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Evaluation Of The Bestselling Book Bank On Yourself

Friday, March 23, 2012 - 6:27 AM
Allan Roth in this CBS News article reports on his evaluation of a financial strategy promoted in the bestselling book. As usual, if it sounds too good to be true, it probably is.
Pamela Yellen's New York Times best-seller, "Bank on Yourself," made a splash by promising to help people build their wealth even as their investments were losing value.
[...]
As usual with financial experts who retail in investment "secrets," the question is this: Are the remedies for real, or are they snake oil? At the urging of several readers, I decided to check out what category Bank on Yourself falls into.

3
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Friday, March 23, 2012 - 8:49 AM
Well Ken, don't keep us in surprise.  What is the answer?  Do we have to read the book to find out?
2
ApacheApache43 posts since
Dec 5, 2011
Rep Points: 565
2. Friday, March 23, 2012 - 9:02 AM
Ken, the author also had alot to say in the comment section after the article.  This post really struck me:
by Allan_Roth March 21, 2012 3:26 PM EDT
I so wanted Bank on Yourself to work out. About four years ago, a financial institution offered a 5% mortgage at the same time they had a 6% NUCA guaranteed CD. I was skeptical, but checked it out. It turned out that it was real and I took out the mortgage and bought their CDs. It seemed to good to be true but in actuality the numbers were real.

I approached Bank on Yourself hoping I would find something similar where the numbers worked out.

4
MikeMike327 posts since
Feb 22, 2010
Rep Points: 876
3. Friday, March 23, 2012 - 10:10 AM
@Apache, Allan's article has the answer so you don't have to buy the book (link in the first line).

@Mike, That NCUA-insured institution was PenFed.
4
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
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