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Book Review: The Last Chance Millionaire
Sounds great, doesn't it? Even if you're in your fifties or older, you still have a good chance to become a millionaire.
That's the promise of The Last Chance Millionaire by Douglas R. Andrew, published in 2007 hardback, 2010 paperback by Business Plus, Hachette Book Group. (Hachette publishes Woman's Day and many other magazines.)
Note the publisher's caution on the copyright page, second and fourth sentences: "Due to the frequency of changing laws and regulations, some aspects of this work may be out of date, even upon first publication... You should use caution in applying the material contained in this book to your specific situation and should seek competent advice from a qualified professional." That goes along quite well with my over-all review of this book: Go see your lawyer before you apply Andrew's advice.
What he ultimately says is that "properly-structured, maximum tax-advantaged universal life (insurance) policies" should be used as annuities (lifetime cash payments) to hold your wealth. (From the summary on page 271.) He suggests taking out the biggest mortgage you can possibly get to have money to invest in the life-insurance policy. This is in part, he says, because mortgage interest is tax-deductible.
That doesn't sound very frugal or even realistic to me in our current economic climate. He says (p. 136), "In actuality, since the Depression, many people have lost their homes in foreclosure BECAUSE they were trying to 'get out of debt' by sending extra principal payments to the mortgage company, and they gave up their liquidity." To my mind, that's dubious, but I think you should read The Last Chance Millionaire yourself to evaluate.
He is prudent in saying (p. 240 and throughout) that "a wise investor always (seeks) investments that are both prudent and productive. Such investments offer LIQUIDITY, SAFETY, and RATE OF RETURN." There's nothing controversial about that. He says that only mutual funds, the insurance policies that he touts, and regular annuities fit the bill. He wants you to use insurance for "maximum living benefits," (p. 253), not as a vehicle to protect dependents in the event of death. He emphasizes that insurance is or can be a tax-free investment.
I do like his final chapter of The Last Chance Millionaire in which he promotes a Stephen Covey-like balance between family and work. All in all, this is not necessarily a book to buy, but if I've captured your interest, it's worth reading.
Deborahmichelle Sanders is the officially recognized Stretchpert in Government and Charity Assistance forum
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