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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: 121638
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:
| Showing reviews 21-25 of 25 | | « PREV | | |
 Way to build wealth-if done right! July 14, 2007
0 out of 1 found this review helpful
This book essentially shows how to take equity out of real estate to reinvest elsewhere at a higher rate of return. The idea being that if equity can be reinvested in a tax favored vehicle, such as cash value life insurance, you can build a larger "retirement fund."
The concept of building wealth through refinancing is a terrific way to enhance your retirement if it is done the right way! The idea of borrowing money from a home and repositioning the money into cash value life insurance can make sense if you can get a higher rate of return and if you can afford the payment. However, readers need to be aware of the laws regarding the deductibility of interest when you refinance your home, especially if you use the borrowed funds to purchase cash value life insurance - with the contemplation of borrowing from it.
Make sure you consult with a qualified professional who understands this strategy well and how to implement it. If you are interested in this subject, I highly recommend Securing a Retirement Income for Life by Bill Griffith, Jr., CFP. In his book, Mr. Griffith discusses the concept of Equity Management and other retirement income strategies. Since the success of this strategy depends on personal factors such as your age, your health and your income tax bracket, you should choose a financial advisor who is knowledgeable about mortgage financing, insurance and tax issues and one who has practical experience helping clients implement this strategy.
Overall, this book offers an approach to building wealth by unlocking the equity trapped in your home. It is a practical guide for anyone interested in acquiring a basic understanding of the concept before contacting a knowledgeable professional.
 Actually it rates about 4.5 stars July 8, 2007
19 out of 29 found this review helpful
First, let me say that I like Mr. Andrew's perspective on wealth creation - I think it is fresh, innovative, and encourages people to grow and preserve all their assets (not just the financial ones). So in that respect, I highly recommend this book ... or his "Missed Fortune: 101" which basically covers the same material.
Like most authors of non-fiction, the multiple of authored books is a product of a publishers philosophy that you can't just write one. Where the book really differs is in the title which reaches out to a different group of people.
Also in this book, he covers Index life insurance a little more completely, though by the time the book was released, the example used are no longer valid. Just keep in mind that insurance companies are always changing their product line, so if you're going to look at examples just remember that's what they are... examples.
It is important to take the information in this book and talk to a "qualified" professional about how the concepts and strategies can work for you. A "qualified" professional is NOT your broker, CPA, attorney or life agent who has not been exposed to this material either. After reading this book, you'll be more of an expert and know more about it than they will. You trying to explain it to them is a recipe for rejection. If you are going to get the opinion of your favorite adviser at least require they read the book first before giving advise on a subject they know nothing about.
Use the 800 number in the back of the book to call Mr. Andrew's office and let them refer you to someone who has studied with Mr. Andrew and understands how this can be applied. There is no obligation on your part but at least you'll get a knowledgeable presentation. And if after reading the book your adviser is still skeptical, take the referred professional to talk with you and your adviser.
If you get excited about this book, please read it twice so that you get a complete understanding of the material. You will be making important changes in the way you create wealth over a long period of time (15+ years is the optimum time horizon).
Unfortunately, most of us do NOT have a written investment policy statement, we suffer from short term financial memory loss, and are influenced way too much by the noise coming from Wall Street. That's not to say that you can't make money in equity investments - it just that most people don't make much because they participate in active investment management strategy (see books by Larry Swedroe like "The Successful Investor Today: 14 Simple Truths You Must Know When You Invest"), lack a written plan, and have little discipline.
My personal philosophy is don't put all your eggs in one basket, put all of your assets to work, and create an investment policy statement.
Oh... I marked the review one star because I think it is the type of review most people will look at.
 You don't know it, but you have actual wealth in your hands! July 4, 2007
5 out of 10 found this review helpful
Of the 95% of baby boomers who fear retirement, because they fear they will outlive their funds, not one knows that they have a source of wealth already in their possession. Yet, the facts and figures, not fanciful theories, are told plainly in Doug Andrew's book. It IS too late, if you don't act on the plans of action detailed in this wise man's book. However, if you read and decide to set aside "common wisdom" and take action, you truly do have time to turn financial penury into relaxed, smiling, cheerful prosperity.
I'm one of those baby boomers and I both understood the amazing, yet simple ideas Andrew shares, and set my plan in action. I cannot tell you what to do, and Doug A. only lays it out for you, so all I can recommend is that you acquire this book, set it on top of all the financial advice materials you've collected, and start reading Last Chance immediately. I read the first half of the book in one day. Then, get ahold of a financial professional, not for a skeptical "second opinion", but to help you lay out your own plan of action. You and I are post-war age-mates. I want to see you enjoying the good retirement you worked so hard for. You'll see what I mean when you complete the book. So, why are you sitting there? Get the book. If anyone challenges why you are reading it, just tell them you don't want to retire on Social Security.
Money, Time and Piece of Mind July 4, 2007
28 out of 30 found this review helpful
The Last Chance Millionaire's title reveals the author's selected audience very clearly: the retirement or slightly pre-retirement crowd. As a member of that group, I wanted to read this book to explore alternate investment strategies from a high-profile financial professional like Mr. Andrew.
The author's approach is very different from old-school thinking toward personal long-term investing, as you might expect. Mr. Andrew continues with the theme he revealed in Millionaire 101, which includes having interest-only mortgages with side investment vehicles to protect real estate equity, insurance products that offer high interest rates, flexibility, and easy transferral to heirs, and more. The key investment strategy is to finance to the max, and invest the equity elsewhere at a higher rate of interest. This approach makes sense if everything continues to work as it should, if real estate values remain constant and if you are able to continue to make those higher payments.
In a declining real estate market such as we now find ourselves, selling property may be difficult and may result in a sale for less than the mortgage balance, which will cause the owner to have to fork out cash at the closing, and in some cases, a lot of cash. The current proliferation of real estate foreclosures has been caused, in part, by over-zealous real estate investors divesting themselves of property with low cash-down mortgages and thus, not much to lose. Selling real estate at a loss, foreclosure and other mishaps can wreak havoc with cash flow, credit worthiness, and long term financial plans. If you choose this investment route, make sure you understand the downside as well as the upside, and make preparations to be able to respond if things head south for awhile.
I have been NASD and SEC licensed, and worked in the tax-deferred annuity, pension, and investment field. Our rule of thumb was this. Prepare for the future. Protect the basics, like your home, your car and your income. Invest aggressively at a younger age to accumulate for the future.
I have mixed feelings about this book, and the predominant reason I gave this book 4 stars is that I feel that this book is better suited to younger investors, with lots of time for cash to accumulate, time for a couple of missteps, and plenty of time to make any corrections, well before retirement time. As a general investment book, it offers a creative approach to wealth accumulation that may appeal to many. And if you're equity-rich and cash poor, this book will show you the way to re-adjust those imbalances.
Geared toward Mom and Dad June 29, 2007
12 out of 13 found this review helpful
I have read both "Missed Fortune" and " missed Fortune 101. I learned allot from both books, and picked up even more from "Last chance Millionaire". I'm only in my early thirty's but these books have change my approach at retirement. This book is better suited at a person or couple ready to retire. But I feel everyone could benefit. Mr. Andrew's techniques for creating an income that will never run out and is left to your heir's tax free is golden. I also feel that other key point of this book is to not just leave money to your family and spouse when you die but "teach them to fish" and create their own wealth. I have completely changed my approach to retirement and wealth. I was at first skeptical of insurance contracts, but after careful research I determined that the "fee's" that may scare someone off are a drop in the bucket. In the end plus I will have tax favored returns. I'd rater give my hard earned money to a company that will in turn offer stable rate of return and security. Besides the government will get their's when I spend my money in retirement. I now have two insurance contracts and have re-fi'd my home to an interest only. This isn't a get rich quick scheme, but a technique for lower taxes in retirement and never ending income with out depleting your principle or being taxed on the back end. Go into this with an open mind and I don't think you will be disappointed.
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