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Since we recently had a shill promote this garbage

http://nationalprivate.com/how_it_benefits_you.html

Thought it would be a good thread to start for the search engines for anyone searching for this company , and let the fwf vets explain to people how an insurance policy is NOT appropriate to use like a bank account

Any financial planner , agent or company pushing this concept is a scam trying to part you from your hard earned money

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So that Be Your Own Bank advertisement on a podcast I listen to is a complete scam?

Squeezer99 (Jan. 08, 2013 @ 2:07p) |

I like how one of the most important hooks on their website is labeled "Wealth Management Assesment Tool."

If you're goin... (more)

Pagannagap (Jan. 08, 2013 @ 5:26p) |

So DR JACOB is a scammer too? Wow , is she a medical doctor ? Yet giving financial advice? Someone should report her

SUCKISSTAPLES (Jan. 08, 2013 @ 6:33p) |

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Cue the new accounts.

Worth referencing the thread it first appeared in to see the story of a real person who was affected by such an "investment opportunity" and how FWF educated her in short order and she came to her senses:
http://www.fatwallet.com/forums/finance/1248616/

I particularly like these statements:

Buy Term; Invest the Rest
“Buy term; invest the rest.” This mantra has become the hallmark (and biggest money-maker) of the term insurance business, as well as several high-profile investment advisors. What they don’t tell you is that you have to die for term insurance to pay off. You can’t borrow against it and when the term of the policy is over, typically 20 or 30 years, the money you put in it is gone. It is strictly a death-benefit payoff to provide a buffer against risk – most often the risk of dying young.


Really? Insurance that protects you from risk?

Oh, by the way, what the term companies don’t tell you is that they invest your premiums and earn interest on them, which they do not share with you. How much do you think they make on your $12,000? No wonder ‘term insurance’ is considered the biggest money-maker in the insurance industry.

The same amount of money invested in a whole life insurance policy would be available to you to borrow against to finance your children’s college, buy a new car, home or business equipment, pay off your high-interest credit cards and invest for your retirement. At the same time, it is also earning dividends and interest.


So what happens to your life insurance payout when you have borrowed against your loan value to support your habit of buying cars and running up credit card debt?


How many investments do you own, which can do all that, and provide a guaranteed 4% annual rate of return with a potential gross dividend rate of 5-7%, and depending on your tax bracket that translates to 7-10% external return equivalent, while also helping you lower your taxes?

Potential. nice.

Apparently the CEO is a direct disciple of Nelson Nash. Check out the videos page of their site:
http://nationalprivate.com/videos.html

I watched the first one and it amazes me how anyone with any intelligence would be attracted to to this man's teachings. I mean after all, if retirement wasn't mentioned in the bible....

Google Keywords:
National Private Client Group LLC Insurance
Be Your Own Bank BYOB
Bank On Yourself BOY
Self Empowered Banking

google keyword scam

Wow. I tried to find information on this to try to settle with myself whether this was truly a scam, or just something that was marketed to people as being much better than it actually is but maybe actually makes sense to buy for some people. First thing to do that...the numbers. Try to find how they justify it being better than term life+index funds. Great, find a link right away after googling, professing to answer that question, on one of the biggest "bank on yourself" sites. Check out this little gem: http://www.bankonyourself.com/whats-the-rate-of-return-on-a-bank...

Random charts of money shooting up for no reason with no explanation, not delivering the proof she promised to at the beginning of the post, and to top it off, a trick riddle.

Quote from the website::
To give you an idea of just how much of a difference having your gains locked in can make, here’s a fascinating little quiz…

Do you think it’s possible to invest $50,000, get a 25% average annual return on your money every year for four years… and end up with only the $50,000 you started with? If you answered “no,” you’re in for a real surprise!

Let’s assume your money increases by 100% the first year, and then goes down by 50% in the second year. But you do really well in the third year, because your money increases by 100% again. Unfortunately, however, you take a 50% hit in the fourth year. If you add those four annual percentages together and divide by four, you have a 25% annual return. Not bad, huh?

But let’s see how much money you actually have in your account… You started with $50,000 and your 100% increase in the first year doubled your money to $100,000. Then you lost 50% in year two, giving you a balance of $50,000. You did great in year three, when your 100% increase doubled your balance to $100,000. But the 50% decline in the fourth year leaves you with… the same $50,000 you started with four years earlier! So what good did getting a 25% average annual return do you? That and a quarter won’t even buy you a cup of coffee, let alone a mocha latte!

You have nothing to show for this roller-coaster ride other than heartburn and a stomach ache. But this is the kind of smoke and mirrors the Wall Street illusionists have been using to pull the wool over your eyes for decades!


Oh god the irony. Smoke and mirrors? Now that was some smoke and mirrors! As you just demonstrated, they did not get a 25% annual return...they got a 0% annual return. Two 100% gains and two 50% losses do NOT average out to a 25% return.

And now I'm settled. Anyone that feels the need to do stuff like this...clearly scam and not even worth my time to figure out just how scammy it is.

jcaserta said:   

Oh god the irony. Smoke and mirrors? Now that was some smoke and mirrors! As you just demonstrated, they did not get a 25% annual return...they got a 0% annual return. Two 100% gains and two 50% losses do NOT average out to a 25% return.

And now I'm settled. Anyone that feels the need to do stuff like this...clearly scam and not even worth my time to figure out just how scammy it is.

Whoa you better watch out with using maths like that. You are going to upset the Dave Ramsey crowd with those 'calcalations. As Mr. Ramsey hisself would tell you, that is indeed a 25% gain.

In before the fake accounts hit enmasse ... ill be back to BOY bank on myself scam later. Invest the rest ...

I just want to see what these shills will say that all the other shills haven't already said. Hopefully one or two get really creative this time.

How can we set up accounts on-line for this fine upstanding company? I'd really be interested in knowing more about national private. And when the Mayan calendar runs out, am certain that will be so glad that I investigated this "opportunity." Whoops, too late for that, but still time to investigate the opportunities that Julie Ann is bringing to the masses. hehehe

Bank on Yourself Will Beat Your Financial Strategy…or We’ll Pay You $100,000!*

http://www.bankonyourself.com/challenge

Anyone up for a challenge?

newlin99 said:   Bank on Yourself Will Beat Your Financial Strategy…or We’ll Pay You $100,000!*

http://www.bankonyourself.com/challenge

Anyone up for a challenge?


That's the kind of marketing that pisses me off - in order to "win" the challenge it has to meet 18 very specific criteria, which if it meets them, then it's the same product they're selling since they're so specific. However in the fine print they exclude anything similar to what they're selling. So it's impossible to win. Another example of sleazy marketing.

If they wanted an actual challenge, they'd ask about what matters - Do you stand a much better chance of coming out ahead in terms of cash with something else? Unfortunately then they'd be giving out $100k left and right.

Nope, this is an unbeatable challenge. One "wins" by matching their criteria. It has nothing to do with coming up with a better strategy that will give more money.

jcaserta said:   newlin99 said:   Bank on Yourself Will Beat Your Financial Strategy…or We’ll Pay You $100,000!*

http://www.bankonyourself.com/challenge

Anyone up for a challenge?


That's the kind of marketing that pisses me off - in order to "win" the challenge it has to meet 18 very specific criteria, which if it meets them, then it's the same product they're selling since they're so specific. However in the fine print they exclude anything similar to what they're selling. So it's impossible to win. Another example of sleazy marketing.

If they wanted an actual challenge, they'd ask about what matters - Do you stand a much better chance of coming out ahead in terms of cash with something else? Unfortunately then they'd be giving out $100k left and right.

We have some smart lawyers and CPAs here. I wonder if one could set a fund or system up (it seems that low minimums are a requirement) that satisfies the requirements, offer it to a few friends, collect the 100k, and split it. (I know this is a pipe dream, but sure would be nice to stick it to them).

Not that I endorse these guys by any stretch, but is there any reason to go after them in particular? Aren't there hundreds or thousands of agents/firms marketing insurance with the same strategy?

qwerty12345otron said:   jcaserta said:   newlin99 said:   Bank on Yourself Will Beat Your Financial Strategy…or We’ll Pay You $100,000!*

http://www.bankonyourself.com/challenge

Anyone up for a challenge?


That's the kind of marketing that pisses me off - in order to "win" the challenge it has to meet 18 very specific criteria, which if it meets them, then it's the same product they're selling since they're so specific. However in the fine print they exclude anything similar to what they're selling. So it's impossible to win. Another example of sleazy marketing.

If they wanted an actual challenge, they'd ask about what matters - Do you stand a much better chance of coming out ahead in terms of cash with something else? Unfortunately then they'd be giving out $100k left and right.

We have some smart lawyers and CPAs here. I wonder if one could set a fund or system up (it seems that low minimums are a requirement) that satisfies the requirements, offer it to a few friends, collect the 100k, and split it. (I know this is a pipe dream, but sure would be nice to stick it to them).



The downside to that is that they undoubtedly drain the "company" of assets daily to ensure that they have no means of actually paying 100k to anyone. If you beat them, you could sue and most likely win, but no way could you ever collect. Notice that nowhere in that boatload of BS does it mention that there is any guarantee that the funds are or will ever be available.

They don't have to drain the company of assets. This challenge can't be beat.

I am skeptical, but after viewing actuarial charts, I have concluded that by liquidating all your assets, one can move onto a cruise ship, buy Alexandrite duty free, disembark at each stop and sell the Alexandrite for a profit, reboard the ship, buy more Alexandrite, etc. For maths used in the calculations, please pm me. Send paypal donation first.
edit
I forgot to include the necessity of a CVS with VR on board the ship.

DrDubious said:   Not that I endorse these guys by any stretch, but is there any reason to go after them in particular? Aren't there hundreds or thousands of agents/firms marketing insurance with the same strategy?
Yes there is a reason this company is being named.

They specifically came onto fw and suggested that the op of the other thread with one of these policies contact them so they could "fix her policy" - aka they found a gullible mark and wanted to victimize her a second time

Just doing my part.

scam, jerk, fraud, allegation, scammed, illegitimate, questioning legitimacy, make money, quick, fast, fly by night, life insurance, lost all my money, not real, not true, scum, bankrupt, bankruptcy, bank account, scammer, stupid, fake

Nationalprivate
National Private
Nationalprivate.com

So is National Private, whose domain name is nationalprivate.com, a scam?

PFDigest said:   So is National Private, whose domain name is nationalprivate.com, a scam?
Are you suggesting, good sir, that National Private is a scam? Or that nationalprivate.com exists as some sort of ripoff, designed to steal money from suckers who fall for their lies? Would you say that nationalprivate.com is spreading lies? That National Private is lying?

Well, I never! And I also never googlebombed.

SUCKISSTAPLES said:   DrDubious said:   Not that I endorse these guys by any stretch, but is there any reason to go after them in particular? Aren't there hundreds or thousands of agents/firms marketing insurance with the same strategy?
Yes there is a reason this company is being named.

They specifically came onto fw and suggested that the op of the other thread with one of these policies contact them so they could "fix her policy" - aka they found a gullible mark and wanted to victimize her a second time


I guess I didn't see that one before they took it down. Too bad, it would have been fun to see the red stripe big enough to make a Jamaican brewer feel inadequate.

Checkout their assessment tool here. Checkout their idiotic example.

A typical example of how the Self-Empowered Banking Wealth Management Assessment works:
Annual Income: $100,000 (#1)
Finance Charges: $20,000 = 20%(#2 & #3)
Average ROI = 8% (#4)
Tax Rate = 30% (#5)
8% (ROI)
- 20% (Finance Charges)
=
- 12% (What you’re really making on your investments)
+ -30% (What you’re giving to the IRS)
=
- 42% (What you’re really losing or making annually)

If the final number is negative, according to them, you are drowning debt. In other words, if your net income is less than gross, you are drowning in debt. I am sold, sign me up!

tobands said:   Checkout their assessment tool here. Checkout their idiotic example.

A typical example of how the Self-Empowered Banking Wealth Management Assessment works:
Annual Income: $100,000 (#1)
Finance Charges: $20,000 = 20%(#2 & #3)
Average ROI = 8% (#4)
Tax Rate = 30% (#5)
8% (ROI)
- 20% (Finance Charges)
=
- 12% (What you’re really making on your investments)
+ -30% (What you’re giving to the IRS)
=
- 42% (What you’re really losing or making annually)

If the final number is negative, according to them, you are drowning debt. In other words, if your net income is less than gross, you are drowning in debt. I am sold, sign me up!



lol whatever kind of math these people learned it's clearly nothing like the math I know.

jcaserta said:   lol whatever kind of math these people learned it's clearly nothing like the math I know.

Which is exactly why you don't understand how much this is not a scam or a ripoff.

im not sure scam is a good word for it but ripoff certainly is likely appropriate.
The truth is almost nobody should purchase even an overfunded with max PUAs to just below MEC levels from a non direct recognition mutual company whole life policy.

I understand the math and it isnt a good investment. Its a very bad idea except for the agent.

dhodson said:   im not sure scam is a good word for it but ripoff certainly is likely appropriate.
The truth is almost nobody should purchase even an overfunded with max PUAs to just below MEC levels from a non direct recognition mutual company whole life policy.

I understand the math and it isnt a good investment. Its a very bad idea except for the agent.



The purpose of these type of thread is to help someone that has at least the sense to do a google search of a particular company before getting screwed.

If they google this company, they now get to see this thread.

Potential customers or the representatives of a particular scheme are welcome to join the conversation.

dhodson said:   im not sure scam is a good word for it but ripoff certainly is likely appropriate.
The truth is almost nobody should purchase even an overfunded with max PUAs to just below MEC levels from a non direct recognition mutual company whole life policy.

I understand the math and it isnt a good investment. Its a very bad idea except for the agent.

What's worse is touting these policies to use for taking out multiple loans during ones lifetime

beatme said:   jcaserta said:   lol whatever kind of math these people learned it's clearly nothing like the math I know.

Which is exactly why you don't understand how much this is not a scam or a ripoff.


I gave you green for this post because I find it to be a very funny sarcastic post that has gone over the heads of those who gave you red.

SUCKISSTAPLES said:   dhodson said:   im not sure scam is a good word for it but ripoff certainly is likely appropriate.
The truth is almost nobody should purchase even an overfunded with max PUAs to just below MEC levels from a non direct recognition mutual company whole life policy.

I understand the math and it isnt a good investment. Its a very bad idea except for the agent.

What's worse is touting these policies to use for taking out multiple loans during ones lifetime
Sis - why are you zeroing in on that point in particular? Why is borrowing from the "equity" in a paid up insurance policy any different from a home equity loan?

I'm not arguing in favor of this whole scheme, but I just don't understand your focus on this particular point.

Is National Private Client Group LLC, led by President and Founder Julie Ann Hepburn, a scam?

dcwilbur said:   SUCKISSTAPLES said:   dhodson said:   im not sure scam is a good word for it but ripoff certainly is likely appropriate.
The truth is almost nobody should purchase even an overfunded with max PUAs to just below MEC levels from a non direct recognition mutual company whole life policy.

I understand the math and it isnt a good investment. Its a very bad idea except for the agent.

What's worse is touting these policies to use for taking out multiple loans during ones lifetime
Sis - why are you zeroing in on that point in particular? Why is borrowing from the "equity" in a paid up insurance policy any different from a home equity loan?

I'm not arguing in favor of this whole scheme, but I just don't understand your focus on this particular point.


One should not buy a house for the purpose of having equity to borrow.
One should not buy a life insurance policy for the purpose of having collateral for a loan.

Those might be nice features, but not the reason for buying a house/ insurance policy.

Right. They are selling the wrong product as a tool for a need for loans these people have. (Car loans , kids education etc) . Further they encourage people to cash out their home equity and plow any available money into the insurance policy, then take out loans if they need money.

that's not when whole life insurance is appropriate

OverMachoGrande said:   Is National Private Client Group LLC, led by President and Founder Julie Ann Hepburn, a scam?

Maybe Julie Ann Hepburn of National Private Client Group would be good enough to come and explain why its not a scam?

My bet is on hell freezing over first.

If you google nationalprivate, this thread is result #16.
If you google nationalprivate.com, this thread is result #2
For national private, the thread is buried.

BingBlangBlaow said:   Cue the new accounts.

Will there be posts badly translated into English, too!?


YAY!

dbond79 said:   BingBlangBlaow said:   Cue the new accounts.

Will there be posts badly translated into English, too!?


YAY!

Badly translated? Not on this blog...

nasheedb said:   
For national private, the thread is buried.


I blame porn.

nasheedb said:   If you google nationalprivate, this thread is result #16.
If you google nationalprivate.com, this thread is result #2
For national private, the thread is buried.



current status:
15
2
still buried, but working on it.


Skipping 9 Messages...
So DR JACOB is a scammer too? Wow , is she a medical doctor ? Yet giving financial advice? Someone should report her



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