If you want to conquer fear, don’t sit home and think about it. Go out and get busy.”
Did your grandmother ever tell you about The Perils of Pauline? The Perils of Pauline was a 1914 series of feature films about an energetic and naive young woman who traveled the world, running into mayhem and misadventures.
Where were we? Oh, yeah. So, I had hauled myself across the country and found a coach, Somers White, who helped me design a fabulous business plan. The teensy weensy problem was that this brilliant plan required me to do the one thing that terrified me the most. No, I’m not talking about parachuting out of an airplane while blindfolded. In my mind, this was something far worse.
Your time is limited, so don’t waste it living someone else’s life… And most important, have the courage to follow your heart and intuition.” – Steve Jobs
At the end of my circus adventure (if you missed the story about my riding an elephant in a skin-tight gold sequined leotard, you can read all about it here), I returned to Sarasota, Florida. And I have to confess, I was beginning to feel a little restless.
My dating life was non-existent and I couldn’t afford to keep buying men (it’s not what it seems!). I had been working as the sales manager for a specialty publication for three years. Work was fine, but not very exciting and not something that I was passionate about.
Only those who will risk going too far can possibly find out how far one can go.” – T. S. Eliot
Some people have skeletons in their closet. Me? I’ve got a few friendly ghosts, memories of times when I’ve been a little wild and crazy. When I tell friends about these times, I usually get a stunned look and a “You did what!?!”
But each of my adventures, whether voluntary or involuntary, has taught me something.
Like the time that a skin-tight gold-sequined circus costume, a fundraiser for breast cancer research, and an elephant landed me on national television.
Maybe I should start from the beginning…
It starts out very “normally.” Back in 1987, I was thirty-something and single, living in Sarasota, Florida, the land of retirees and snowbirds. Now Sarasota is a lovely place, but unless you’re already collecting Social Security, it isn’t the best place to find eligible bachelors. So I did what any red-blooded American woman would do:
Over the holidays, I received a number of emails with good wishes for the New Year from subscribers who use the Bank On Yourself method to grow their wealth safely. Many also told me how they’re using their plans.
One of those emails came from Derek Logan, a corporate accountant who is the textbook “poster boy” for someone who did all the right things we were taught to do financially, who decided to stop feeding the insatiable Wall Street Casino with his hard-earned dollars after seeing his retirement account value slashed in half several times.
Derek started his first Bank On Yourself plan about four years ago and wanted to update me on how he’s been able to actually use his plans to become his own “banker” during that time. Derek said he’d be happy to share his experience with subscribers to this newsletter, because…
It’s not about what I have done, but about what Banking On Yourself can do for anyone.”
Yep – I got charged an annual interest rate of 1,693% on a card I don’t even run a balance on! This will spook the living daylights out of you, so keep reading and find out how to make sure this doesn’t happen to you!
The Bank On Yourself Method Lets You Bypass Banks Altogether
The Bank On Yourself method lets you have access to the money you need, when and for whatever you need it. There are no applications to fill out and no qualifying.
Did you know the typical family can potentially increase their lifetime wealth by hundreds of thousands of dollars by financing their major purchases through a Bank On Yourself plan? Find out how much bigger your nest egg could grow (without the risk or volatility of traditional investments) when you add the Bank On Yourself method to your financial plan. Just request your free Analysis here now (if you haven’t already).
Financing things through a Bank On Yourself plan even beats directly paying cash for things for several reasons.
You may not realize it, but you finance everything you buy, because you either pay interest when you finance or lease things… or you lose interest and investment income you could have had if you’d kept your money invested. Saving money in a Bank On Yourself policy first – and then using it to make major purchases – allows your money to continue growing as though you had never touched a dime of it.
I know of no other financial vehicle that gives you that same advantage, do you?
And not only do you get that advantage when you Bank On Yourself, it also lets you beat the banks at their own game, while providing you with a guaranteed, safe, predictable way to grow your nest egg.
Tale of a Savvy Consumer
Former teacher Ed Ingle and his wife decided to take a policy loan to do some home improvements soon after starting a Bank On Yourself policy, “Just to see how this whole loan thing worked. It was so easy that now we laugh at the idea of trying to understand the process. There is no process. It’s our money!”
In the first two years, Ed and his wife put the policy to work in several ways. They are putting their son through a private college through the plan. “No money goes to the bank,” Ed notes.
He purchased a car using the policy… and “no money goes to the bank!”
He also financed his wife’s graduate school through the plan. (“And no money goes to the bank!”)
Ed says he no longer worries when the stock market rises and falls. He no longer worries about the interest rates banks are charging. He’s in charge of his own finances from here on out. (And no money goes to the bank!)
An Interest Rate of Almost 1,700% Per Year?
My husband Larry and I haven’t run a balance on a card in years. We have a handful of cards we use for convenience and to get points and airline miles. We get our statements emailed to us, then pay them off in full online each month.
Last month, Larry realized we didn’t get the statement for the card we use for personal expenses. When he checked the account, he realized it was one day past the due date, so he immediately paid it. We discovered there would be a late fee and some interest due. The balance was around $3,500, so we figured the interest would be maybe a few bucks, right? Wrong!
A week later we got an email that floored us. It notified us of a $15 late fee, PLUS a $162.30 interest charge for being one day late with our payment! That’s 4.64% interest per day – 1,693% interest per year!
A whole page of fine print on the statement tried to explain all the “gotchas.” But it’s a fact that banks and finance companies are gonna get you one way or another. Why? Because they can.
Isn’t it time we used banks for our convenience, and not for theirs?
Of course, we now have this credit card set up for automatic payment in full each month. And if you have cards you pay in full each month, I suggest you do the same (if you haven’t already), to make sure this never happens to you.
You can fire your banker when you join the Bank On Yourself Revolution
It’s fast and easy to get started. Just request a free Analysis here, if you haven’t already, and find out how much more lifetime wealth you could have when you tell banks to go take a hike and become your own source of financing. But please do it today while it’s fresh on your mind!
Ted Benna is known as the “Father of the 401(k).” In the late ‘70’s, he worked as a consultant to business owners whose main agenda was “How can I get the biggest tax break, and give the least to my employees, legally?”
Tax nerd that he was, Benna discovered an obscure part of the tax code – section 401(k). Voila! By 2012, nearly 75% of all company pension plans had disappeared!
What does Mr. Benna say about his beautiful 401(k) baby today?
“If I were starting over from scratch today with what we know, I’d blow up the existing structure and start over!” 1
Per the US Senate Committee on Health, Education, Labor, & Pensions: “After a lifetime of hard work, many seniors will find themselves forced to choose between putting food on the table and buying their medication.” The U.S. Census Bureau says the average value of 401(k) accounts of pre-retirees between 55 and 64 is only$170,645; the average value of their IRAs is only$147,345. And half of all those close to retirement age have less than $50,000 in these plans.
Something went horribly wrong. Actually, several things went horribly wrong, not only with 401(k)’s but also their kissing cousins: IRA’s, Roth Plans, 403(b)’s, SEP-IRA’s and so on.
Most people’s egos prefer THEIR facts to THE facts.”
And I’ll bet you can think of several people who are guilty of that right off the top of your head, can’t you?
One of my mentors, Dan Kennedy, also noted, “People are quick to dispense advice on any subject, regardless of their qualifications. Most people don’t even distinguish between ‘opinion’ and ‘knowledge.’ That’s why you must.”
When it comes to Bank On Yourself, there’s a lot of opinion being dispensed as fact… and I thought I’d help you sift through three common misconceptions about Bank On Yourself in this blog post…
Myth #1: The commissions paid on Bank On Yourself plans are high
Often, this accusation is made by advisors who profit from investing your dollars on Wall Street. They even say agents only sell these policies because of the high commissions.
I just recorded an inspiring interview with Grammy-nominated contemporary/pop and rhythm and blues recording star – and Bank On Yourself client – Karyn White.
Karyn was in her early 20’s when she became the first female artist to have her first three solo releases hit #1 on the R&B charts. She collaborated with industry legends including Babyface and L.A. Reid, before devoting herself full-time to raising a family.
After an 18-year hiatus, and a fan base that never forgot her, Karyn decided to record again. Only this time she decided to produce her new CD album, Carpe Diem, herself – and pocket the profits the record companies used to make off of her.
In this interview, Karyn reveals:
How she used her Bank On Yourself plan to finance her new CD herself (and why she probably wouldn’t have been able to do it otherwise)
How making the right choices about money puts you in the position of being able to take advantage of opportunities that will inevitably come your way