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Book: Missed Fortune 101: A Starter Kit to Becoming a Millionaire :: Robert Kiyosaki|Books :: Book
Date: Thursday, 08 January, 2009 :: 07:19
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Missed Fortune 101: A Starter Kit to Becoming a Millionaire
List Price: USD $24.98
from USD $0.01
Product Group: book
Manufacturer: Hachette Audio
Format:
Abridged,
Audiobook,
Studio: Hachette Audio
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Offers:
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Editorial Review: Product 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.
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Reviews:
Average Customer Review: 
Summary: How To Lose Your Home & Retirement and Lose Your Home in the Process
Date: 2009-01-04 - 
Comment: As someone who works in the financial industry, sells investments and insurance, guides clients to prudent investment strategies, I have to say the book is loaded with tripe and miss-information. Who but an idiot would mortgage their home, cash in their 401k and IRAs, suffer the taxes and penalties on early distributions so they can invest everything in an universal life policy.
Yes, I read the book cover to cover; not once but twice. This is a very dangerous book. It went in the trash when I finished it.
If you're looking for a prudent way to invest, I'd suggest "The Intelligent Investor," by Benjamin Graham.
"Missed Fortune 101" is Douglas Andrew's contribution to the housing and credit crunch we're in today.
Summary: Missed Fortune 101
Date: 2008-12-02 - 
Comment: Not as easy to read as "Untapped Riches", but informative and similar information. Mostly discusses keeping a mortgage, getting no interest mortgage if you can, and little money down so that the money you keep you can invest and grow. Funny, all these books use 8% return as the qualifying rate over 20 years which sounds nice, but returns on anything can be iffy.
2 of 2 people found the following review helpful:
Summary: Scam!!!!!!!!!
Date: 2008-09-16 -
Comment: Please don't waste your time, effort and money on this idea!!!! Been there done that, trust me you will be sorry. Check out the insurance policies on google first, these are not investments at all, just a way to give all your money to the insurance company. They say there liquid, safe, & guarantee your principle will be safe. Don't buy it, what they don't tell you is all the fees and commissions and taxes up front, kill any chance of you coming out ahead, even after years!!!!! & Years, you do the math, it doesn't add up, isn't true, and should be outlawed soon before someone gets really mad!!!!!!!!!! What ever you do don't take a second mortgage on your home and also put that in jeapardy. Basically you will be living in a nightmere state. That's where we're at now. Trying to get out of it!!!!!!!!!!!!! PS the Missed Fortune will be yours and the insurance company will then have it. Please don't waste your time!!! sincerely Teresa I had to give one star on the review because it won't accept none. Sorry! for that!!
3 of 3 people found the following review helpful:
Summary: A foolish scheme
Date: 2008-09-05 -
Comment: Horrible, awful advice from an insurance pitch-man. He conducts these "seminars" around the country where insurance agents and mortgage brokers are invited, and they are encouraged to bring potential clients so that the missed fortune people can make money, insurance agents can generate giant commissions on worthless products, and mortgage brokers can write up re-fi loans.
There is NO SUCH THING as "investment-grade life insurance." It's a made-up term. My sandwich I had had for lunch is "investment grade." What does that mean? Nothing. People who don't know any better are suckered into this scam by a huckster who is making money from this book and the seminars.
Do NOT be fooled by this scam. Don't buy the book, and certainly don't buy the "advice." This author is clueless.
2 of 3 people found the following review helpful:
Summary: Not full disclosure
Date: 2008-07-05 - 
Comment: I have read both of the MF101 books and find that they do not fully disclose the potential pitfalls of equity harvesting. I believe as a mortgage planner, it is my duty to introduce my clients to the concept of equity harvesting; however, under full disclosure. Equity harvesting can be a powerful wealth building tool, but before implementing equity harvesting, one must be aware of the pros and cons. I believe many advisors unknowingly may be opening themselves up to potential lawsuits by not fully disclosing the potential downsides to equity harvesting.
MF101 seems too much like a salse book created to sell life insurance products. Missed Fortune 101 implies that someone would be an idiot if they did not refinance their home and invest it in life insurance contracts. Can equity harvesting be a viable option for wealth building? Absolutely. However, the fact is that equity harvesting is not for everyone; therefore focusing on becoming debt-free, including paying your mortgage off early, is often times for many, the best course of action to take.
MF101 is nebulous in many of the concepts, and does not give full disclosure.
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