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The Last Chance Millionaire: It's Not Too Late to Become Wealthy    by Douglas R. Andrew order for
Last Chance Millionaire
by Douglas R. Andrew
Order:  USA  Can
Business Plus, 2010 (2007)
Hardcover, Softcover, CD, e-Book
*   Reviewed by Bob Walch

First released in 2007, the trade paperback edition of this financial guide allows us to look at the author's advice in light of the past two years of one of the worst recessions in modern history. In some cases the suggestions made for fiscal security still seem valid, but in other instances you'll probably scoff when you read what Douglas Andrew has to say. At least I know I did!

The premise of this guide is to explain a series of financial strategies that will allow a person to gain financial independence when he retires. Surely that's a noble idea and one that would appeal to most people. But over three years of financial chaos have cast serious doubts about the assumptions made about basic, interest creating instruments, so-called safe investments, and the overall stability of the banking/insurance sectors.

In the book's preface the author writes, 'This book will help you realize you don't need to start from scratch to begin accumulating money for retirement. Instead, you can utilize three marvels: 1) compound interest, 2) tax-favored accumulation, and 3) safe, positive leverage.'

That's all well and good, but 1) Have you checked interest rates lately? 2) Do you really want to invest in tax-free bonds issued by public entities that could well declare bankruptcy? 3) Is this a smart time to tap into your home's equity with declining prices? (Perhaps, you have lost your property or it is underwater so there goes your leverage.)

I have to agree with Andrew, though, when he says that 'three of the greatest barriers to progress are: 1) a lack of knowledge, 2) a lack of confidence, and 3) a lack of money.' I'm just not sure he can help me hurdle any of these barriers!

You'll find plenty of charts, numbers and bullets highlighting ideas, and Remember This summary boxes so you don't forget key concepts. What I would recommend you do is thumb through the book, look for these features (they are easy to find), skim over them and decide if they make sense to you. If so, buy the book so you can delve into them in greater depth.

Take a longer look at Chapter 2 (Baby Boomer Blunders) and see if you agree with the ten financial mistakes discussed. Also, as you are reading, look for qualifying terms such as generally safe. As we have learned, generally is another way of saying sometimes and sometimes does not mean always!

In the light of today's economic reality, you might want to take the contents of this guide with a grain of salt. Sure, look at what Andrew has to say, but then ask yourself where would you be now had you followed his advice. Or, if you did utilize some of these financial strategies, how have you weathered the storm? Or putting it another way, have you made or lost money on your initial investment?

With all due respect to the author, I have always believed that the only people who really become wealthy from books like this are those who write them. But then, I have heard less skeptical readers say if they can glean two or three good ideas from a financial guide it is worth the price of admission!

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