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The Last Chance Millionaire: It's Not Too Late to Become Wealthy Hardcover – June 12, 2007

3.5 out of 5 stars 44 customer reviews

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Editorial Reviews

From Publishers Weekly

Baby boomers, take note: traditional retirement savings wisdom won't yield you enough to live on in your golden years, warns financial adviser Andrews (Missed Fortune, etc.). Today's boomers are facing retirement with savings of (on average) an inadequate $50K and are relying on outdated financial strategies to carry them through. In a clear, firm tone, Andrews explains that socking away all your savings in a 401(k), paying off your mortgage and buying a vacation home only after your primary home is paid off are all worn-out Depression era truisms that no longer apply when boomers may live 20 or even 30 years past retirement age. Andrews's last-minute catch-up plan for safely generating a livable income within the years, not decades, left until retirement mixes familiar wisdom—take advantage of compound interest, tax-favored growth and safe, reliable leverage, and don't depend on Social Security—with a refreshingly down-to-earth plan for becoming a Thriver, whose money is busily working away, tax-free or tax-reduced to provide stability and enjoyment in the golden years. This is no bathtub reading—the text is heavy on charts and graphs and percentages—but the conversational, sympathetic voice serves as a wakeup call for boomers without enough saved. (June)
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A marvellous fantasy trip' Frank Herbert 'If Harry Potter has given you a thirst for fantasy and you have not discovered the magic of Terry Brooks, you are in for a treat' ROCKY MOUNTAIN NEWS 'Confirms Terry's place at the head of the fantasy world' Philip Pullman
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Product Details

  • Hardcover: 368 pages
  • Publisher: Business Plus; First Edition edition (June 12, 2007)
  • Language: English
  • ISBN-10: 0446580538
  • ISBN-13: 978-0446580533
  • Product Dimensions: 6.6 x 1.2 x 9.5 inches
  • Shipping Weight: 1.3 pounds (View shipping rates and policies)
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (44 customer reviews)
  • Amazon Best Sellers Rank: #1,244,556 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
This book is primarily a sales pitch aimed at getting you to borrow against your home to buy indexed universal life insurance. The author advises you to not only not contribute to a 401(k) or IRA but encourages you to withdraw the funds to buy insurance. His illustrations regarding the tax consequences of distributions from your tax deferred retirement accounts are simplistic. He also omits entirely the tax savings you have when contributing to a 401(k). If you contributed $20500 (the limit for 2007 for someone age 50 or over to a 401(k) and were paying a marginal tax combined state and federal tax rate of 33%. (A rate the author uses in many of his illustrations) you would save $6765 in taxes immediately. The tax savings can also be invested in either a taxable account or possibly a Roth IRA or even a nondeductible traditional IRA. You would then have $26,765 (not including the employer match) working for you instead of just the $20500 that you would have paid in premiums for the universal policy. The author does not mention this possibility at all. He compares a pretax 401(k) contribution to an after-tax insurance premium. He states that the 401(k) distributions are taxable when received (a true statement)and therefore you have not improved your retirement situation. However, you will have been able to save more than 30% more each year than you would have put into the insurance policy and since a significant portion of the total retirement balance will have already been taxed you can pay taxes from that side of the savings.Read more ›
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Format: Hardcover
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.
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Format: Hardcover
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.
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