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Missed Fortune 101: A Starter Kit to Becoming a Millionaire Hardcover – January 3, 2005

3.7 out of 5 stars 108 customer reviews

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Editorial Reviews


The author's voice and the snappy clarity of his writing have a wonderful optimism that serves his ideas well as he makes useful and detailed suggestions on the process of attaining wealth. His main points are expertly organized into the four phases of the wealthy life. He especially good at laying out lengthy discussions of financial logic without losing his listeners' attention. --This text refers to an out of print or unavailable edition of this title.

About the Author

Douglas Andrew is currently the owner and president of Paramount Financial Services, Inc, a comprehensive personal and business financial planning firm. He is the bestselling author of Missed Fortune, Missed Fortune 101, Last Chance Millionaire, and Millionaire by 30. --This text refers to the Paperback edition.

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Product Details

  • Hardcover: 304 pages
  • Publisher: Business Plus; English Language edition (January 3, 2005)
  • Language: English
  • ISBN-10: 0446576573
  • ISBN-13: 978-0446576574
  • Product Dimensions: 6.2 x 1 x 9.4 inches
  • Shipping Weight: 1 pounds
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (108 customer reviews)
  • Amazon Best Sellers Rank: #277,210 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By Doug Thorburn on October 1, 2007
Format: Hardcover
Every flimflam man knows that the con must be carefully layered around a kernel of truth for credibility. Missed Fortune 101 by Doug Andrew succeeds in this by wrapping a number of preposterous ideas and prevarications around three basic and true axioms. They are: (1) income is taxed in what are essentially "chunks," (2) the only relevant tax rate for decision making is the marginal rate, and (3) tremendous wealth can be created by borrowing at one rate and investing at a higher rate. Everything else in this book is not only utter nonsense, but potentially lethal to one's financial health.

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.
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11 Comments 244 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Format: Hardcover
I've read the book. I'm a graduate of the author's seminars for agents (and mortgage brokers)and one who's sat through a friendly competitor's

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.
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1 Comment 74 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Format: Hardcover
I am astonished that so much negative is written about the ideas in this book. One person even admitted he had not read it, but critiqued it anyway. Many people misrepresented what he said. Must be some scary stuff in the book to get people so riled up. So here are my ideas about the book. Even the Dallas paper's columns were not very fair IMHO.

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.
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