Personal Finance Blog for Retirement and Investment Advice

How Everyone Can Love Paying Bills and Taxes: No, We’re Not Crazy!

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A core tenet of the Bank on Yourself Nation is that money should always bring pleasure or satisfaction, never regret or guilt.

overwhelmed by bills

For so many people, that principle seems unrealistic, especially considering how very hard it is most months just to stay afloat – paying for necessities such as groceries, medicines, utilities, transportation, insurance and the like.  Oh yes, let’s not forget the always hungry tax monster!

overwhelmed by bills

Seems to so many of us that our paychecks are swallowed whole by our obligations before we ever get the chance to even sample the flavor of having some accumulated cash in our pockets and bank accounts.

To which we can only respond… how wonderful!

Wonderful? Really? Paying Bills! And Taxes?”

Absolutely.
[Read more…] “How Everyone Can Love Paying Bills and Taxes: No, We’re Not Crazy!”

Bank On Yourself Round-Up for Week of May 25, 2011

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Here are summaries of four of the most interesting and thought-provoking items that have crossed my desk this week…roundup

Is a “look out below” stock market crash looming?

By some key measures it is – corporate profits have only commanded as large a share of national income twice before – in 1929 and 2006, and those years preceded the past century’s two worst  financial collapses.

Knowledge is power, so I encourage you to read this article on The Invisible Stock Bubble1 from SmartMoney.com.

Want to eliminate market risk from your financial plan?

It’s easier to do than you might think. Find out more about an asset class that has increased in value every single year for over 160 years.

Pamela Yellen interviewed on NPR:  Teach teens how to manage money

[Read more…] “Bank On Yourself Round-Up for Week of May 25, 2011”

Announcing the winners of the “summer vacation” contest!

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Last week we held a contest about what kind of vacation or “staycation” you’re planning this summer… and how you’re paying for it.Summer vacation-placard

There were many interesting and some heart-tugging entries, making it a bit difficult for our team to pick the winners, but here are the ones we did pick – and why.  Two entries were also chosen at random.

Each of five winners will receive their choice of a $25 dining gift certificate or a personally autographed copy of my best-selling book, Bank On Yourself, for themselves or to give as a gift to someone they care about.

And together, the team picked their favorite entry and that person wins a $100 Amazon Gift Certificate.

Read on for the winning entries…

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Bank On Yourself Round-Up for Week of May 18, 2011

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I hope you enjoy these short summaries of four of the most interesting and thought-provoking items that have crossed my desk this week…

Bank On Yourself in the News

401(k) savings reach a 12-year high

However, half of all workers aren’t confident about their retirement future. No wonder, considering 56% say they’ve saved less than $25,000.1

Bank On Yourself in the News

According to an article in USA Today2, many 401(k) participants increased their contribution some this past year.  If you’re one of them, or are considering doing that, here are some things to think about:

  • After a “lost” decade for stocks, before the market turned around in 2009, the 10-year returns of the S&P 500 were negative. Even after a near-record recovery, the 10-year returns remain meager – just 2.7% on an annualized basis for the ten years ending in April.3

Compare investing in a 401(k) to the Bank On Yourself method

That just about equals the inflation rate for that period, wiping out any real gain you might have had for the decade.  It also assumes you have no fees or costs (401(k)’s have some of the highest costs) AND assumes you’ll pay no taxes!

  • And speaking of taxes… what direction do you think tax rates are going over the long term?

    If you think they’re going up, as most people we’ve surveyed do, and you’re successful in growing a nest-egg in your 401(k), you’re only going to pay higher taxes on a bigger number!

    • [Read more…] “Bank On Yourself Round-Up for Week of May 18, 2011”

Enter our "summer vacation" contest!

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Staycation

With summer around the corner, you may be planning a vacation. Or, maybe you’re avoiding high gas prices and planning a “staycation.” Either way, we want to hear about it!

Staycation

Tell us in the comments box below. You could win one of SIX prizes we’ll be awarding, including one $100 Amazon Gift Certificate and five prizes of your choice of a $25 dining gift certificate or a personally autographed copy of my best-selling book, Bank On Yourself, for yourself or to give as a gift to someone you care about.

Here’s how to enter…   [Read more…] “Enter our "summer vacation" contest!”

The “5 P’s” of Successful Goal Setting

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UPDATED August, 2019 

Your Path to Victory – At Long Last – Begins Here

Executive Summary:  Goal setting is a vital life skill that can be practiced year-round.  Most people don’t succeed on their first attempt.  Ironically, each setback increases the probability that the next try will come closer to the mark, if not directly hit the bulls-eye.

There are five basic tools that all goal setters should equip themselves with to increase their odds of success: Passion, Persistence, Planning, People and Positivity.

The 5 P’s of Successful Goal Setting
The 5 P’s of Successful Goal Setting

Most of us give up on our New Year’s resolutions within two weeks. They were the best of intentions, but life and reality once again got in our way.

If you are one of the millions of lapsed goal setters, today is the perfect time to reboot.  Whether it’s cold and blustery outside or the trees are blooming and a warm breeze is blowing, the process of setting and reaching goals should be a year-round, all-weather, life skill.  No champagne required.

In fact, goal setting is one of life’s most important skills, given that very, very few of us are handed exactly what we want without ever having to ask and work for it.

In our busy lives, it requires determination and focus to take a “time out” and think about our ambitions and how we’re doing in pursuit of them.  Perhaps that’s why so many people try goal planning only once a year – at New Year’s – because the holiday season offers more down time to think about the Big Picture and our life’s direction.

Reading and taking action on these tips will take less than 10 minutes

[Read more…] “The “5 P’s” of Successful Goal Setting”

Beware the "Behavior Gap": Interview with Carl Richards

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I’m delighted to share this fascinating interview with Carl Richards with you.  Carl writes a weekly essay for The New York Times “Your Money” section and has been a Certified Financial Planner for 15 years.  His witty sketches have appeared in numerous publications, including the Wall Street Journal, Morningstar and The New York Times.

Carl Richards
Carl Richards, the Behavior Gap™

Over the years, he noticed that the actual real-life returns the average investor gets are dramatically lower than the return of the average mutual fund.  He named this phenomenon the Behavior GapTM and began devoting his energy to explaining why the Behavior Gap exists and what constitutes smart investor behavior.

Carl recently shared his surprising insights, tips and strategies with me in an audio interview.  I hope you’ll listen to it today – I know you will find it very helpful!

You can listen to the interview by pressing the play button below, or you can download the entire interview as an Mp3 and listen on your own player or iPod…

You can also download a transcript of the interview here.

Here’s what you’ll discover in this interview…

  • Why 80% of all actively managed mutual funds and investment advisors underperform the overall market
  • The #1 biggest mistake individual investors make over and over again… and why most will keep making it
  • The keys to being a smart investor
  • How to determine if you should be investing in equities at allfear-greed-cycle-high
  • The real key to happiness (it isn’t what you might think!)
  • How to practice “radical self-awareness” so you control your money rather than letting it controlling you
  • Why happiness is directly related to how much you focus on the things you can control
  • How to increase your wealth and happiness by focusing your energy on three things you do have control over!

You can listen to the interview by pressing the play button below, or you can download the entire interview as an MP3 and listen on your own player or iPod…

You can also download a transcript of the interview here.

Improve Your Financial Picture…

To find out how much your financial picture could improve if you added Bank On Yourself to your financial plan, request a free Analysis. If you’re wondering where you’ll find the funds to start your plan, the Bank On Yourself Professionals are masters at helping people restructure their finances and free up seed money to fund a plan that will help you reach as many of your goals as possible in the shortest time possible.

Full Potential Video Interview with Pamela Yellen

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Pamela Yellen was recently interviewed by James Rick, host of Full Potential. In this fast-paced video, Pamela reveals…

  • Why she’s so passionate about the Bank On Yourself Method
  • Why she created the $100,000 Challenge – a cash reward for the first person who can show they use a different strategy that can match or beat the advantages and guarantees of Bank On Yourself
  • Three tips you can use today to take back control of your money and finances

Improve Your Financial Picture…

To find out how much your financial picture could improve if you added Bank On Yourself to your financial plan, request a free Analysis. If you’re wondering where you’ll find the funds to start your plan, the Bank On Yourself Professionals are masters at helping people restructure their finances and free up seed money to fund a plan that will help you reach as many of your goals as possible in the shortest time possible.

James Rick, also known as “Mr. Full Potential,” is the founder of FullPotential.com and author of  “Unleash Your Full Potential.” James is a lifestyle strategist for living your best life, cutting costs and building wealth through what you love! So check out his other terrific interviews!

Is the U.S. headed towards financial doomsday?

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Financial Doomsday?People concerned about the declining value of the dollar have been asking us how that might affect the value of Bank On Yourself policies. Some have even asked if they can buy policies in other currencies.

The frequency with which we’ve been receiving these questions seems to be picking up recently.  And I believe the reason for that is the endless parade of financial advice-givers who are all too happy to take your U.S. dollars to tell you why those dollars will be worthless… and why our economy is on an unavoidable collision course with destruction.

These merchants of gloom and doom appear to have one goal in common: To so paralyze you with fear that you let them do your thinking for you as you rush to take their advice.

Good Advice?

These merchants of gloom and doom appear to have one goal in common: To so paralyze you with fear that you let them do your thinking for you as you rush to take their advice.

I won’t insult your intelligence by doing the same.

What I will do is pose some questions designed to help jump start your powers of critical thinking.

You see, I’ve been studying the newsletters, videos, and articles churned out by these doomsayers.  Some of the information in them is well researched, although the conclusions they draw from it can be a stretch.

But the problem is not so much with any facts or statistics they may quote.  It’s what they leave out that concerns me.

So I’ll hope you’ll take a few moments to ponder these questions, before rushing to take the advice of these prophets of doom…

Click here to read the Confiscation Order...
Click here to read the Confiscation Order...

[Read more…] “Is the U.S. headed towards financial doomsday?”

Be Smart: Ignore All The Financial Experts…

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Ignore All The Financial Experts Who Advise You to Scale Back Your Expectations and Lifestyle

The chorus of gloomy financial experts is singing a ballad of restraint.  They warn that we all must adjust ourselves to a “new normal,” in which we lower our expectations and scale back our lifestyles.

The supposed villains are many and include: persistent high unemployment; the devastated real estate market; rising energy and food prices; record budget deficits; the possibility of a double-dip recession; international turmoil; and, well… you name it.

You have no choice, caution the pessimistic gurus, but to swallow:

  • Earning less on your investments and savings for the foreseeable future
    Reduce Your Expectations
  • Downgrading your current lifestyle to make up for the loss of investment returns
    • Reduce Your Expectations
  • Having less income at your disposal due to rising prices and the threat of inflation
  • Getting socked with higher tax rates as the U.S. Government struggles to close its budget gap, and cash-strapped states and cities do likewise
  • Pushing your retirement out – perhaps indefinitely
  • Living on less if you do eventually get to retire (that is not only less than you live on now – which these downbeat advisors have always claimed is a retirement must – but less even than “the less” they were already advising you get by on just a few years ago)
  • Sticking with the financial counselors who have been at your side all along because they remain your best source for guiding your future financial planning

To all of these bitter pills, we can only respond… B.S.

[Read more…] “Be Smart: Ignore All The Financial Experts…”