Episode
John Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
1:18:37
Published: Tue Mar 01 2022
Description
Sam Parr (@theSamParr) and Shaan Puri (@ShaanVP) bring John Lee Dumas onto the show to talk about why he moved to Puerto Rico, how he makes his money, why he went on a 10-day fast, and more. ----- * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel. * Want more insights like MFM? Check out Shaan's newsletter. ----- Show Notes: (2:20) - Interview with JLD begins (06:05) - Why JLD reveals his revenue (10:30) - Why he moved to Puerto Rico (19:30) - How JLD invests his money (39:15) - How he makes so much money on podcast sponsorships (47:15) - Businesses that JLD is jealous of (50:30) - Going on a ten day fast (57:30) - Sam and Shaan recap the interview and talk about fasting, a progress report on Milk Road, and more ----- Links: * https://www.eofire.com/ ----- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. ----- Additional episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • #218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
Chapters
Learn how HubSpot CRM is a one-stop shop with all the tools needed to grow your business, automate tedious tasks, keep track of contact info and deals, and make sure that your team has access to all the same data so you can better serve customers and reach your goal.
00:00 - 00:48 (00:48)
Summary
Learn how HubSpot CRM is a one-stop shop with all the tools needed to grow your business, automate tedious tasks, keep track of contact info and deals, and make sure that your team has access to all the same data so you can better serve customers and reach your goal. Also, get to know John Lee Dumas, the host of a popular podcast.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker leveraged podcast interviews to learn from successful entrepreneurs like Ben Lee, resulting in increased revenue and valuable insights.
00:48 - 05:32 (04:44)
Summary
The speaker leveraged podcast interviews to learn from successful entrepreneurs like Ben Lee, resulting in increased revenue and valuable insights.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker discusses how he found motivation to succeed in his online business by examining the strategies and success of established entrepreneurs, such as Pat Flynn and John Lee Dumas.
05:33 - 12:23 (06:50)
Summary
The speaker discusses how he found motivation to succeed in his online business by examining the strategies and success of established entrepreneurs, such as Pat Flynn and John Lee Dumas.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker discusses how paying taxes as a millionaire was a challenging task, as they had to write large checks every couple of months, and the stock market was not much of a cushion.
12:23 - 18:35 (06:12)
Summary
The speaker discusses how paying taxes as a millionaire was a challenging task, as they had to write large checks every couple of months, and the stock market was not much of a cushion. However, they also believe that moving somewhere just for tax reasons is ridiculous if you can afford to live where you want to live.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker talks about their luxurious lifestyle that includes traveling around Europe and having a full time handyman.
18:35 - 21:13 (02:38)
Summary
The speaker talks about their luxurious lifestyle that includes traveling around Europe and having a full time handyman. However, they emphasize the importance of living close to their family and not wanting to move away to a different state.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker avoids physical investments and has invested in cryptocurrencies and NFTs, specifically blue chips such as Board Ape, World of Women's, and Cool Cats, as well as some riskier options.
21:13 - 25:41 (04:27)
Summary
The speaker avoids physical investments and has invested in cryptocurrencies and NFTs, specifically blue chips such as Board Ape, World of Women's, and Cool Cats, as well as some riskier options. They also mention attending mastermind events with industry leaders such as Dan Fleischman and Josh Benzoni.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
Coinbase CEO Brian Armstrong revealed in a tweet storm that the company bought a Superbowl ad spot for "X millions of dollars", without knowing what they would do with it.
25:41 - 29:34 (03:52)
Summary
Coinbase CEO Brian Armstrong revealed in a tweet storm that the company bought a Superbowl ad spot for "X millions of dollars", without knowing what they would do with it.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
During a podcast, the CEO of a marketing firm proves Brian wrong by highlighting where in the plan they pitched the idea that he claimed "no agency" could have ever come up with.
29:34 - 32:47 (03:12)
Summary
During a podcast, the CEO of a marketing firm proves Brian wrong by highlighting where in the plan they pitched the idea that he claimed "no agency" could have ever come up with.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The founders of Blab aimed to build the next Twitter but failed to meet their goal due to the company's numerous software issues and the founders' diversion from the initial concept, leading to a decrease in user engagement and ultimately, the platform's shutdown.
32:47 - 41:03 (08:16)
Summary
The founders of Blab aimed to build the next Twitter but failed to meet their goal due to the company's numerous software issues and the founders' diversion from the initial concept, leading to a decrease in user engagement and ultimately, the platform's shutdown.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker discusses the potential revenue from podcast sponsorship, highlighting the importance of consistent content creation and the value of having a diverse range of sponsors.
41:03 - 45:52 (04:48)
Summary
The speaker discusses the potential revenue from podcast sponsorship, highlighting the importance of consistent content creation and the value of having a diverse range of sponsors.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker discusses the benefits of paying $1,100 per year for 24/7 access to a doctor who can provide prescriptions and medical attention, as well as connections and translations for international patients in Puerto Rico.
45:52 - 51:40 (05:48)
Summary
The speaker discusses the benefits of paying $1,100 per year for 24/7 access to a doctor who can provide prescriptions and medical attention, as well as connections and translations for international patients in Puerto Rico.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker shares their experience of going through a 10-day fast, which included feeling a sense of clarity after a few rough days, no hunger, and fluctuating energy levels.
51:41 - 56:10 (04:28)
Summary
The speaker shares their experience of going through a 10-day fast, which included feeling a sense of clarity after a few rough days, no hunger, and fluctuating energy levels.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The quality of life can drastically improve with properties such as compounds that offer amenities like a live-in chef, maid, and driver for less money than a San Francisco apartment.
56:10 - 1:00:26 (04:15)
Summary
The quality of life can drastically improve with properties such as compounds that offer amenities like a live-in chef, maid, and driver for less money than a San Francisco apartment. Sharing this property with close friends and family can lead to even more happiness than saving on taxes.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker discusses how changing your physical and mental environment can alter your frame of mind and lead to more intense experiences, such as meditation or fitness, rather than low intensity ones.
1:00:26 - 1:04:52 (04:25)
Summary
The speaker discusses how changing your physical and mental environment can alter your frame of mind and lead to more intense experiences, such as meditation or fitness, rather than low intensity ones.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The hosts discuss the challenges they have faced in maintaining consistency in their podcast due to unexpected events like fires and shootings.
1:04:52 - 1:09:54 (05:02)
Summary
The hosts discuss the challenges they have faced in maintaining consistency in their podcast due to unexpected events like fires and shootings. They also mention their editing process and the lack of redundancy in their team.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The likelihood of a media company becoming as lucrative as other companies like Salesforce or HubSpot is relatively low but not entirely impossible, as seen in the example of Fox.
1:09:54 - 1:15:51 (05:56)
Summary
The likelihood of a media company becoming as lucrative as other companies like Salesforce or HubSpot is relatively low but not entirely impossible, as seen in the example of Fox. However, investing in media companies at an early stage may have the potential for high returns.
EpisodeJohn Lee Dumas On How He Saved $1,000,000 In Taxes By Moving To Puerto Rico, How He Makes His Money, and More
PodcastMy First Million
The speaker discusses their experience of investing in random companies for their wedding expenses instead of the stock market.
1:15:51 - 1:17:36 (01:45)
Summary
The speaker discusses their experience of investing in random companies for their wedding expenses instead of the stock market.