Amazon recommended this pierce of filth to me this morning: Bank on Yourself. This book professes to show you how to borrow and spend without paying interest for the privilege.
Do you smell the next borrowing bubble? I do, once this book gets out in wider circulation.
The trick? Over-funding your whole life insurance policy, then borrowing the cash value--all this is interest-free.
Whole life insurance was always a poor investment vehicle to begin with, but now this guy is advocating we buy these policies and turn them into our next ATM and savings account. What the HELL is wrong with a normal savings account?
STAY AWAY FROM THIS BOOK IF YOU VALUE YOUR FINANCIAL SANITY--this is the instruction manual for another bubble. Insurance is a risk management tool, not a source of borrowing and credit!
Wednesday, April 15, 2009
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