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Missed Fortune 101: A Starter Kit to Becoming a Millionaire
True or False? * Always prepay your mortgage. * The right 401(k) or IRA will completely cover your retirement. * Defer your taxes and postpone the pain. * True wealth doesn't last forever. They're All False! MISSED FORTUNE 101 ...is like no other money guide you've ever read. Its author, successful financial strategist Douglas R. Andrew, dares to question the conventional wisdom on personal finance that most people accept. He reveals the ways banks, credit unions, and insurance companies amass tremendous wealth-what they do, and what they don't do. He shows you how to seize financial opportunities you never knew existed. With MISSED FORTUNE 101 as your guide, you'll never view your house, your mortgage, your retirement plans, your investments, and your other assets the same way again. * Put the lazy, idle dollars trapped in your home to work safely-and reap as much as an extra million. * Discover hidden and perfectly legal tax breaks-and treat yourself to some surprising windfalls. * Play the bankers' favorite game-borrow at one rate and invest at a higher one. * Explore lesser-known retirement vehicles-and avoid falling into a higher tax bracket when you stop working. * Turn your life insurance policy into an investment-and keep your taxes down and your capital up. * Find out which low-return instruments should be in your portfolio today-and why they'll become high-return stars tomorrow. * Reach your "freedom point"-your financial independence-long before "retirement age"! Learn the real rules of smart investing. Maximize your wealth with MISSED FORTUNE 101.
282 pages, Hardcover
First published January 3, 2005
39 people are currently reading
233 people want to read
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Displaying 1 - 19 of 19 reviews
April 26, 2008
Don't read this book! I didn't even want to give this 1 star. His stuff could work, but it's incredibly risky and most people won't do it.
Pay off your home!
Pay off your home!
March 23, 2007
this book is written just like an infomercial. seems like the first 2/3 of the book is promises about what will be revealed later in the book.
his examples have a lot of logical holes in them - it's mostly sensationalist proof - based on circumstances.
his writing style is crappy, he doesn't do a good job explaining a lot of things, his graphs/charts suck, and he's not funny.
yet, i still give it 3 stars just because it exposed me to the idea of using life insurance as a retirement vehicle - and got me thinking about keeping artificially high mortgage balances in order to keep the interest deductibility.
essentially, he makes three valid points in the book.
1. 401(k)s don't make sense if you are planning to be rich in retirement - because your tax bracket will be higher then compared to now.
2. if you build up a lot of equity in your house, you are not getting any rate of return on that money - could be better to keep a large mortgage (and deduct the interest) as long as you can get a good rate of return on the money that would have otherwise been equity.
3. you can over-invest in certain types of life insurance, have it grow tax-free, and then take tax-free distributions from it.
point #1 i already agreed with, #2 i agreed with for different reasons (based mostly on leverage for real-estate investment), and #3 was completely unknown to me.
so now i need to investigate universal life insurance.
his examples have a lot of logical holes in them - it's mostly sensationalist proof - based on circumstances.
his writing style is crappy, he doesn't do a good job explaining a lot of things, his graphs/charts suck, and he's not funny.
yet, i still give it 3 stars just because it exposed me to the idea of using life insurance as a retirement vehicle - and got me thinking about keeping artificially high mortgage balances in order to keep the interest deductibility.
essentially, he makes three valid points in the book.
1. 401(k)s don't make sense if you are planning to be rich in retirement - because your tax bracket will be higher then compared to now.
2. if you build up a lot of equity in your house, you are not getting any rate of return on that money - could be better to keep a large mortgage (and deduct the interest) as long as you can get a good rate of return on the money that would have otherwise been equity.
3. you can over-invest in certain types of life insurance, have it grow tax-free, and then take tax-free distributions from it.
point #1 i already agreed with, #2 i agreed with for different reasons (based mostly on leverage for real-estate investment), and #3 was completely unknown to me.
so now i need to investigate universal life insurance.
July 27, 2008
This is a dangerous book. Dont read it unless your a financial professional.
He makes a lot of claims that simply dont stand up. 2/3's if the book is puffing about how great the book is and 1/3 is full of half truths or rather half disclosures.
For example he recommends you take a 2nd mortgage out on your house at 4% fixed and invest it in an "Investment Grade" Insurance product and keep the balance. EXCELLENT. Except there is no such think as an "Investment grade" product that guarantees 8%. Ive been looking for one for 23 years and Im in the business. There is not such thing.
He makes a lot of claims that simply dont stand up. 2/3's if the book is puffing about how great the book is and 1/3 is full of half truths or rather half disclosures.
For example he recommends you take a 2nd mortgage out on your house at 4% fixed and invest it in an "Investment Grade" Insurance product and keep the balance. EXCELLENT. Except there is no such think as an "Investment grade" product that guarantees 8%. Ive been looking for one for 23 years and Im in the business. There is not such thing.
August 7, 2014
Good read; however, after querying a financial advisor, an insurance agent and a tax attorney, the tactics seem more appropriate for folks of a more advanced monetary status and those a bit further along in their lives.
May 12, 2009
As this book is titled as a Starter Kit, it goes over some basic concepts and gives out simple financial advices. It is a great way to learn a bit on how to manage your own finances.
January 20, 2017
Best lesson to be had from this is that if you are an astute investor and have the ability to remove primary residence equity via an equity line and invest it elsewhere in a product that is simple, relatively secure, something you understand, and produces a return greater than what you are paying for the credit line, you will be better off in the long run than leaving that equity idle. The understated HUGE variable here is the choice of investment vehicle and that point that this choice should not be made by amateur investors or "professional" advisors that lack experience.
April 24, 2022
Don't miss out on the concepts in Missed Fortune
Mr. Andrew presents some very interesting and true facts about how anyone can accumulate wealth. His ideas are not very popular among traditional brokers and financial advisors. After reading his book, research his methods and map out your own journey to financial freedom.
Mr. Andrew presents some very interesting and true facts about how anyone can accumulate wealth. His ideas are not very popular among traditional brokers and financial advisors. After reading his book, research his methods and map out your own journey to financial freedom.
March 24, 2018
As a book, it is terrible. His explanations are confusing and repetitive. I gave it two stars because the ideas are very interesting. I am not an expert enough to know the ins and outs of his financial strategy. However, there seems to be a foundation idea that everything else is base on. He believes that getting a tax break is something that should be sought after. He says spending money on mortgage interest is good because you get a tax deduction. To me, though, it sounds like: spend more money to save more money. (Other people have more thorough critiques that I won't attempt to recreate here, but suffice it to say, I do not buy in fully to his strategy.)
That said, I do appreciate his PLAN philosophy and viewing intangibles (like values and memories) as assets that should be passed down from generation to generation as well as financial assets.
Finally, he makes a strong case for home equity tying up wealth in an illiquid, non-safe asset (i.e. your house). With this, I am certainly intrigued and think there could be scenarios this is true.
In sum, if you are looking for a beginning guide to financial security, don't start here. While he spends a lot of time on understanding taxes, mortgages, home equity, and life insurance, there are other (better) ways to learn these foundational principles without getting caught up in his larger strategy. I kept reading because the idea was interesting, but the book is terrible.
That said, I do appreciate his PLAN philosophy and viewing intangibles (like values and memories) as assets that should be passed down from generation to generation as well as financial assets.
Finally, he makes a strong case for home equity tying up wealth in an illiquid, non-safe asset (i.e. your house). With this, I am certainly intrigued and think there could be scenarios this is true.
In sum, if you are looking for a beginning guide to financial security, don't start here. While he spends a lot of time on understanding taxes, mortgages, home equity, and life insurance, there are other (better) ways to learn these foundational principles without getting caught up in his larger strategy. I kept reading because the idea was interesting, but the book is terrible.
February 26, 2009
Surprising information is hidden in this book, like the title seems to imply. It's another side to financial knowledge that we don't usually hear about, much less learn about.
This book breaks down what could be complex concepts into simple, understandable descriptions. You will expand your knowledge and become excited about the possibilities which await! You have more choices than you believed!
I also recommend researching the concepts via the Wall Street Journal or other financial publication before committing funds.
This book breaks down what could be complex concepts into simple, understandable descriptions. You will expand your knowledge and become excited about the possibilities which await! You have more choices than you believed!
I also recommend researching the concepts via the Wall Street Journal or other financial publication before committing funds.
July 28, 2011
Missed Fortune 101 is a great book. Ditch the IRA's and 401 k's they are no good. Instead reposition your wealth into life insurance policies. These policies pay the best and are tax free when you go to use them. That is if you use them right. Home equity can be sepaaerated from the house and put to work by proper investment. Want to find out more rad the book. I borrowed it from the library now I want to buy my own copy and get started.
February 28, 2008
This is a very non-conventional way to plan for retirement, but the concepts make sense. The author tells you how to make tax-free contributions to a retirement plan and how to withdraw your earnings tax free later on. The whole key is putting the equity in your home to work.
June 2, 2009
Great beginners book to help understand the power of real estate as an easy to get in to long-term investment. Great for mortgage brokers to use with their clients (i.e David Doerr--you'd enjoy this).
December 15, 2009
A lot of common sense in this book, plus other great ideas - ranging from managing your home equity, IRA, 401K, managing investments and a tax-free retirement. Good information from a reputable author.
April 7, 2008
LIFE CHANGER HERE...
Shows you how to implement rich dad's ideas! If you own a home you must read this book.
Shows you how to implement rich dad's ideas! If you own a home you must read this book.
June 23, 2008
Really great financial advise in lay man's terms. Read this if you want to find out how to be a bit savy with your finances and who knows maybe be a millionaire one day.
Currently reading
January 3, 2009on page 57. Was given this book for financial services professional. Too many books to read! Have to pick it up again soon.
Read
May 12, 2009I learned quite a bit about Investment Grade Insurance Instruments
September 7, 2014
I like Dave Ramsey's plan far better. Less risk. Better chances of success.
February 4, 2015
This was pretty bad. Full of bad assumptions that lead to incorrect conclusions. Eventually leads to a life insurance sales pitch.
Displaying 1 - 19 of 19 reviews