Monday, September 19, 2011

Last Chance Millionaire by Douglas Andrew

Today I am reviewing Last Chance Millionaire by Douglas Andrew. I think Doug is a genius. I think that he "gets it." With everything that's going on with our Reckless Government, I believe that the strategies discussed in this book are some of the best strategies for creating wealth. We are bombarded by thousands of people ever day with their own opinion on what we should do with our money. This book is a must read for anyone that desires to retire successfully.

First I want to define retirement. I define retirement as the point in which you have enough passive income to support your desired lifestyle. The way most people do this is by saving enough money until they have a large enough "nest egg." Then when the nest egg is large enough they live off of the interest. Most people do this in qualified plans (401k & IRA). That is good, but this book is better.

In this book Doug discusses common mistakes made by investors. He talks about what he calls "asset management strategies." These are strategies that he uses to maximise otherwise inefficiently held assets. He also talks about how to strategically use tax strategies that help you create additional passive income. He also talks about often misunderstood vehicles or tools for creating wealth.

Doug has directed this book toward mostly baby boomers and middle age workers that feel like they are falling behind. He makes a valiant and effective attempt at giving these people hope. Though, baby boomers will probably find the most use in his strategies, a younger person will be 10 steps ahead by understanding the same principles.  In fact, I feel like the principles discussed in this book are some of the most important principles to maximizing your wealth potential.

All in all I give this book an 8 out of 10. The only downside to the book is that I know Doug is using this book to market his financial firm. However, I think it might be worth it for you to meet with someone from his firm.


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