Review: What’s REALLY In “The Big Black Book of Income Secrets”?

If you receive emails from investment advisory services, you may have gotten a sales pitch for The Big Black Book of Income Secrets from the Palm Beach Research Group.

Photo of the Palm Beach Group's Big Black Book of Income Secrets Book Cover
The Big Black Book of Income Secrets is One of Palm Beach Letter’s Marketing Hooks

The promo promises you’ll discover “30 unique income tools” in The Big Black Book of Income Secrets.

Photo of the Palm Beach Group's Big Black Book of Income Secrets Book Cover
The Big Black Book of Income Secrets is One of Palm Beach Letter’s Marketing Hooks

The offer entices you with a “risk-free 60-day trial subscription to the Palm Beach Letter.” If you’re not satisfied before the two-month trial is up, you’re told you can get a refund and keep the book and some “bonus” reports that are included in the offer.

To find out if The Big Black Book of Income Secrets lived up to its promises, we signed up for the “Platinum Subscription” for $99 for the first year, which comes with additional “bonus” reports.

Three weeks later, the book arrived, containing 22 (not 30 as promised) strategies, with a cover letter from the Publisher, Tom Dyson, explaining that we could log into their website to access the reports we signed on for and back issues of the Palm Beach Letter. (I guess for $99, they can’t afford to mail you hard copies of the reports.)

The First Red Flag in The Big Black Book of Income Secrets is “Income For Life”

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President Reagan’s Secret 702(j) Retirement Plan – What it Is and How it Works

President Reagan’s Secret 702(j) Retirement Plan is yet one more name that the Palm Beach Group has given to the Bank On Yourself method, which relies on a super-charged variation of an asset that’s never had a losing year in it’s 160+ year history.

Here’s a spoiler alert: The 702 J Retirement Plan is not an investment and not technically a retirement plan. It’s a specialized type of high cash value dividend-paying whole life insurance that enjoys tax advantages spelled out in IRS Section 7702 of the US tax code.

It’s a wonderful retirement plan alternative that has none of the volatility and unpredictability of traditional investing strategies.

So why didn’t The Palm Beach Group call it a “7702 J plan” instead of a “702 J plan”?

[Read more…] “President Reagan’s Secret 702(j) Retirement Plan – What it Is and How it Works”