Bank On Yourself: A financial plan you can count on
December 11, 2009 by Pamela Yellen · 24 Comments
Oh what a roller-coaster year this has been! Our entire financial system and economy almost fell off a cliff.
And while there are some hopeful signs of new life in the economy, this year has also brought us:
- Massive bailouts
- A tripling of an already-bloated federal deficit
- A falling dollar
- Rising foreclosures (and likely to spike as billions of dollars in ARM’s are now coming up for adjustment)
- Major banks and investment houses taking on three times (!) the risk they were before the collapse
So what do you think next year has in store for us?
No one really knows for sure. (Well, except maybe the folks at the Psychic Hotline.) So how do you prepare for a very uncertain future?
Here’s a quick quiz that may reveal an answer for you…
What’s the one financial asset that increased in value during the market crash of 2008? And in 1929? And in every period of economic boom and bust in between?
Answer: The product used for Bank On Yourself: Cash-value life insurance.
As I’ve mentioned, my husband Larry and I now have 18 Bank On Yourself policies. I’ve picked one of them to show you how a dividend-paying whole life policy like this can grow over time – even when the markets are plummeting. It’s a great example of how Bank On Yourself gives you the peace of mind that lets you sleep at night.
Here’s how much this plan has grown each year since the beginning of 2000, a period that includes not one, but TWO devastating market crashes. In four of these years, the S&P 500 was down for the year, as you can see in this side-by-side comparison:
If you had put $10,000 into an S&P 500 Index fund at the beginning of 2000, how much do you think it would be worth today?
Take a guess before you read on.
Bank On Yourself receives endorsements from top experts in personal finance
February 24, 2009 by Pamela Yellen · 2 Comments
My New York Times, Wall Street Journal, USA Today and Business Week best-selling book, Bank On Yourself, has been receiving some five-star endorsements from top experts in personal finance.
Check out what T. Harv Eker, #1 New York Times best-selling author of “The Millionaire Mind,” said:
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.”
As Harv noted, Bank On Yourself really isn’t the same old financial advice people have been getting everywhere else. And that’s a good thing, don’t you think?
Because look where that’s gotten us – we’re deep in the midst of the greatest destruction of household wealth in history, with no quick fix in sight.
Bank On Yourself: The ultimate financial security blanket…
February 12, 2009 by Pamela Yellen · Leave a Comment
In my book on Bank On Yourself, you’ll meet Bill Liebler, one of the many folks who shared their experiences with Bank On Yourself. Bill gave me this update last week:
“As we’ve watched our IRA, 401(k), and stock portfolio dwindle, we are relieved we have a chunk of our net worth in our Bank On Yourself plan. It creates a place where our money is safe, the value didn’t drop, and in fact, has continued to increase every year. We really have been able to achieve peace of mind with this approach, and I strongly encourage everyone to look into it.”
I’m getting letters and emails echoing what Bill said every day, which is why I became convinced Americans have been brainwashed into believing they must accept risk, volatility and unpredictability to grow a sizable nest-egg.
Stay tuned, because I’m going to do a series of blog posts on why conventional saving, investing and financial planning methods don’t work… and what you can do about it.
Wall Street fails those planning to retire next year…
February 1, 2009 by Pamela Yellen · 2 Comments
Have you noticed that every day it seems we get a new reminder of just how badly Wall Street has failed us? One of the latest reminders is simply astonishing.
Do you know what a “Target Fund” is? This increasingly popular choice for 401(k) plans is a mutual fund billed as a one-stop solution for investors saving for retirement. You put your money in a single fund linked to the year in which you plan to retire, and the fund company does the rest.
The idea is that the company invests your nest-egg more conservatively every year, so that when you’re ready to retire, your money will be there for you.
So how well do you think that strategy worked last year, for investors who pinned their hopes on retiring next year? Read more
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