- Paperback: 304 pages
- Publisher: Business Plus; Reprint edition (April 29, 2010)
- Language: English
- ISBN-10: 0446693510
- ISBN-13: 978-0446693516
- Product Dimensions: 6 x 0.8 x 9 inches
- Shipping Weight: 12.8 ounces (View shipping rates and policies)
- Average Customer Review: 110 customer reviews
- Amazon Best Sellers Rank: #151,332 in Books (See Top 100 in Books)
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Missed Fortune 101: A Starter Kit to Becoming a Millionaire Paperback – April 29, 2010
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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.
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Mr. Andrew's main premise is to use other people's money to buy a home and invest the extra money (unpaid principle) into some other separate investment. Interest only loans are getting harder to find (2014) but you can still use conventional loans and refinance often if desired. He recommends investment grade indexed universal life insurance contracts that you can get from many sources besides him. I have mine through an investment manager who lives across the street. The secret is to fully fill the contract (he calls them buckets) in four to five years depending on age. Once a bucket is filled you can start another which I plan on doing.
Insurance products have a very high cost up front but over 20 - 30 years or more they are about the same as a typical mutual fund. However, they do not fluctuate wildly with the stock market and can be borrowed against tax free. They also protect your family well before you reach your investment goals. One thing to remember is your investments don't stop when you retire. They should go on until you pass which could be a long time depending on how long you live to.
If nothing else, Mr. Andrew shows how important it is to start saving for retirement as soon as possible. Time really helps your investments. Good luck.
Everything is based on your money earning 6-7 % interest.
Still made me think differently about IRAs.
I had 2 telephone appointments with the author's son contemplating signing up with their method. I expressed our concerns about our liquidity if another disaster of some sort happens. When 9/11 happened our income went down significantly for 1-2 years afterwards, and if it happened again we would not be able to pay the much higher mortgage we would have if we re-financed according to his plan. He swiftly explained that we would just file for bankruptcy(!). We have worked hard for ten long years putting our sweat equity into making our little house our dream home that we never want to leave - you can't buy a view like ours for a mortgage of $800/month anymore - why would we want to gamble with that?? The negative amortization loan he suggested would easily be covered by the continually rising house values here in Southern California, he explained. I protested that nothing can keep going up and up forever, and I didn't want to sit with an upside-down situation in my house at re-finance time. He didn't agree - just look at history he said - it keeps going up! Fast forward a few weeks and the whole foreclosure heaven came down, and our house is worth a good $100.000 less than just a year before...
Boy are we happy we didn't put blinders on and get too gullable!
We will find another way to provide for our retirement, thanks.
Also his projections of payouts in retirement are not adjusted for inflation so it really doesn't tell you much. $70k might sound like enough today but what will it be in 30 years...?
Please look into your options, consult a few traditional financial planners and ask them to explain the differences and in particular the high fees associated with this method. We found out that we'd be pretty well off just by investing the difference between our current mortgage payment and the one we would have re-financed to. Also have an equity line on your house and you will have the liquidity the book tells you you can't have unless you go with their method.