How much of the money you make in your business are you actually keeping?
I'm guessing not as much as you'd like! I mean, isn't one of the reasons for having a business is to help create financial freedom for yourself and your family?
In this episode, Josh chats with John Lee Dumas, founder and host of the Entrepreneurs On Fire podcast, about some strategies to keep more of the money you make.
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Resources Mentioned
- EOFire.com
- EOFire Income Reports
- Act 20 (Puerto Rico tax incentive)
- Money, Master The Game by Tony Robbins
- Unshakeable by Tony Robbins
- Personal Capital (money management)
The BIG 3!
- Most entrepreneurs are TERRIBLE at keeping the money they make. If this is you, you are NOT alone!
- Having high margins will protect you from future downturns in the market
- ALWAYS invest some of the money your business makes in OUTSIDE investments
Episode Timestamps
[3:00] Johns opinion on entrepreneurs not keeping the money they make
[4:45] John talks about his income reports and keeping his finger on the pulse
[8:10] Should everyone post an income report no matter the stage they are in?
[9:45] Why it's important to always maintain a war chest
[10:15] John talks about months when they have overextended with expenses
[11:10] Two ways John thinks entrepreneurs are wasting lots of money
[14:55] How much should you be spending on team members?
[18:02] Why John has always chosen higher margins over investing to reduce his tax burden
[21:20] Act 20 in Puerto Rico & how it saves John $1 million a year in taxes
[25:45] How moving to Puerto Rico can grow your net worth fast!
[28:20] This type of entrepreneur is a good fit to move down to Puerto Rico
[32:40] A simple strategies for diversifying investments OUTSIDE of your business
[36:10] Could mutual funds actually be losing you money?
[38:05] Protecting yourself from yourself
[38:25] John's favorite tool for managing his money
[4:45] John talks about his income reports and keeping his finger on the pulse
[8:10] Should everyone post an income report no matter the stage they are in?
[9:45] Why it's important to always maintain a war chest
[10:15] John talks about months when they have overextended with expenses
[11:10] Two ways John thinks entrepreneurs are wasting lots of money
[14:55] How much should you be spending on team members?
[18:02] Why John has always chosen higher margins over investing to reduce his tax burden
[21:20] Act 20 in Puerto Rico & how it saves John $1 million a year in taxes
[25:45] How moving to Puerto Rico can grow your net worth fast!
[28:20] This type of entrepreneur is a good fit to move down to Puerto Rico
[32:40] A simple strategies for diversifying investments OUTSIDE of your business
[36:10] Could mutual funds actually be losing you money?
[38:05] Protecting yourself from yourself
[38:25] John's favorite tool for managing his money
Subscribe To The Podcast
Apple | Google |Spotify | Stitcher

Co-founder of Screw The Nine To Five™. We run our businesses from anywhere, while at the same time helping others leave their jobs behind, start businesses and create more freedom in their lives.