UPDATED January 13, 2012: It’s been more than 3 years since I challenged Suze and Dave to a debate, but they haven’t taken me up on it yet. This post sparked some very lively debate and insightful comments, so be sure to read those, too.
If Bank On Yourself is so good, why isn’t everyone already doing it?
Here’s why…
If you browse the personal finance section of any bookstore, turn on the TV or open a magazine on finance, you’ll discover that 99 out of 100 financial “gurus” will insist that whole life insurance is a lousy place to put your money. Most will recommend you buy term life insurance instead and invest the difference in mutual funds.
That’s in spite of the fact that, had you invested in an S&P 500 index fund for the past 12 years, your nest-egg wouldn’t have grown at all. And that doesn’t even factor in 35% inflation during this period!
Suze Orman & Dave Ramsey
But I’m getting a little ahead of myself. Part of the problem is these financial experts know nothing about the specially designed type of dividend-paying whole life policy used for the Bank On Yourself method…
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