last year I made $3. 3 million and this is my 2023 tax report that I'm going to break down with you it's insane it's insane to even say that number out loud it feels surreal I'm like who are we talking about I want to go into detail on my income streams personal expenses business overhead some Tax Strategies and the overall reality of what it feels like to make $3. 3 million so that you can do it too it still feels crazy to say this but when I think about my journey of my 9 to5 jobs building multiple businesses tons of business failures strategic Investments bad Investments that got me to this point makes me smile like I made it but I'm not making this video to brag I didn't have some special VIP Lane to get to this point and I would say for a long time it felt like everything that I got close to was taken from me Google job Microsoft job Facebook job mint exit I'm making this video to inspire you and show yall what is possible if you go down the path of Entrepreneurship because there is no better return than on the investment of yourself and Entrepreneurship you can make three .
3 million or more let's break it down my first year I made nothing from appsumo even though we generated $300,000 in Revenue all of it went back into the business or hiring people and so forth I just wanted to make $3,000 a month so I could work on the beaches of Thailand that is all I wanted I could live I could eat and I could save a little bit to live my dream life doing work that I wanted to do I was able to stick with the business for 15 years to be able to get to this point where I took home $3. 3 million now but I don't actually have $3. 3 million in cash let's just say right here and we're going to talk about taxes we're going to talk about expenses uh and things of that nature but it's been it's been a long fun Journey could I ever imagine making this amount of money no but it's sure as hell sweet and you can do it too so let's do a revenue breakdown show me the money show me the money Jerry you guys are way too young to know about that movie show me the money so first off I made $1.
7 million in my W2 salaried income from appsumo it's not as straightforward as that my base salary is 250,000 which is really good now only if we have profit at the end of the year do I get a distribution and so we pay everyone in the team we pay the leadership team we take everyone all expenses paid to Mexico we invest in ads we buy servers and then if there's stuff left me and my partner Chad get a distribution and so my distribution was around $1. 5 million now next up I get a million dollar from appsumo to sponsor all the content you're seeing here on YouTube so that's another million now the other $600,000 that I made last year is a combination of real estate equities and some distributions from Investments I don't think it's as important in this video I think if you look at the numbers like the majority 80% is from entrepreneurship so we'll we'll focus a little bit more on that so that's where the $3. 3 million comes from now the revenue streams have been interesting appsumo money is all over the place right so what does that mean in 2021 I made 97 ,000 so that's that's a big decrease from the almost $3 million that I got last year uh from appsumo so what happened Co happened a lot of bad decisions happened we hired a lot of people we spent a million dollars on Black Friday marketing which was a total waste and it was my idea I would say the maintainance is more of a thought about opportunity cost and what is the best use of your life for generating Revenue doing what you want to do I I've noticed with the real estate stuff you can get a 5% return a year on this real estate or maybe it appreciates 10% ABS suumo started with $50 and I was able to generate almost $3 million cash for myself and I'm not taking as much as I can and and I don't say that arrogantly I could definitely take more but I think I'm taking a pretty great amount uh and everybody else at the company is doing well whereas in real estate a lot of that stuff is capped all right expenses break down the number one expense you guys can all guess it it is Mrgovernment a lady would never be so rude taxes number one that's 40% of around 3 million so that's $112 million just in taxes then I have half a million dollars in the team cost I told you appsumo sponsors into an LLC that all the money that takes to run this YouTube channel or my email list at noah.
com or all the social content that's $500,000 a year so now you're like holy so that 3. 3 is now down to about 1. 5 then this house I live in a $2.
5 million house this house alone without water without internet without the cleaner without the gardener without the pool person uh is $120,000 a year the costs add up you have insurance costs for when you get to different levels of wealth you have umbrella insurance so I have insurance that covers if someone trips in my house right there's there's more costs for that that go up I have a wealth adviser that's in the five figures a year I have a personal bookkeeper that's another five figureure expense a year I would say that there definitely a significant amount of expenses that just go up uh when you start making more money and and you want to have more conveniences and comfort uh it makes me feel sad and and really tough for a lot of people people out there but it also makes me feel optimistic that through entrepreneurship and through starting your own businesses there's no cap to your income there is unlimited income for entrepreneurship whereas in a salary job it it can be limited taxes uh so I put out a book maybe we'll make it free for this video how do I approach tax optimization my tax liability in 2022 was 300,000 my tax in 2021 was 1. 1 million I think government's inefficient so I'm not as excited to give them my money I'd give it to private businesses when I had more free time I was doing a lot of tax optimization so conservation easements it's when you buy land and then you say you're not going to build on it and the government gives you a tax credit and then I did Art donation so you buy art you donate it somewhere you get another tax credit those are little gray zones uh there's new ones that I've considered which is like uh box options Boxx so if you buy t- bills you get taxed at ordinary income but if you buy box spread you can get taxed at a lower income rate rate other ones I've considered is Energy Credit buying so you can buy energy credits today yes look that up you can buy them for 80 but you get $100 worth of tax credit so you get a 20% uh discount on your taxes now I just don't have time for all that stuff you know I'm married I'm trying to do be a good father good be a good husband I'm trying to make sure I have time to do this content run app suumo and the amount of money I'm saving to me doesn't seem worth it but there's tax strategists out there I think in my personal life and this is a f fascinating point in my personal life I don't really have budgets which is is luxury I don't have a lot of modeling or how am I trying to retire and these certain things cuz I just have so much money honestly and I don't mean that bragging but you can get to that point too whereas in our business at appsumo we have models and budgets and a whole team dedicated to every single penny and I like the fact that I can not have to worry about that or have to figure out how to optimize my taxes with you know more questionable activities I don't know I guess I'm rich I never thought I'm I'm a rich person or not a rich person I I think what I I try to think about is like when I'm at the restaurant just treating everyone equ and I will say there are times candidly where I might go on YouTube and I look and they're like here's what top 1% make and I go there and it makes me feel worthy when I feel like wow I'm making in the in the top 1% cuz I think I've felt So Unworthy in this whole journey for so long like oh I don't think I'll be able to do it how do I finally make money I'm going to ruin it all and so it is it is a form of of comfort I think what I'm thinking about is like how much do I really need and what do I really want to spend my days doing and I think this is kind of the counterintuitive thing about entrepreneurship whereas if you actually do the thing you really like doing and you you keep getting better over a long period of time you'll actually end up making the most amount of money so I'm really trying to dial back in less how do I get more views here how do I get more Revenue there just like what do I think is good for me what do I think is good for our customers good for the audience good for our team and we enjoy and I think that will benefit uh a lot of people down a longer period of time the way that I thought about my finances and you know personal spending is that I want to basically have like enough cash I want to have enough cash to live forever and so I did analysis with uh with my wealth managers and I basically never have to make another dollar and I can spend 20,000 a month until I'm 90 and that that actually gave me that was really relieving think about for yourself like what is your spending habits and then if you mapped it out to 90 you know I think there's a great book die with zero by Bill Perkins and he's talking about like don't spend it at 90 when you can't really enjoy it as much as you can enjoy it today and so really finding that right balance where can you save yourself time can you pay for convenience can you enjoy the experience now whereas when you're 65 retired finally being able to tap into your 401k you really physically can't do stuff like my back is hurting I'm 42 you know like I have to go to physical therapy and all and it's like oh man this is what they talk about and when you're when you are younger you don't give a about it when you are older you're like oh I should have spent it then so thinking about our my priorities in my personal spending getting out of the tax stuff it's easy for me to gift give I think that was my dad's love language and uh I love like spoiling my wife I'm excited to get my daughter the nicest things possible I'm happy to treat my brother to things take my I took my parents on a nice vacation last year I think I'm still value conscious right I'm still like oh that those glasses are 10 bucks or let me try to find a coupon just more now I'm more aware of how much time I'm spending looking for that discount like heck think about it I got most of my money from a deal website check it out abs.
