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Author: FAEZ Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 72  
Subject: New book: Missed Fortune Date: 5/10/2004 4:37 PM
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Has anyone heard of this?

Missed Fortune: Dispel the Money Myth-Conceptions--Isn't It Time You Became Wealthy?

It's a book by:
Douglas R. Andrew

On the Barnes and Noble website, someone wrote this review:

This book goes against all the traditional advice of saving money in 401k, IRA, SEP, or any other qualified retirement plan. Douglas Andrew proves what a hoax traditional financial planning really is. Finally a truthful book about money and how to accumulate it and keep it. Someone give a copy to Dave Ramsey and Suze Orman!!!

I'll have to check it out but I was wondering if anyone else had seen it?

Andy
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Author: FitzWealth One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13 of 72
Subject: Re: New book: Missed Fortune Date: 5/10/2004 11:11 PM
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I haven't read this, but the only reason not to put money in tax-advantaged retirement accounts is to put it someplace better. What could he suggest that would be near as good while being even half as simple?

Fitz

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Author: FAEZ Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14 of 72
Subject: Re: New book: Missed Fortune Date: 5/10/2004 11:45 PM
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What could he suggest that would be near as good while being even half as simple?


I don't know. But I'll find out.

I ordered the book from Amazon.com today.

I have a friend who's read it more than once and he thinks it has lots of great concepts.

Andy


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Author: FitzWealth One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 15 of 72
Subject: Re: New book: Missed Fortune Date: 5/11/2004 10:12 AM
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I have a friend who's read it more than once and he thinks it has lots of great concepts.


I'll see if I can't skim through it at the bookstore sometime soon. I'll post if I have anything concrete.

Fitz

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Author: FitzWealth One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16 of 72
Subject: Re: New book: Missed Fortune Date: 5/11/2004 2:29 PM
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Ok, I got a chance to look through it at the local bookstore. I noticed two main points in the book.

First, mortgage to the hilt, NEVER pay off early, etc.

Second, Universal Life Policies are the BEST investment vehicles.

Both these have to do with taxes: deductions, capital gains, passing on to heirs.

I have no idea if his theory is sound as, reasoning that such strategies would not make sense in my situation for at least a few years, I stopped there and returned the book.

Fitz

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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17 of 72
Subject: Re: New book: Missed Fortune Date: 5/11/2004 4:55 PM
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FitzWealth: "Ok, I got a chance to look through it at the local bookstore. I noticed two main points in the book.

First, mortgage to the hilt, NEVER pay off early, etc.

Second, Universal Life Policies are the BEST investment vehicles.

Both these have to do with taxes: deductions, capital gains, passing on to heirs.

I have no idea if his theory is sound as, reasoning that such strategies would not make sense in my situation for at least a few years, I stopped there and returned the book."


Must have been written by an insurance sales person (or a former sales person). And upon further speculation, I suspect that it is as much a Rohrschach test (and as accurate) and the Rich Dad, Poor Dad stuff written by Robert Kiyosaki.

http://www.johntreed.com/Kiyosaki.html

See also: http://www.mastermindforum.com/kiyosakiresponsetoreed.htm

Regards, JAFO


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Author: FAEZ Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 18 of 72
Subject: Re: New book: Missed Fortune Date: 5/11/2004 10:37 PM
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Thanks for the reply, Fitz.

I'll have to do a book report after I've read it.

Andy


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Author: FitzWealth One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19 of 72
Subject: Re: New book: Missed Fortune Date: 5/12/2004 10:50 AM
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And upon further speculation, I suspect that it is as much a Rohrschach test (and as accurate) and the Rich Dad, Poor Dad stuff written by Robert Kiyosaki.


I just skimmed the book and so can't address this point with any certainty. I will say that my impression was this writer used more facts that Kiyosaki. There are comparitive tables in the book and he did go into some detail.

Again, this was just my impression on a first skim through.

Fitz

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Author: cgski One star, 50 posts 10+ Year Anniversary! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 25 of 72
Subject: Re: New book: Missed Fortune Date: 7/20/2004 9:28 PM
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I think that's a bunch of hooey if in fact he is pumping UL. Your rate of return on a UL or any other whole life policy diminishes the older you get without dying. It's a great investment if you get hit by a bus after plunking down the first month's premium, but not so hot if you're cashing in your UL policies to pay for the groceries when you're 85.

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