Thoughts? Questions? Please post your comments below and I'll reply personally.
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-- Jack Bosch, Founder, Forever Cash
Be sure to hit the like button or shared this video with anyone whom you think might benefit.
See you in the next video!
-- Jack Bosch, Founder, Forever Cash
My present car is 20 years old. It has over 250,000 miles on it. I don’t have short term credit card expense, because I can’t get credit cards. However, I owe close to $500,000 in long term debt. I don’t have many bills I can cut. How do I use your system?
Hi there, this is Jack answering.
that is a situation I come across a lot.
I really cant’ answer this without having more information like income and what kind of debt it is.
But stay tuned and perhaps consider getting the “freedom Formula – quick Action Guide” (the link below the video should get you there)
to help you on that path.
Bottom line is, if your income is large enough to support that debt, then you need to see to increase that income a bit, pay down the debt aggresively (including refinancing for a lower payment). with the cash freed up from that lower payment and an increased income you can then invest in your first Forever Cash Asset which then pays for a new car. then you keep saving (short term) for the second Forever Cash asset, and then the third… and soon enough you have enough so that it pays the monthly payment for the $500K debt as well as your new car as well as your lifestyle… and then you won’t ever need CCs.
Excellent video Jack. This reminds me a lot of Kiyosaki – take your earnings and turn it into something that pays you forever instead of spending it. I was fortunate enough to read some of Kiyosaki’s books a few years ago and learn and implement the basics of what you’re describing.
The two things I know enough about to put forever cash into are dividend paying stocks and local rental real estate. Over the last few years I have done both of them and it’s paid off handsomely.
But in my estimation right now the stock market is not a great value and local rental real estate prices have also come up substantially from the lows and aren’t such a great value either. What do you do with the extra money that the wealth wheel generates in such an environment? Do you look at other types of forever cash investments?
Jason,
thanks for the kind words. yes Kiyosaki has been teaching Passive income for a long time, but he focuses a lot on business ownership and that is where I disagree.
I think most people are not ready to start a real business, let alone one where you have to have a store, employees…
I have a business degree and I wasn’t ready for it at all. as a business owner you have to do, accounting, marketing, planning, payroll, cash flow management, customer service, deliveries, inventory management…, and much more, and most people don’t have the first clue on how to even start going about that.
Instead I am a proponent of you making money at the side, outside of your job, in ways that you can still use the business laws (which a good CPA can help you with) and get massive Tax Advantages, but don’t have to deal with most of the stuff I mentioned above, and then using that money right away to invest in Cash Flow “Forever Cash” Assets. That combined with not increasing your lifestyle until it is done makes it easier, simpler, more doable and everyone can implement it. – jack
You are truly an inspiration. I am sure you family is very proud of you.
Congrats to you on the book. I look forward to receiving & reading it.
Keep up the great work!
Hi Jack, does your system provide Forever Cash instruments? Are they mostly real estate? Or are there other avenues? Will your system show us how to find and use them?
Thanks,
Jim
I earn $10,000/mo. $5000 from my work (self employed courier), $2500 from pension and $2500 from rents/house payments. Only problem is, I need $11,000/mo to pay everything. I want to convert $2000 of the pension into cash ($350,000?) which I want to use for $50,000 of revolving/installment debt consolidation, and the other $250,000 – $300,000 to acquire precious metals.
My problem is, how to find the person who will lend against that US Government pension money accepting a 5.6% yield.
Alternately, I could trade 30 years of annuity payments for up to a $350.000 free & clear property (and get the money I want against the property), or even trade the $350,000 worth of pension for a 10% down payment on a 3 – 5 million property that I can borrow against (if bought cheap) and increase the asset’s purchasing power – getting the requisite metal, and have a larger amount of ‘forever’ cash coming in.
Time is of the essence, since metals are at their bottom – but not for long.
I wonder if there is anything to come from being involved with your organization that might help hasten me along in my quest?
Greg with that you’ll probably need to find a private/angel type of lender. May even want to try stuff like business lending companies as they do it via private lenders themselves in their network…maybe someone will be open to an alternative proposal, or can lead you elsewhere. Those companies that “lend” right now on pensions are like payday lenders…the rates are crazy. But that yield to some private lenders would be appealing enough I’m sure.
Otherwise, find a way to increase your work pay possibly another 1500-2000, to which you’ll have something extra to work with or if there are any expenses to reduce/cut. Heck even $500 a month right now would buy a nice amount of silver. I see where you are going in wanting to stockpile like crazy, but many out there who are buying right now buy them in smaller quantities per transaction. Keeps things under the radar as any purchase over $10K (especially in cash) needs to be reported to the IRS for tax purposes…as far as I remember (not offering tax advice here remember), personal holdings don’t need to be reported in the end, holdings offshore do.
While it’s good to buy low on these, one doesn’t need to always buy at the bottom…just to avoid any serious hyper-inflationary run-up which I also get…good luck.
One of the things Jack mentions is your cell phone bill.
If you haven’t heard of a company called Solavei, I encourage you to look into it.
For me personally, it’s the cheapest plan I’ve found so far for its features. $49/month, unlimited talk/text/3G data.
There are a couple of caveats on this, mainly one being your data signal depending on where you live…even though this company is what’s called a MVNO (basically piggybacks on the T-Mobile network) and is newer, the data connections are not the exact same then if you were on T-Mobile (3G vs. 4G, slower in rural areas, etc.). But, if you just want a simple, inexpensive, no-frills cell phone plan and are a light data user, this is something to look at.
You do need to be invited in, so my link is below (actually for every 3 people you get to sign up, you get paid $20, so in theory you could make this plan free or get paid). Listen I’m not just soliciting for signups, I too am on this plan and have been for 3 months after watching it for a while out of its start-up. At minimum, this can work for a while, then you jump over to a T-Mobile or another plan that’s around the same price (they’re out there, you have to look). I’m now saving $70 a month compared to being on AT&T…yes I lose data speeds as I’m a heavy user on the road, but right now it is worth it.
http://my.solavei.com/MattF
I have worked my butt off and scrimped and saved and spent my entire life since 15 (I’m 37 now) “investing.” I have lost everything over and over in failed businesses, stolen hard assets, bad tenants, bad business partners, stock market and option losses, crashed markets, etc. I’m so tired of investing in ANYTHING. I wish I had spent every single penny of it all on traveling the world, caviar, exotic women, my friends & family, charities, and education. Instead I have nothing to show for it but losses and losses and debt and more debt. I like your system. It is truth. It is good advice. But there is another way. Walk away from your debt and screw the banks and credit cards just like they screw us. The difference is that they get bailed out and we never do. So who cares then. Walk away, save your cash while you settle with the cards for dimes-on-the-dollar, live in your house for free for a year or two by the time the bank finally forecloses, and then pay some agencies to clean up your credit after it’s all done. Pay for everything in cash in the meantime. They are all corrupt and I for one do not feel like waiting 5 years or whatever to aggressively pay down anything. I’ve already just about payed for the purchase price of my house once in the interest so far (7 years), paid for plenty of interest and fees in credit cards, paid the doctors, paid Wall Street, paid the banks, paid the IRS, paid them ALL. Everyone except ME. The secret is to make money and not give it to anyone except yourself and the things you really want. And if you want to have money streams coming in passively, then BE THE BANK.
Peny, I have gone through something similar and thought of doing exactly the same thing
@Mike: I just keep thinking: “I need to continually figure out how to step up my game 10 times bigger, so that the money I make from each deal is ten times bigger (for example, one real estate commission on a big commercial flip would equal 10 residential flips), so that my same debt is comparatively 10 times smaller. I could pay it all off in 5 weeks instead of 5 years then.” That keeps me going. But the house of cards is teetering…
@Jack Bosch: No comments on this?