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.”
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 financial representatives who profit from investing your dollars on Wall Street. They even say agents only sell these policies because of the high commissions.
What they don’t realize is that Bank On Yourself Professionals receive 50-70% less commission than financial representatives who structure policies the traditional way.