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Title: Missed Fortune 101: A Starter Kit to Becoming a Millionaire
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Manufacturer: Business Plus
List Price: $23.99
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| Customer Reviews: |
| Missed Fortune 101: A Starter Kit to Becoming a Millionaire by Business Plus New Ideas that seem like commn since once explaind by Dough Andrew in this book. |
Dough Andrew has many ideas that seem to go against traditional ideas of investment. But once you read his book it seems like common since and you wonder why no one has presented these ideas before.
Very respectfully,
Marty Burbank, JD, LLM(tax) |
| Missed Fortune 101: A Starter Kit to Becoming a Millionaire by Business Plus Get rich with no money down!! |
| Add this to the list of books that explain how you can get rich in a fantasy world. Look folks, if it was easy everyone would be doing it. You'll get rich faster by putting the money you would spend on this book into a saving account. |
| Missed Fortune 101: A Starter Kit to Becoming a Millionaire by Business Plus Watch Out |
My now former financial planner came to me last year all excited that it was a true wealth building opportunity and gave me a copy to read, which I did, from cover to cover. The other negative reviews do an excellent job of summarizing what I found after reading so I won't go into a lot of detail.
From my own perspective, I found there were some good ideas regarding the advantages of the Roth IRA's and 401k's, but I would be sure to consult a tax professional before making a move.
As far as the book is concerned, I found it to be based on a lot of mere assumptions of one's financial position. There was a lot of 'fuzzy' math in the illustrations, and numerous contradictory statements from one page to another.
The author references investing in "investment grade" insurance. There is no such thing. It is either universal or variable life, both of which are lousy vehicles for an investment and can have serious pitfalls in this situation. Do your own research or check with an impartial insurance professional if you have any doubts.
Additionally, the author does not portray any valid credentials, i.e. CPA, CFP, CLU, or anything related to financial advising. He's just another guy with a book.
I do not claim to be an investment professional, but I have found that it it is worthwhile to learn all you can to protect your own interests. So.....Watch Out!
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| Missed Fortune 101: A Starter Kit to Becoming a Millionaire by Business Plus Smoke and Mirrors |
Following the advice in this book is certainly better than doing nothing (financially speaking).
However, many of the concepts explains in this book are extremely misleading. Just a few examples are:
#1 Life insurance is rarely your best investment option. Mr Andrew fails to mention the extremely high commission and LACK of liquidity found in life insurance. His illustrations would never pass government standards of disclosure and consumer protection.
#2 Less than 5% of Americans pay 33% income tax. Again, this adds to the misleading nature of his illustrations.
#3 The idea of having a mortgage so you can save money on income tax is completely foolish! Lets say you are paying 33% in income taxes (as Mr Andrew loves to cite), most likely, you will not be eligible to deduct your interest anyway. But if you could, lets say you pay $1,000 of interest in a year, you would save $330 dollars in taxes. HOWEVER you still paid $1,000 in interest to save $330 in taxes. You do the math.
Again, if you are doing nothing financially, this book can help. However, you would be MUCH better off reading something like Automatic Millionaire by David Bach. |
| Missed Fortune 101: A Starter Kit to Becoming a Millionaire by Business Plus If we only had the money |
I've had to STEAL this book away from my husband, who laments he didn't have it
25 years ago. The repetitive financial messages of the book have stuck in our collective
old brain cells. The revelation by the author of his failures as well as successes is
heartening. Great synopses at the end of each chapter! I'm inspired to SAVE -- the smart way. |
| Missed Fortune 101: A Starter Kit to Becoming a Millionaire by Business Plus Book Description |
| From financial expert Douglas R. Andrew comes an extraordinary book that challenges the most basic and fundamental concepts of personal investing in a user-friendly format.In the 30 years Douglas R.Andrew has worked as a successful financial analyst, lecturer, and retirement consultant, he has routinely questioned and challenged the accepted tenets of personal finance. His conclusions are absolutely startling. In 23 informative chapters, Andrew reveals his no-nonsense, yet unconventional, financial growth strategies that challenge widespread money myths and make his clients rich with advice like: * You shouldn't pre-pay your mortgage* Don't expect your 401Ks and IRAs to cover retirement* You can (and should) buy a home with no money down* and more!Originally self-published as MISSED FORTUNE (Paramount Publications, 7/03) and targeted towards a more professional financial audience, the first edition of this book sold 10,000 copies. In 4/04, it was published in Warner Business Books trade paperback (0-446-69350-2). This new hardcover edition has been significantly condensed to appeal to the average personal investor. |
