Kevin Grutzmacher’s Bank On Yourself Review

Kevin’s biggest doubts or concerns when he first heard about Bank On Yourself:

Changing my mindset about the "magic" of 401(k) and traditional savings accounts. I’m not a brilliant investment-type guy. Who has the time? Perhaps a few do, but not I. I also thought "scam-scam-scam". Since money predation is easier than ever with a world-wide internet, I have an inherent distrust of a government that has access to all of my personal information, including web-based investments, with a flip-of-the-switch. Pitiable, but largely unavoidable in this "enlightened" modern world of push-button gratification.

I do feel my wife and I have taken a ‘leap-of-faith’ by stopping all my contributions to my personal 401(k), routing those funds to our Bank On Yourself policy, though she still contributes to her Roth 401(k).

Kevin’s experience as a result of using Bank On Yourself:

It’s too early as of today (only 4 months) in our BOY ‘experience’ to draw any sort of realistic expectations.

Specific feature Kevin likes the most about Bank On Yourself:

It’s (currently) tax-free distribution feature.

Other benefits Kevin likes about Bank On Yourself:

Again, too early in our policies’ life to determine.

How Kevin has used the policy for and how it makes him feel:

Not applicable as of today.

Why Kevin recommends Bank On Yourself:

Already gave Pam’s Bank On Yourself book to my 30 year-old son. It’s up to him, now.

Additional thoughts from Kevin:

Looking at the Big Picture of financial life in the USA, I can’t stand the idea of counting on social security. By the time I retire, I doubt I’ll ever receive a total of even 1/3 of everything i’ve contributed since I began paying as a paper-boy at age 11, over 40 years ago. Too bad SS isn’t privatized….I’d know now exactly where to move those funds.

I thank God that I’m a free American, blessed with some small ability to hunt & fish for good, organic food as a partial hedge against over-priced food at the local stores, which translates into less dollars allocated for daily sustenance!

As our Bank On Yourself policy (hopefully) grows, I have only 1 major concern: Taking care of my beautiful wife when I’m gone.

Other Reviews:

Paul Mareel

"Bank On Yourself only goes up and never down like the stock market."

-Paul Mareel, Macomb, MI
Senior Network Engineer

"Four months after I started Bank On Yourself, I was in a bad accident and totaled my car. I never thought I’d need to use it that soon, but I called my agent and he asked how much I needed for a new car and how much time I wanted to pay it back and that was it. With Bank On Yourself, you control your own destiny and it’s a great way to save for retirement."

Read more about Paul »

Joe Goldsmith

"A powerful and emancipating feeling."

-Joe Goldsmith, Boston, MA

"At first it seemed ridiculous to pay interest to borrow my own money. But it really works out to borrowing money and getting back all the interest you paid, plus whatever dividend the company pays that year. It gives me great pleasure to tear up the promotions we get in the mail for credit cards and equity loans. I no longer need anyone else’s money since I’m using my own."

Read more about Joe »

Robert Fontaine

"Bank On Yourself is everything it was advertised to be and more."

-Robert Fontaine, Hopkinton, MA
Sr. Business Systems Analyst

"At first, Bank On Yourself sounded too good to be true. I had been looking for a safe place to put my money where it can still grow, I wouldn’t have to worry about losing it, but not locked up so I couldn’t use it along the way. The more I researched BOY, the more convinced I became it was the right move for me."

Read more about Robert »