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Bank on Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future
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| List Price: | $25.95 |
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Product Description
· Have a rock-solid financial plan and a predictable retirement income that can last as long as you do – with no luck, skill, or guesswork required
· Turn your back on the stomach-churning twists and turns of the stock and real estate markets
· Get back every penny you pay for your cars, vacations, home repairs, business equipment, a college education, and other major purchases, so you can enjoy more of life's luxuries today without robbing your nest-egg! (The average family could increase their lifetime wealth by $500,000 to $1,000,000 or more using this method, without the risk or volatility of stocks and real estate)
· Become your own source of financing and recapture the interest you pay to banks and finance companies – reduce or eliminate the control those institutions have over you
Can you imagine what it would be like to look forward to opening your account statements because they always have good news and never any ugly surprises?
More than 100,000 Americans of all ages, incomes, and backgrounds are already using Bank On Yourself to grow a nest-egg they can predict and count on, even when stocks, real estate, and other investments tumble. You'll meet some of them and hear their stories of how Bank On Yourself has helped them reach a wide variety of short-term and long-term personal and financial goals and dreams in this book.
Product Details
- Amazon Sales Rank: #16115 in Books
- Published on: 2009-03-24
- Original language: English
- Number of items: 1
- Binding: Hardcover
- 256 pages
Features
- ISBN13: 9781593154967
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
- Click here to view our Condition Guide and Shipping Prices
Editorial Reviews
Review
"If you’re looking for more of the same conventional financial advice, this isn’t the book for you. But if you’re prepared to take back control of your financial life once and for all, Bank On Yourself is a ground-breaking method that can put you on the fast track to reaching your goals and dreams."
Mark Victor Hansen, co-author, Chicken Soup for the Soul series
"This book reveals a unique, powerful and time-tested method that can guarantee your financial security and peace of mind now and in the years to come."
About the Author
As a consultant to financial advisors for two decades, Pamela Yellen investigated hundreds of saving, investing, and financial planning methods and vehicles before learning about Bank On Yourself. She ultimately became convinced that Americans have been brainwashed into believing they must accept risk, volatility, and unpredictability in order to grow a sizable nest-egg. It became Pamela's mission to share the message of Bank On Yourself. Read it today and discover how to have the financial peace of mind you seek and deserve.
www.BankOnYourself.com
Customer Reviews
Open your mind to the possibilities
Pamela Yellen's book creates a compelling case for accumulating substantial money that remains in your control, in a tax favored entity, you can access at will and re-use as you re-fill. I am a believer in permanent life insurance and have had other cash value policies for many years. When I learned of this, I transferred those values into my first and second Bank on Yourself policies. Why? Because it grows faster, it offers guarantees and dividends my other policies didn't.
I think Pamela's writing style is approachable and provides a pretty quick read. The stories of people from all walks of life and how they have used their BOY plans stimulated my imagination. It does seem this BOY idea would be well worth considering by many people. Open your mind, set aside your investment bias (I had to) and natural resistance to life insurance conversations and see what you think.
This Information Is Very Powerful Stuff
I ordered a copy of Pamela's book three weeks ago and had a hard time putting it down. Many of the problems she outlines in her book have been personally experienced by me over my adult life. I am now 58 years old.
About 7 years ago it became clear to me that the traditional way of handling my savings and investments was not working. The method that Pamela offers is one that I know works. My wife and I started our first Bank On Yourself plan 6 years ago and now own 4 plans.
Bank On Yourself will put you in a much better position than you would have been without this information.
For example, since I got my driver's license I have purchased 12 cars for a total spent of $150,000. I paid cash for some and financed all but one of the others. When I started to figure out how much interest I either lost or paid out on car loans it literally made my sick.
I would have been happy if I had recaptured just the purchase price on these cars instead of the $0 that I now have to show for the cars. That money would be very usefull right now.
The good news is that I will never ever have to finance another car outside of my Bank On Yourself plans. This is really great because cars today cost much more than they did years ago, so I can recapture a lot of money going forward.
I urge you to take a look at this book and make a very inexpensive and extrememly worthwhile investment in your future.
Alan Eckstrand
Not hype but just a different place to put your money
Others may say this is hype and an infomercial but in reality it is a different way of looking at how money works. You have to get over the fact that this is a whole life insurance policy. When you really look at whole life insurance without its name (one of my good friends sales used cars that doesn't make him a bad person) it is not so bad.
The book points out we finance everything either we pay interest to others or we give up interest on our money to an institution (ie banks). I have done this with an advisor and know others who have as well and there are no complaints (try surveying people that have been in the market for the last ten years and see if they ALL are happy with thier decision). The key here is that your money is always working for you and how the insurance company treats your loan seperate from your account.
-So if your cash value = $50,000 and you took out a $20,000 loan for a car the company still gives you dividends on the $50,000 and charges your loan the going interest rate.
-So first off you are being credited interest on $50,000 instead of $30,000 like a bank.
-Lets say the bank is paying net (after taxes) a rate of 3% and the insurance company (insurance companies costs are lower since they don't have braches/ATMs on every corner of your city) is paying 5% and your loan rate is 7%
-In the bank you only receive interest on the $30,000 or $900
-In your insurance policy you receive $2,500 ($50,000 at 5%) - $1,400 ($20,000) or $1,100 or 22% More
-In the next year (say you paid off 20% of your loan or put back $4,000 in your savings account)
-At the bank you receive 3% on $34,900 or $1,047
-In your insurance policy you receive $2,625 ($52,500 at 5%) - $1,120 or $1,505 or 44% more!
This does not work with mutual funds because they are too volatile (we never really know what we are going to have in the future), we don't know how we will be taxed, and we have to sell assets to get to our money.
This does not work with 401k/qualified plans because we have to wait until age 60 for no penalty (if the govt doesn't change the rules), most 401ks are full of mutual funds, we again don't know our tax rate, and again you have to sell off your assets
There probably are two reason people get hung up on this topic: one being that it is a whole life policy and the other is rate of return argument. People forget it is not about rate of return but rather money in your pocket. I'd rather have 2% of $100,000 than 10% of $10,000.
