Introduction:
Dr. John Soforic (SO-4-IC) was a once chiropractor with 200k in student debt. He retired at 49 with a retirement income of $240,000. He then wrote a book for his son in college: The Wealthy Gardener: Lessons on Prosperity between Father and Son. The book became an Amazon bestseller, hit #46 worldwide on audible, and has been translated into 6 languages.
Q&A for the Podcast
Q: Why did you write a book for your son on wealth?
A: I wasn’t satisfied with personal finance books. I wanted a book of timeless but practical advice wrapped around a good story so that my son would be able to experience the way to wealth.
Q: Who is The Wealthy Gardener. And what’s the book about?
A: He’s an old man nearing the end of his life … he started out with a small vegetable garden and grew that plot into a large farm, vineyard, and winery. The garden is a classic metaphor about a person’s time on Earth … and wealth in this story is about money. It’s about having more than enough money. The Wealthy Gardener believes in wealth, and he gained his prosperity by putting the hours of his days to best use. The theme is that if you have a money problem, there’s a lessons to learn or a problem to solve. There’s something to change in the garden.
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Q: Tell us about your background. Who are you?
A: Blue-collar, middle class family outside of Pittsburgh. My one grandfather was a farmer. The other grandfather was a coal miner who died penniless. My parents started out in half a trailer, not a full trailer. I was the first person in my family to go to college. I graduated as a chiropractor with $200,000 in student debt. At 30 I was a wage slave. And then I set a goal for a retirement income of 240,000. I retired at age 49, paid for my kid’s college, and have been married to my wife Patti for 30 years.
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Q: So you were broke at age 30, and set a goal of $240,000 in retirement income- why that number?
A: I needed financial freedom, but I wanted financial POWER. A retirement income of $120,000 buys your all the freedom you’ll ever need in my area (and then some). But I wanted financial power, and so I doubled it.
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Q: What did your life look like in your 30s and 40s after this big goal?
A: I kept my day job but changed my leisure. My strategy was to buy assets that earn money while I slept. But I was broke. And so I chose a strategy with a 3-pronged attack for more income: (1) chiropractor as a day job; (2) rentals as a part-time job; (3) flipping business as a 3rd job. I lived frugally. And I repeated this strategy until I had a RIVER of $240,000 annually.
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How did you balance buying rentals, flipping, and working full time… with raising a family?
A: Very carefully. I was very careful to communicate authentically with my wife and kids. My children gained a valuable education by watching me earn my own freedom through sacrifice and determination.
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Q: What are a few lessons in the book?
#1 Wealth as a Goal. It’s okay to aim for wealth as a primary goal.
#2. Expectations. We get in life not what we want, but what we will tolerate. If we want wealth but will tolerate struggle, we will get the latter.
#3. Individuality. I can do some things better than you. And you can do some things better than me. We must find these things. And then develop them into marketable skills. Our individuality is our advantage.
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Q: Why do you say it’s impossible for average people to achieve wealth?
A: The average savings of Americans at age 65 = $172,000. That’s what average actions add up to in a statistical measure. And so wealth is not possible unless we act differently. General formula for wealth = retirement income x 25. Using this formula, a $100,000 retirement income requires 2.5 million saved. It’s out of reach for most people as an employee. We must transition from consumers to owners, and my life is proof of it.
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Q: You speak in your book of accepting sacrifices to gain wealth- what is really required to gain wealth?
A: It is more subtle than people think. Execution comes from intention. It’s just actions and choices that are aligned over time. Parable of the sculptor. In it we see that the 40-hour work week is not a sacrifice. Freedom is earned in our free hours. Story of real-life examples of 5-year sacrifice.
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Q: Why do you claim that following passion can be dangerous?
A: Passion can lead to self-absorption It’s best to know that our income is about (1) the need for what we do; (2) how well we do what we do; (3) how difficult it would be to replace us; and (4) the number of people we serve.
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Q: Why did your beliefs about money (wealth) need to change, and how did you change them?
A: I had to overcome disempowering beliefs like: a rich man can’t get into heaven, and the love of money is the root of all evil, money will never make you happy; there are more important things in life than money; do you want to be the richest man in the cemetery; you got to work less, live more..
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Q: What does wealth mean to you?
A: Time freedom. Uncompressed time in days. A river of cash flow, not a pile of cash. It’s all I ever wanted in my life.
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Q: Why did you name the book the wealthy gardener?
A: The garden has always been a metaphor for a person’s time. Gardeners are crazy creatures who spend all their time imagining and dreaming, and then learning, and then digging around in the dirt covered by sweat. They’re not afraid of work, but they’re also aware of a Silent Power that works behind the scenes to make the plants grow. Wealth is about value.
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Q: How did you get your 20-year-old son to care about your life lessons.
A: I tricked him. I told him I was thinking of writing a book, and I needed an editor to help me. He helped me more than I could have ever imagined. For three years we debated topics, and I dedicated the book to him.
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Q: What’s next for you?
A: I’m back in my cave, far off the grid, deep into the writing of a sequel book, The Wealth Essentials: 12 Steps to Be Free in Five Years.
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Q: Why do you say time is the great equalizer that can empower average people?
A: In my graduating class, nobody would have (or should have) predicted I’d retire with a far better outcome than all the rest. But it ended up that way, namely because I engaged my time for impact (intention, focus and intensity). It’s all about doing the right things, doing enough of them, making wise choices, and then letting the power of time work for you.
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Want a quick overview? Click START HERE video!
Check out the father and son story behind The Wealthy Gardener book
Check out an overview (video) about the lessons in the book.
CONTACT ME TO SET UP A PODCAST INTERVIEW.
JOHN@WEALTHYGARDENER.COM
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