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Summary: Quinn does romance cash value insurance
Review: Listening to Quinn on her program, she (Quinn) starts off somewhat neutral regarding Term vs Cash value insurance but then goes on and on talking about the "tax deferred benefits", "borrow money tax free" and "cash buildup" of whole life and other cash value type life insurance.At one point Quinn even suggests increasing your Universal Life Insurance each year because you "may not be paying enough."As another reviewer alluded to, Quinn recommends paying Insurance advisors as much as "$200-$400 per hour" and suggests that "it's a good deal".And, Quinn says that cash value insurance is better than term "because the premiums stay level." and that with cash value insurance"premiums stay the same."All of this has some basis of truth in it....but is still bad advice for the masses.You can borrow money from your cousin Henry or your Aunt Nelie for free. Why use a overpriced cash value life insurance policy to do it?Cash value premiums are level but that is only because the premiums are so high.ART premiums increase upon renewal, BUT are much lower than Whole Life or Universal Life. You can also buy LPTinsurance which is also less than cash value insurance. As I see it, Quinn attempts to muddy the waters pretending to take a neutral stance but then overselling cash value insurance.In one of her examples, Quinn says; "Cash value insurance or Term with a mutual fund. Which is better?Then Quinn goes on to suggest that the cash value insurance is a better deal! WRONG!Quinn also conveniently neglects to mention that as your cash value is going up in a cash value policy, your insurance is going down. Consequently, a $100,000 cash value life insurance policy will have a $100,000 worth of insurance at origin and no cash value BUT $100,000 of cash and no insurance at the end (the cash buildup replaces the insurance--you never have both).I got burned by a life insurance agent on a cash value so I can relate to the other reviewers who are upset by Quinn.
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Summary: My two cents worth....
Review: Quinn does offer some good nuggets of advice in her program.
The problem is that the good stuff is so interspersed with b.s. and is confusing.Quinn does recommend cash value insurance On page 296-"Premiums normally stay the same", Comparinh to term, "Policy preiums are level:, "tax protect [cash value]",
"for those who want certaintly" On page 326 Cash value vs term and a mutual fund. "You will be better served to keep cash value insurance" On replacing policies, term for cash value, Quinn states on page 328
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"You'll be raiding your cash values which may be earning a attractive yield" On discussing Insurance Fee Advisors, Quinn states; "Typical fee of $100-$250 per hr may be a bargain" Quinn also recommends Single premium insurance which is whole life with a tax deffered option. Even annuities are a better choice (although not my choice!) For most people term or lpt (level premium term) are far better choices than whole life. 5 star reviewer, try reading the whole book!
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Summary: The reason for the angry reviews
Review: I couldn't understand why so many of the reviewers are so angry and keep bringing up life insurance even though the book covers many other topics like credit cards, banks, college, joint tenancy, real estate, saving, budgeting, buying a home, stocks, bonds, funds, car and property insurance, health and disability insurance, retirement, pensions, wills, financial advisors, etc. So I searched for her name along with life insurance in Google. Well, there are dozens and dozens of online sites selling or doing agent referrals on life insurance that mention articles by Quinn. It seems that she has committed the cardinal sin of encouraging people to shop for life insurance instead of automatically buying from their neighbor or fellow lodge member. The Internet has changed the book business and is beginning to change the insurance business. According to the BLS there are 375,000 insurance agents. This is going to be tough on them. Even if you disagree with the life insurance chapter because you are committed to a different strategy, you owe it to yourself not to ignore this book. Most recently for me, the chapter with checklists for major life changes was a big help.
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Summary: Not so good advice
Review: Contrary to that reviewer from Texas, Making the Most of Your Money does give some bad advice.First of all, life insurance is not a "long term investment". In fact, life insurance is not an investment at all.You want to buy life insurance like you are going to die tomorrow. You invest like you are going to lve forever. Never mix the two. The "investment returns" of cash value insurance are too pathetic to even consider this product.And there are many people who do not even need life insurance at all. So why call it a "long term investment".This is one of the problems with people like Quinn. People are struggling trying to get ahead but encumbered with excessive insurance because they followed her advice.Quinn also suggests asking your agent to "raise your premiums"!! I think not!In another area, Quinn recommends credit life and suggest going through a credit union for lower costs. Credit life is never a good idea.Investing in no load funds sounds good. But check out how no load funds and index funds have done over the past few years. If you followed Quinn's advice, you lost from 30% to 90% of your investment capital.Diversify? Put your eggs in various baskets and have a multitude of baskets with cracked eggs. Diversify your investments is another one of those theories that sounds good, but doesn't really work in the real world.At best, you have a teeter-tooter effect with some investments going up while others are going down. How are you doing? About break even. Will that make you money? NO!I no longer own this program so I cannot reference any specific tape or page, but I do know that the reviewer who reposts continually with the same nonsense, same points only using various aliases is not telling you everything.And if this person does have any valid points, why make up so many aliases?To me this person has lost all credibility.SUGGESTION: Read the Dolans, Suze Orman ( who really hammers away at the insurance industry and bad advice aka Quinn) and other reputable sources. Not people who just write about personal finance just because they have interviewed a few people who undoubtably have a product or service to sell or dump on the unwary public.This book/tape is now over 7 years old. Why is it still around?I hate to see people get sucked in by bad advice. I quess that's because I am "old fashioned" in that way!
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Summary: Poor quality - outdated material
Review: For someone who is supposed to be as big as Quinn is, I wld have expected more in terms of quality of the reproduction of the tapes, overall financial content and information.The only thing worst than the tapes I suppose is the book.SUGGESTION: Buy Suze Orman's products instead. She is the best.
Rating:
Summary: Deserving of the Golden Turkey Award for
Review: being the worst financial product ever developed and if because the poor customers who waste their hard earned money on this will become Turkeys.
Rating:
Summary: Terrible production quality - bad advice
Review: I bought these tapes at a used book store for a couple of bucks, didn't expect a whole lot but was still dissappointed. Even for 1991, this advice is way off. And while I understand that the tapes were used, the overall production quality was bad...seem dissorganized. On the other hand, I bought a tape set by Suze Orman and was very pleased both by the quality and the content of the material. I'll probably end up using these tapes as a dubbing tool for other tapes.
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Summary: An Excellent Book!
Review: Something is very, very strange about all these extremely negative reviews. I have had this book 5 years, and I find the advice Quinn gives to be right in line with every other sensible investment guide I've read: for a comfortable retirement, buy no-load indexed mutual funds, diversify, understand your risk tolerance and allocate accordingly, pay off your debts, have savings taken out of every paycheck, and live within your means. Where's the beef? As far as the allegation that "Quinn recommends cash-value insurance," I have the book in my lap as I am typing. On pp. 284-285, under the heading "The Great Debate: Term Insurance vs. Cash-Value Insurance," Quinn writes, "Because of the higher premiums on cash-value coverage, wage-earners usually can't buy as much of it as they need. That's why term insurance is usually the better choice. . . . Nevertheless, higher-income people who can afford plenty of insurance might consider certain cash-value policies as a long-term investment (see page 314)." On pages 314 to 317, Quinn carefully assesses several scenarios and points out in which ones cash-value might be a good choice--but even there, she also shows that term insurance is a better choice in some scenarios. So she does NOT flatly recommend cash-value over term insurance; all of the information is carefully presented and well-reasoned--so why are all these people saying she does? Furthermore, Quinn may not be a licensed financial analyst, but she doesn't need to be. She is a very good journalist, a writer, someone who does her homework, researches a subject thoroughly, asks the experts what they think--then presents the information in clear, unambiguous sentences so that non-experts can understand. In the Afterword, beginning on page 966, Quinn gratefully acknowledges, "Many people contributed to this book. . . . The chapters were read and commented on by many experts in many fields," and then proceeds to list FOUR PAGES of names of experts, many of whom she quotes directly from in the course of the book. Quinn has not just written this book out of her own head, as some reviews have implied; she has indeed done her homework, and done it well. The truth is, this book is an excellent guide to all kinds of money matters, especially for those of us who did not take finance or economics in school. The book is a little encyclopedia on just about every money topic you've wondered about: bank accounts, credit cards, budgeting, loans, home ownership, insurance, stocks and bonds, retirement accounts, college costs, and on and on. It has been a great help to me, and even though it may be "7 years old" (as if that were a horrible defect!--it isn't), this book is a great starting place for anybody who wants to get their money, and their life, in order. As Quinn says in the Foreword: "The chief difference between you and a professional planner is information. This book, I hope, will narrow the gap. You can find the right answers as long as you know what the questions are." And Quinn presents the information clearly, cautiously, and logically. It's a wonderful book. I recommend it without hesitation for anyone who's confused or worried about financial issues--Quinn has a gift for explaining complicated ideas and helping the reader find his own path through the maze. So I can't understand all these venomous reviews and personal attacks. They are dead wrong. Is this what a smear campaign looks like? Or are all these people just jealous of a success? By all means, compare Quinn's book with others and make your own decisions, but let's not slander a lady who's done a FINE job of writing. It's a fine book, and Quinn's readers will come away wiser, and richer. And no, neither I nor anyone I know is in any way even remotely connected with Ms. Quinn or her publishers. I just hate to see a lady defamed in public--I'm old-fashioned that way.
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Summary: Quinn an expert???
Review: Funny how people refer to Quinn as a "expert" here. Quinn is a journalist and the best description of a journalist that I even heard was "someone with an idea, even wrong but has the ability to express it". Quinn writing on personal finance is amusing. I suppose Pee-Wee Herman will be writing books on bodybuilding and be considered an "expert" on building muscle right?? Read Suze Orman or the new book by the Dolans which is excellent. Disregard books written by self styled and usually broke journalists who only write about money, know how to "express it" in writing, but have no earthly idea on how to make it.
Rating:
Summary: Great book if you like fiction
Review: This book may have been all right when it first came out back in 1991, but by todays standards---way out of date. Bad information is ever present. Cash value insurance, buy credit life, ask your agent to raise your premiums etc. etc. To become financially successful ,you need to take every dollar you earn and squeeze as much as you can out of it. If you follow Quinns advice, the squeeze will be on you!
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