The stakes are high. It’s not as if you’re 10 years old and you’re saving for a new bicycle.
No, you’re 40, 50, maybe 60 years old, and you’re saving for a new life—a life where you no longer work full time.
Even if you plan to work till you drop, that may not happen. You may become ill. You may become the primary caretaker for someone very close to you who becomes ill. You may get let go.
So you must prepare.
After all, this is your life, not a bike.
As you invest, you’re full of questions you’re having difficulty finding good answers to:
1. What’s the best way to make my money grow?
2. How can I make my money grow safely?
3. Should I be less worried about the return on my money than the return of my money?
4. What effect will higher taxes have on money I take from my tax-deferred retirement accounts late in life?
5. Will I run out of money before I run out of life?
6. Where is the best place to grow and protect the money I must have to live on, when I’m no longer working full time?
Volumes could be written on this subject. And in fact, Pamela Yellen, founder of Bank On Yourself, has written a New York Times best-seller that deals in part with this very subject. The book is The Bank On Yourself Revolution, and you can grab a copy at a huge—40%—discount. Get The Bank On Yourself Revolution here.
This best-selling author has also written an outstanding article that looks at issues surrounding the best way to build a nest egg, from several different angles. It is the authoritative article on saving.
Yellen compares traditional saving and investing vehicles with one decidedly non-traditional saving vehicle (although it was probably used with tremendous success by your grandparents and their parents). To find the answers to the six questions we raised above—and more—take a look at Pamela Yellen’s article, “Is Whole Life Insurance a Safe Investment?”