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Bank on Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future (Hardcover)


by Pamela Yellen (Author)

Review

T. Harv Eker, author, N. Y. Times #1 best seller, Secrets of the Millionaire Mind
"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."


Product Description
Bank On Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future reveals the secrets to taking back control of your financial future that Wall Street, banks, and credit card companies don't want you to know. You'll discover how to:

· 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.

Finally, The Truth Is Out, March 26, 2009
By Paul J. Nick (Houston, Texas)


Pamela, has done a great job at taking the complex and making it easy for the average person to understand. People can really Bank On Themselves. You finance everything you buy, you either pay interest to a finance or credit card company or you give up the interest you could have earned on your money if you pay cash. I know because my father started a similar program for me when I was just 1 month old. I have now accumulated over 14 Bank On Yourself policies and I finance my childrens private school through my system. I have also financed homes, home upgrades, business deals, and cars. It was intersting to note that banks put billions of thier safe money into similar plans but never tell their customers about it. I would highly recommend this book if you want to take control of your finances and recapture the interest your sending out every month. If you think about it, over a lifetime this could be hundreds of thousands of dollars for your family instead of the finance company. Thank you Pamela for writing this book. Everyone no matter what their financial situation can benefit from this book.

Clever plan--not always the right answer, April 14, 2009
By Sandy Winnich "Certified Financial Planner" (Arlington, TEXAS)


First off, I'm not sure why the author things CFPs would discourage plans like these--if they make money, I want my clients to use them because then they can continue to pay me :-) It kind of sounds like Mrs. Yellen is trying ot stir up conspiracy theory to make you think this is a lot more valuable than it is.

Here's the plan: you get a whole life insurance policy with a PUA rider (Paid-Up Additions) and invest (in yourself basically) up to the MEC limit. These investments will return dividends, which you reinvest in the policy. Now when you get to the MEC limit (during the capitalization period of about 5-6 years), you can take out loans on your policy (interest on which is tax deductible) and pay (yourself) back over time.

This is a pretty good plan for people who are risk averse. It will probably beat your average savings account interest (especially nowadays) and the tax deductions are a nice perk. The whole process is reminiscent of books likeSurviving the Second Great Depression --clever ways to take advantage of the current system.

I wouldn't normally follow advice from people who buys time shares, but this seems like a decent gander.

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