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The Last Chance Millionaire: It's Not Too Late to Become Wealthy

From Business Plus

Author : Douglas R. Andrew
Binding : Hardcover
DeweyDecimalNumber : 332.02401
Format : Bargain Price
Label : Business Plus
Manufacturer : Business Plus
NumberOfPages : 368
ProductTypeName : ABIS_BOOK
PublicationDate : 2007-06-12
Publisher : Business Plus
ReleaseDate : 2007-06-12
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Customer Reviews

Rating:
Summary: You can still catch the last ship to wealth and prosperity
Comment: //The Last Chance Millionaire: It's Not Too Late To Become Wealthy// is the fourth book by Douglas R. Andrew, this time focusing on an often ignored if not neglected aspect of personal financial management. This book aims to provide intelligent, practical financial guidance to those who specifically need it the most--the 80 million "Baby Boomers" who are entering their retirement years.

If you are retiring in just a few years, or even if retirement is still way down the road, Andrew's solid and well-researched financial strategies in //The Last Chance Millionaire// will turn everything you've heard about retirement upside down. Some of the topics covered include: how buying your dream vacation home can actually be one of your shrewdest retirement investments; how you can dramatically increase your spendable income using maximum tax-advantaged life insurance; how to put the three marvels of wealth accumulation to work for you; and understand why your home equity is a hidden gold mine of tax-favored wealth.

It is for a very good reason why majority of personal financial planning books are addressed to those with time on their side. Time, as they say, equals money. But not all are able to take advantage of this. For them, there's Andrew's //The Last Chance Millionaire//.

Reviewed by Dominique James
Rating:
Summary: Waste of time
Comment: Reads like the script of an infomercial. Besides, if you don't have any home equity, this book isn't for you. That's the big 'secret' he spends the first few chapters building up to.
Rating:
Summary: Okay, but
Comment: I originally bought Douglas Andrew's "Missed Fortune". It was a good book. I disagreed with his placement of mutual funds as safe and his chapter on arbitrage, but other than these I liked the book. In this first book he warned against using Variable Universal Life with this concept. Again, good advice.

However, with "The Last Chance Millionaire", which I purchased from Amazon, he makes a mistake that could end up costing the user of this book. As with "Missed Fortune 101", he recommended using Equity Indexed Universal Life. While EIUL is safer than VUL, it is still vulnerable to stock market downs. The EIULs have guarantees that range from 0-2%. In down markets the mortality charges in these policies can eat up any gains in the account value of the policies. Increasing loan interest rates are a drag on the stock market. Logically, rising mortgage interest rates will suppress market gains, therefore the rising cost of borrowing will coincide with poorer interest performance in the EIUL policies. It would be better to use the concept described in this book with traditional UL,Participating and Current Assumption Whole Life policies, and annuities held in Roth IRAs. These latter vehicles are more likely to go up, since these benefit from the higher loan rates.
Rating:
Summary: Eye Opener
Comment: I am inclined to take most of the advice in this book - with a large block of salt. Especially the way the author mentions compounded returns of 8, 9 or 10 % to make most of his calculations / comparisons. Who gets that kind of returns for 10, 15 years, year after year? Most of the projections he makes are seriously biased in favor of building his case.

NEVERTHELESS - the book is an excellent read, and has great arguments about the shortcomings (impending time bomb?) of tax deferral plans like 401Ks. I also found his advice against paying off mortgages very convincing. The book has some great contrarian advice, and I fully intend to look into them. Highly recommended for above-average savers, looking to maximize all available options.

Rating:
Summary: Not at this time
Comment: I want to say that I like your service. The book was order for my husband and he is enjoying it.