Personal Finance Blog for Retirement and Investment Advice

Have You Seen This Amazing Amazon.com Review of The Bank On Yourself Revolution Book?

I’ve seen hundreds of reviews of my latest book, The Bank On Yourself Revolution, since its publication in 2014. And they’re fascinating to read because they’re all over the map. Most readers praise the strategy, although a few have damned it. (I could be mistaken, but I don’t believe anyone who has actually used the strategy for themselves has written a review saying they are unhappy.)

In any case, you can see some of the Bank On Yourself reviews here.

As you can imagine, the Amazon reviews for The Bank On Yourself Revolution are highly opinionated!

On the day I wrote this post, there were 138 reviews of The Bank On Yourself Revolution on Amazon.com. I’m thrilled that Amazon customers are giving us their two cents’ worth about the book.

A Very Unusual Review of The Bank On Yourself Revolution on Amazon.com

One Amazon review caught my attention, partly because it included a video – a nine-minute video review of The Bank On Yourself Revolution!

This review was prepared by a Mr. David McClendon, whom I have not had the pleasure of meeting. According to his review, Mr. McClendon has not used the Bank On Yourself strategy – yet here he is, praising it to high heavens. Frankly, I was curious what his angle was, so I went to his website to read David McClendon’s The Bank On Yourself Revolution book review.

In his Amazon.com review of The Bank On Yourself Revolution, Mr. McClendon reveals a flaw everyone else has missed!

I found myself laughing out loud as I read one part of his Amazon.com review – where he talks about the major flaw he found in my book …

“We have looked all the way through The Bank On Yourself Revolution by Pamela Yellen and we have to tell you we did find one flaw. On page 95, when the author is discussing the alternatives to using The Bank On Yourself method, she says we could face a future where we say, ‘And would you like fries with that?’ The flaw is, the training tells you to say, ‘You want fries with that,’ with the tone of a question. It is actually hypnotism at its best. And it works.”

“Well, now that you have read that major flaw (said tongue in cheek), we will tell you that this plan just might work.”

Good catch, Mr. McClendon! That is what they say at the drive-through window, isn’t it?

McClendon included a video in his review of The Bank On Yourself Revolution

Mr. McClendon has created an in-depth video review of The Bank On Yourself Revolution book on Amazon.com.

He begins by saying, “Let me first tell you that I wish that years ago I’d read a book like this. Because if I had, I probably wouldn’t have given up my whole life insurance policy.

“And if I had, maybe when I became disabled – maybe when I got to where I had to stay in the wheelchair and couldn’t see to work – that I would have had the money that I needed to survive, instead of living now off of Social Security and food stamps. And let me tell you it’s no fun living way below the poverty level.”

When you watch the video, you’ll see that this review is unique in several ways. Not the least of them is that it’s by a man who freely admits he made a mistake when he surrendered the whole life insurance policy he had years ago.

Think You’re Uninsurable? Don’t Count Yourself Out!

Mr. McClendon may also be mistaken when he says he is uninsurable now and therefore can’t use the Bank On Yourself method, which uses high cash value dividend-paying whole life insurance.

People are often mistaken when they think …

  • “I’m too old to get a life insurance policy I can afford. The premiums will be sky-high.”
  • “I’ve had cancer or a heart attack, or I have other problems that have left me in poor health. No insurance company would even consider me.”
  • “I have some other unusual circumstance which means I can’t get insurance.” Maybe it’s a dangerous job or a history of alcohol or drug abuse. Maybe it’s something else that they think makes them uninsurable.

Whatever the reason, too many people give up before they learn the facts. They just drop the thought of life insurance then and there.

Major mistake!

They don’t realize they may be able to reap the living benefits of life insurance even if they don’t qualify for a policy on their own life, simply by owning a policy on the life of someone else – such as a spouse, child, business associate, or perhaps even a parent!

If you’re in this situation, don’t count yourself out! A Bank On Yourself Authorized Advisor can analyze your circumstances, and you may be surprised by what your options are.

In his review of the book The Bank On Yourself Revolution, David McClendon takes the time to explain how the Bank On Yourself method would have helped him through his health and financial challenges.

And he reveals why he wishes he had kept his old whole life insurance policy. Plus, he talks about the benefits of a Bank On Yourself-type plan, based on dividend-paying whole life insurance.

David McClendon Takes on the Critics of The Bank On Yourself Revolution in His Amazon.com Review

McClendon addresses much of the criticism of The Bank On Yourself Revolution book, and from his own personal perspective, he explains how his decision many years ago to “buy term insurance and invest the difference” put him at a financial disadvantage. He tells us …

“You know, maybe you can learn from my mistakes. And my mistakes were that I should have held on to my whole life policy. And term life is just not the way to go. It just isn’t. Now, there are people out there – financial gurus – that will tell you, ‘Now get you a term life policy and invest the difference.’ Well, that’s not working out too good for most people, and it wouldn’t have been working out for me, because when I did drop my whole life policy, that was my intention – to invest the difference. But I just never did.”

Everyone’s Biggest Regret upon Reading The Bank On Yourself Revolution

Mr. McClendon wishes he had heard about the Bank On Yourself strategy sooner – and that’s the same regret most people have when they understand the value of a Bank On Yourself plan.

Get the Facts About Bank On Yourself, and Avoid the Costly Mistakes Too Many People Have Made

Learn more about Bank On Yourself when you download our special Free Report, 5 Simple Steps to Bypass Wall Street, Beat the Banks at Their Own Game and Take Control of Your Financial Future.

And request a free analysis of your personal situation, to help you decide if Bank On Yourself is right for you. You’ll receive a referral to an Authorized Advisor (a life insurance agent with advanced training on this concept) who will prepare your Analysis and provide you with no-obligation recommendations to strengthen your financial position.

Wall Street Journal Study: 40% of Pre-Retirees Will Have to Reduce Their Lifestyle

A new study by the Wall Street Journal confirms it: Many Americans will have to trade their “golden years” for a retirement filled with scrimping and sacrifice.

Pre-retirees aged 55 through 70 today are the first generation that was “left on their own” to prepare for retirement, according to Alicia Munnell, Director of the Boston College Center for Retirement Research.

As pension plans that provide a guaranteed income for life disappeared, 401(k)s, 403(b)s, IRAs and similar government and employer-sponsored plans replaced them.

It’s an experiment that has failed many. According to the Wall Street Journal, for Americans approaching retirement age…

“Their median incomes, including Social Security and retirement fund receipts, haven’t risen in years, they have high debt, are often paying off children’s educations and are dipping into savings for aging parents.

“Their paltry 401(k) retirement funds will bring in a median income of under $8,000 a year for a household of two.” [Read more…] “Wall Street Journal Study: 40% of Pre-Retirees Will Have to Reduce Their Lifestyle”

How Your Credit Score Affects Your Life – Another Reason to Fire Your Banker

I just got something in the mail that made me madder than a mosquito in a mannequin factory.

It ought to tick you off, too, and give you some really good reasons to fire your banker. Here’s the scoop…

I just got a bill from our auto insurance company – one of the biggies which shall remain nameless, for now.

They informed us that our premium was jacked up because of information they got from consumer reports.

Specifically, they cited information they obtained on li’l ole me (gasp!) about my “percent balance to high credit for bank revolving accounts reported in the last 6 months.”

Yeah, I know it sounds like gibberish, but here’s what really ticked me off…

I show people how to fire banks and finance companies and become their own banker! [Read more…] “How Your Credit Score Affects Your Life – Another Reason to Fire Your Banker”

Read These Bank On Yourself Reviews from Actual Clients

These Bank On Yourself reviews aren’t based merely on theory. They report the actual results of Bank On Yourself clients.

Bank On Yourself is a financial strategy based on high cash value dividend-paying whole life insurance. Bank On Yourself-type policies enjoy guaranteed growth and are carefully designed to create maximum cash value and flexibility. This allows policy owners to take loans against their life insurance policies while still experiencing the same growth on their money – just as if they hadn’t touched a dime of it!

Here are the Bank On Yourself reviews of two of our hundreds of thousands of happy Bank On Yourself clients …

Steady Growth of His Savings Replaces a Rocky Ride for Bank On Yourself Reviewer

Dan Proskauer is an engineer with a graduate degree from Cornell University, the highest-rated engineering school in the Ivy League. Dan works for a major healthcare company, and he holds three U.S. patents.

Dan is a sophisticated investor. He lives below his means, and he’s disciplined about saving for the future. But after the financial crashes of 2000 and 2008, Dan realized he had nothing to show for decades of saving and investing his hard-earned money and “doing all the right things.” [Read more…] “Read These Bank On Yourself Reviews from Actual Clients”

The Financial Shock that Can KILL You

Middle-aged Americans who experience a major economic blow are more likely to die during the years that follow than those who don’t.

That’s according to a new study published in the Journal of the American Medical Association.

Shockingly, those who experienced a devastating financial loss – called a “wealth shock” – have a 50% greater risk of dying early. And it doesn’t matter how much money you had to start.

How likely are you to experience a wealth shock?

About 1 in 4 people in the study have had a wealth shock, averaging a loss of about $100,000. Often it was a result of a drop in the value of retirement investments or a home foreclosure.

Some shocks happened during the Great Recession of 2007-2009. Some happened before or after that.

But it didn’t matter if the economy was good or bad – a wealth shock still increased the chance of dying early.

The findings suggest a wealth shock is as dangerous as a new diagnosis of heart disease, says Dr. Alan Garber of Harvard University. Another expert noted that,

We should be doing everything we can to prevent people from experiencing wealth shocks.”

[Read more…] “The Financial Shock that Can KILL You”

See Testimonials and Reviews About Bank On Yourself on Our YouTube Playlist

In their own personal YouTube reviews of Bank On Yourself, actual users of the Bank On Yourself strategy describe the different ways they use this flexible tried-and-true financial resource. We’ve collected some of these reviews in our YouTube Bank On Yourself Reviews Playlist.

Perhaps you want to be able to seize an unexpected opportunity that requires ready cash, or pay off student and credit card debt, take a once-in-a-lifetime vacation, finance the purchase of an automobile, or even underwrite the crowdsourcing of a church major fundraising campaign. These Bank On Yourself reviewers tell you how they did it.

And just as they did, you’ll find that borrowing against the cash value of your permanent life insurance policy is a quick, affordable, and simple way to get the cash you need in just a few short days, with no questions asked.

Bank On Yourself Reviewer Uses a Policy Loan to Help Fund a Last-Minute Adoption

[Read more…] “See Testimonials and Reviews About Bank On Yourself on Our YouTube Playlist”

Will Your Money Last as Long as You Do?

Too many people determine how long they think they’ll live based on arbitrary factors.

And nearly half of pre-retirees and retirees underestimate how long they’ll live by five years or more, according to surveys by the Society of Actuaries.

That’s a big problem when it comes to making sure your money lasts as long as you do.

And very few people surveyed understand how variable life expectancy can be: Whatever the statistics say is the average life span for someone of your age and gender, you have a 50% chance of living longer than that age.

In other words, planning for living to an “average life expectancy” is a recipe for disaster!

By age 65, men in average health have a 40% chance of living to age 85, and women have more than a 50% chance.

And if you’re healthier than average, well now you’ve got a 50% chance of living to age 85 if you’re a man, and a 62% chance if you’re a woman.

Of those turning 65 today, 25% will live past 90, and one out of 10 will live past 95, according to the Social Security Administration.

What if you’re the lucky one who hangs on until 100 or longer? You don’t know for sure, do you? But just how “lucky” will you feel if you can’t provide for yourself in those final years?

My 95-year-old mother-in-law lives in an assisted-living facility in Arizona. When her husband died, she got a life insurance settlement and has been receiving a nice pension payout every year. [Read more…] “Will Your Money Last as Long as You Do?”

How to Pay Zero Taxes in Retirement – Without Being Broke

Do you have money in a tax-deferred retirement account such as a 401(k), IRA or 403(b)? If so, you’re sitting on a tax time bomb.

I’m going to reveal the tax traps you face and show you how to move toward a 0% tax bracket in retirement (legally!) – but not by doing it the way most people do it, which is by being broke!

Conventional wisdom says, “Maximize your contributions to tax-deferred plans. Your money compounds without being reduced by taxes, and you’ll end up with more money during retirement.”

But like much conventional wisdom about personal finance, it’s not true…

The Society of Actuaries says if the tax rates are the same,

It doesn’t make any difference whether [the taxes] are taken away from you at the beginning (tax-exempt) or at the end (tax-deferred). It’s the same fraction of your money that is left to you.”

But most people look at their savings and think it’s all theirs. You may have forgotten you’ll owe Uncle Sam the taxes he let you defer all those years – on every penny you’ve put in and every penny of growth.

And according to Boston College’s Center for Retirement director, Alicia Munnell,

It’s a very big deal when people realize they only have two-thirds or three-quarters of what they thought they had.”

If the tax rates are actually lower during your retirement, you might come out ahead by deferring your taxes. But where do you think tax rates are headed long term? You must consider what tax rates might be during a retirement that could last 30+ years.

Most people we talk to think taxes ultimately must go up due to the aging demographics of our country and our unsustainable national debt. (Recently the debt passed $21 trillion for the first time.) If tax rates do go up, and you’re successful in growing your nest-egg, you’ll simply end up paying higher taxes on a bigger number. [Read more…] “How to Pay Zero Taxes in Retirement – Without Being Broke”

Four Years after Publication, This New York Times Best-Seller on Bank On Yourself Still Generates Rave Reviews on Amazon

Picture of the Bank On Yourself Revolution book coverPamela Yellen’s book, The Bank On Yourself Revolution, hit the bookstores in 2014. It was an overnight sensation, landing on the bestseller lists of The New York Times, Amazon.com (where it was a #1 bestseller), and USA Today.

Shoppers on the world’s largest bookstore, Amazon.com, have consistently praised all of Pamela Yellen’s books … and this one is no exception.

And in fact, nearly 80% of reviewers have given Pamela Yellen’s Bank On Yourself Revolution a 4-star or 5-star review. Many also used glowing terms to describe their personal experiences with the Bank On Yourself concept.

Why is the Bank On Yourself concept receiving so much positive attention from Americans interested in a secure financial future? We’ve sifted through Amazon’s book reviews to find the answers. (All reviews are quoted verbatim, except for spelling and grammatical corrections and minor edits for clarity.)

According to Amazon Reviewer “Valentine,” Bank On Yourself Is “The Best Lifelong Safe and Guaranteed Wealth-Building Strategy Everyone Can Employ”

[Read more…] “Four Years after Publication, This New York Times Best-Seller on Bank On Yourself Still Generates Rave Reviews on Amazon”

Why is the “Father of the 401(k)” Now Putting His Money into a Bank On Yourself-Type Plan Instead?

It caused quite a stir when the man who is credited with being the “father of the 401(k),” Ted Benna, recently announced that he’s put a substantial part of his own money – “probably the biggest part of my wealth” – into what is most commonly known as a Bank On Yourself plan.

You see, for at least six years now, Benna has been calling the 401(k) a “monster” that “should be blown up.”

Benna is credited with finding a way to capitalize on the tax code to create a way for working men and women to supplement the pension plans that many workers used to have. Those pensions plans have been disappearing, and 401(k)s were created to hopefully help pick up the slack.

But over the years, Benna watched Wall Street and Big Business pervert the 401(k) in ways he couldn’t possibly predict.

In a recent interview, Ted Benna discussed three reasons why we should be very leery of 401(k)s and IRAs:

  • The government may repeal the 401(k) and IRA, so you won’t be able to put any more money pre-tax into these accounts, or the amount you can put in will be drastically reduced (Congress considered doing that again last year!)
  • Benna believes the next stock and bond market crash is imminent and could wipe out 40% of the typical portfolio
  • Wall Street has hijacked these plans, and the excessive fees charged by mutual fund companies and plan administrators are robbing you of up to half of your nest egg

I’ve Been Sounding the Alarm About 401(k)s and IRAs for Even Longer than Benna

[Read more…] “Why is the “Father of the 401(k)” Now Putting His Money into a Bank On Yourself-Type Plan Instead?”