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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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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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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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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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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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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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Thanks for the reply, Fitz.

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

Andy
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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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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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I read the short version (missed fortune 101) and it makes complete sense. The mortgaging part is because you can invest with the money from the mortgage, and make more money than the interest. Also, the mortgage is tax-deductible. However, he is wrong about investing with life insurance, because although it is tax-deductible, it still makes less than well-picked stocks (7% vs. 15%)
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I was never quite sure just where he was getting income from. I posted that several years ago and while stocks are doing well now, back a while it was pretty iffy.

Although in the long term, stocks do pretty well.

Andy
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