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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: $0.01
You Save: $24.98 (100%)
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Avg. Customer Rating:  (26 reviews)
Sales Rank: 122399
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:
 Read it now and do not regret tomorrow November 22, 2007
2 out of 4 found this review helpful
Many people today think they do the best investments in their life when they buy a house, they have retirements plans working for them and some money in CDs, savings, checkings accounts, TSAs and many others.
To be honest with you, we have to be opened mind to the ideas on this book. The old way of thinking about mortgages and savings do not work anymore. Just look at the forclosures rates right now and you still wonder why this is happening. It is happening because many of us do not want to read this kind of books. We have the information at hand and do nothing, but later in life we pay a high, very high price for it.
My suggestion is: read the book and you will not regret tomorrow.
Remember, money these days is your life. Do not waste it. Invest in your own future...reading this books.
 Unconventional thinking November 18, 2007
0 out of 3 found this review helpful
I found this book took a bit longer to read than I expected because it really made me think about my own financial situation and what I can do to maximize what I am saving for later.
The book is written to the point of view of baby boomers, but there is something to be taken out of it for everyone.
I do think there are some points made that don't illustrate the down side. This advice is only for those who are very good with their money.
Please don't be misinformed by those with an ax to grind. November 1, 2007
11 out of 16 found this review helpful
(Transparency - I have been in the industry for over a decade (my partners for much longer)and our agency has been applying these principles before Douglas Andrew wrote his books. We are incredibly grateful to him for saving us the time it took him to write the books and share these principles. They are absolutely sound!)
When I read some of the reviews of this book and the others in the Missed Fortune series it became abundantly clear that the writers either did not read the books, read them with malice, or are purposely distorting what the author actually said. I can understand how a lay person may become confused at some points but many of these negative reviewers claim to know what they are talking about and then write a bunch of misinformation.
Please read the(se) book(s) for yourself.
Our agency does not charge for doing a personal strategy for those who have read the books and want to take a look at applying these principles to their own situation and my guess is that the ones you would be given if you call Douglas Andrew's office and ask for a referral will not either. Please read the books first because in most cases you will be exposed to a whole new way of thinking.
If you are a babyboomer you ought to ask yourself the question, "Why are so many of my peers concerned about having enough money for retirement when all the "traditional" methods have been available to them for years?"
Perhaps it is because the plans designed for them by "traditional" financial advisors did not prepare them properly or the plans were like the perfect diet that the "average" person could not possibly sustain. Douglas Andrew's plans are designed for the average person who understands that they need to do something but don't have the time or inclination to become obsessed by it. His strategies are proven over his thirty plus years in the industry plus his personal experience. His writing is clear and concise and if anything a bit repetitive just to make sure that everyone reading it will grasp the concepts. If Last Chance Millionaire seems too simple for you, please read Missed Fortune 101 or if you are in the industry, I highly recommend the original, Missed Fortune.
I can not possibly take on all the falacies listed in some of these critiques but to say that Douglas R. Andrew books were written just to sell insurance is like saying NASCAR drivers only drive to sell the products that sponsor their cars. The products that Douglas Andrew suggests are the tools that will help you accomplish your goal of a comfortable retirement.
Please read the book for yourself, apply the principles, and when you are done do a friend a favor and pass it on to them.
 Where's the Beef October 29, 2007
2 out of 8 found this review helpful
Interesting ideas and advice, but extremely short on details of effectuating them. To do this, you should see a financial advisor or risk making a mess of your retirement.
More of the same from Andrews October 28, 2007
7 out of 8 found this review helpful
Very little new in the newest Andrew's book. Probably makes more sense to buy Missed Fortune 101.
Once again the strength of this book is the strategy outlined. Keeping your cash in the walls of your home, in the form of home equity makes little sense. Getting it out with a cash-out refinancing and saving/investing it not consuming it, does make sense. Keeping it in a vehicle that doesn't lose principal, is liquid, and makes a moderate rate of return is sage advice.
The weakness of this book are the specific products he suggests. Though the products might be the best advice for some, for others there are more appropriate products to get the strategy done.
For example, an appropriate mortgage for this strategy is not the option arm (negative amortization) he suggests. Even the interest only loan is not necessarily the right loan. The reason is simple. In the mortgage business (disclaimer: I am a mortgage broker) the more risk the lender see's in a loan the higher the interest rate. Therefore the option arms have an interest rate 1-1.5% higher than the conforming rate. The interest only 3/8 point higher. This can and does make a difference when you are arbitraging like the strategy suggests. Remember for the first 5 years of a fully amortizing loan you are paying mostly interest anyway, so you mamimize that tax deduction. Does this extra interest paid make up for the added cash flow of a interest only loan? Perhaps, but it is very individualized.
There are other places to put your home equity than universal life insurance. Is the EIUL best for you? Maybe, maybe not, again it is a individual decision based on your current situation.
Finally, there are complicated tax laws that must be accounted for, which he doesn't.
Personally, I have taken home equity and purchased a EIUL policy. I am happy with it. It is not the only retirement strategy I employ. My family is protected if I die. I have a place to get large amounts of cash that doesn't cost me. And if all goes well it will give me quite a bit of tax free retirement income. Call me a satisfied customer.
And best of all I fear not hurricanes, sickness, etc. will devastate the family finances.
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