John Lee Dumas is the Founder and Host of EOFire, an award-winning Podcast where he interviews today's most inspiring Entrepreneurs 7-days a week. With over 2000 episodes and 7-figures a year in revenue, JLD has shown the world the power of Podcasting. Prepare to IGNITE!
It wasn’t easy.
I went to college on an army scholarship, so I was blessed to graduate with no college debt. The next four years I was an officer in the army, which didn’t pay great but was good enough.
During my 13-month tour of duty, I didn’t have to pay tax and you had a housing allowance. Here I was able to put together a little over a hundred thousand dollars in savings. This money gave me that runway to allow me to really go all in with the podcast, commit fully, and see how things went.
One thing that I’m a big believer in is you can make money anywhere in the world, but it’s impossible to build true wealth when you’re paying over 50% in taxes.
In California, I was paying just about 50% in taxes. For a couple years in a row, I generated seven figures in revenue, but my bank account was not reflecting that because I was paying seven figures a year in taxes.
I let my CPA know that I was looking for a legal alternative. Shockingly enough, my photographer forwarded me an article one day about Puerto Rico, which is, of course, an American territory. The article stated that if you lived in Puerto Rico with an LLC you would pay a flat 4% tax, no federal, state, or 51%. Only a flat 4% tax rate.
Freedom. Money is the ability for me to trade that money for my freedom. Meaning I do what I want, where I want, and how I want to do it. All because I’ve achieved financial independence.
It would be in mentors. Specifically in Jamie Masters, because she was a successful business podcast host, which is what I’d wanted to become.
I put my money where my mouth is. She held me accountable on top of the big financial investment I’d made—I got stuff done.
When you make it real, put money on the line, and invest in somebody who is also going to be kicking your butt to keep you in line, you’re going to win at a much higher, faster level. That’s what happened.
Chris writes personal finance and productivity articles for software companies. He gets fresh ideas through continuously investing in himself and interviewing successful entrepreneurs.