a lot of great stuff to talk about that I tease in the introduction |
| 1:56.0 | but let's dive right in with Mr. CPA on fires July tax tap which is is a monetary gift taxable. |
| 2:05.6 | Josh take it away. Everyone right now is thinking how do I get a monetary gift so I can't help you |
| 2:11.2 | there but let's start with is it taxable and you know starting a business can certainly cost money. |
| 2:17.0 | There's a lot of internet based businesses today that cost far less than businesses used to cost |
| 2:22.6 | but John you know you you started a podcast and you still put some money into getting that |
... |
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