Bank On Yourself
This concept has helped my family immensely. If you want to free yourself from the ups and downs of the market, talk to me.
The book, Bank On Yourself: The Life-Changing
Secret to Growing and Protecting Your Financial Future has just been released
The author Pamela Yellen, through our Financial Advisor John Shedenhelm, came to
The workshop was an entirely new presentation
and way of looking at Bank On Yourself, it really helped to give us a deeper
understanding of the concept – and we had fun while doing it.
The workshop revealed the
secrets to taking back control of our financial future. We learned how to:
* Have a rock-solid financial plan and a predictable retirement income that can last as long as we do – with NO luck, skill or guesswork required
* Turn our backs on the stomach-churning twists and turns of the stock and real estate markets
* Get back every penny we pay for our cars, vacations, home repairs, business equipment, college educations, and other major purchases, so we can enjoy more of life's luxuries today without robbing our nest egg! (The average family could increase their lifetime wealth by $500,000 to $1,000,000 or more using this method, without the risk or volatility of stocks and real estate)
* Become our own source of financing and recapture the interest we pay to banks and finance companies – reducing or eliminating the control those institutions have over us.
Who would get the most value from the Bank On Yourself philosophy?
People who are tired of gambling with their financial future and want to start knowing how good it can be. People who have figured out there are no magic pills, and that, with a little patience and discipline, financial peace of mind can be theirs.
Nelson Nash
An Interview: We appreciate R. Nelson Nash taking time out of his busy schedule to share his knowledge, expertise, and humor.
1. Whole life insurance has been around for over 200 years. Yet, we still see strong hesitation to purchase this type of product. What do you feel are the biggest misconceptions of whole life insurance?.
The general public in America knows practically nothing about dividend-paying whole life insurance. It is all a matter of getting interested people educated about this wonderful idea.
2. In your book, you say that one's infinite bank can take up to 7 years to capitalize. What do you suggest for individuals who are retiring today?
I suggest they attend one of my 10-hour seminars and get fully informed about what is possible. Please note that the "capitalization phase" in the equipment financing section of my book is only four years. Furthermore, I demonstrate that the policy can be used much earlier than that.
3. There are a lot of financial pundits out there that suggest buying term life insurance and investing the difference. What do you tell people when you hear this strategy?
I suggest they study the sixteen books that I recommend for people who are interested in the stock market. When they finish them, they are now qualified to talk about "Investments." This strategy is NONSENSE! Show me proof that it works - you cannot because IT DOES NOT WORK.
4. There are numerous advantages to your Infinite Banking Concept such as the recapturing interest paid to other financial institutions, a growing death benefit, and the ability to leave behind a legacy. What, if any, are the disadvantages or drawbacks of this concept?
The disadvantages or drawbacks would be in not participating in the process! Also, a person may have to show some patience and discipline to reap the full rewards.
5. Recently, we have seen many commercial banks shut down or acquired due to questionable financial decisions. This is causing a lot of people to be wary of where they keep their money. Can you speak to the stability of life insurance companies?
What is the most disastrous thing that has happened in the financial world in the last 100 years? Answer: The Great Depression. During that time life insurance companies were stronger than any other thing.
6. We enjoy the ability to access our cash value on a tax-free basis. Yet, I often see comments from naysayers like, "When the government finds out, they'll change the tax laws." Although tax laws are uncertain, are you confident that these tax advantages will stay in place for whole life insurance long term?
Life insurance is not a creature of the IRS Code (which has been around only since 1913). Life insurance has been around for about 200 years. Pension plans, IRA's, HR-10 plans, 401-k plans, etc. are all a function of the IRS code. They are all "exceptions to the IRS code." Please notice what is now happening to all those sort of plans. Yet, my life insurance policies continue to grow. (Please study the attachments.)
7. What would you say is most important in making one's infinite bank successful and why?
Read my book. Do what it says. It is built on firm principles that have stood the test of time.
8. In your seminars and in your book, you show examples of financing cars and equipment. Are there any "out of the box" things you have done, or have seen people do, in utilizing an infinite bank?
It is limited only to one's imagination. Again, attend one of my seminars and you will see any number of examples.
9. I've read your book and experienced your teaching in a live setting, so I can appreciate your humor. I think it would be entertaining to our readers if we play "word association". I give a word, and you give your immediate response.
a. Term insurance - Nonsense! "Buy term and invest the difference" PROVE TO ME THAT THIS WORKS - YOU CANNOT BECAUSE IT DOES NOT WORK!
b. 401k - Absurd! The rules for using YOUR money are arcane and numerous and penalties abound.
c. Social Security - Criminal idea!
d. IRS - Equally criminal!
10. Today, a lot of people are fearful of the current economy. I believe a lot of it has to do with the media. Do you have any last words of advice you would like to give to our readers?
Google "Daily Reckoning" and subscribe (no cost). Read Bill Bonner every day. Read items on lewrockwell.com every day. Also, mises.org and fee.org. Read the 16 books for those interested in the stock market.
We want to express our gratitude to R. Nelson Nash. I hope this interview has sparked your interest in reading his book Becoming Your Own Banker and ultimately whole life insurance.
http://ezinearticles.com/?An-Interview-With-R-Nelson-Nash&id=1679098
