Category: Financial Planning

Why do so many people prefer THEIR facts to THE facts?

February 22nd, 2013 by Pamela Yellen | 2 Comments

As Mark Twain noted…

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.

And the shocking fact is that the financial representative who manages your money in the stock market is making at least ten times more than the Professional, if you contribute the same amount of money each year! [Read more…] “Why do so many people prefer THEIR facts to THE facts?”

Stock market hits 5 year high – what they’re not telling you

February 6th, 2013 by Pamela Yellen | Leave a Comment

As the bull market that began in March, 2009 picks up steam, the Wall Street stock jocks are urging individual investors to jump back into the market with both feet. They boast that the S&P 500 has hit a 5-year high and is closing in on a new all-time high. But – somehow – they all forget to mention one pretty important fact: It also ended the year 3% lower than where it was 13 years ago at the end of 1999.

This chart tells the rest of the story you’re not hearing…

You’ll notice inflation was 36% over the past 13 years, which took an enormous bite out of the purchasing power of your savings.

Some readers may be wondering why I didn’t include the value of the dividends earned by the S&P 500 companies in the chart. So let’s do that now. The total return of the S&P 500 (including dividends) for the past 13 years was 22%, which is an average return of about 1.7% per year – and still lags inflation.

Don’t forget the fees and taxes…

Allan Roth CBSNews.com MoneyWatch Review of Bank On Yourself Contest Winners

December 13th, 2012 by Pamela Yellen | Leave a Comment

We had some terrific comments made on our response to Allan Roth’s CBSNews.com MoneyWatch review of the Bank On Yourself book. Many of the comments were posted by people who have been using the Bank On Yourself concept for some time. These are people who have first-hand experience using the specially designed dividend paying whole life insurance policies on which the Bank On Yourself method is based.

I hope you’ll take a little time to read the comments at the end of the post, which are very insightful and further prove that Allan Roth sped right past the solution he himself said he was seeking.

It takes courage and wisdom to turn your back on the conventional financial wisdom that has caused so much financial insecurity and pain for so many. We commend all of our subscribers who have bypassed banks and Wall Street and now have the financial security, flexibility and control that had previously eluded them.

If you haven’t yet begun to Bank On Yourself, find out what you’re missing when you request your free Analysis.

Now here’s the list of winners…

Response to Allan Roth CBSNews.com MoneyWatch Review of Bank On Yourself

December 5th, 2012 by Pamela Yellen | 46 Comments

Because the Bank On Yourself wealth-building method lets people bypass Wall Street to grow wealth safely and predictably every year – regardless of “whether the market goes up, down or sideways”™ – we’ve taken a lot of nasty flak from financial “gurus” and investment advisors over the years. That seems to be heating up as individual investors continue to flee the stock market in droves, which is having an impact on many advisors’ livelihoods.

Allan Roth – a financial planner and blogger for CBSNews.com MoneyWatch – has written an article about why he believes this tried-and-true strategy is “snake oil.” But Allan Roth is not an investigative reporter. Allan Roth is an investment advisor with some very strong opinions. Of course, we understand that Mr. Roth is entitled to his opinions, however, his article about Bank On Yourself is filled with numerous misstatements of fact and misquotes. When I sent a detailed accounting of his blunders to the legal department of CBSNews.com, it got routed to an editorial “executive producer” who refused to correct the record.

Therefore I am taking this to the court of public opinion and giving you the facts so you can decide for yourself. We really want to hear from you, so we’re going to pick 10 of the most interesting or insightful comments made on this blog and award posters valuable gifts. (Details at end of this post.)

I’ll address just one of Roth’s misstatements in this post. In a nutshell, Allan Roth’s argument is that using a Bank On Yourself policy to finance something like a car and following the strategy laid out in my best-selling book is a losing strategy. But the “logic” Mr. Roth uses is flawed: Allan Roth was comparing the total cost of purchasing a car and financing it through a Bank On Yourself-type policy to the total cost of not buying a car at all!

How did he arrive at the “well, duh” conclusion that at the end of the day you’ll have more money if you don’t buy things than if you do? And how did Allan Roth completely miss the boat on what Bank On Yourself is all about? Read on to find out…

After a number of Roth’s clients asked him about adding more guarantees and predictability to their financial plan with Bank On Yourself, Roth contacted one of the Bank On Yourself Professionals to determine if the book’s claims were true. Roth was particularly interested in knowing if the process described in the book for becoming your own source of financing for major purchases worked as claimed.
[Read more…] “Response to Allan Roth CBSNews.com MoneyWatch Review of Bank On Yourself”

Bank On Yourself: The Ultimate Wealth-Building Strategy Video

October 12th, 2012 by Pamela Yellen | 2 Comments

Do you know what your retirement account will be worth on the day you plan to tap into it? If you’re like most people, you don’t have a clue. Well, here’s a reality check – that’s not a plan; it’s gambling.

Because people have blindly followed the conventional wisdom about investing and retirement planning advice, most baby boomers have been forced to postpone retirement an average of five years…and nearly half aren’t expected to have enough money in retirement to cover even basic living expenses, like food and medical care.¹

At Bank On Yourself, we believe the decision of whether and when to retire – or not – should be a matter of choice, not necessity. If that makes sense to you, we urge you to watch this fast-paced video revealing seven reasons to consider using the Bank On Yourself method as a safe and proven alternative to traditional retirement plans.

Click the play button in the video below and see how many of these seven advantages you’d like to have in your financial plan…

Bank On Yourself gives you guarantees, predictability, control, tax advantages and peace of mind missing from traditional financial planning

Want to find out how much money you could have – guaranteed – in 10 years, 30 years, and at any point along the way if you added Bank On Yourself to your financial plan?

It’s easy to find out! Just request your FREE, no-obligation Analysis that will show you how a custom-tailored plan can help you reach your short-term and long-term goals and dreams in the shortest time possible.
REQUEST YOUR
FREE ANALYSIS!

1. Center for Retirement Research at Boston College, March 2012 Report

Fire Your Banker Video Contest Results

August 10th, 2012 by Pamela Yellen | 3 Comments

Wow! We received more than 150 terrific entries when we invited readers to tell us what you think about our unusual new video on “How to Fire Your Banker and Become Your Own Source of Financing”.

We want to thank everyone who took the time to give us such detailed and honest feedback, which is exactly what we need to be able to communicate the benefits of Bank On Yourself more effectively.

Five people on the Bank On Yourself team – myself included – poured through every single response, not just to pick the contest winners, but to also learn what questions and concerns you have about the Bank On Yourself concept.

At $1,000 per finished minute to film this kind of video, I was really glad no one said what they liked most about it was when it ended! Most people really liked the unusual video style and felt that it helped them better understand one of the most intriguing advantages of the Bank On Yourself method: How it lets you bypass banks, credit cards and finance companies and become your own source of financing.

If you haven’t watched the video yet, I encourage you to do that now…

There were many terrific insights and questions in the contest entries. It was tough to pick just five winning entries (we actually picked six), but you’ll find the winners listed below.
[Read more…] “Fire Your Banker Video Contest Results”

Video: How to fire your banker!

August 1st, 2012 by Pamela Yellen | 164 Comments

We’re always looking for entertaining, easy-to-understand ways to explain key concepts of the Bank On Yourself method. So we just completed a new – and very unusual – video that explains one of the most powerful features of Bank On Yourself – how it lets you bypass banks, finance and credit card companies altogether and become your own source of financing.

This video also addresses how purchasing things like cars, vacations, business equipment, or a college education through a Bank On Yourself plan beats financing, leasing and even directly paying cash for them.

Click the play button on the video below, then scroll down to the comments box and give us your feedback…

HOW MUCH MONEY COULD YOU HAVE BY BECOMING YOUR OWN FINANCING SOURCE?

To find out how much more money you could have when you fire your banker and become your own financing source, request a FREE, no-obligation Analysis.

We’d really love to get your feedback on this new video and video “style”. (You’ve probably never seen a video like this before.)

Here are questions we’d love to get your feedback on in the comments box below…

1. Do you currently use Bank On Yourself?

2. What was the best part of the video?

3. What is still unclear about the Bank On Yourself concept?

4. What topics could we address that you think would give people more confidence to consider Bank On Yourself?

5. If you do not currently use Bank On Yourself, did this video make you more likely or less likely to request a free Analysis and get a referral to one of the Bank On Yourself Professionals?

6. If you are currently using Bank On Yourself, do you feel that this type of video is something you could share with family, friends and colleagues to help them understand this method of managing your finances? Why or why not?

7. Is there any other feedback you’d like to give us?

Singer Karyn White Seizes the Day with Bank On Yourself

July 25th, 2012 by Pamela Yellen | Leave a Comment

I just recorded an inspiring interview with Grammy-nominated contemporary/pop and rhythm and blues recording star – and Bank On Yourself client – Karyn White.

Grammy-Nominated Singer Karyn White Seizes the Day with Bank On Yourself

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

A Better Way to Save and Pay for College

July 20th, 2012 by Pamela Yellen | 9 Comments

Paying for college without spending your life’s savings is one of the biggest challenges faced by families today.

The traditional ways of paying for college, such as 529 college savings plans, UGMAs, UTMAs, and student loans all have serious drawbacks. So we put together a video that reveals:

Seven important questions to ask yourself when choosing between college saving methods plus a chart that compares them side-by-side
A better way to save and pay for a college education for your kids or grandkids – or for yourself – one you probably aren’t hearing about
How the Bank On Yourself method can double as a safe college savings plan AND a way to provide you a guaranteed income in retirement that can last as long as you do

This video is a little longer than others we’ve done (it’s 10 minutes) because this is a critical topic and making the wrong decisions can drag down your financial picture for decades. A full transcript of the video can be found below as well. Enjoy and let us know what you think in the comments box below!

Bank on Yourself: A Better Way to Save and Pay for College

Watch this video to learn how a specially designed dividend-paying whole life insurance policy from a Bank On Yourself Professional may be the safest and best way to save for college tuition to meet the rising costs of education.

Here’s the full text of the video…

The Boomerang Generation”

That’s what many experts are calling today’s crop of young adults.

All too often they go off to college, they graduate, then they return home, sometimes for years. Blame it on the cost of college.
[Read more…] “A Better Way to Save and Pay for College”

They’re lying to you, again..

June 22nd, 2012 by Pamela Yellen | 4 Comments

A widely publicized new report from the Federal Reserve shows Americans’ wealth plunged by nearly 40% between 2007 and 2010, due to the collapse in home values and the stock market.

There’s one big problem with the Report, which reveals that the net worth of U.S.families has been reduced to a level not seen since 1992 – it’s one of the biggest lies ever perpetrated on the American public!

Here’s why: You can’t eat a number on paper!

Those statistics about how much Americans’ wealth had ballooned prior to the financial crash were pure fiction. Unless and until you sell your assets and (hopefully) lock in your gains, you have nothing more than a bunch of eye-popping numbers on paper that have lured most Americans into believing they have real wealth and financial security, when they do not.

At least that’s the case for Americans who save and invest the way the conventional wisdom tells us to. But it’s not true for people who use the Bank On Yourself method.
[Read more…] “They’re lying to you, again..”