Bank on Yourself - Book Review

THE BANK ON YOURSELF REVOLUTION: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future by Pamela Yellen

The title of the book by Pamela Yellen beckoned me to read it. After all, as a gen-xer, I started investing just in time for two major stock market crashes. I have now had enough experience to know I want to handle my own finances, and will not hire another financial advisor.  So naturally, the "fire your banker...etc." appealed to me.

I had to do a double take at the author's name considering the newly confirmed FED chairman is named Janet Yellen. Just a happy coincidence, I'm sure.

But the fact that I was drawn to the title, says a lot about the book right off the bat. The entire book is very emotionally charged. Buzz words and reminders of money lost are consistently repeated to get you interested in reading more - just in case Yellen provides "the answer" to all of our money woes.

Pamela Yellen states at the very beginning of the book that she considers blog articles to be "graffiti with punctuation" and I have no doubt she will feel the same about this posting.

You see, I kept reading the book hoping to learn something new. What I found was a new breed of "advisors" trying to sell us more insurance. 

Life insurance has it's role, but it is not the only or whole answer. It's not even a big part of the answer. Yellen's book did send me to the internet to research various whole life policies - to see if they had changed from the past and to check the tax advantaged (or not) status of MEC whole life. 

The verdict - with all of the tax law changes coming and the state of our economy, the concepts in "Bank on Yourself" require further research, but I would caution other people from contacting her group of advisors and falling for the sales  pitch before doing your own homework first.

Also, unless you make more than $100,000 per year and have a family to support, you most likely do not need and/or would not benefit from this type of insurance plan. You can always benefit from reading more on a topic, but don't let yourself be sold on an idea that may not be reasonable for you.

*I received a complimentary review edition of "Bank on Yourself" for review purposes. All opinions expressed are my own and no compensation was received.


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