The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Futureby Pamela Yellen can’t come at a better time for me to review. R and I are reviewing our financial situation and seeing how we can reduce our debt.
In the 12 chapters of this book Pamela explains how we have been caught in the veil and lies that the financial institutions have been feeding us all these years. Investing based on what was recommended by the banks
Which is the best place to invest your money then? 401(k) or Wall Street? Bonds, Stocks or shares?
Pamela looks at the history of the stock exchange and how the financial bubble has affected many in the past. The bursting of the bubble have seen many people have their retirement funds wiped out and having to slog way into their twilight years. Inflation have also robbed many people of their profits and also left them little cash to survive on in their old age.
How then can it be possible to build a solid financial foundation and a secure future instead of chasing returns?
Pamela shares in her book what she feels is the best way. She advocates investing in whole life policies. Stay away from term life policies and ( Equity Index Universal Life) EIUL policies as the payout are significantly lesser then what they preach. The policies lose value each year instead of gaining and you may end up being worst off.
Through many different case studies in the book one is shown how the Bank on Yourself method has worked for many people who are in different stages of their lives.
It was interesting to learn that it is possible to maximize the growth of your cash value without increasing your premium. You just have to search for the most suitable life policy and carefully scrutinize the details to see i it is suitable for me. I am wondering if such a method could work here in Singapore as the book is written based on America’s financial history. It certainly was food for though and made me think much more on how I want to grow my nest egg and be financially prudent so that I can maintain my current lifestyle way into my twilight years.
Get your own copy of The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future and change your life.
Disclaimer: I received a copy of this book for review purposes. All opinions are 100% my own. This post has a compensation level of 3. Please visit Dominique’s Disclosure page for more information.