"Becoming Your Own Banker" by R. Nelson Nash

Review by Borodutch

I'm disappointed that this book was the last one I read in 2022. However, I had so many great titles that this one shouldn't matter. Why do I think that this book is inherently bad? Because it's "The Business of the 21st Century" by Robert Kiyosaki — but for a different money-making scheme aimed at robbing poor people of any money they have left.

If Kiyosaki shamelessly wrote a book about MLM and claimed it was the best thing ever — Nelson is doing the same thing with life insurance products. But the author, in this case, doesn't explain how life insurance works. If you want to learn how life insurance accounts work — save yourself a couple of hours and read an article on the topic.

The whole idea of the book is simple: you take your money from the bank and move it to the life insurance account. This life insurance account pays dividends because not all the money is spent on claims in a specific year. Many people put their money in a company and sign a life insurance contract. If they die, their money plus policy benefits get paid back. Every year or so, the company looks at its bank account and decides how much money they have left (after the claims) and how much it can divide between the clients (hence the word "dividend").

Where does this scheme's extra money (the dividends) come from? That's simple! From the new clients! Damn, I heard it before.

The last part of the book is the worst. The author outright tells the readers that no other investment strategy makes sense except investing in life insurance products. I probably don't have to mention that this is a blatant lie. Don't waste time — skip the book.