Planting Your Financial Garden|John Soforic - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2020-07-14T21:13:01
Today's episode features John Soforic, author of The Wealthy Gardener.
John gives his passionate story of how he went from $200k in debt to over $200k in passive income.The lessons he learned led to a book he wrote for his son titled The Wealthy Gardner.
The story starts with a stroll through the graveyard but certainly has a happy ending.Listen, learn, and let us know what you think about this awesome episode.
Episode SummaryJohn's Background
John takes a walk when he was 30He just goes walking in his town
Then he walks into a graveyard and sat there for a half-dayJohn was just contemplating life
He had two kids, long hours, and $200k in student debtThen he read a book called"How to Think and Grow Rich"Then he set a goal to have $240k in passive income before the age of 50
Fast forward and John retired at age 49He would then go on to write The Wealthy Gardner as a way to communicate the lessons he learned to his son
Building His Passive IncomeStep one was leveraging all 112 waking hours and not just 40
He was working 40 hours in his clinic and 30 hours outsideThen he started educating himself on real estate
John also hired teams to help himThat allowed him to have 500 hours of work a week to his goals
This included buying 8 duplexes at onceIt was an incredible deal where he got them at half price
He was able to do this because he offered to buy them allThe sellers were part of an estate and looking for quick cash
The Wealthy Gardener BookJohn wrote the book in hopes that his 19 yr old son would be influenced by it
He convinced him to be his editor to make some moneyDuring the process, John asked him to argue points with him
Today his son is 25 and saving over 50% of his income so it seems to have workedHe also fought to keep spirituality into the book to keep it true to him
John originally self-published and book that has now been translated into three languages
Key Takeaways
Leverage: John created so much leverage through teams and real estate which allowed him to unlock his earning potentialStay True to You: I loved how John is open about his beliefs and how he didn't let the prospect of money change them
Call to ActionInvestigate passive income streams. Don't get stuck thinking only on huge goals -- just start small and start soon.
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Website: WealthyGardener.com
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