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Does 鈥淏ank On Yourself鈥?really work? |
The answer to a question posted here on Bank On Yourself really surprised me. It must have been written by someone who doesn鈥檛 understand how this works. I just started my second Bank On Yourself policy because I鈥檓 so thrilled with my first one, which has enabled me to get a new car every 4 years for free 鈥?I鈥檓 on my second free car now. I鈥檓 using policy #2 to get my vacations for free. Even when I borrow from my policy to buy things, my retirement fund grows and I never have to worry about it, like you do with mutual funds and stocks. I was skeptical when I first heard about Bank On Yourself, too. But I did a lot of research and that opened my mind. And now that I鈥檝e experienced it for myself, I only wish I鈥檇 put more money into it sooner. May I suggest you dig a little deeper and do the research, rather than base your decision on anonymous posts written by people who have lots of misconceptions about this? Alice Englund Yes, Bank On Yourself really works and has long been used as an effective tool to grow wealth without risk, recapture interest you'd otherwise pay to finance companies, get back the purchase price of cars and big-ticket items and reduce taxes. According to Audri Lanford, President of Internet ScamBusters, "You've undoubtedly heard the saying, 'If it sounds too good to be true, it probably is.' And Bank On Yourself does sound very good. However, this strategy has actually existed for more than 100 years and has been used successfully by thousands. The Bank On Yourself Report was written by someone I really respect." According to Private Investigator Arthur Felton, "When I first heard about Bank On Yourself, I thought it sounded too good to be true. But instead of letting my skepticism get in the way, I decided to look into it thoroughly. As a private investigator, it's my nature to research things. I have a diverse portfolio and, over the years, I've used many different financial strategies. However, I have not come across ANYTHING else that will accomplish what Bank On Yourself does. It's what the rich use to get richer. The only regret I have is that I didn't discover Bank On Yourself many years ago." Mike LaPlante put it a little differently when he said: "After working for 25 years, I feel for the very first time that my retirement is properly squared away. I no longer have to worry about where to put my savings to chase a higher return. Bank On Yourself takes all the gut-feeling worry of, 鈥楢m I doing the right thing鈥?away, and allows me to focus on other, more fun things in my life. Thank you so much for bringing Bank On Yourself to my attention. This is the BEST financial lesson I鈥檝e ever been taught. I feel completely at peace with my decision to move forward with this.鈥?br /> These are just a few of the thousands of unsolicited comments made by folks across the country who've implemented "Bank On Yourself" into their financial plan. Most contain some variation of the comment, "I wish I'd started Banking On Myself sooner and put more into my plan." More than 100,000 Americans ALREADY use the Bank On Yourself strategy, including presidents of large and small corporations, aerospace engineers, doctors, lawyers, FBI agents, policemen, pilots, teachers, bankers, truck drivers, talk show hosts, professional athletes, well-known actors and other celebrities, hospital administrators, machinists and folks from just about every walk of life. It's been around for well over 100 years and has long been used by the wealthy in our country Over the last 30 years, however, it has become accessible to others. Perhaps we're all (including me) just "imagining" that we're getting back the interest we used to pay to financial institutions. And maybe we've deluded ourselves into thinking we're getting back the purchase price of big-ticket items we buy using the Bank On Yourself strategy? Or maybe it's a "mass hallucination" that's caused us all to believe our money in the plan is growing every single year without risk or worry (and potentially tax-free). More likely the "noise" about Bank On Yourself has to do with what the philosopher Arthur Schopenhauer pointed out 鈥?"All truth goes through three stages: First it is ridiculed; then it is radically opposed, and only much later will it be accepted as self-evident." Will Rogers said, "The problem in America isn't so much what people don't know, it's what they THINK they know that just ain't so." In response to the person who replied to the previously posted question about Bank On Yourself 鈥?if an advisor was most interested in making big commissions, they certainly would NOT be telling their clients about Bank On Yourself! Bank On Yourself Advisors take an average 50% pay cut by loading up the policies with a Paid-Up Addition Rider, which turbo-charges the growth of the cash value in the policy, but pays almost no commission. But again, most people don't have a clue that these policies are structured quite differently than the policies most people know about. And they don't understand the process used to help people become their own source of financing, in order to recapture interest they'd otherwise pay to finance companies and get back the purchase price of things they finance this way. Regarding the statement made by the same person who made the comment I just addressed, that no "reputable" financial planners recommend Bank On Yourself 鈥?there are hundreds of highly respected advisors who recommend this. Many have at least 20 years' experience in financial planning and have received nearly every advanced certification available to financial advisors. Many are also CPA's, have MBA's and PhD's, teach college classes, and are leaders in their communities. Most ultimately decided to make Bank On Yourself the foundation of their practices through sheer frustration and disgust with the inability of the traditional financial planning techniques they and their colleagues were taught to help their clients achieve their goals. Perhaps the person who made this comment (anonymously, of course), has their OWN definition of "reputable" 鈥?for example, someone who agrees with their opinions. I agree with the above questioner that it's pretty crazy to put much stock in what's on the internet 鈥?most of it is posted anonymously by people who have NOT read the research or source materials on this subject, and aren't very qualified to have an "opinion" about it. Have you ever wondered why people doing "legitimate" research feel the need to use aliases in the first place? I'd like to echo the "radical" suggestion made by the person who posted this question to anyone still struggling to figure out if Bank On Yourself is "for real": Read the source materials, research and documentation supporting the Bank On Yourself strategy, and then make your own decision based on facts, rather than emotions. Yeah, it's "work," but the quality of the answers you get will be far superior. There has been a substantial body of research published on this. I gave a starting point for that research in the acknowledgements page of my Special Report on Bank On Yourself, and that will lead you to additional recommended reading. Remember about a month ago when someone placed an ad on CraigsList.com about how everything that was in a house was free for the taking, and hundreds of strangers went to the house and stripped it clean, INCLUDING the kitchen sink and every other appliance? It was on the nightly news, with video of the damage. Turns out the ad was a hoax, of course. Why did the people who went to the house to take everything think it was for real? They said it was because they saw it on the internet, and assumed it must be true. If you're bound and determined to make your decisions based on that kind of information, well, I guess that's up to you. I would hope your financial future is important enough to be worth a bit more open-mindedness, thought and research than that. Given that most experts today (from AARP to the Employee Benefits Research Institute to the federal government and Fortune and Newsweek Magazines), agree that MOST Americans will have to work much longer than they planned, retire on much less money than they hoped, or both, keeping an open mind may be what saves us. Because it's pretty obvious that "traditional" financial planning isn't cutting it. If SOMEbody didn't have the courage to question conventional wisdom, we'd still believe the world was flat. Pamela Yellen Bank On Yourself I have no clue of what started your rant,. but I have a sneaking suspicion that you are over drawn on your "bank on yourself" account. sounds like you owe the bank now. and they charge interest you know. Good luck with it, go back to square one. sorry i am ignorant "The answer to a question posted here on Bank On Yourself really surprised me. It must have been written by someone who doesn鈥檛 understand how this works." Don't know why it would surprise you. Whenever a message board search turns up a reference to "Bank On Yourself," folks like the previous responder show up with the equivalent of badly written late-night infomercials. Things must be slow with the marketing business, eh Pam? |
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