The Bank On Yourself Revolution, Pamela Yellen
The Bank On Yourself Revolution, Pamela Yellen

The Bank On Yourself Revolution, Pamela Yellen

 “The Bank On Yourself strategy offers you rare assurances, safety, liquidity and control. Your money will grow by a predictable and guaranteed amount each year ,” Pamela Yellen – ” The Bank on Yourself Revolutio

 Several years have passed from the publication of “Bank on Yourself,” Pamela Yellen’s first attempt to explain for a broad audience the advantages of using whole-life insurance in financial planning. The ever-changing, unpredictable world of personal finance has become more complex and confusing.

 

 A Bank On Yourself advisor, I felt that a sequel was in order. I was delighted to see this second, more detailed discussion about a unique cash management system.

 

 In her sequel,  Yellen puts a lot of effort into making the Bank On Yourself method more understandable and accessible to everyone. She makes a compelling, solid and passionate case for whole-life insurance policies that pay dividends. These policies can be used to preserve and grow wealth. These policies can build cash value quickly and provide unmatched safety and security, if they are properly crafted, she claims.

 

 Yellen explains how a person can take tax-free cash out of the policy and borrow from it to finance large purchases such as college tuition and automobiles. With the death benefit secured, you can use your policy to repay yourself. Some refer to this idea as “becoming your finance company”, a term that has existed in many forms for over 150 years. Yellen does a great job explaining the concepts behind Bank On Yourself without getting lost in insurance-speak and marketing hype.

 

 Her explanations implicitly state that anyone who wants to use the BOYR system should do their research. It’s not for everyone.

 

 The Bank On Yourself Revolution Yellen clearly put a lot of thought and effort into the layout and content of the book. This makes it easier to navigate from topic to topic and keeps her commentary clear and concise without using too much verbiage. Even for those with little financial education, she does an admirable job at making the concepts clear and understandable.

 

 <u><strong>The Bank On Yourself Revolution Yellen introduces us to old-school financial concepts that, while not “sexy,” are still useful and work. These include the “10-10-10” money management system and the common sense notion of having less debt. Her argument for whole-life designer policies over term insurance and the ever-in fashion indexed universal life policy (IUL), is strong. 

 The “takeaways” at each chapter’s end are a nice addition to this volume. They provide valuable information that is easy to understand, retain and use. Yellen includes many stories from real-life users, including entrepreneurs and housewives. These stories are valuable, especially for financial professionals who introduce the concept to clients for the first-time.

 

 It makes people feel happier to know that Bank On Yourself is helping real people just like them.

 

The Bank On Yourself Revolution  is an entertaining read that adds to the growing body of evidence supporting permanent life insurance as part of financial planning. This book is for anyone who is interested in alternatives to banks, Wall Street and finance companies.

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