Retiring with $240k Annual Passive Income with John Soforic, The Wealthy Gardener
What does it take to gain wealth and financial independence? Today, with our guest, John Soforic, we will be talking about what it takes to build a multi-hundred thousand dollar passive income.
John is the author of The Wealthy Gardener: Life Lessons on Prosperity Between Father and Son. It was a self-published work, was bought by Penguin and has been translated into 6 foreign languages. He retired at the age of 49 and is living on a pretty substantial passive income.
[00:01 – 05:18] Opening Segment
- I talk briefly about great values that await you in this episode
- I introduce the guest, John Soforic
- John talks about his background
- He was the first person in their family to go to college
- Graduated from a Chiropractic College at the age of 24 with a 200k dollar student debt
- At 30 years old he set a goal to build and retire with a passive income of $240k
- John talks about his self-published work
[05:19 – 10:23] Setting his goal
- The need for financial freedom
- John talks about developing a culture of working hard for his family
[10:24 – 21:29] The lessons to be learned
- John talks about his book
- The difference between expectation and belief
- A talk about Individuality
- John talks about the changes he made to achieve his goal
- Increasing his level of income but maintaining his level of expenses
- He primarily worked as a Chiropractor
- Went into the real estate business
- Went into The Flipping business
- Managing risks and finding the right balance between Caution and Courage
[21:30 – 31:33] Life Lessons Between Father and Son
- His son’s reception of his lessons and work ethic
- John shares his time working with his son to complete his book
- The desire to share the lessons he learned with future generations
- John talks about his inspiration for the title of his book
[31:34 – 41:23] Closing Segment
- Quick break for our sponsors
- What is the best investment you've ever made other than your education?
- The book Think and Grow Rich by Napoleon Hill
- What is the worst investment you ever made?
- Buying a bass boat
- What is the most important lesson that you've learned in business and investing?
- Valuing time and spending his leisure time differently than other people
- Connect with John. See the links below.
Tweetable Quotes:
"Having enough is not nearly enough, you need more than enough. Because more than enough allows you to withstand the setbacks of life.” - John Soforic
“If you have a money problem, you need to change something in your life.” - John Soforic
“People think that you have to get wealthy to give back to society. They don’t understand that you have to give to society in order to get wealthy.” - John Soforic
Resources Mentioned:
- Penguin - publishing
Send John an email at [email protected] or visit his website at https://wealthygardener.com/
LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.
