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The Last Chance Millionaire: It's Not Too Late to Become Wealthy
Author: Douglas R. Andrew
ISBN: 0446580538
Publisher: Business Plus - 2007-06-12
Format: Hardcover
Book Details Customer Reviews
More details from Amazon.com or Barnes&Noble.com

Customer Reviews:

Waste of time

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.

Okay, but

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.

Eye Opener

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.

Not at this time

I want to say that I like your service. The book was order for my husband and he is enjoying it.

Good ideas, up to you to fit it into your investment plan.

My goodness, people expect so much from a $20 book. There is no simple recipe to make you an instant millionaire, despite the title ..., gotta sell your book. The ideas are well expressed and it is easy reading. I got several ideas and have already integrated them into my investment plan:
1. I took out a large equity loan on my home
2. Bought a new rental home with a $200 positive cash flow
3. Bought $1,000,000 Equity Universal Life policy with a long-term care rider
4. Stopped putting money into my 401K and diverted it into a Roth IRA
5. Am making plans for 2010 to convert some of my 401K to the Roth IRA.

I employed the ideas in an already mature investment plan. Sure real estate has plunged, but so has the stock market and the insurance companies are teetering on the edge. Even money markets are at risk. Andrew's ideas just help us diversify more ..., not just in the stock market.

You can check more book detail and reviews from Amazon.com or Barnes&Noble.com

Editorial Reviews:

According to Doug Andrew, the bestselling author of Missed Fortune 101, too many Americans are being led down the wrong financial path. Even worse, many Baby Boomers find themselves panicking --fearful that they've already fallen too far behind to ever catch up. In this indispensable and eye-opening guide, Andrew provides fresh new pathways to reaching financial security -- pathways that all Americans need to consider now.

Centering on his Three Miracles of Wealth Accumulation: the Miracle of Compound Interest, the Miracle of Tax-Favored Accumulation, and the Miracle of Positive, Safe Leverage, Andrew explodes many of the commonly-held myths about 401ks, pensions, paying down one's mortgage, and other forms of retirement planning. Along the way, Andrew offers unique strategies that will not only increase your wealth, but also help readers enjoy their best years while securing their future.

Editorial reviews and customer reviews are properties of Amazon.com and its respective owners.
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