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| The Last Chance Millionaire: It's Not Too Late to Become Wealthy | 
 enlarge | Author: Douglas R. Andrew
Publisher: Business Plus
Category: Book
List Price: $24.99
Buy New: $2.08
You Save: $22.91 (92%)
Buy New/Used/Collectible from $2.08
Avg. Customer Rating:  (25 reviews)
Sales Rank: 110214
Languages: English (Original Language), English (Unknown), English (Published)
Media: Hardcover
Number Of Items: 1
Pages: 368
Shipping Weight (lbs): 1.3
Dimensions (in): 9.1 x 6.2 x 1.5
ISBN: 0446580538
Dewey Decimal Number: 332.02401
EAN: 9780446580533
ASIN: 0446580538
Publication Date: June 12, 2007
Release Date: June 12, 2007
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
 What your Life Insurance Agent hopes you NEVER read October 1, 2007
20 out of 26 found this review helpful
When did Life Insurance become a good Investment?
Did they stop charging those 90% plus commissions on target premiums?
When did the Life Insurance Agent become a charitable organization?
Anyone who is believing this so called NEW way of thinking is either really bad with math or simply does NOT understand Life Insurance. There is a REASON you don't see REAL professionals using this concept they KNOW the TRUTH!!!
What is the ROI on my home Equity? MORE THAN ANY LIFE POLICY!!!!
After you learn how to subtract out all the commissions and fees, then the REAL cost of the death benefit, loan fees for your house loan fees for the life policy let's sit down and compare which approach works best. Having my house free and clear with NO COMMISSIONS to pay, no loans, and no INCREASING internal costs for the life insurance will BEAT any Life Policy I GUARANTEE IT!
Here is a shocker to reality. If you bought into this BS and mortgaged your house and placed the money into a life policy order a current statement for your policy showing the SURRENDER CASH VALUE in the first year, HOW MUCH did you LOSE? Then look at the 5th year how much have you LOST? Tenth year? Do the REAL MATH find out the REAL FACTS.
LIFE INSURANCE is one of the HIGHEST commissioned products in the financial industry if not the HIGHEST FACT! Where do you think that money comes from, YOUR POCKET. 90% first year target premium commission and then about 6% commission each year thereafter. Do the math if the insurance company is paying out 90% of the first year target premium in commissions and 6% each year how long does it take for YOU to make MONEY or even breakeven on your so called investment? It will take OVER 20 YEARS!
Here is a little KNOWN FACT there are currently MANY so called experts out there today TRAINING for a large fee many other life insurance agents and mortgage brokers how to SELL LARGE COMMISSIONED life insurance policies. They don't care if you need a policy or NOT they only care about SELLING a policy. Check the facts. Some are even paying for cruises for Seniors then encouraging them to apply for insurance. IT IS HIGHLY PROFITABLE to someone BUT NOT YOU the policyholder.
You will see many lawsuits in the coming years from these abuses when the you know what finally hits the fan.
By the way did you know that it was illegal for you stock broker to encourage you to take out a mortgage to buy an REAL INVESTMENT? It should also be illegal for Insurance Agents but it's not, well not YET, time will tell.
I wish more people would ask the harder questions before believing this new line of BS.
FACTS: Insurance agents make about a 30-50% commission on term life insurance and around 90-95% commission on whole life products. Keep in mind that this is the first year commission on the premium and subsequent year commissions are much lower with an average of 6% per year for whole life products and 4% per year on term life insurance products.
One of the great problems with whole life is only an expert can tell if a policy you own or are considering will ever become a decent investment. James Hunt, actuary for the Consumer Federation of America, who has analyzed thousands of policies, notes that whole life policies hardly ever yield a reasonable return unless held for 20 years or more.
So if you buy one be prepared to pay into it for the very long haul.
The key to a whole life policy is its internal rate of return -- the yield on the policy after all fees and charges are subtracted. A competent analysis can determine at a minimum whether the weight of the fees and charges built into one of these policies will ever allow a worthwhile return. Such an analysis will also pinpoint the minimum amount of cash value that you can derive from a policy at any given time interval.
Some financial planners, actuaries and accountants can perform internal rate of return analysis on your policy. The Consumer Federation has a service that will do this, calculating the real return year by year and comparing it with other investments.
 Pointed out the problems but no good solution September 12, 2007
21 out of 27 found this review helpful
I listened to the whole audio book. To summarize the book:
Don't pay off your mortage, pay interest only; don't deposit to 401K, cause you'll pay more tax afterwards; the only solution: buy Universal Life Insurance with all your money.
I am suspicous the book is endorsed by the insurace industry, since the pitfalls of Universal Life Insurance are all well known.
 Quite Technical September 11, 2007
3 out of 9 found this review helpful
This is the 1st book by Douglas Andrews that I got my hands on. I am enjoying the concepts. I bought the CD version so I am considering getting the book as well so that I can recreate his mathematical examples. I would like to copy his examples and it is difficult for me to catch all the detail while driving down the road. Over-all I believe these concepts and ideas to be first rate; every baby-boomer who has not already made it must get this book!
 Clear & price extended financial planning concepts! September 10, 2007
5 out of 9 found this review helpful
This book is a must read for any financial planner and anyone age 40-70 who is looking to plan for retirement
Great Book it will change your life! September 6, 2007
5 out of 10 found this review helpful
I have read the previous books MF and MF 101. I feel that this one is the best yet. It's very clear and to the point and the down loads from his website are great. Do your self a favor and read this book. It will change the way you look at home equity and your IRA's. You will not be able to continue putting money in your IRA's with out thinking about this book, and you will never send any extra money to your mortgage lender. Buy the book read it and Think for a Change.
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