FP #59: A $100,000 Challenge and the Scary Truth Behind a Blind-Folded Monkey- Pamela Yellen

In today’s crazy time, it’s rare to find a solid financial strategy you can bank on. Yet, that’s exactly what Pamela Yellen, a NY Times best-selling author, says you can do in her book “Bank on Yourself” and she’s putting her money where her mouth is. $100,000 that is, if you can come up with a better, guaranteed financial strategy.

Pamela Yellen has worked with over thirty-thousand financial advisers since 1990, helping them build their businesses. Over the course of those years, she has investigated over 450 financial products, tools, concepts and methods that were touted as sure bets for growing wealth. Most turned out to be not even worth the paper they were printed on. All this learning the hard way came at a costly financial and emotional price. One investment opportunity cost her every penny she put into it, and then some.

Pamela wondered if a blindfolded monkey might have better success than financial analysts and advisers… In this episode, you’ll learn about her discovery that  was featured on USA Today, Business Week and has made her a New York Times best seller.

In addition to her simple strategy, Pamela offers these tips for immediately improving your financial freedom:

1. Develop spending rules and write them down.
2. Know the difference between saving and investing.
3. Invest in things that will have a longer, positive impact (Experiences vs. Stuff!)