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Missed Fortune 101: A Starter Kit to Becoming a Millionaire
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List Price:
$23.99
Pay Mortgages Price:
$16.31
Your Savings: $ 7.68 ( 32% )
Subject To Change Without Notice
Availability: Usually ships in 24 hours
Manufacturer: Business Plus
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Average Customer Rating:  
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Binding: Hardcover
Dewey Decimal Number: 332.02401
EAN: 9780446576574
ISBN: 0446576573
Label: Business Plus
Manufacturer: Business Plus
Number Of Items: 1
Number Of Pages: 304
Publication Date: 2005-01-03
Publisher: Business Plus
Studio: Business Plus
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Editorial Reviews:
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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.
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Spotlight customer reviews:
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Customer Rating:
Summary: Not full disclosure
Comment: I have read both of the MF101 books and find that they do not fully disclose the potential pitfalls of equity harvesting. I believe as a mortgage planner, it is my duty to introduce my clients to the concept of equity harvesting; however, under full disclosure. Equity harvesting can be a powerful wealth building tool, but before implementing equity harvesting, one must be aware of the pros and cons. I believe many advisors unknowingly may be opening themselves up to potential lawsuits by not fully disclosing the potential downsides to equity harvesting.
MF101 seems too much like a salse book created to sell life insurance products. Missed Fortune 101 implies that someone would be an idiot if they did not refinance their home and invest it in life insurance contracts. Can equity harvesting be a viable option for wealth building? Absolutely. However, the fact is that equity harvesting is not for everyone; therefore focusing on becoming debt-free, including paying your mortgage off early, is often times for many, the best course of action to take.
MF101 is nebulous in many of the concepts, and does not give full disclosure.
Customer Rating:
Summary: New Ideas that seem like commn since once explaind by Dough Andrew in this book.
Comment: 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)
Customer Rating:
Summary: Get rich with no money down!!
Comment: 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.
Customer Rating:
Summary: Watch Out
Comment: 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!
I noticed that a lot of the positive reviews are from California and other sunbelt states. I'm just wondering how many of these folks actually did take the advice to mortgage their homes to the max, and now with the depressed real estate market have found themselves trapped in an "upside down" situation where the mortgage is far more than the market value of the house.
Customer Rating:
Summary: Smoke and Mirrors
Comment: 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.
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