- Paperback: 368 pages
- Publisher: Business Plus; Reprint edition (February 9, 2010)
- Language: English
- ISBN-10: 9780446699181
- ISBN-13: 978-0446699181
- ASIN: 0446699187
- Product Dimensions: 6 x 0.9 x 9 inches
- Shipping Weight: 13.6 ounces (View shipping rates and policies)
- Average Customer Review: 46 customer reviews
- Amazon Best Sellers Rank: #1,400,521 in Books (See Top 100 in Books)
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The Last Chance Millionaire: It's Not Too Late to Become Wealthy Paperback – February 9, 2010
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About the Author
Douglas R. Andrew is the owner and president of Paramount Financial Services, Inc., a comprehensive personal and business financial planning firm. An award-winning speaker, he does dozens of seminars on personal finance each year allover the country. He lives in Salt Lake City, Utah.
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NEVERTHELESS - the book is an excellent read, and has great arguments about the shortcomings (impending time bomb?) of tax deferral plans like 401Ks. I also found his advice against paying off mortgages very convincing. The book has some great contrarian advice, and I fully intend to look into them. Highly recommended for above-average savers, looking to maximize all available options.
However, with "The Last Chance Millionaire", which I purchased from Amazon, he makes a mistake that could end up costing the user of this book. As with "Missed Fortune 101", he recommended using Equity Indexed Universal Life. While EIUL is safer than VUL, it is still vulnerable to stock market downs. The EIULs have guarantees that range from 0-2%. In down markets the mortality charges in these policies can eat up any gains in the account value of the policies. Increasing loan interest rates are a drag on the stock market. Logically, rising mortgage interest rates will suppress market gains, therefore the rising cost of borrowing will coincide with poorer interest performance in the EIUL policies. It would be better to use the concept described in this book with traditional UL,Participating and Current Assumption Whole Life policies, and annuities held in Roth IRAs. These latter vehicles are more likely to go up, since these benefit from the higher loan rates.