New Book Alters One’s
Approach To Finances
“If you are looking to retire younger or
seek a fresh approach to achieving financial freedom, you will need to adapt a
new philosophy, change your attitude towards money, and make changes in how you
spend, save, and invest,” says entrepreneur Jack Bosch “There are no
shortcuts to wealth and secrets to achieving overnight success, but there is a
better, proven, and realistic way to gain financial independence.”
It’s a financial philosophy and strategy
that millionaire US-Immigrant Bosch calls “Forever Cash.”
I have been working with Bosch to promote his new book, Forever
Cash, which serves as an
empowering introduction to the principles, methods, and tactics he has employed
to optimize his wealth-building. It shows how ordinary individuals can grow
their assets even while still at a 9 to 5 job.
Bosch, who made his money in real estate and online marketing but mainly by utilizing the methods shared in his book, understands
that many people struggle just to pay their bills. But he also knows that one
can transition out of their current financial situation, first by changing
their mindset and then their actions.
“Too many people have been given bad advice
over the years,” asserts Bosch. “The financial services industry gives
out harmful recommendations and often guides people to invest in things it can
make big fees and commissions off of, but the investments are not always the
best ones for the investors.”
He doesn’t necessarily believe in cutting
back on expenses severely or to start cutting up the credit cards but he does
emphasize how one must choose whether an expense will lead to his ability to
make money.
“We are on a hamster wheel of earn and
spend to keep up with this cycle that doesn’t allow for growth,” says
Bosch. “Regardless of how much you earn, if you spend all of it, you are
no better off than you were if you never had made that money. In the long run,
building up investments that produce streams of income such as rental homes or
intellectual properties, will allow people to live off of the income from these
investments and not off of their savings - which can disappear in a market
crash.”
Bosch knows one can’t pursue get-rich quick
schemes or operate under a fantasy, but he also believes many people can find
ways to scrape up funds for safe money-producing investments, that will allow
them to live a more comfortable lifestyle.
For more information consult www.forevercash.com.
For more information consult www.forevercash.com.
Here is a Q and A with Bosch:
1.
What is your new
book about? My
book is about how to break the cycle of 9-5, how to build wealth outside your
job that will eventually, within just a few years, set you free to quit your
job and retire young and in comfort. The
issue in this world is that most people just earn to spend. When they get a
raise they use it to buy a bigger house, a bigger car and get deeper in debt.
And soon enough they feel trapped, can’t afford to quit and do something else
and feel forced to just keep going. They are trapped in the vicious cycle of
earn to spend, just as if they are in a hamster wheel. I call that Hamster
wheel also the “Hamster Wheel of Financial Hell” because it never stops and it
just gets larger and larger over time.
This book is about a way to break that cycle, get out of the hamster
wheel without cutting your credit cards, without depriving yourself of what you
like to do! Instead it goes into detail
on how to break this cycle by really understanding what money is meant to do,
the way the generationally wealthy have understood. It is possible to get there just like my wife
and I did and it is possible to do that in a matter of a few years. But it does
require some dedication and most importantly a different way of looking at what
money is and how it works.
2.
How are you best
qualified to write this type of book? Because I have lived it. I came to this
country with nothing but a decent education and two suitcases. And after a few
years I had a house, I was married, I had a bunch of debt, and I was running
faster and faster to keep my head above water, and to be able to live with some
comfort. I could not quit my job because
I was in the process of getting my permanent residence in the US, so I was
forced to find a way to get out of my high-stress job by making money outside
of my job. Then, after I found something, which in my case was first real estate
and then online marketing, I was able to quit my job and dedicate myself to it
full time. I was operating from home for two years before we hired out first
employee. So we started this on a low budget, using $3500 and that was it. But once I figured this game out, and over
the course of a few years implemented the exact process I am talking about in
my book, things changed and I became financially independent. It didn’t happen
overnight but it happened within just a few years because I was diligent in my
application of the process.
3.
So it’s not a
get-rich-quick manifesto? No, it’s not! Some people WILL do this in a couple
of years – and some will take 10 years or more.
The speed in which anyone applying this way of thinking about money and
the actual wealth creation processes I explain is the main factor deciding how
fast one will proceed. In my case, it took me 10 months after I had figured out
my method to make extra money and Forever Cash to be able to quit my job and 18
months to get to my first million, others might do it faster and others might
take three to four times as long. It all depends on how much you do and how
diligently you follow the steps.
4.
What do you mean
when you say we should “stop listening to bad advice?” If the financial
advice the financial industry is giving would work then we would all be rich.
But it doesn’t. It’s not designed to work for the masses. In terms of financial
advice, most people follow the financial investment industry tells them. But
the rich didn’t make their money in mutual funds and less by diversifying
around a lot of different mutual funds.
And most of the people who sell these investments are not rich either,
so they are pitching something that doesn’t even work for them. Plus the
problem with this is that the financial industry doesn’t really make money
based on the success of the people’s investment portfolios but on the amount of
fees they charge when people get into these investments. So the incentive of
many financial planners and of the big financial brokerages is not always to
sell you what’s best for YOU but what’s best for THEM in terms of what pays the
highest fees to them. So at the end the
only ones getting rich are the ones on the top of the financial organizations.
And
while there are many honest financial planners who assess the investor’s risk
tolerance and only recommend investments that fit the individual investor’s
profile, if they have a choice between three different options they most likely
will be tempted to push the one that pays them the highest fees. After all,
they also have to put food on their table. And that is the biggest problem. These
financial companies have a vested interest in people sticking with what is
known and what they have been selling for decades and actually have an interest
in keeping people out of any investment they don’t actively make a commission
on. Yet most of the investment vehicles
that make people rich are not found on the stock market. And worse most of the
financial instruments people do purchase to supposedly retire in style are not
designed to help them do that. They are more than anything designed to make the
financial investment advisor or bank happy and put fees in their pocket.
5.
Why do you say
“your job income has nothing to do with your financial success”? Because there is
more to life than just a job. Whoever said that your JOB has to be your only
source of income? Yet almost automatically people say stuff like: “If I want to
make more money I will have to switch careers” or
“With
the money I am being paid here I will always be destined to live in poverty”
People
equate their financial situation with the amount of money they make in their
jobs. So they chose careers based on how much money they can make and leave the
careers of their dreams that would juice them and give them a meaning in life
behind because they want to make money. Or if they don’t choose their career
based on money, they often find themselves in situations where they can barely
make a living doing what they love and resign to just being poor. Neither of these scenarios has to be the
case. Anyone can learn a few ways to make extra money outside of their 9-5 jobs
and then take that money to either have a better lifestyle, or which I much
prefer to do (use that money to invest in assets that make more money), and
ultimately create a scenario where you never have to work again or if you work
you work for the love of it and not for the money.
6.
Why don’t you
tell people to cut up their credit cards if debt is an issue? Because
drastically reducing your spending, cutting up your credit cards or, not
enjoying a Starbucks at least every once in a while, is not the way either. If you restrict yourself too much and cut out
all the things you enjoy from your budget, the process of getting to wealth
will not be enjoyable at all and for most people, not sustainable. Depriving
yourself from all spending saps the joy out of the day-to-day life and as a
result most people will give up and go back to their old spending habits. So cutting up the credit cards is not the
option. Instead, sensibly cutting back the expenses that don’t make a
difference in someone’s life is the way to go. Perhaps change from one cellphone
provider to another one and saving $100/month for the family. Nobody can see if
your phone is with AT&T or with SPRINT or … if it is an iphone. They all
look the same.
7.
What thought
patterns are destructive and hold us back from living the financial lifestyle
we desire? Well, the first one is that we “live in the
moment” meaning we don’t think about what spending money now on something means
for the future. Many people actually get
the urge to go spend the money if they do manage to get a bunch of money. It is
almost as if that money is burning a hole in their pocket. However, the truth
is that if we would realize that a new BMW today means the difference between
having ¼ million dollars or even ½ a million in the bank 30 years in the future
or having a piece of metal in the garage, most people would think twice about
buying that item now. Not that you
shouldn’t buy items like that. I have a nice BMW, but the difference is that
people who have destructive financial patterns use their active income to buy
these items while the rich use the interest from their income-generating assets
to buy those toys. Another thought
pattern is, believing in the “conventional wisdom”. Conventional wisdom is
almost always designed to bring you just that, “conventional results,” meaning
results that the masses have achieved. So look around and see if you want to
continue listening to conventional wisdom, because if you want to accomplish
something unconventional I would suggest you challenge that.
8.
Do the rich
think or act differently from the rest of us or are they just lucky, crooked,
or born into the right circumstances? Of course there are rich people who become
wealthy through crooked means. There are also the heirs. But the vast majority
of rich people, and even billionaires, are self-made in one lifetime. As far as
I have heard, even more than two-thirds of all current billionaires are
self-made within their lifetime. And I
think the rich absolutely think different. The truly “self-made” rich, and
particularly those who have used their self-made wealth to create generational
wealth, meaning wealth that lasts really forever, assuming their heirs don’t
mess it up, almost live in a separate, parallel financial universe.
·
They
spend money on things that make them wealthier first (investments).
·
They
spend money on things they absolutely need second.
·
They
spend money on toys last and ideally that money comes from their investments,
so that when the toys are worthless the investment still spits out money
forever.
·
They
think long term and never spending money on a toy if that would mean having to
sell something income-generating in order to buy that item.
And
while luck helps, luck often comes when one is prepared to see opportunities.
It’s of no use to have the best opportunity in front of you can’t see that it
is one, and you don’t know what to do with it. So education and preparation is
the key and the rich understand that and are on a quest to constantly improve
and constantly learn more.
9.
How do we break the
“make money to spend money” cycle? First of all, you have to understand in
your core that each time you spend money on something that doesn’t either
eliminate debt bring you more money, or at least prepare you to make more money
– like education - you basically are wasting that dollar. If you understand
that if you spend your money on something that loses its value over time you
are effectively burning that money. Also if you understand that all the truly
generationally wealthy people did was take some of the money they made and
instead of spending it they invested it into assets that from now on and
forever spit out more money, and they did that again and again, you will
realize that you can have what you want if you do the same. All you have to do
is instead of buying something that becomes worthless, wait a little bit and
instead use your money to invest in something that throws off enough cash each
month. and then you can use what your investment throws off and buy that
worthless item in the first place. It also means that each time you want a new
toy, a new car, a new vacation; you just use the cash your investment throws
off and pay for it. But then, when the car is used up, or when the vacation is
taken you still have the investment throwing off more and more cash forever.
10.
What are some
options available to those who want to create extra cash or seed money for
their venture?
I think most people should not quit their jobs today and jump into the unknown
of starting their own full-blown retail business. Most people don’t know enough
about what it takes to be commercially successful from the get-go. So instead, I suggest you learn how to make
money the cheap way, from home, in your spare time, and preferably using
methods you can do without a whole lot of money on the line. For example, if you learn how to make money
outside of your job and you learn about Internet marketing and how to sell
stuff online, one way is to write or have written, a set of special reports on
subjects people look for, and publish them on the Amazon’s Kindle store. These
will then sell for several years and provide you with anywhere between a few
hundred and many thousands of dollars of income per month, depending on how
many you write and how well they sell.
Or you can do what I do, which is flip real estate. I specialize on low-dollar
land, preferably in the outskirts of big cities and in rural areas, which you
can buy for 5-25% of market value (no kidding) and sell for two to five times
its value in a matter of a few days or weeks. While this doesn’t immediately
bring cash flow, it helps you build extra cash and then you can turn that into
monthly Cash that comes in forever by buying rental property.
11.
You encourage
people to plan an exit strategy from their job. Why? Because if you
would give most people 10 million dollars today the first thing they would do
is quit their jobs. People don’t like
where they work, in most cases it doesn’t give them meaning, and many have
either mean co-workers or mean bosses.
Of course there are also many who love what they do and for those I
recommend to implement my program but then keep their jobs. They should be able
to do their jobs with even more passion because they now don’t do it for the
money but because they love it and they don’t rely on the money to make ends
meet at the end of the month. But most
people would love to quit their jobs and do something different or just do
nothing. As a matter of fact if you check on Google trends it is one of the
higher trending search terms out there.
Many people feel trapped in their job, would much rather retire young
and travel the world than to be stuck in an office with people they might or
might not like, and who they most likely do not spend a lot of time with
outside of work. I am addressing that need because it was one of my desires.
And for example, last year I travelled for 3 months of the year with my family.
12.
Why do you
refuse to believe that people can be successful if they work for a corporation
for 40 years, five days a week, with two weeks vacation annually? It’s not even a discussion. Some 75
percent of Americans who are nearing retirement age had less than $30,000 in
their retirement accounts in 2010. And it hasn’t gone up since. And they are following THAT plan. They basically rely on Social Security, but we
all know the Social Security system is going broke and benefits will (they
must) be reduced a lot in the near future. The problem is that traditional retirement is
based on the concept of the “Money Mountain,” where the goal is to build a
mountain of money so large that you can’t or won’t outspend it in
retirement. And that concept is flawed. The Money Mountain doesn’t work because all it
takes is one market crash and that mountain is barely a hill. Just ask the
people who wanted to retire in 2001 or in 2007. Many went right back to work
once they saw that their Money Mountain was eroded. If they instead had opted for building
Forever Cash then they would have been able to retire nicely and without having
to worry much about what the market does or without having to rely on Social
Security.
13.
What are ways to
make what you call “forever cash”? There are many different ways you can
create forever cash. The process I like
and use and have created is called the Wealth Wheel Process. And while the wealth wheel process is a
simple process to make money, I use it to fuel investments and then have those
investments help fuel more investments. It doesn’t matter what method you use
to make more income or what kind of forever cash you create. You can use the
stock market to create Forever Cash, by investing in “Dividend Stock” or REITs
(Real Estate Investment Trusts) or you can use real estate by investing in multi-family
developments or by having single family rental houses, or you can use Internet
marketing and create membership-based online websites, where people pay per
month to be members. And while some of these members will drop off over time,
if you have a simple mechanism to bring in new customers, you can have cash
come in for years and years.
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Brian Feinblum’s
views, opinions, and ideas expressed in this blog are his alone and not that of
his employer, the nation’s largest book promoter. You can follow him on Twitter
@theprexpert and email him at brianfeinblum@gmail.com. He feels more important when discussed in the third-person. This
is copyrighted by BookMarketingBuzzBlog © 2013
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