Book Description
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.
Customer Reviews:
Very educational--dispels a lot of finance misconceptions.......2007-10-10
Go pick up it up and read the whole book. It will open up your eyes on what finances are all about, and dispels many myths about money, taxes, and retirement planning. In fact, insist that your CPA, financial planner, insurance agent and estate attorney read it too.
Extremely interesting.......2007-10-10
I'm probably your typical Joe American with a marraige, kids, a house, car, etc. As I'm getting older I'm thinking more about running my personal finances like a business. I've reduced expenses significantly (no downsizing the family yet, though sometimes I could deal without the kids for a couple days! haha) and have tried to maximize idle money and active investments. Basic stuff I've done without professional help.
I've highly recommended this book to friends and family if for no other reason that it's includes a bunch of real thought-inducing topics that go against conventional financial wisdom. Namely to throw cash at your house to pay it off as fast as possible which truly does sound like a grand plan, but after reading the book sounds downright stupid.
Things I've taken away after reading this book:
* Deductible interest is good, at least when compared to non-deductible. No duh. But I never really thought it through to the ends.
* Your house will either appreciate or depreciate regardless of your mortgage rate, your monthly mortgage payment, or how much equity you invest into the house. If your house is worth $100K today and $110K tomorrow you gained $10K in equity. But it would've done that regardless of your mortgage.
* Money makes money. Pretty basic concept. But your money makes money a lot faster outside of being invested in your home equity which is what you're doing sending an extra $200/mo to your mortgage holder. That's $200/mo your throwing into a non-interest bearing account. Doesn't sound so smart now does it?
* There's a variety of retirement savings vehicles available outside the standard 401K and IRA. Well, obviously. But the book goes into depth on the advantages and disadvantages of them.
* One big thing the book pushes is Universal Life Insurance as the retirement vehicle of choice. There's a lot of agreeable arguments made towards this choice but there's no specific plans referenced and I haven't checked into the actual numbers to see if they stack up. But the overall theory seems pretty sounds. You throw your money into the policy, it compounds tax free, and you can withdraw it via loans tax free. People will argue that the policy costs money to run, and you have to pay a marginal interest rate against the loan, but you're still saving a TON via the tax savings which is the general argument for this policy.
I'm not saying I'm on board 100% with all the arguments made in the book. But many of them seem completely reasonable and logical. Pay $20K down on your house to save $100/mo in mortgage? Or take the $20K and invest it? It'll make $100/mo today in a 5% CD. And it compounds and thus makes more and more each month. And even more if the investment churns out more than 5%. And your house equity will likely increase regardless as housing values typically increase historically and will do so regardless of your mortgage.
Unlike some advisors Mr. Andrew walks his talk! .......2007-10-02
I have had the occasion to meet Douglas Andrew and he is his own biggest client. He seems to be one of the most straight forward, straight shooting people I have ever met. I was a stock broker with my insurance license, a mortgage wholesale rep, as well as a real estate broker and I have to say the strategies that are espoused in this book are all... right on! Hey, nothing is completely risk free but this comes close. I took my own home equity out [by selling my home] before the prices went down. I am glad I did. Most of it I will put into this strategy over the next 4 years and some will be saved for a down payment when I think housing prices have bottomed. When that home goes up I will take the equity out and start another plan like this. It makes little if any sense to have your home equity sitting there doing nothing. I mean would I leave $100K or more sitting in my checking account, earning zip? NOT! Well money that was sitting in my own home was making me nothing. It's the same to me. Hey, if I can borrow at a simple interest rate and have it accumulate and grow [even tax favored maybe] and compound over time into a large sum, I am all for it. The idea of using home equity to grow wealth is not new but until now I have never seen a strategy that I was comfortable with. This book turns life insurance upside down and shows us how to maximum fund a contract and therefore use it as a great 'living' benefit rather than buy the most death benefit for the least amount of money and possibly outlive the insurance just when we are nearing the 'benefit', if you want call it that, since one has to die to get it. But let's face it, we all need life insurance and I know no better way to have it. The way Mr. Andrew explains it, if structured properly Uncle Sam is paying for it. The strategies in this book are varied and flexible. He also shows us how our qualified plans [401K, IRA, 403b, etc] may very well not be serving our best interest. This book is a must read for anyone that is willing to think for themselves [outside the box] and especially if you have been around long enough to understand what Douglas Andrew means when he says 'sometimes it's what we don't know that we don't know that can hurt us.'
Please be careful..........2007-10-02
I think I would sign up for this if I had a lot of money and have as a small part of my portfolio - but for the most of us this would mean putting all our eggs in one basket, and not be able to take them out again.
I had 2 telephone appointments with the author's son contemplating signing up with their method. I expressed our concerns about our liquidity if another disaster of some sort happens. When 9/11 happened our income went down significantly for 1-2 years afterwards, and if it happened again we would not be able to pay the much higher mortgage we would have if we re-financed according to his plan. He swiftly explained that we would just file for bankruptcy(!). We have worked hard for ten long years putting our sweat equity into making our little house our dream home that we never want to leave - you can't buy a view like ours for a mortgage of $800/month anymore - why would we want to gamble with that?? The negative amortization loan he suggested would easily be covered by the continually rising house values here in Southern California, he explained. I protested that nothing can keep going up and up forever, and I didn't want to sit with an upside-down situation in my house at re-finance time. He didn't agree - just look at history he said - it keeps going up! Fast forward a few weeks and the whole foreclosure heaven came down, and our house is worth a good $100.000 less than just a year before...
Boy are we happy we didn't put blinders on and get too gullable!
We will find another way to provide for our retirement, thanks.
Also his projections of payouts in retirement are not adjusted for inflation so it really doesn't tell you much. $70k might sound like enough today but what will it be in 30 years...?
Please look into your options, consult a few traditional financial planners and ask them to explain the differences and in particular the high fees associated with this method. We found out that we'd be pretty well off just by investing the difference between our current mortgage payment and the one we would have re-financed to. Also have an equity line on your house and you will have the liquidity the book tells you you can't have unless you go with their method.
Utter Garbage.......2007-10-01
Every flimflam man knows that the con must be carefully layered around a kernel of truth for credibility. Missed Fortune 101 by Doug Andrew succeeds in this by wrapping a number of preposterous ideas and prevarications around three basic and true axioms. They are: (1) income is taxed in what are essentially "chunks," (2) the only relevant tax rate for decision making is the marginal rate, and (3) tremendous wealth can be created by borrowing at one rate and investing at a higher rate. Everything else in this book is not only utter nonsense, but potentially lethal to one's financial health.
The author arrives at two basic conclusions. We should borrow out of our homes and invest the proceeds at a higher rate. Universal life insurance serves as Andrew's means to this end. We should also suffer the consequences of withdrawing from our IRAs and other retirement plans now rather than later, since the tax from such withdrawals will only get worse. Naturally, the leftover funds (heavily diluted by taxes) should be invested in the same insurance policies, which supposedly offer a higher--and safer--yield than whatever the retirement plans were invested in. By page 5, I realize I'm reading a book-length sales pitch and con that has the potential to wreak havoc in my clients' lives (disclosure: I've been an Enrolled Agent tax professional and Certified Financial Planner licensee for almost three decades).
Anything this full of nonsense is difficult to critique. Short of writing a book-length retort, I've settled on the idea of listing the multitude of problems by category and providing examples from each.
A far more comprehensive review is available at my personal sites; just Google my name to find me. This is an abstract from that review. Serious readers will want to check out my books to see what links may exist between financial abuse and the field of addiction. You may wish to start with Drunks, Drugs & Debits: How to Recognize Addicts and Avoid Financial Abuse or Alcoholism Myths and Realities: Removing the Stigma of Society's most Destructive Disease.
Highly misleading examples
(2) "A $6,000 interest expense deduction on an itemized tax return has the same impact as a $6,000 qualified plan contribution. They are simply reflected in different sections of the return." Aside from numerous other issues, the tax savings from the interest deduction may be zero if you don't already itemize deductions.
(3) He implies that ordinary investors can double their money for 20 periods by comparing one dollar pre-tax and one dollar taxed-as-earned, doubling each "period" for 20 such "periods." The number of humans who have done this or something equivalent numbers perhaps a few thousand, which wasn't accomplished by investing in insurance contracts.
Faulty and twisted logic
(4) "...Your home may likely sell much more quickly and for a higher price with a high mortgage balance rather than a low mortgage balance." What the heck does the balance on my mortgage have to do with what a buyer is willing to pay me for my house?
Broad, sweeping and misleading generalizations
(2) Andrew advises that we all sell our homes and repurchase with 100% financing with the goal of freeing up equity to invest in his recommended universal life policies. He ignores the higher interest and property mortgage insurance costs on such loans, overlooks possible increased property taxes and disregards fixed transaction and moving costs.
(4) "Unfortunately, non-spouse heirs far too often end up with only about 28 percent of the money that was left in their parents' IRAs and 401(k)s." This is scare-mongering.
Questionable predictions and grand assumptions
(3) "Conservatively, [our cozy retirement] cabin will double in value every ten years..." and our $100,000 cabin will be worth "$800,000 in thirty years." Very few areas in the country even during the late real estate boom of the last three decades have done that well. What would qualify as "aggressively"?
Assertions and generalizations that may be lethal to your retirement
(1) "Home equity has no rate of return when it is trapped in the house..." This is outright nonsense. The return is what you save in interest or rents.
(5) He concludes that if not done before, "roll-outs" from IRAs commence at age 59 ½ over a five year period and that some younger people under age 50 should commence withdrawals despite the imposition of early withdrawal penalties. The value of tax-deferred growth is ignored, as is the fact that "repositioning" of funds shrink the amount available for investment by the tax paid, which greatly distorts his calculations.
Inane or incorrect assertions
(2) He states that the interest on an equity line used to purchase universal life insurance from which you contemplate borrowing is deductible. Under IRC section 264(a)3, it isn't).
Sloppy editing of facts
(2) "One requirement [for withdrawing tax-free income from a Roth IRA] is that a distribution may not be made until at least five years after the first contribution is made." This is incorrect. Principle contributions, which are withdrawn before earnings, can be taken at any time at no cost in tax or penalty.
Poor writing and berating of those who disagree with him
(2) "There are two ways to handle information: ignore it as false or increase your level of understanding to accommodate new ideas." Obviously, we are supposed to accommodate his ideas or we're complete idiots.
(3) There are probably hundreds of examples poor writing. "...Premium payments can be varied, fluctuated, and adjusted according to circumstances..." should be, simply, "Premiums can be adjusted."
Throughout, Andrew uses variations of the typical bunko-artist salesman ploy: scare you into agreeing to do whatever he says because life will be filled with disasters if you don't. On the contrary: your financial life will likely turn into a catastrophe if you do.
Average customer rating:
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Millionaire 101
Emmanuel Sarmiento Jr.
Manufacturer: Lulu.com
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Binding: Paperback
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ASIN: 1411606329 |
Book Description
Millionaire 101 is a step-by-step, concise and easy to read book that shows anyone how to build wealth. The genre is Business / Personal Finance / Self-Help.
Millionaire 101 was written in short paragraphs containing no filler information or anecdotes. This will encourage the reader to continue reading and to complete the book. Millionaire 101 follows the concept of an introductory college course. It teaches the reader the basics of building wealth.
Millionaire 101 encourages the reader to follow the simple steps outlined. If the reader follows the steps written in Millionaire 101 they will systematically become very wealthy or even a millionaire.
Everyone seems to be searching for the perfect get-rich-quick scheme. They don't realize that it's the get-rich-slowly method that works. Millions of people put their hard earned dollars into MLM schemes, internet businesses, stocks that go belly-up or the next "best" millionaire book that tells them nothing practical.
The search for the piece of the American Dream pie seems illusive for most because until now they have not had an instruction manual. The only people getting rich are the marketers, sales people and peddlers of the "American Dream" and "get rich quick" concepts.
I decided to turn the tables and help the average person, regardless of age, sex or race become wealthy. Once the word gets out that the concepts of Millionaire 101 work, just about everyone from every walk of life will want the book. The book caters to every audience because of everyone's desire wants to be rich.
Millions of people are searching for the key to riches. Millionaire 101 is that key.
One of the main reasons that I decided to write Millionaire 101 is that I wanted to give my ten-year-old daughter a better life through my own success and by educating her on financial success.
My own frustrations with the myriad of existing books promising financial fortunes led me to write Millionaire 101. All other books I've read contain a mish-mash of information but none are very practical. I had to put all my knowledge together after years of study and personal frustration to finally make a successful plan for becoming wealthy.
Millionaire 101 is unique. There is no other book written as concise and practical as Millionaire 101. If the reader follows the plan in Millionaire 101 he or she will become wealthy within their lifetime. At minimum they will be able to retire with a sizeable nest egg. Millionaire 101 has additional worksheets and working files that can add value to the book.
Customer Reviews:
It's About Time.......2004-05-17
In the past I have attempted to read books on financial planning and have just been discouraged because they were so confusing and just boring. I took a chance on this one and was so pleasantly surprised! I wish this book had have come out about 10 or 15 years ago....but I guess it is never too late. I am very anxoious to start following the plan that Millionaire 101 lays out for you (so simply). Thank you Emmanuel and keep up the good work!
Product Description
Jump-Start Your Investing Career with The Collection!
Looking for a comprehensive real-estate-investing resource library that allows you to learn on your schedule? The Residential Real Estate EncyclopediaTM (R2E2TM) is a 15- Volume series of the essential information you need to implement systems for higher profit and fewer mistakes. Every Volume -- from establishing a legal entity for your real estate business, to rehabbing properties, to raising private money for your investments-- contains the necessary knowledge base required to succeed in its specific area.
Nouveau Riche understands that everyone learns at their own pace, according to their schedule. Thats why we offer two ways to study the R2E2TM at homewith convenient payment options!
If youre serious about getting started on your investing career, The Collection is for you! Youll receive all 15 Volumes in one shipment, giving you an exhaustive real-estate-investing resource at your fingertips! And, as an added incentive for your commitment, you SAVE $700 over the monthly subscription program on all 15 Volumes. Each information-packed Volume contains CDs or DVDs and a Workbook for an all-encompassing learning experience.
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The Grocer's Hand-Book: And Directory for 1886.
Manufacturer: Applewood Books
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Binding: Paperback
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Retailing
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ASIN: 1557095760 |
Book Description
A guide for grocers published originally in 1886. The book is an alphabetical treatment of terms important to grocers. From "abattoir" (a slaughterhouse) to "yeast." Also includes some essays of importance to the business of the grocer.
Average customer rating:
- Excellent Resource!
- Best resource for wannabe ESL teachers
- Good but not great
- Packed with tips and considerations
- Brilliant contribution
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Careers In English Language Teaching
Ben Ward
Manufacturer: Language Media LLC
ProductGroup: Book
Binding: Paperback
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| Job Hunting & Careers
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ASIN: 0967835615 |
Book Description
The guide to becoming an English teacher to travel, or as a fulfilling career. Explains all you need to know to get a job in the U.S. and over countries, with extensive living information for each country and thousands of employment contacts.
Customer Reviews:
Excellent Resource!.......2001-12-06
When I decided to quit my job and go travel the world, a friend suggested I buy this book. I did just that and after I got my EFL teaching certificate (with a school listed in this book) I landed a job in Taiwan using the contacts in the "CELT Guide". Many of my colleagues found their jobs using this book. I would recommend it to anyone who wants to have the adventure of a lifetime -- and get paid for it!!
Best resource for wannabe ESL teachers.......2001-12-04
Okay, there are some good books on the market for people who want to travel the world and teach English as a second language. Susan Griffiths' book has some great anecdotes but it's for Brits. Jeff Mohamed's book has some good points but there's not enough contact information. Nope, my advice is to save your $$$ and buy this book. "CELT" is the most comprehensive title in this area. There's detailed information on teaching in more than 130 countries around the world and the lists of employers are endless. Even more, there's a great section on coming back to the States and finding a job here. This book is well worth the extra wait in ordering it.
Good but not great.......2001-11-30
I read the book and thought it was generally okay but not really great. It seems like a combination of the British 'ELT Guide' and Susan Griffith's 'Teaching English Abroad.' So it has a lot of information about visas and other legal issue and a lot of anecdotes. These might help new teachers to decide which countries to consider teaching in.
Where the guide falls down is in not giving enough specific advice on how to find and secure jobs. For practical advice on job searching and on things like how to choose a training course, I think Jeff Mohamed's 'Teaching English Overseas' wins hands down.
But the CELT guide is definitely worth looking at.
Packed with tips and considerations.......2001-08-16
Those who want to teach English and travel will find Careers In English Language Teaching to be a 'must' guide which covers everything on how to obtain such a job. From training requirements and choosing a program to applying teaching in the field both domestically and overseas, the American Language Press Careers In English Language Teaching is packed with tips and considerations.
Brilliant contribution.......2001-06-15
I have to say that the CELT guide has been the answer to my prayers. I have been wanting to teach English overseas for so long but did not have the information to aid my job search... until this guide came along. I intend to go to Thailand and thanks to the CELT guide I have been able to contact the schools there, and I now understand the visa hurdles I have to jump over. I believe that the CELT guide has been put together really well, is concise, and acts as a great point of departure for all of us wanting to teach away from home. Great job Mr Ward!
Average customer rating:
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Offering Direction.(Cory Koedel's online student directory, Sdstudents.com): An article from: San Diego Business Journal
Denise T. Ward
Manufacturer: CBJ, L.P.
ProductGroup: Book
Binding: Digital
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ASIN: B0008I88YO
Release Date: 2005-07-28 |
Book Description
This digital document is an article from San Diego Business Journal, published by CBJ, L.P. on August 6, 2001. The length of the article is 1246 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: Offering Direction.(Cory Koedel's online student directory, Sdstudents.com)
Author: Denise T. Ward
Publication:
San Diego Business Journal (Magazine/Journal)
Date: August 6, 2001
Publisher: CBJ, L.P.
Volume: 22
Issue: 32
Page: 15
Distributed by Thomson Gale
Average customer rating:
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Ward's Business Directory (Ward's Business Directory of U.S. Private and Public Compani)
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Hardcover
Corporate Finance
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ASIN: 078766247X |
Average customer rating:
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Ward's Business Directory 1996 of U.S. Private and Public Companies (Ward's Business Directory , So5)
Manufacturer: Gale Group
ProductGroup: Book
Binding: Hardcover
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ASIN: 0810356511 |
Average customer rating:
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Ward's Business Directory 2003
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Hardcover
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ASIN: 078765664X |
Books:
- Moneysense: A Commonsense Road to Financial Security and Early Retirement
- National Accounts Statistics, 2000-2001: Main Aggregates and Detailed Tables (National Accounts Statistics)
- New Business Mentor 2001: An Entrepreneur's Interactive Business Planning Advisor
- Nuer Dilemmas: Coping with Money, War, and the State
- OneHourWiz: Internet Freelancing - The Legendary, World-Famous Method For Anyone to Make an Extra $25 or $2,500 a Month (Onehourwiz)
- Only The Best On Customer Service (Only The Best Series)
- Organizational Behavior: Key Concepts, Skills & Best Practices
- Papa Rico, Papa Pobre: Lo Que Ensenan los Ricos a Sus Hijos Sobre el Dinero-que los Pobres y la Clase Media No Hacen
- Prescription for Success: The Rexall Showcase International Story and What It Means to You
- Qualitative Methods in Organizational Research and Practice
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