– English Lyrics

Lyrics & Translation

[English]

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 Mr

government 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.com I love saving money

I I love being value driven uh it

doesn't mean I want to just go waste it

what areas am I willing to splurge I

probably Splurge more on hiring people

right cuz I think I run a company we

have 100 people there and so I'm kind of

used to hiring and and having people

help me so like an EA Two Chiefs of

Staff I'm trying to get a PA you know

just having more assistance I I'm

willing to spend because it saves me

time and and peace of mind I I think

food I'm not really splurging but I

don't really look at the menus as much

technology like I just buy the latest

laptop I don't even think I literally if

there's a new Macbook Air it's instab

maxed out it's like $3,000 and I know

that could be a lot for you but that's

literally the cheapest investment in

something that can generate Millions if

not billions I do fly mostly first class

but I use points so I I feel like when

people Flex fly first class like using

points yeah spend this $8,000 on a

ticket and you'll you'll say think

differently cuz it is it is a lot of

cash to fly first class I splurge

sporadically on Rolexes to commemorate

moments like when my buddy sold his

company when my buddy got his house when

I got my wife you know it's just moments

to kind of recognize that that makes me

feel special when I got my pilot's

license when I came back to CEO of

appsumo and you know you'll see them in

some of the videos and it's just a nice

like you know wrist tattoo there's also

things I just don't care about like I

don't have a Ferrari I could buy

Ferraris I could buy some of that stuff

I haven't really cared I think one of

the things about wealth is shame and

feeling like we have to show off which

most people who are showing it don't

have it or we need to show it to others

versus showing it to ourselves I'm

trying to think of when I finally got

like a Million Dollar Payday at the end

of the year it's definitely

underwhelming from an external success

blah blah blah it's super cool but it

just goes to the bank it's like I worked

my ass off I'm really proud of my stuff

and then like the numbers transferred to

here and I'm like that's okay so I don't

think that that's as magical as I think

people imagine I think the magical part

is finding the work that you love to do

and it turns out maybe you can get paid

to do that and I think a lot of people

don't realize that you know no amount of

money is going to make you feel good

about yourself I really wish it would

I'll tell you making a lot of money

definitely makes it easier to like

yourself more but it just doesn't you

know you're not going to feel worthy

until you feel worthy about yourself and

think about the things you do that make

you feel worthy maybe it's going for a

walk maybe it's reading maybe it's being

a good person maybe it's falling through

and making something you said you would

do maybe it's being on time uh those are

things that make me feel worthy maybe

that's a lot of what the money is about

is just feeling proud of you are and

that is the scorecard externally but

finding your internal scorecard of this

money I think everyone has a money

relationship which is really fascinating

it's not that one is better or worse and

and evolves over time evolves how much

you have it evolves what's important to

you uh evolves how where you came from I

think it's sad sometimes how much we

make money this all everything and maybe

yes I have it a little bit of it or I

have a lot I don't know it's all

relative but it just seems sad to like

separate relationships or separate

friendships or separate how you want to

be living your life and I would say the

wisest thing is find the life you want

to live and find money to be able to

support that make that your living I

think when I look around my house or I

look around my life you know detached

from the success externally detached

from having to achieve I feel really

grateful I know that I was playing

pinball earlier today but I was always

earning and making money but I never

enjoyed it I was just like you know and

I think a lot of these videos are like

how I got rich in 40 days how I have

this giant mansion ass thing but it's

like how do people enjoy it normally

like a normal real human I wish everyone

gets out there and is living the life

they want making the amount they want

seeing how money supports you not you

just working for the money the money

needs to work for you I think being

entrepreneur has been an awesome part of

making money because I think you look at

money a lot as return on investment like

when you're entrepreneur you're like how

much does it cost what does it make me

and that is sometimes harder when you're

in your personal life cuz you're like

okay what's this vegetable and how much

is it going to benefit my health really

stick with it you know like if you look

at the appsumo journey I made almost Z

for myself first year I think it's 50 to

70 the second year then it was like 100

for the next 3 to 4ish years and then

only finally in like the last you know

half of appsumo the past like six seven

years have I been making like 1 million

2 million 3 million and so it's it's

sticking with it I feel comfortable

experimenting sharing my income and if

negative things and security risk

increase then I will definitely pull

back from doing something like this the

the benefit to me is that I think it's

inspiring that people there's going to

be one person out there watching

thinking hey I can do it too maybe it's

going to be in software like Noah did

with appsumo maybe it's going to be in

car washes maybe it's going to be a food

delivery business but huh that seems

like a pretty cool life and like there's

and it is you know buying whatever

pinball machines you want or being able

to eat wherever you want or travel

whenever you want and and having those

options is is priceless and so being

able to share how I was able to get here

be able to share what it looks like it's

been amazing to get to to the point I'm

at and I I hope for you there's going to

be one of you out there that that'll

choose to take action today uh to be

able to get there and maybe beyond all

right y'all love you smooches

[Music]

Key Vocabulary

Vocabulary	Meanings
money /ˈmʌni/ A1	noun - a medium of exchange, often in the form of coins or banknotes
tax /tæks/ B1	noun - a sum of money demanded by a government for its support or for specific facilities or services
income /ˈɪnkʌm/ B1	noun - money received, especially on a regular basis, for work or through investments
business /ˈbɪznɪs/ A2	noun - a person's regular occupation, profession, or trade
revenue /ˈrɛvənjuː/ B2	noun - income, especially when of a company or government
expense /ɪkˈspɛns/ B1	noun - the cost required for something; the money spent on something
investment /ɪnˈvɛstmənt/ B2	noun - the action or process of investing money for profit or material result
journey /ˈdʒɜːni/ A2	noun - an act of traveling from one place to another
earn /əːn/ A2	verb - obtain (money) in return for labor or services
spend /spɛnd/ A1	verb - pay out (money) in buying or hiring goods or services
build /bɪld/ A1	verb - construct (something) by putting parts or material together
make /meɪk/ A1	verb - form (something) by putting parts together or combining substances; construct; create
feel /fiːl/ A1	verb - be aware of (a person or object) through touching or being touched
wealth /wɛlθ/ B2	noun - an abundance of valuable possessions or money
entrepreneur /ˌɑntrəprəˈnɜr/ B2	noun - a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
return /rɪˈtɜrn/ A2	noun - a sum of money that is given back as profit from an investment
distribution /ˌdɪstrɪˈbjuːʃən/ B2	noun - the action of sharing something out among a number of recipients
salary /ˈsæləri/ B1	noun - a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum
fail /feɪl/ A2	verb - be unsuccessful in achieving one's goal