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

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

by Perseus

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Bank on Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future 3.8 out of 5 based on 0 ratings. 4 reviews.
JimConrad More than 1 year ago
At long last, a book about money management that is easy to read and makes so much sense, that you will be thinking, "Why haven't I heard about this before!" Pamela Yellen not only covers this fascinating subject with story-telling magic, she explains the basics and the advantages of "Banking On Yourself" so that anyone can see how this concept will provide them with lifetime financial benefits. My wife and I both have BOY plans in place, and we have been using our plans to finance major purchases for our new home. So far, we have financed our lawn tractor and custom-built out-building for storing it, our irrigation well, and several capital investments in my own business. We will soon be financing our next vehicle ourselves and paying ourselves back with interest, enabling us to get the full purchase price and interest back over the payback period, which we determine, not some finance company! The best thing about our BOY plan is the financial peace of mind we now have knowing that our plan is rock-solid, guaranteed to increase our wealth each and every year, and we know with certainty how much equity we will have in our plan five, ten, twenty years from now. And as Pamela teaches in her book, the more purchases we finance ourselves, the more equity we will have down the road! Thanks to Bank On Yourself, we can "spend and grow wealthy" without worrying about what happens in the stock or real estate markets!
Anonymous More than 1 year ago
Anonymous More than 1 year ago
WinnichCFP More than 1 year ago
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 and How to Take Advantage of the People Who Are Trying to Take Advantage of You--clever ways to take advantage of the system. I wouldn't normally follow advice from people who buys time shares, but this seems like a decent gander.