Bank on Yourself – a book about setting up your own bank

I got back from my trip two days ago and am in catch-up mode. But here is something I think worth a look.

I have written three posts on how to set up your own bank. The best known book is by Nelson Nash and Becoming Your Own Bank entitled, “Becoming Your Own Banker”. Bank on Yourself

Another book by Pamela Yellen and is available and is called, “Bank on Yourself“.

Bank on Yourself  is based around dividend-paying whole of life insurance policies. These policies allow you to control the money you pay into them and make loans to yourself to make major purchases.

Please note Australia no longer has dividend-paying whole of life policies available. So we cannot do this in Australia. But baby boomers in the US should check it out.

You can read my earlier posts here;

Retirement and The Dividend Paying Life Insurance Money Tree

Banking on Your Retirement Nest Egg could avoid a Severe Recession

Baby Boomers – Become Your Own Bank

There is also an interview by the Weiss Research people with Pamela. It’s worth listening to because they talk about the reliability of insurance companies and how safe is your money. It also covers a comparison between your own bank and 401(k)’s and IRA’s.

One thing to note is nothing seems to be changing fast to protect your nest egg using the usual mutual fund options. These guys have lost a lot of money from their funds. Their first order of business will be to get those funds up as fast as they can as it determines their bonuses. They will want to keep doing what they did before because it was very financially rewarding to them.

Your interests will be a distant second place or worse.

Having direct access and control of your retirement nest egg money is most important in my judgment. Giving your hard earned money to unknown third parties in mutual funds will be a recipe for repeating the 2000-2003, 2007-now massive losses a third time. Do you want to repeat that yet again?

So I suggest you give “Bank on Yourself” a good look and as Nelson Nash strongly recommend, find yourself a coach to help you with the processes if you need to. Pamela’s web site Bank on Yourself is a great place to start.

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