Has anyone ever tried Pamela Yellen's "Bank on Yourself" and if so, has it worked for you?

Question

I am considering trying this program "Bank On Yourself" and I would be interested to know how it works and if anyone has been successful with it.

Answer 1

Bank On Yourself has definitely been working for me. Next month I’m taking my dream vacation to Kauai, Hawaii for two full weeks. I’m staying in a beautiful hotel right on the beach and doing all the fun things I wouldn’t have been able to afford, if it wasn’t for my Bank On Yourself (BOY) plan.

The best part is, I’m getting this fabulous vacation for free – that’s what happens when you Bank On Yourself. And I added on every extra activity I wanted, from a helicopter ride and a sunset dinner sail, to zipping through the jungle, biking down a canyon and kayaking up a river, plus two Hawaiian-style massages and a luau complete with a hula show.

If I’d saved up the money for this vacation in a regular savings or money market account, I’d have felt guilty spending it. And I’d have worried that if I spent this much on a “luxury,” I wouldn’t have the money if an emergency came up and I needed it to keep my head above water.

But since I discovered BOY, I’m simply borrowing the money for the trip from my plan – not creating debt on a credit card, like I used to do. This way I can pay cash for the trip, and then I’ll pay my plan back, instead of flushing the money down the drain to a credit card company.

In a reasonably short period of time, the money will be completely paid back, and my plan will be ready to use again to fund my next “life-improvement project” or exciting adventure.

Not only that, the interest I used to pay to the credit card companies now lands right back in my own pocket (my Bank On Yourself plan), along with the full cost of the trip or project, because I paid for it in this way.

So the trip really isn’t costing me a dime. In fact, I’m MAKING money on it! And now that I’ve laid the groundwork, I’ll be able to take fabulous vacations every two years for the rest of my life, without paying for them out of my cash flow.

In addition, if your plan is from the right company, as mine is, the money you borrow from the plan to buy things, or invest in other ways, will continue earning dividends as though you never borrowed it.

In the 4 years since I started my Bank On Yourself plan, I’ve already used it to finance two life-improvement projects.

First, I installed a privacy fence, built a patio and landscaped my yard with flowering bushes. Then, last Christmas I visited my daughter Laura and her family back East, and bought them the computer she and grandkids needed for school. And I’ve already recovered the entire cost of both of those projects.

This year, I even started a second Bank On Yourself plan, twice as big as the first one. Pretty soon I’ll have enough saved up in my plans to get my next new car for free. (And every new car I buy from now on!)

Oh, by the way, I started my first plan with the money I would have used for monthly car payments. Instead I chose to drive my “not-so-new” car a few extra years while funding my plan. If I could make that small adjustment to my lifestyle and dramatically improve my entire financial future, anybody can!

Besides all I’ve already mentioned, one of the MOST important reasons I love Bank On Yourself is that I no longer have to worry about whether or not I’ll be able to reach my retirement goals. BOY lets you do that regardless of what’s happening in the crazy, volatile stock and real estate markets.

That gives me the peace of mind I never had before I discovered Bank On Yourself.

I remember seeing the post “Saura” referenced above on the Morningstar site a while back. It looks like they completely deleted Pamela Yellen’s reply. Too bad – it was a very well thought-out post as I recall. Guess they just don’t like the idea of “equal time” or airing opinions that don’t go along with their very limited, closed-minded viewpoint.

It’s always easier to ridicule ideas that you know little or nothing about, than to take the time to really research and understand them. I give you a lot of credit for that… maybe that’s why you go by “Pure Wisdom.”

Here’s a word of advice: Watch out for people who dismiss BOY out of hand because they don’t understand it. These people are so lazy they don’t even bother giving a shred of support or facts to back up their opinions.

Some of my friends and family thought I was into one of those get-rich-quick money schemes when I first told them I was starting a BOY plan. But now that they can see all the incredible benefits I’m getting, and how relaxed and happy I am about money, they’re all starting to come around and ask me how they can start plans of their own.

Many of them just can’t stomach the uncertainty you have with traditional investing, financial and retirement planning strategies. Like me, they need to KNOW they’ll be able to reach their financial goals.

It’s really gratifying to be able to help the people you care about find out about BOY, so they can have a better life, too. Now they say they wish they’d listened to me when I tried to tell them about this sooner.

I’ve heard they’ve put out a $10,000 Bank On Yourself Challenge. The first person to show they use a strategy that can match or beat the 18 major advantages and guarantees you get when you BOY gets $10,000.

The advantages of Bank On Yourself include a guaranteed rate of annual increase; no risk to your principal or growth due to stock or real estate market corrections; you can spend or invest the money you have in your plan and have it continue to grow for you as though you never touched it; you get tax advantaged growth; the full maturity value can pass to your loved ones income-tax free, even if you’ve only managed to save a fraction of that amount; and you can accurately project the minimum guaranteed value and minimum annual income of your plan.

All of these benefits (and more) work for you to provide peace of mind for your financial and retirement planning.

So far, apparently no one has come up with any other financial product or strategy that can even come close to matching the advantages of BOY.

It would be nice to get that $10,000, but to be honest… I’d RATHER get that long list of Bank On Yourself advantages and guarantees, because they’re worth a lot more to me than ten grand. I’ve already recaptured that much in just the first few years of using BOY.

What’s the value of not having to worry about having enough money? Priceless! (LOL)

I hope you’ll keep an open mind about BOY – I think you’ll be very glad you did.

Answer 2

This Site Might Help You.

RE:
Has anyone ever tried Pamela Yellen's "Bank on Yourself" and if so, has it worked for you?
I am considering trying this program "Bank On Yourself" and I would be interested to know how it works and if anyone has been successful with it.

Answer 3

It works! But be wise - don't go with the first adviser you talk with. I have seen that many of them won't give the best policy to people because either they don't have the experience, or they want to make a little more money out of you. I have a lot of experience structuring policies for my clients, so if you want, you can send me the illustration, and I can give you an unbiased opinion about it. [e-mail] ... God bless you!

Answer 4

wonderful poem. yes, i'm in a long distance relationship right now. we're trying to make it work. sucks. i just want to be with him and i can't. he wants to use seeing me as a motivating until finding another job...kinda feels like he's pushing me away instead...i don't know. i hate the distance...i love him very much...i just hope it doesn't get too much for him to handle.

Answer 5

Pam Yellen

Answer 6

Here's an interesting discussion on the subject:
http://socialize.morningstar.com/NewSocialize/asp/FullConv.asp?forumId=F100000015&convId=183551