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The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future
New York Times bestseller
Do you know what your retirement account will be worth on the day you plan to tap into it? Do you know what the tax rates will be for the rest of your life? Do you know how long you're going to live? Most people have no clue...and that's the problem with conventional financial It's based on things you can't predict or control. Wall Street lost more than 49% of the typical investor's money – twice – since the year 2000. And studies show that because they followed the conventional wisdom, almost half of all Boomers won't have enough money to cover even basic living expenses during their retirement years. Now the financial gurus whose advice got you into this mess in the first place are telling you to "take more risk," "work till you drop," and "plan on spending less in retirement." Don't let them fool you again!
In The Bank On Yourself Revolution , financial security expert Pamela Yellen details how hundreds of thousands of people of all ages and incomes have bucked the system to secure their families' financial futures without gambling in the Wall Street Casino or taking any unnecessary risks. You'll discover a proven step-by-step plan for growing your wealth safely, predictably, and guaranteed every single year – even when the markets are tumbling. And you'll learn how to bypass banks, credit card and financing companies to become your own source of financing for cars, vacations, a college education, business expenses and other major purchases.
The Bank On Yourself Revolution isn't a "get-rich-quick" scheme; it's about having real wealth and financial security for as long as you live. You can finally know how much money you'll have next year, in 10, 20 or 30 years – and at every point along the way. Join the Revolution and take control of your own financial future!
Do you know what your retirement account will be worth on the day you plan to tap into it? Do you know what the tax rates will be for the rest of your life? Do you know how long you're going to live? Most people have no clue...and that's the problem with conventional financial It's based on things you can't predict or control. Wall Street lost more than 49% of the typical investor's money – twice – since the year 2000. And studies show that because they followed the conventional wisdom, almost half of all Boomers won't have enough money to cover even basic living expenses during their retirement years. Now the financial gurus whose advice got you into this mess in the first place are telling you to "take more risk," "work till you drop," and "plan on spending less in retirement." Don't let them fool you again!
In The Bank On Yourself Revolution , financial security expert Pamela Yellen details how hundreds of thousands of people of all ages and incomes have bucked the system to secure their families' financial futures without gambling in the Wall Street Casino or taking any unnecessary risks. You'll discover a proven step-by-step plan for growing your wealth safely, predictably, and guaranteed every single year – even when the markets are tumbling. And you'll learn how to bypass banks, credit card and financing companies to become your own source of financing for cars, vacations, a college education, business expenses and other major purchases.
The Bank On Yourself Revolution isn't a "get-rich-quick" scheme; it's about having real wealth and financial security for as long as you live. You can finally know how much money you'll have next year, in 10, 20 or 30 years – and at every point along the way. Join the Revolution and take control of your own financial future!
256 pages, Hardcover
First published January 1, 2014
95 people are currently reading
383 people want to read
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Displaying 1 - 20 of 20 reviews
February 24, 2016
The author does a terrific job of showing the fallacies of some of the popular ways of thinking about financial planning. I gained much from this book. She helped me to understand why my family should find a policy that has steady growth, guaranteed outcome but also remains liquid and available for emergencies.
Whether or not you end up using her strategy, her research is rock solid and she could help you avoid some major pitfalls and potholes.
It's also a case of the tortoise and the hare. No big bells and whistles here. I am convinced enough that it will help me restructure my family's financial picture. Sincere thanks to the author.
Whether or not you end up using her strategy, her research is rock solid and she could help you avoid some major pitfalls and potholes.
It's also a case of the tortoise and the hare. No big bells and whistles here. I am convinced enough that it will help me restructure my family's financial picture. Sincere thanks to the author.
May 29, 2019
Worthless. Spent a few click bait chapters, long ones, until I got to the main theme. Her strategy is whole life insurance, wtf, which I avoided my whole life. The author is probably the only person that believes so. She spent chapter after chapter explaining why stocks, CDs, bonds, mutual funds, metals, and real estate cannot beat inflation if we rely in each one 100%, yet mentioned nothing about index funds, ETFs, diversification, nor the benefits of long term investment/compound interest. Links in the book are all to her own company advisors. Any finance book that refers the reader to the author's comapny/ blog/ association is a scam in my radar after reading thousands of finance books and managing my own investments for over 40 years. An effective investment scheme should be carried out by each individual, at the peace of his own place and time, without a third party, aka bank on your own advisors, whatever the heck bank on your own is.
Don't waste your time unless you have zero knowledge of finance.
The only reason I picked up this book is because I research everything about a subject before I do anything.. and I'm blessed with lots of time, unlimited book budget, fast reading speed and a good memory. Early retirement doesn't hurt, either.
Don't waste your time unless you have zero knowledge of finance.
The only reason I picked up this book is because I research everything about a subject before I do anything.. and I'm blessed with lots of time, unlimited book budget, fast reading speed and a good memory. Early retirement doesn't hurt, either.
This entire review has been hidden because of spoilers.
February 29, 2016
I would recommend this book. I get a little bit of a kick out of those who are negative on this book (see other reviews) because Yellen promotes (throughout the book) having an analysis completed by one of her authorized representatives. Yes, that is the whole point of the book. That is Yellen's business, to create leads for Bank On Yourself authorized Advisers, but maybe I was more immune to that, as knew that going in. People who dismiss her out of hand because of that angle are making a very large potential financial error. As with all things in finance, this may or may not be the correct fit for you ...but to not look into it is foolish. Because I read the book, I will have much better questions for the adviser I will meet with, and with my own financial adviser who I have worked with for many years. With finances, you cannot leave things completely to chance and it is up to us, as individuals to have the most information possible in moving forward. So, read the book and put the information into consideration with all the other financial advise you get. You can't afford not to.
March 14, 2014
A friend of mine recommended this book to me and saw I read it. This books is definitely all hype with little substance. The author keeps telling you about all the problems with using the stock market and 401ks to plan for your retirement. And keeps telling your that her approach is the only way to have guaranteed safety and security in retirement but I'm still not sure I get what her approach is. Yes, I figured out that her approach is based on dividend paying whole life insurance but I still don't quite get how it works. The author keeps referring to all the guarantees and how it must be to good to be true but it isn't.
One of the major flaws in her argument against 401ks and mutual funds is that she ignores the principle of dollar cost averaging. Is the stock market volatile, absolutely. But if you consistently put in money, you will be able buy when it is low and make a decent return in spite of the roller coaster ride. Many of her examples deal with people who put in a set amount and then never added to the mutual fund over time and didn't get very much growth as a result. She also focuses so much on what has happened to the market since 2000 that she ignores the entire history of the market prior to that and ignores the incredible returns in the market since 2010
In doing more research on the approach, I think there is some who could benefit from a dividend paying whole life insurance policy. It is probably not for everyone. I don't think the approach is a scam and that you should avoid it at all costs. I just don't like the way the book was written, all fluff and hype with little substance.
One of the major flaws in her argument against 401ks and mutual funds is that she ignores the principle of dollar cost averaging. Is the stock market volatile, absolutely. But if you consistently put in money, you will be able buy when it is low and make a decent return in spite of the roller coaster ride. Many of her examples deal with people who put in a set amount and then never added to the mutual fund over time and didn't get very much growth as a result. She also focuses so much on what has happened to the market since 2000 that she ignores the entire history of the market prior to that and ignores the incredible returns in the market since 2010
In doing more research on the approach, I think there is some who could benefit from a dividend paying whole life insurance policy. It is probably not for everyone. I don't think the approach is a scam and that you should avoid it at all costs. I just don't like the way the book was written, all fluff and hype with little substance.
January 1, 2021
Author describes an intriguing concept. Falls far short in proof of concept and details of implementation. In other words, the book talks a good talk but fails to instruct how to accomplish.
This book is an introduction to a concept, definitely not a how-to manual.
This book is an introduction to a concept, definitely not a how-to manual.
May 26, 2018
Watch this on YouTube
Anyone who has read our How To Manage Your Monkey blog knows when we review a book on finance, we try to be as fair and balanced with our review as possible.
By now our readers also know that when we find something wrong with a concept, we tell you. We have looked all the way through The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future by Pamela Yellen and we have to tell you we did find one flaw. On page 95 when the author is discussing the alternatives to using The Bank On Yourself method, she says we could face a future where we say, “And would you like fries with that?” The flaw is, the training tells you to say, “You want fries with that” with the tone of a question. It is actually hypnotism at its best. And, it works.
Well, now that you have read that major flaw (said tongue in cheek) we will tell you that this plan just might work.
Like just about every other book on personal finance we have read, Yellen starts out by telling her readers the flaw in most other means of financing a retirement. That part of the book seems to go a little slow. Don’t give up. The book gets much better and the plan really seems to be a good one.
Albert J. Zdenek Jr, author of Master Your Cash Flow: The Key To Grow And Retain Wealth gives us some very sound advice that one should remember when reading any financial plan and that is, “Do the Math.”
It is too late for us to do the math. I was forced to retire 22 years ago. If I had The Bank On Yourself Revolution and not been too hard-headed to heed the advice given, we would not be having to try to make ends meet by eating beans and rice or ramen soup quite so often. Had we known about this plan and followed it the times spent in the nursing home (because that is the only way Medicare would pay for my IV fluids) could have been spent in my own home with visits from home health. With The Bank On Yourself Revolution, my wife and I could have made the choice.
We give The Bank On Yourself Revolution all five stars. It is very well-written and a well thought out plan for maximizing your wealth. We think anyone who plans to retire in this century needs to read this book. You will be glad you did.
We were sent a complimentary copy of this book. We are under no obligation to write any review, positive or negative.
We are disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255.
Notice: This post contains affiliate links. If you click a link and make a purchase, we may financially benefit from your transaction, at no additional cost to you. Thank you for your support.
Anyone who has read our How To Manage Your Monkey blog knows when we review a book on finance, we try to be as fair and balanced with our review as possible.
By now our readers also know that when we find something wrong with a concept, we tell you. We have looked all the way through The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future by Pamela Yellen and we have to tell you we did find one flaw. On page 95 when the author is discussing the alternatives to using The Bank On Yourself method, she says we could face a future where we say, “And would you like fries with that?” The flaw is, the training tells you to say, “You want fries with that” with the tone of a question. It is actually hypnotism at its best. And, it works.
Well, now that you have read that major flaw (said tongue in cheek) we will tell you that this plan just might work.
Like just about every other book on personal finance we have read, Yellen starts out by telling her readers the flaw in most other means of financing a retirement. That part of the book seems to go a little slow. Don’t give up. The book gets much better and the plan really seems to be a good one.
Albert J. Zdenek Jr, author of Master Your Cash Flow: The Key To Grow And Retain Wealth gives us some very sound advice that one should remember when reading any financial plan and that is, “Do the Math.”
It is too late for us to do the math. I was forced to retire 22 years ago. If I had The Bank On Yourself Revolution and not been too hard-headed to heed the advice given, we would not be having to try to make ends meet by eating beans and rice or ramen soup quite so often. Had we known about this plan and followed it the times spent in the nursing home (because that is the only way Medicare would pay for my IV fluids) could have been spent in my own home with visits from home health. With The Bank On Yourself Revolution, my wife and I could have made the choice.
We give The Bank On Yourself Revolution all five stars. It is very well-written and a well thought out plan for maximizing your wealth. We think anyone who plans to retire in this century needs to read this book. You will be glad you did.
We were sent a complimentary copy of this book. We are under no obligation to write any review, positive or negative.
We are disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255.
Notice: This post contains affiliate links. If you click a link and make a purchase, we may financially benefit from your transaction, at no additional cost to you. Thank you for your support.
November 21, 2023
1) Sales pitch for BeYourOwnBanker “representatives” to contact you and offer a taylored whole life insurance plan. Not a problem per se but it’s hard to swallow when a saleswoman like Pamela Yellen who calls herself an educator is limiting access to a common product one could research. She is not educating about whole life insurance, she is selling her guidance.
2) once the reader decides to bypass the long winded breathless sales pitch and focus on the product itself, the idea doesn’t sound bad. I don’t think her fear mongering, because that’s what it is, about other strategies for retirement is really fair. Metals, 401k plans, stocks, real estate etc have made many people secure. Her horror stories miss some basic points and serve little purpose beyond scaring the reader into her only plan.
3) Fine. So the whole book could be reduced to a brochure. Now what? Whole life insurance is a means to create a policy that pays a dividend backed by some of the most solid companies historically and allows the insured to borrow from it while keeping the growth intact. I’d say “historically” safe is not the same as forever safe. And a secure growth indifferent to markets ups and downs sounds good in principle . All while building a legacy that remains tax free and at the holder’s disposal. Nice!
4) the author does a good job at recommending this type of product at any stage of life, the sooner the better like everything in finance. For working people, business owners, students or seniors. It does a much worse job at emphasizing the caveats and delineating pitfalls like the amount of discipline these policies require to be effective.
All in all, a good source to understand a good idea that could fit if you measure your financial life by certain common milestones .
2) once the reader decides to bypass the long winded breathless sales pitch and focus on the product itself, the idea doesn’t sound bad. I don’t think her fear mongering, because that’s what it is, about other strategies for retirement is really fair. Metals, 401k plans, stocks, real estate etc have made many people secure. Her horror stories miss some basic points and serve little purpose beyond scaring the reader into her only plan.
3) Fine. So the whole book could be reduced to a brochure. Now what? Whole life insurance is a means to create a policy that pays a dividend backed by some of the most solid companies historically and allows the insured to borrow from it while keeping the growth intact. I’d say “historically” safe is not the same as forever safe. And a secure growth indifferent to markets ups and downs sounds good in principle . All while building a legacy that remains tax free and at the holder’s disposal. Nice!
4) the author does a good job at recommending this type of product at any stage of life, the sooner the better like everything in finance. For working people, business owners, students or seniors. It does a much worse job at emphasizing the caveats and delineating pitfalls like the amount of discipline these policies require to be effective.
All in all, a good source to understand a good idea that could fit if you measure your financial life by certain common milestones .
June 12, 2018
A Be Your Own Bank advisor recommended this book so I was starting with some knowledge. The introductory chapters weren’t necessary to sell me and the “sell” does get repetitive, but the nuts and bolts starting in chapter four were incredibly instructive. Dividend-paying whole life insurance is a very long game but it’s certainly a much less tumultuous one than the stock market. Yellen wrote in the introduction that most people’s complaints are they wished they’d started earlier, and she’s right. I wish I started 30 years ago. There’s so much that’s lost when it comes to teaching financial literacy. Better late than never but I’m telling all of you who still have an early to consider this now. Here’s basically how it works. You invest guaranteed premiums for guaranteed benefits over a hell of a long time and your cash value and death benefits are guaranteed. You don’t lose your cash value no matter what the stock markets do. You can take loans against your cash value without ever having to negotiate with a bank. You might even get dividends from the insurance companies when profits exceed costs. They can’t guarantee dividends but it’s happened yearly for the past 100 years or so. The biggest downside seems to be fluctuation in tax rules which can’t be predicted if you’re saving for retirement. Who knows what the laws will be in 35 years, but the other benefits are enough for me to do more homework for sure.
August 21, 2018
All Revolutions Start From Within - Open Your Mind
Having lived through many decades of up’s & down’s has proven to me the truth of this book. You’ll never succeed in life if you rely on “common wisdom”. Common wisdom is the way the government and the bankers use to take YOUR MONEY! Become your own Banker. It starts with this book.
Having lived through many decades of up’s & down’s has proven to me the truth of this book. You’ll never succeed in life if you rely on “common wisdom”. Common wisdom is the way the government and the bankers use to take YOUR MONEY! Become your own Banker. It starts with this book.
November 30, 2018
Only buy if you live unUSA or Canada
The book is great and best option if you want to be away from banks and Wall Street. However, the strategy doesn’t apply to people in Asia.
I realised that I wasted time and money on this book as I am not from USA
The book is great and best option if you want to be away from banks and Wall Street. However, the strategy doesn’t apply to people in Asia.
I realised that I wasted time and money on this book as I am not from USA
October 17, 2018
A whole lot of fear-mongering and apples to oranges comparisons. I’m not saying that this plan would or wouldn’t work, just that the methods used to try to convince the reader really turned me off.
February 14, 2019
interesting. I really like the ideas in this book. definitely worth a read
December 12, 2023
What a useless book! All the scare tactic and no useful information regarding the actual usage of the policy.
May 10, 2024
Another great book by Pamela Yellen. This sequel further illustrates the benefits of having a tried and true partnership with a bank on yourself designed whole life insurance policy.
February 21, 2021
Biggest regret is I didn't start sooner.
Great high-level book on Infinite Banking and taking over the banking function in your life. I now have several policies and my only regret is that I didn't know about this earlier in my career.
Great high-level book on Infinite Banking and taking over the banking function in your life. I now have several policies and my only regret is that I didn't know about this earlier in my career.
April 9, 2014
Mrs. Yellen makes some good arguments with flaws in the current financial system. She even uses some good quotes from famous people that make lots of sense - depending on how those quotes are applied. Not sure that all of them apply to what is in this book, though.
If you have a healthy fear of inflation, you can do pretty well without investing too heavily in stocks. A penny saved is still a penny earned.
She questions the 401K program, but 401Ks are really good if you have control. I have seen some that are iffy, but the one that I use with my employer is great as long as I stay away from the mutual funds.
If you have a healthy fear of inflation, you can do pretty well without investing too heavily in stocks. A penny saved is still a penny earned.
She questions the 401K program, but 401Ks are really good if you have control. I have seen some that are iffy, but the one that I use with my employer is great as long as I stay away from the mutual funds.
June 13, 2014
I found the title captivating and brought it home from the library. It is on its way back now. I have made several attempts to read it, starting with my usual from-the-beginning endeavor, then jumping around chapters, particularly "Bank on yourself for Seniors." I could not get excited or even interested enough to find out what policies are recommended. This plan is based on using dividend-paying whole life insurance policies, but you have to contact her representatives to get any actual recommendations. No thank you.
November 29, 2016
Easy to read, but ultimately a giant sales pitch
I enjoyed the easy to read style, but every third page had a link to a request for more information. It comes across as VERY sales oriented. In addition I found errors in her statements that were factually wrong regarding the insurance products. On the whole I agree with her, and what she is selling is truly excellent. But I would probably deal with other Infinite Banking reps instead.
I enjoyed the easy to read style, but every third page had a link to a request for more information. It comes across as VERY sales oriented. In addition I found errors in her statements that were factually wrong regarding the insurance products. On the whole I agree with her, and what she is selling is truly excellent. But I would probably deal with other Infinite Banking reps instead.
April 20, 2015
Common Theme throughOut:
...wish i had this drilled into my thick skull in my teens!!!... BUT, ... there is no better time than NOW! This book has motivated me to follow through with my first policy this coming Monday with no fear and no doubts!...
...wish i had this drilled into my thick skull in my teens!!!... BUT, ... there is no better time than NOW! This book has motivated me to follow through with my first policy this coming Monday with no fear and no doubts!...
September 28, 2021
Best book I’ve read on this subject so far.
Displaying 1 - 20 of 20 reviews