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The Last Chance Millionaire: It's Not Too Late to Become Wealthy Hardcover – June 12, 2007
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Top Customer Reviews
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.Read more ›
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.
Most Recent Customer Reviews
This book is pretty informative. I bought it to complement a class my husband and I were taking on retirement investment strategies. Read morePublished 2 months ago by thewritegirl
Good book by a very smart man. Been to his seminars. Wish they taught this stuff in school.Published 7 months ago by JEFF TOKAJI
I've read a similar book before like this. The only problem is nowadays most people don't have any equity in their homes. Read morePublished 16 months ago by SEAN S PROTZMAN
Good advice, good reference book, good read. Four stars only because I am older and take a slightly different approach with debt.Published 16 months ago by NorCal
Great book, if you want to get ahead read this book and it can change your life. Listen to people who has been there and done that.Published on April 30, 2014 by Samantha Stevens
This author looks at investing a little differently. A different viewpoint, more like a view of the forest instead of just the trees. Written before the housing bubble popped. Read morePublished on February 10, 2014 by Tim A.
Audio Version will NOT play in my automobiles!
This is the reason that I purchased the audio version. Read more
There are a lot of plans for a comfortable retirement but this one is one of the best. It isn't for everyone though, because it goes against all the "traditional" ideas of... Read morePublished on July 11, 2013 by Amazon Customer