Is the “Bank on Yourself” a legitimate investment strategy, or a scam?
I haven't read the book and have no intention of reading it. This definitely looks like a forced savings plan with "Whole Life Insurance" as the theme – which is pretty bad for someone who is able to take care of his finances. It would be good for someone who is not very good with his finances and wants to be forced into savings, but then even for those people it would only help a little; there are enough clauses that would make things more bad for him. i.e. one can choose to take a loan, pay only interest etc. No book is going to help you build a savings habit. One has to realize and spend what is essential (it means not buying or doing tons of things) and putting quite a bit away for a rainy day. After this, comes investing wisely...