Category: Financial Planning

7 Recession Recovery Tips

June 7th, 2012 by Pamela Yellen | Leave a Comment

Most financial analysts claim our country’s economy is on the mend, but many people haven’t felt that yet. Maybe you’re one of these folks. If so, there are a few basic steps you can take to speed up your personal recovery.

1. Make (and stick to) a budget

A budget isn’t a straight jacket for your wallet. It’s a plan for your mind, to help you be sure the things you spend your money on are the things you want or need most. Small amounts pile up. A daily coffee shop visit adds up to $100+ a month. Then there’s eating out, movies, alcohol, cigarettes, lotto tickets – you get the idea. When you spend money, write it down. Review your spending weekly, so you know where your money is going. Look for things you can cut.

For example, buy your meals the old fashioned way – at the grocery store, not the drive-thru. And do most of your shopping around the perimeter of the market – near the outside walls. This is where you’ll find the fresh produce, dairy, and meats/poultry. Cut your food bill in half by avoiding pre-cooked or ready-to-eat stuff.

2. Consider ways to downsize

7 Reasons Why Banking On Yourself Makes Sense

May 30th, 2012 by Pamela Yellen | Leave a Comment

Investing money is a difficult and confusing process for most. While you want to earn the highest return possible, you worry that too much risk could result in a big loss. There are Bank On Yourself growing coinage thousands of financial “experts” in the world, eager to impart advice and consultation, but how are you supposed to select the right one?

One option is Dividend-Paying Whole Life Insurance. While not as publicized as a 401(k) or investing in the market, Whole Life Insurance is a viable, safe method for growing wealth while providing a safety net for your loved ones.

Please take a look at the answers to the FAQs below and consider if Dividend-Paying Whole Life Insurance through Bank On Yourself is an option for you.

FAQs:

1. What is it Dividend Paying Whole Life Insurance?

Retired Navy Commander: Bank On Yourself Makes Financial Independence Easy

May 2nd, 2012 by Pamela Yellen | Leave a Comment

Retired Navy Commander, Robert Chambers

Retired Navy Commander, Robert Chambers, first came to our attention when we invited Bank On Yourself policy owners to share their stories with us.

Retired Navy Commander, Robert Chambers

Commander Bob wrote, “I can’t tell you enough how this has changed my life, but also the lives of every generation to follow.” Bob, who fully retired before he turned 50, notes that…

Retirement isn’t only about money; it’s about gaining financial independence, living a comfortable lifestyle and leaving a legacy for future generations.”

Bob also sent me a 20-page booklet he wrote titled, “Financial Independence Made Easy,” which details his insights into why the conventional wisdom about saving and investing has failed so many, and what his research and study have revealed about the best ways to achieve financial independence. [Read more…] “Retired Navy Commander: Bank On Yourself Makes Financial Independence Easy”

Busting the Bank On Yourself high commission myth

April 18th, 2012 by Pamela Yellen | 3 Comments

There is no shortage of myths or misconceptions about Bank On Yourself or the specially designed whole life insurance policies used for this safe and proven wealth-building method.

Spilling the beans on the myth that financial representatives sell whole life policies for the large commissions

One of the most commonly repeated myths is that financial representatives only sell whole life policies because they receive large commissions for doing so.

Often, that accusation comes from financial planners, investment advisors and money managers who want you to invest in the stock market, instead.

When you watch the video below, you’re going to be shocked to discover that the financial representative who manages your money in the stock market is making at least TEN TIMES MORE than the Bank On Yourself Professional, if the same amount of money is contributed each year! (And Bank On Yourself Professionals receive 50-70% less commission than financial representatives who structure policies the traditional way.)

Maybe that’s the kind of thing Mark Twain had in mind when he said…

A lie can circle the globe in the time it takes truth to put on its shoes”

And for pocketing TEN TIMES MORE of your hard-earned savings, what guarantees does your financial planner or money manager give you? Do they guarantee you that you’ll have a certain amount of money when you’re ready to start taking income from your savings? No! In fact, if you ask them that question, they’ll laugh you out of their office!
[Read more…] “Busting the Bank On Yourself high commission myth”

Five Tax Advantages of a Bank On Yourself Policy for 2024

April 11th, 2012 by Pamela Yellen | 6 Comments

UPDATED JANUARY 2024

You’ve probably heard the old joke about the guy who hears a knock on his door, opens it, and there’s a man who says…

I’m from the IRS and I’m here to help you!”

Well, there are times when the IRS is trying to help you… and when it comes to the Bank On Yourself method, there are at least five ways they do that.

With the caveat that I’m not a CPA or accountant, nor have I ever played one on TV, here are five ways Bank On Yourself could save you thousands or even hundreds of thousands of dollars in taxes over your lifetime…

Bank On Yourself Tax Advantage #1: Tax-Free Retirement Savings Withdrawals

Shocking New Report Wall Street Doesn’t Want You To See

April 6th, 2012 by Pamela Yellen | 2 Comments

I’m holding in my hands a hot-off-the-press Report from the well-respected research firm, DALBAR, Inc., about the actual returns investors have been getting in the stock market over the last 20 years. The news is shocking, but should make sense if you’ve been having the feeling your investment accounts aren’t rising at the rate the market has been…

The average equity fund investor has gotten less than half of the return of the S&P 500 over the last two decades – beating inflation by less than 1% per year
The average fixed income investor got – you should probably sit down for this – only 15% of the return of the related benchmark (Barclay’s Aggregate Bond Index)
The typical asset allocation investor got less than 30% of the return of the S&P 500 – 2.12% per year to be exact – and didn’t even keep up with inflation!

So… was that worth all the roller coaster ups and downs and sleepless nights?

How to Finance Your Business Yourself

March 16th, 2012 by Pamela Yellen | 5 Comments

Many business owners and professionals pay considerable sums of money to banks and credit card companies to finance or lease equipment, vehicles, office buildings and more.

That’s money you’ll never see again!

It also requires you to fill out reams of nosy paperwork, pledge your first born child… and still have no guarantee you’ll get the capital you need for your business (even if you have perfect credit)!

What if you could bypass banks, finance and credit card companies altogether and become your own source of financing for your business?

The good news is that you can! You can use the same method famous people like Walt Disney, J.C. Penney and others used when no banker would lend them a dime.

When you use the Bank On Yourself method, you can…

Fire your banker and seize control over your business finances
Use your money and still have it working for you
Recapture the interest you would have paid to others
Grow a guaranteed and predictable income stream in retirement
Pay little or no taxes on it, under current tax law

This video reveals how it works and includes a case study, including how much was paid into the plan, how the plan was used for financing and how much retirement income it provides.

Click the play button below to watch the video…

WANT TO FIND OUT HOW YOUR BUSINESS COULD BENEFIT FROM BANK ON YOURSELF?

Find out the bottom-line numbers and results you could have if you added the Bank On Yourself method to your financial plan when you request your FREE Business Owner Analysis.

Discover how much more control you’ll have over your money and how much more wealth you could have – guaranteed – without the risk of stocks, real estate and other investments.

If you’re not a business owner and want to become your own source of financing…

Almost anyone can use the Bank On Yourself method to become their own source of financing for major purchases like cars, vacations, home renovations, college educations and more! This video shows you how.

Love and Money: How to Increase Financial Intimacy with Your Partner

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

Do you keep “spending secrets” from your spouse or significant other?

Has a difference in how much risk you’re comfortable taking with your investments and retirement savings caused friction in your relationship?

Do you feel envious at times of friends, neighbors or family members who have more wealth than you do?

If you were a lot wealthier, would your sex life change in any significant way?

Best retirement plan alternative?

February 10th, 2012 by Pamela Yellen | 6 Comments

I can’t afford to be a risk taker any more”

…says 75-year-old Margie Alford of Austin, Texas. Yet, Margie’s financial planner is moving her CD money into stocks instead, after fruitlessly waiting for three years for interest rates to rise.

Low interest rates of the past several years have taken a toll on U.S. savers. “The Fed has removed the last shred of possibility that interest rates will revert to normal in the near future,” according to Christopher Carroll, profession at Johns Hopkins University.¹

As a result, retirees are taking on more risk… at a time they can least afford to.

With interest rates on CD’s, saving and money market accounts not even keeping up with inflation, what other options do you have?

The Bank On Yourself solution…

Take Our Love and Money Financial Self-Assessment

February 1st, 2012 by Pamela Yellen | 2 Comments

Money is the leading cause of marital and relationship troubles. Do you think you and your partner are compatible when it comes to finances?

According to a Survey by American Express, 91% of couples avoid even talking about finances, household expenses and debt with their partner.¹ Twelve percent said they’ve never talked about money with their spouse and some of the 2000 U.S. adults that participated indicated they knew their partner’s weight but not their salary.

All is fair in love and war…

Money causes more stress than intimacy (11%), children (9%) and in-laws (4%) and 40% of married couples have serious, recurring arguments about money
27% of respondents misrepresented the amount of a purchase to their partner
30% have hidden purchases from their partner
56% of couples felt they have made a financial mistake in their relationship, ranging from spending too much on their wedding to buying a house at the top of the market