The Last Chance Millionaire: It's Not Too Late to Become Wealthy by Douglas R. Andrew
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(Hardcover - Bargain)
- Pub. Date: June 2007
- 368pp
- Sales Rank: 53,534
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Product Details
- Pub. Date: June 2007
- Publisher: Grand Central Publishing
- Format: Hardcover, 368pp
- Sales Rank: 53,534
- ISBN-13: 9781615592364
- ISBN: 1615592369
- Edition Description: Bargain
Synopsis
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 401(k)s, 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.
Publishers Weekly
Baby boomers, take note: traditional retirement savings wisdom won't yield you enough to live on in your golden years, warns financial adviser Andrews (Missed Fortune, etc.). Today's boomers are facing retirement with savings of (on average) an inadequate $50K and are relying on outdated financial strategies to carry them through. In a clear, firm tone, Andrews explains that socking away all your savings in a 401(k), paying off your mortgage and buying a vacation home only after your primary home is paid off are all worn-out Depression era truisms that no longer apply when boomers may live 20 or even 30 years past retirement age. Andrews's last-minute catch-up plan for safely generating a livable income within the years, not decades, left until retirement mixes familiar wisdom-take advantage of compound interest, tax-favored growth and safe, reliable leverage, and don't depend on Social Security-with a refreshingly down-to-earth plan for becoming a "Thriver," whose money is busily working away, tax-free or tax-reduced to provide stability and enjoyment in the golden years. This is no bathtub reading-the text is heavy on charts and graphs and percentages-but the conversational, sympathetic voice serves as a wakeup call for boomers without enough saved. (June)
Copyright 2007 Reed Business Information More Reviews and RecommendationsBiography
Douglas R. Andrew is the owner and president of Paramount Financial Services, Inc., a comprehensive personal and business financial planning firm. An award-winning speaker, he does dozens of seminars on personal finance each year allover the country. He lives in Salt Lake City, Utah.
Customer Reviews
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For Homeowners and those paying 33% in taxesby Anonymous
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October 08, 2008: To follow some of the ideas this book pushes, you need to be a homeowner with lots of equity, pay 33% in taxes, and have very stable jobs. He depends too much in using other people's money, leveraging yourself, and mortgaging yourself to the hilt for vacation homes. Mr. Andrews ideas work as long as you can get a loan, the economy doesn't suffer 'job security', and most of all housing values maintain their values. I can see doing this for rental property as long as your rents can cover the mortgage and other costs. If you were to follow his plan in the year 2004 to 2008 you would probably have vacation homes worth much less than what you paid for and your current home mortgage value greater than the market value. If the economy goes the way it has in 07, 08 and into 09, you could be really screwed. A few of his ideas are good, converting your 401k and IRA, to tax free account is one, lending it to a insurance company is not. His use of a mortgage interest as tax deduction is way over blown. Remember, if you are in the 33% bracket a tax deduction of $1, will lower your tax liability by 33 cents. I could do better in a tax free retirement account. I would not buy this book, go to a public library and check it out for free like I did.
Hidden Scamby Anonymous
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September 16, 2008: We were given this book by our (financial advisor),\insurance salesman. Actually attended one of the seminars. The concepts are very detailed and hard to understand. For a reason, because when you check out the math and do research, you will find, they compare apples to oranges to come up with a sort of pheasable plan to move all your money out of your control and into their pocket or the insurance company. They say you will avoid paying taxes at the end, which if you pay close attention they charge so much in fees and commissions to set up any type of plan they pick, that you will never if ever see yourself recover.
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