Reporting John Ostapkovich
By John Ostapkovich
PHILADELPHIA (CBS) — The road to financial security is one a bewildering number of people don’t take, according to a self-made millionaire.
Jack Bosch says he arrived in this country penniless, but when he analyzed how the generationally wealthy people of his native Germany never seemed to work he discovered something he calls Forever Cash. Bosch says too many people are on an earn-and-spend treadmill, maybe putting some money in a 401(k) but not gaining much in the process.
“The secret to wealth is to take the one-time cash that you make, perhaps find a way to make a little more one-time cash, and turn that into forever cash,” Bosch says. “That’s the secret, and if you just do that for a few years, virtually anyone can be in a position to have more forever cash come in than they make in their job.”
Forever cash could come from owning rental real estate or operating an online business, things that generate reliable extra money regardless of whether you’re having a good or bad week at the office.
Bosch’s guide-book is called Forever Cash.