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Missed Fortune 101: A Starter Kit to Becoming a Millionaire Hardcover – January 3, 2005
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More About the Author
In an effort to share his experiences and the lessons he learned to a broader audience, he wrote his original book, Missed Fortune. Due to the success of Missed Fortune, he was thrust on to the national stage with his Missed Fortune book series. This successful series includes Missed Fortune 101 (business best-seller), The Last Chance Millionaire (New York Times best-seller and Wall Street Journal #1), and Millionaire by Thirty (written with his two sons Emron and Aaron). He is a pioneer in the field of max-funded, tax-advantaged insurance contracts and his firm, Paramount Financial Services, based in Salt Lake City, Utah, is the number one firm in the U.S. that guides clients in implementing this powerful strategy.
Top Customer Reviews
The author arrives at two basic conclusions. We should borrow out of our homes and invest the proceeds at a higher rate. Universal life insurance serves as Andrew's means to this end. We should also suffer the consequences of withdrawing from our IRAs and other retirement plans now rather than later, since the tax from such withdrawals will only get worse. Naturally, the leftover funds (heavily diluted by taxes) should be invested in the same insurance policies, which supposedly offer a higher--and safer--yield than whatever the retirement plans were invested in. By page 5, I realize I'm reading a book-length sales pitch and con that has the potential to wreak havoc in my clients' lives (disclosure: I've been an Enrolled Agent tax professional and Certified Financial Planner licensee for almost three decades).
Anything this full of nonsense is difficult to critique. Short of writing a book-length retort, I've settled on the idea of listing the multitude of problems by category and providing examples from each.
A far more comprehensive review is available at my personal sites; just Google my name to find me. This is an abstract from that review.Read more ›
version of same. I've also witnessed at least 6 public seminars on the subject matter and like to think I have a unique insight to the concepts
discussed in the book.
For one, the strategy is sound, both in theory and real life.
I have implemented the strategies myself and have no regrets.
The problem with the author's approach is that he beleives so strongly in his position, he trains his agents and mortgage brokers to aggressively push all prospective clients to place every last available cent they own in to an Equity Indexed Universal Life contract. Knowing the author's background and ethics, I can say without hesitation that he is a "True
Believer" and NOT a get-rich-quick Scam artist.
The "invest it all" tactic may be okay for some, but other agents/brokers simply educate the prospective client and try to get them to understand/acknowledge that home equity is NOT all it's cracked up to be. In fact it's often times a wasted, nearly useless asset.
But many agents have failed miserably using the author's "All-or-Nothing" investment philposophy. No surprise there.
Other savvy insurance brokers/agents simply ask, "Do you have any underperforming investments?"
Of course you do - who doesn't?
Then an investor can dip his toe in the water by investing a small amount of money in an EIUL policy. If the investment performs well after a year, he usually wants to consider placing more $$$ in the EIUL policy at the policy's anniversary date.
Bottom Line about the book and author: Good strategy. Bad sales technique.Read more ›
1. He says up front that for simplicity sake he will use 33% as the tax rate. But that is for both federal and state taxes. So if state taxes represent 5% that leaves a federal tax of 28%, a tax rate many of the middle class are in. But even using the 25% tax bracket the theories still hold true.
2. I have recently looked at the insurance products and there are some out there that have paid around 7%-8% over the last 15 years so the number he used (7.75%)is a legitimate number.
3. Suggesting that folks only have one tax deduction (their mortgage interest) is impossible. At the very least they have real estate taxes to deduct so the deduction gained over the standard deduction is not totally unrealistic.
4. Everything he says about dead equity in homes is true. It does have a 0% gain and lendors due foreclose on homes with high equity first.
5. If you take out the equity of your home and invest it you don't have to get a rate of return equal to the mortgage rate because of the interest deduction. Using a more conservative 25% tax rate if you have a mortgage of 6% then you only have to get a return of 4 1/2% to break even. I know of tax free muni funds that have returned better than than over the last 20 years.
6. Which brings me to a final point.Read more ›
Most Recent Customer Reviews
This is wonderful information. Although I am getting a bit of a late start on transforming my investment strategy, I am so thankful for the opportunity to change direction and... Read morePublished 3 days ago by Amazon Customer
Very good book I got 4-5 years ago. I persobasically used the strategies found in the book. I shared this book with few people.Published 3 months ago by Amazon Customer
Good for people w/401is I don't have that so got board quicklyPublished 5 months ago by Ramona Lafountain
This guy is dangerous since most people are already in debt. The reason peoe don't have money is because most dont save. Read morePublished 10 months ago by AL
This book is great. I am no longer worried about my retirement or my wife's. My children will be able to go to college and not acquire any debt. Read morePublished 11 months ago by jay
The alternative of using life insurance as the "safe" part of your portfolio makes sense. Do you have to do it? Read morePublished 11 months ago by Amazon Customer
Very Informative, .... a bit of a sleepy read. But the material is valuable. But you can only make financial material but so interesting..Published 14 months ago by Julia Ellington