The Bank On Yourself strategy gives you
a rare combination of guarantees, safety, liquidity, and control. Your
money grows by a guaranteed and predictable amount every year, and that
growth gets better every year you have it," Pamela Yellen- "
The Bank on Yourself Revolution"
by Teresa Kuhn, JD, RFC, CSA
Authorized Bank On Yourself (r) Advisor
Several
years have passed since the publication of "Bank On Yourself," Pamela
Yellen's first attempt at articulating for a wide audience the benefits
of using specially-designed whole life insurance in financial planning.
Since that time, the ever-fluid, ever- chimerical world of personal
finance has grown even more unfathomable and unpredictable.
As a
Bank On Yourself authorized advisor, I believe that a sequel to the
original Bank On Yourself book was long overdue. This is why I was so
pleased to learn of the publication of this second, more comprehensive
discussion of a truly unique cash management system.
In the sequel,
The Bank On Yourself Revolution,
Yellen has gone to considerable effort to deconstruct the Bank On
Yourself method in a way that makes it even more accessible and
understandable to the average person. She lays out a concise, solid, yet
still passionate case for using specially-designed, dividend-paying
whole life insurance policies as vehicles for preserving and growing
wealth. When put together correctly, she says, these policies build up
cash value as quickly as possible and provide unparalleled safety and
security.
Yellen explains that a person can make tax-free
withdrawals and loans from the accumulated cash value in the policy to
finance large purchases, such as college tuition, automobiles, and
cash-producing real estate. You use your policy and are able to pay
yourself back, with the loan secured by the death benefit. This idea,
which has been around in various forms for well over 150 years, is
referred to by some as "becoming your own finance company." Yellen does a
good job of explaining the ideas behind
Bank On Yourself without losing
the reader in a fog of insurance-speak or marketing hype.
Implicit
in her explanations is the understanding that anyone wanting to use the
system laid out in BOYR should do their own due diligence. It is
definitely not for everyone.
In
The Bank On Yourself Revolution
it is evident that Yellen has put a lot more thought and effort into
the content and layout of the book, making navigation from topic to
topic easier and keeping her commentary focused and free of anything
that could be perceived as excessive verbiage. She does an admirable
job of making the ideas presented clear and easy to understand, even for
those who have little financial education.
The Bank On Yourself Revolution
introduces us to some old school financial concepts that Yellen admits
aren't "sexy," but which work, such as the "10-10-10" money management
method and the common sense idea of not having much debt. She makes a
strong case for designer whole life polices over both term insurance and
the always trendy indexed universal life (IUL) policies
Nice
additions to this volume are the "takeaways" at the end of chapters
which give the reader nuggets of information designed to be easy to
grasp, retain and implement. Yellen also includes stories of real-life
users of the system ranging from housewives to entrepreneurs to former
professional athletes. Such anecdotes obviously have value, especially
to financial professionals who are introducing the concept to their
clients for the first time.
People feel better knowing that "real people" just like themselves are finding success with Bank On Yourself.
The Bank On Yourself Revolution
makes for an entertaining read and is a worthy contribution to a
growing body of evidence supporting the wisdom of using permanent life
insurance in financial planning. If you are someone who is looking for
alternatives to banks, Wall Street, and finance companies, this book
will help you understand one such alternative- Bank On Yourself.
For more in-depth discussion of the topics explored in
The Bank on Yourself Revolution, please visit the
Living Wealthy Financial site.
File under: Yellen, Pamela.
"The Bank On Yourself Revolution" published February, 2014 by Benbella Books.
Learn more about financial topics that are important to you and your family. Visit
http://www.livingwealthyradio.com or call us toll free to receive free information.
(800) 382-0830 (USA ONLY)
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