The Last Chance Millionaire: It's Not Too Late to Become Wealthy

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Overview

According to Doug Andrew, the bestselling author of Missed Fortune 101, too many Americans are being led down the wrong financial path. Even worse, many Baby Boomers find themselves panicking, fearful that they've already fallen too far behind to ever catch up. In this indispensable and eye-opening guide, Andrew provides fresh new pathways to reaching financial security -- pathways that all Americans need to consider now.

Centering on his Three Miracles of Wealth Accumulation: ...

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The Last Chance Millionaire: It's Not Too Late to Become Wealthy

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Overview

According to Doug Andrew, the bestselling author of Missed Fortune 101, too many Americans are being led down the wrong financial path. Even worse, many Baby Boomers find themselves panicking, fearful that they've already fallen too far behind to ever catch up. In this indispensable and eye-opening guide, Andrew provides fresh new pathways to reaching financial security -- pathways that all Americans need to consider now.

Centering on his Three Miracles of Wealth Accumulation: the Miracle of Compound Interest, the Miracle of Tax-Favored Accumulation, and the Miracle of Positive, Safe Leverage, Andrew explodes many of the commonly held myths about 401(k)s, pensions, paying down one's mortgage, and other forms of retirement planning. Along the way, Andrew offers unique strategies that will not only increase your wealth but also help readers enjoy their best years while securing their future.

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Editorial Reviews

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 Today's boomers are facing retirement with savings of (on average) an inadequate $50K and are relying on outdated financial strategies to carry them through.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)

Copyright 2007 Reed Business Information
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Product Details

  • ISBN-13: 9781615592364
  • Publisher: Grand Central Publishing
  • Publication date: 6/12/2007
  • Pages: 368
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.30 (d)

Meet 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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Table of Contents

Acknowledgments xi

Preface xv

Chapter 1 From Broke Boomer to Blazing Bloomer 1

Remove the Obstacles to Your Future Financial Well-Being

Chapter 2 Baby Boomer Blunders 19

Ten Financial Mistakes You Can Correct Before It's Too Late

Chapter 3 Take Ownership of Your Retirement 41

Make Social Security the Bonus, Not the Basis, for Income and Find the Right Lead Advisor to Lodge Your Money Safely

Chapter 4 Understand the Three Marvels of Wealth Accumulation 59

Let Compound Interest, Tax-Free Savings, and Safe Leverage Boost Your Net Worth

Chapter 5 Liberate Yourself from IRAs and 401(k)s 85

Why Uncle Sam's Savings Plans Should Not Be Yours

Chapter 6 Harness the Power of Safe, Liquid Equity How Tax-Deductible Debt Works in Your Favor 113

Chapter 7 Learn How to Become Your Own Banker 133

Put Other People's Money to Work on Your Behalf

Chapter 8 Locate the Key to Your Retirement: It's Sitting Under Your Own Roof 155

How to Find the Home Mortgage That Works Hardest for You

Chapter 9 Sprint to Retirement Wealth via Tax-Smart Alternatives 191

Prepare a Strategic Rollout of IRAs/40l(k)s to Save Taxes

Chapter 10 Establish an Individual Retirement Abode (IRA) 221

How to invest in Your Second-Home Dream and Retirement Savings-At the Same Time

Chapter 11 Choose Investments That Pass the Liquidity, Safety, and Rate of Return Tests 239

A Scorecard for Stocks, Bonds, Money Markets, Mutual Funds, Annuities, and Maximum-Funded Insurance

Chapter 12 Insure That Your Retirement Income Lasts as Long as You Do 273

How Maximum Tax-Advantaged Life Insurance Contracts Pay for Your Retirement

Chapter 13 Make "At-Retirement Planning" Different from"For-Retirement Planning" 301

How to Approach Retirement with 50 Percent More in Savings and Create an Income Stream That Will Last as Long as You Do

Chapter 14 Redefine Yourself for a Future of Abundance 317

Optimize All of Your Assets-Financial, Core, Experience, Contribution

Appendix A What You Need to Know About TEFRA, DEfRA, TAMRA, and internal 327

Revenue Code Compliance

Appendix B State Individual Income Taxes 335

State Individual Income Taxes

Index 337

About The Author 347

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Customer Reviews

Average Rating 3
( 9 )
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Sort by: Showing all of 8 Customer Reviews
  • Anonymous

    Posted September 16, 2008

    Hidden Scam

    We were given this book by our (financial advisor),\insurance salesman. Actually attended one of the seminars. The concepts are very detailed and hard to understand. For a reason, because when you check out the math and do research, you will find, they compare apples to oranges to come up with a sort of pheasable plan to move all your money out of your control and into their pocket or the insurance company. They say you will avoid paying taxes at the end, which if you pay close attention they charge so much in fees and commissions to set up any type of plan they pick, that you will never if ever see yourself recover.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted June 18, 2007

    IT'S NOT TOO LATE AFTER ALL!

    The basic premise is that it's never too late to be financially secure. The author argues that even if you've blown off saving and led a spendthrift life you should still be able to fund your retirement. While many in the financial world would beg to differ with Andrew he provides supporting documentation and tells you hoW to do it. The book claims the average person retires with $50,000. I've seen similar statistics elsewhere. If this doesn't prove the future of our economic system is in jeopardy I don't know what does. The author says even if you're in this boat it's possible for you to be ok. Then he goes on to give you SPECIFIC DETAILS on how to accomplish this. (Unlike other books that don't give details.) If you're behind in your retirement saving and aren't sure how to catch up this is the book for you. I recommend 'The Last Chance Millionaire'. And for a FUNNY. FUNNY parody of these types of investment books also check out 'Maybe Life's Just Not That Into You' by Martha Bolton. Also recommended - 'Maybe Life's Just Not That Into You' by Martha Bolton If you're doing well with your investing and saving you may be able to get away with not reading 'The Last Chance Millionaire.' But if you're behind, 'The Last Chance Millionaire' may indeed be your final opportunity to achieve financial security.

    1 out of 2 people found this review helpful.

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  • Anonymous

    Posted October 8, 2008

    For Homeowners and those paying 33% in taxes

    To follow some of the ideas this book pushes, you need to be a homeowner with lots of equity, pay 33% in taxes, and have very stable jobs. He depends too much in using other people's money, leveraging yourself, and mortgaging yourself to the hilt for vacation homes. Mr. Andrews ideas work as long as you can get a loan, the economy doesn't suffer 'job security', and most of all housing values maintain their values. I can see doing this for rental property as long as your rents can cover the mortgage and other costs. If you were to follow his plan in the year 2004 to 2008 you would probably have vacation homes worth much less than what you paid for and your current home mortgage value greater than the market value. If the economy goes the way it has in 07, 08 and into 09, you could be really screwed. A few of his ideas are good, converting your 401k and IRA, to tax free account is one, lending it to a insurance company is not. His use of a mortgage interest as tax deduction is way over blown. Remember, if you are in the 33% bracket a tax deduction of $1, will lower your tax liability by 33 cents. I could do better in a tax free retirement account. I would not buy this book, go to a public library and check it out for free like I did.

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    Posted August 1, 2010

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    Posted March 2, 2009

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    Posted May 21, 2009

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    Posted November 2, 2008

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    Posted July 30, 2010

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