by Pamela Yellen
A well written manuscript discussing the concept of Becoming Your Own Banker as first named and discussed by R. Nelson Nash in his book with the same name.
Yellen provides historical examples of real people who have implemented the concept of what she calls B.O.Y., the acronym for Bank On Yourself, by using participating whole life insurance cash values to finance major purchases in life.
In one of the later chapters of her book Pamela entitles a chapter “So You’re Not Sure You Can Afford It” in where she explains how B.O.Y. is not a one-size-fits all product.
Later on she discusses the need for caution in setting up these life insurance products. The four major cautions, on pages 214 and 215, are fundamental warnings which are the typical warnings traditional financial planners and some CPAs give to clients who are considering purchasing participating whole life insurance. Yellen exposes these four warnings for what they really are…scare tactics… not based on facts but propaganda and grounded on ignorance.
A quality and encouraging read but not an essential for understanding how to practice the self-financing capabilities coupled with the ownership of participating whole life insurance.
Review by Tomas McFie