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Bank on Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future |  | Author: Pamela Yellen
Publisher: Vanguard Press
Category: Book
List Price: $25.95
Buy New: $10.28
as of 7/28/2010 16:42 CDT details
You Save: $15.67 (60%)
New (9) from $10.28
Seller: TSCBOOKS
Rating:  113 reviews
Sales Rank: 58580
Format: Bargain Price
Media: Hardcover
Pages: 256
Number Of Items: 1
Shipping Weight (lbs): 1
Dimensions (in): 9.3 x 6.3 x 0.9
Dewey Decimal Number: 332.024
ASIN: B003156AXW
Publication Date: March 24, 2009
Availability: Usually ships in 1-2 business days
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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. |
| Customer Reviews:
Showing reviews 1-5 of 113
 Thank goodness I paid only $3 for this book July 23, 2010
Zena
1 out of 2 found this review helpful
I have read many books on finance and I could not understand this concept. I would like to know what percentage of the premium I would pay for a B.O.Y. policy would go towards paying commissions to the insurance agent selling me the policy. There is no disclosure on that point. In fact, one of the reasons Suze Orman advises against whole life insurance is because a large part of the premium goes towards commissions, especially at the outset. Second, I am having a hard time understanding how I can finance my retirement by borrowing money. Borrowing indicates that you have to pay back, supposedly to yourself. However, in retirement I may not have the ability to pay back what I have borrowed plus the expensive premiums on these policies. There is no clarification about how I am expected to pay back loans to myself, after I have retired. Reading this book seems like it is nothing more than a glossy sales pitch for some insurance product and personally, nothing in the alleged stories makes me want to buy a B.O.Y. policy. The pitch seems to be to those who like to buy expensive cars and take expensive vacations and not to individuals who prefer to live more simply.
 Good ideas but no meat June 3, 2010
Joe S (Puyallup, WA USA)
1 out of 2 found this review helpful
This book is fully of stories of how you can think about money differently, but has little in the way of details to help you understand the nuts and bolts of the systems. It's really not very complicated, but the author skirts around the details with example stories of the results instead of details about how the systems works, why it works, what are the pros and cons. I found my self wading through tedious feel good success stories but wanting to know details. Basically the book is leading you to you scheduling a meeting with a Bank on Yourself Advisor because the laymen like yourself couldn't understand the complications of preventing a life insurance contract from becoming a modified endowment contract.
A Better book is Money for Life by Jeffery Reeves if you like more details about WHY the system works, and the nuts and bolts of it. Of course that book also points you to one of their certified advisors, but at least has details around the inner workings of the system.
Informercial with ignorant claims, gets it wrong, but some good... May 27, 2010
Productizer (Minneapolis, MN)
4 out of 6 found this review helpful
She mentions the 6% loan rate back to the general account of the insurance company but one time. The rest of the time she says "bank on yourself". You are banking with the insurance company. There are convenience, privacy and "term-less" factors leaning toward using your policy, but with car loans at the same 6%, it's nearly a wash if you set it up like she says: pay back on the same schedule like it was a car loan, plus a little extra. That insurance interest expense is ignored for 99.99% of the book. If she was licensed, it would be taken from her. Whole life with PUAR and no direct recognition is a great product. She and the others using "yourself" instead of "insurance company general account" are doing it no favors.
 Helped to change my whole outlook on saving and investing May 25, 2010
Dan (Newton, MA USA)
1 out of 3 found this review helpful
After being an aggressive and reasonably well experienced stock, option and mutual fund investor for many years I became disgusted with what was going on during the initial stages of the financial crisis. While I lost a ton of paper gains during the bursting of the tech bubble, that was the house's money. We lost money that we *earned* and *saved* in 2008 and 2009. Happily, we regained a lot of the losses, but I have been forever changed.
Bank on Yourself (and The Infinite Banking Concept) bring a whole new viewpoint into the world of saving and investing. Even if you think you know it all, it is worth every penny and every minute to read this book.
Don't waste your money May 15, 2010
Beau Koo Jack
5 out of 8 found this review helpful
I should have read the other one star reviews before buying this book. As the others have said it is an infomercial albeit without any info. The book is a collection of anecdotes about the success of people who used the "Bank On Yourself" method.
There is no mention of what the "Bank On Yourself" method is until the end when it is revealed to be investing in whole life insurance. Now if you have read my review this far, you already know every bit of information that is in this book.
Showing reviews 1-5 of 113
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| Worthwhile Reading | Myths and Realities about Working Longer
Alicia H. Munnell and Steven Sass. 2008. “Working Longer: The Solution to the Retirement Income Challenge.” Washington, DC: Brookings Institution Press.
For more information, contact Andrew Eschtruth at 617-552-1729 or eschtrut@bc.edu.
Myth: Given the growing retirement income challenge, people will have to work forever.
Reality: If individuals worked full time until at least 66, they could enjoy a long and financially secure retirement, with incomes one-third higher than if they retired at 62.
Myth: Older workers will choose to work longer on their own.
Reality: Most people retire as soon as benefits are available at age 62.
Myth: As baby boomers approach retirement, employers will embrace older workers.
Reality: Many employers are lukewarm toward retaining older workers due to concerns that they cost too much, lack current skills, and don’t plan to stick around long.
Myth: Employers will quickly change their tune in response to labor shortages.
Reality: Many employers with a high proportion of older workers are in declining industries. Others can tap global labor markets.
Myth: Older workers have little to offer employers.
Reality: Older workers often have advantages over younger workers — including higher productivity, better judgment, a stronger work ethic, and better people skills.
Myth: Phased retirement — shifting to part-time employment with a career employer — is the solution for keeping people in the workforce longer.
Reality: Many firms are reluctant to offer phased retirement due to concerns over which workers would be eligible, health insurance costs, and part-time schedules.
Myth: Most workers can work longer by remaining with their career employer.
Reality: Career employment is declining fast — only 44 percent of male workers age 58-62 are still with their age-50 employer, down from 70 percent two decades ago.
Myth: The working longer prescription is the answer for everyone.
Reality: While today’s older workers are generally healthier and better educated, up to a third could be hard pressed to work into their mid-60s due to poor health or job prospects.
Myth: Government cannot do much to encourage longer work lives.
Reality: Raising Social Securitys earliest eligibility age of 62 could push back the work-retirement divide by changing the mindset of both workers and employers.
Myth: Eliminating mandatory retirement removed a major barrier to working longer.
Reality: Mandatory retirement could actually promote longer work lives by providing both employers and workers clear expectations about when careers end.
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CERTAIN CONTENT THAT APPEARS ON THIS SITE COMES FROM AMAZON SERVICES LLC. THIS CONTENT IS PROVIDED ‘AS IS’ AND IS SUBJECT TO CHANGE OR REMOVAL AT ANY TIME. | | Retirement Facts | The number of active workers participating in an employment-based defined benefit (pension) plan has been steadily decreasing, while the number has been growing in 401(k)-type plans.
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