Review the Little Black Book by Mike Burnick
UPDATED August, 2019
If you receive emails from investment advisory services like I practice, you may have gotten a sales pitch for The Big Black Volume of Income Secrets from the Palm Beach Research Group.
The promo promises yous'll discover "30 unique income tools" in The Big Black Book of Income Secrets . It sounded similar there were some interesting strategies existence covered, and so I decided to do some investigating. Read on for my review of The Large Black Book of Income Secrets and what it's all nigh…
The offer entices you with a "chance-free 60-mean solar day trial subscription to the Palm Beach Letter." If you're non satisfied before the two-month trial is up, you're told you tin can go a refund and go along the volume and some "bonus" reports that are included in the offering.
To discover out if The Big Blackness Book of Income Secrets lived up to its promises, we signed upward for the "Platinum Subscription" for $99 for the get-go year, which comes with additional "bonus" reports.
Three weeks later, the volume arrived, containing 22 (non 30 as promised) strategies, with a comprehend letter of the alphabet from the Publisher, Tom Dyson, explaining that nosotros could log into their website to access the reports we signed on for and back bug of the Palm Beach Letter. (I guess for $99, they can't afford to postal service you hard copies of the reports.)
As I started reading through the 22 income strategies in the book, I immediately started noticing some ruby flags.
The First Red Flag in The Big Black Book of Income Secrets is "Income For Life"
Income for Life is Palm Beach Letter's flagship "secret." And the book devotes all 34 pages of Chapter 1 to it.
The Income for Life chapter, written by the Publisher, Tom Dyson, claims it's…
The Most Hole-and-corner Income Investment I've Ever Seen"
And Dyson notes, "The only mode you'd ever hear nearly it is if you stumbled onto it past accident."
Actually?!?
Here'southward the truth most "Income for Life" – information technology'southward merely some other name for "Banking company On Yourself," and I've fabricated sure information technology's no secret.
In fact, I've spent the last two decades popularizing this strategy under the name "Bank On Yourself®" (which I've trademarked) and writing not i, but two New York Times acknowledged books on the topic!
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In addition, Bank On Yourself has been featured on thousands of major websites and publications, including Bloomberg Businessweek, Associated Press, Yahoo Finance, Pull a fast one on News and AARP. I've been interviewed on the topic on every major TV and radio network.
As a result, our surveys prove that effectually 3 out of every 10 people in the U.S. have heard of Bank On Yourself. Depending on how sassy I'thou feeling, if I talk to someone who says they haven't heard of information technology, I'll ask what rock they've been hiding under.
And certainly some of the other strategies in The Big Blackness Book of Income Secrets are not "underground," either.
How "secret" are strategies like reverse mortgages (yous may take even seen me on Goggle box as a spokesperson for a major reverse mortgage company), rental existent estate, various types of annuities and making coin from your skills past posting your services on websites that match people looking for freelancers with people offering services?
Maybe the merely "secret" in The Big Blackness Volume of Income Secrets is which well-known financial strategies The Palm Beach Group is going to make you pay $99.00 for!
But the Palm Embankment Letter is a marketing machine that tin beget to rent the very best sales copywriters whose chore it is to become y'all hooked on paying for their investment advisory services, so they tin can sell more products and services to y'all at higher prices (some of their services sell for upwards to $5,000 a pop) the moment you have that first bait.
That'south why their initial offers start as low every bit $four.95, or $49 or $99. (Palm Beach Letter is part of Agora Publishing, i of the most successful, profitable newsletter companies around. I was Editor-In-Main for 1 of Agora'southward publications for a year, and got an insider's look at how they work.)
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I did run across some stock-picking strategies in the book that I wasn't familiar with – more on that in a moment…
We've already established that many of the strategies in The Big Blackness Book of Income Secrets are not really secrets. But what about the accuracy of the information contained in the book? Can you count on the data you'll observe in it?
That'due south the Second Ruby-red Flag in The Large Black Volume of Income Secrets
For example, I quickly skimmed the chapter on opposite mortgages, since I'm very familiar with them, and on folio 139, they tell you to "get advice from a counselor (a free service)."
You're required to get counseling from an canonical service for near, if not all, reverse mortgages. According to the Consumer Financial Protection Bureau, the cost for this required housing counselor session runs near $125. The fee is waived, however, if your income is less than twice the poverty level.
The issues in chapter two on "Peer-to-Peer Lending" are more serious. Palm Beach Group gives five reasons why they recommend using the Lending Club and explain why Lending Guild is a "safe place for your coin."
Since the book was published, Lending Club was institute to be involved in some shady doings, its CEO was fired and its stock took a big hit.
And in chapter 7 on Multi-Year Guaranteed Annuities, they claim that financial representatives don't carp selling them considering the commissions are then low, averaging "1% or less."
So we did our ain research and could observe just i company paying only a one% committee on a three yr annuity, simply that visitor didn't pay the highest rate. And on the 5 year annuity, the commissions ranged between 2.25%-iv%, not the one% or less claimed in the volume. Over again, the lowest commission production didn't pay the highest rate.
Maybe those are nit-picking points, but the information Palm Embankment Letter provides on Income for Life (virtually popularly known equally Banking company On Yourself, which I am intimately familiar with) has some serious inaccuracies that I've written almost on this blog.
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Over the concluding few years, Palm Beach Letter has used other names to depict and promote this strategy, to go on information technology mysterious, so that people feel compelled to pay for their publications, in order to observe out what the "big cloak-and-dagger" is.
I wrote about this when they were promoting it as the "Secret 770 Account." In that article, I discuss 4 things Palm Beach Letter of the alphabet got wrong about this strategy, such as claiming you receive a "contractually guaranteed minimum growth charge per unit of four%."
That's both inaccurate and misleading, equally I explicate in my commodity on the 770 account.
When promoting this strategy equally the 770 Account lost steam, they renamed information technology. Read what I wrote about "President Reagan's Secret 702(j) Retirement Plan" for details.
So, for these reasons, I have a hard time putting total faith in the rest of the information in The Big Black Volume of Income Secrets.
What About the Stock Picking Strategies in The Big Black Volume of Income Secrets?
Let's take a look at Chapter x on "The 3-Minute Money Primer," about "how to earn prophylactic income with options."
In this department, they introduce you to the "COIN proprietary screening method," which lets yous "make trades in just three minutes," in one case you learn how to practice it.
They then give you a list of 30 "aristocracy stocks" to use for potential trades – all household names like American Limited, Google and Wal-Mart – and and so prove you "3 simple steps" to apply to narrow down the list.
So they requite you guidelines to use to narrow downward the list, such equally the P/East ratio should be cheaper than the market's P/E ratio, and why you lot should consider ownership a stock after a damaging news story appears about it.
Then they walk you through 12 steps to track the xxx elite stocks on Yahoo Finance. And once you've narrowed the field downwardly to three stocks, you're given six metrics to use to compare the stocks, such as time in trade, cushion and open interest.
Now you're set up to make a trade.
WHEW!!! Information technology's enough to make your optics cross!
Yous actually have to wonder what percentage of the Palm Embankment Alphabetic character'south subscribers really use these strategies
I'k guessing information technology'southward a pretty small pct.
It as well appears to contradict what Tom Dyson claims on page 27 that they "hate complication. I of the rules [nosotros] established when we first started was we'd never recommend anything we couldn't understand and explain in simple terms."
The Palm Beach Group provides a lot of testimonials for its strategies, simply each merely contains a first proper noun and final initial, which shoots a big hole in their credibility. Most people who are happy with a company's services are fine with using their total identity. Check out the success stories from happy Banking company On Yourself customers here to encounter what I mean.
So, is The Big Black Book of Income Secrets right for you? It depends. If you like and will actually implement multi-step stock picking strategies, and are okay with the possibility that there may be some inaccuracies and misstatements, the book does embrace strategies that, for the about part, are safer than many strategies you typically hear about.
But if you do sign upwardly, be prepared for a avalanche of emails designed to get you lot to spend more coin on the Palm Beach Letter'due south many services.
And if yous want the direct scoop on the Income for Life Strategy, and admission to the about highly trained and knowledgeable network of financial representatives qualified to help you lot implement the strategy properly, y'all're in the correct identify.
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Source: https://www.bankonyourself.com/big-black-book-income-secrets-review.html
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