Pamela Yellen is the author of Bank on Yourself. Just like similar books, it teaches you can pay for all your financing needs and save money for retirement at the exact same time using the same financial vehicle. In this case we are talking about a unique Whole Life insurance especially with mutual companies in USA and Canada.
She challenged Suze and Dave, the two financial planning icons to a debate claiming that Bank on Yourself is the answer, not their advice. Here is what they said back…
Money Uncensored the eBook highlighted Pamela’s challenge to Suze and Dave …
Here is some background information for those who have not read the book or know who Pamela Yellan is. Pamela wrote the book Bank on Yourself which is very similar to R. Nelson Nash’s book Becoming Your Own Banker. And just like Nelson, Pamela believes the answer to “Who do you trust with your money?”…is yourself, through self financing.
That was the headline Pamela Yellen put out to Suze Orman and Dave Ramsey back in March 14th, 2009. She also put a challenged to everyone that Bank on Yourself will beat anyone’s best financial plan or she will pay $100K (with reasonable stipulations of course).
Once again there has been nothing but silence, with the exception of the debate and comments from on-lookers.
Recently Pamela gave an update
Suze Orman, Dave Ramsey and many other financial advice-givers tell you to avoid whole life insurance. However, the policies used for the Bank On Yourself method are dramatically different in three key ways from the kind of whole life insurance that Suze, Dave and others talk about. Here, I reveal these key differences and prove their validity by showing you examples of my own policy statements.
What’s more, my readers have alerted Suze and Dave. But sadly, both have chosen to ignore the facts I reveal below. I’m sure neither Suze nor Dave relish the idea of having to rewrite all their books and materials. But once YOU learn the critical key differences between Bank On Yourself policies and the ones Suze and Dave mention, I’m confident you’ll be asking the same question we hear Bank On Yourself policyholders mention repeatedly: “How come no one’s ever told me about this before!?”
The challenge has certainly sparked a range of questions like the following.
“If Bank On Yourself is so good, why isn’t everyone already doing it?”
That’s in spite of the fact that, had you invested in an S&P 500 index fund for the past 12 years, your nest-egg wouldn’t have grown at all. And that doesn’t even factor in 35% inflation during this period!
Part of the problem is these financial experts know nothing about the specially designed type of dividend-paying whole life policy used for the Bank On Yourself method…
It’s not really their fault. Out of 1,500 major life insurance companies only a handful offer a policy that has all the features required to maximize the power of this concept. That’s one reason it’s not even mentioned in most industry training programs”