Even though I've been using the Bank On Yourself program for over a year, it still didn't make complete sense to me.
Most articles I've read that bash BOY say things like "use insurance to insure yourself not for saving" and "use investments like mutual funds" for investing and saving.
So even though I pay my premium every month, and I know it works, it still didn't quite sink in.
Then last week I got an email from Jeffrey Reeves, the author of "Money for Life...In Good Times And Bad". He sent me a copy of his book, I read through it in a few hours - and then it all made perfect sense!
When you borrow money from a traditional bank (or finance company, credit card, auto dealer, retailer - you get the idea) you pay them the principal AND the interest. And at the end, assuming you every pay off the debt completely, you have the product ... and that's it.
But when you create your own bank, at the end you have paid yourself the purchase price - and the interest (and NOT the bank or lender) so you end up WAY ahead!
Of course, it takes a while (and the right set-up) to get your bank to the point of having enough money to make this work. So it's no "miracle cure" for all your money problems.
But each time you "bank on yourself" you're making yourself richer and NOT the banks! So you should definitely check out this book.
It costs $29.95 - but if you're thinking about banking on yourself, it's worth every penny! Jeffrey's been giving financial advice for over 30 years, and makes a great case for being your own bank - and tells you exactly why and how to do it (which was the best part for me!)
Here is the book: Money For Life...In Good Times And Bad
What do you think about this idea of "banking on yourself"?
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