5 comments about God Wants You to Be Rich: How and Why Everyone Can Enjoy Material and Spiritual Wealth in Our Abundant World.

1. This book is PHENOMENAL, and I'm no rookie when it comes to reading this type of material. You name the author, I've gotten at least a piece of him/her: Kiyosaki, Robbins, Hansen, Hill, Carnegie, Orman, Schwartz.

   "God wants you to be rich" is PHENOMENAL, and I can't wait to track down everything else he's written. So far, the title has been completely misleading in that I was expecting something ENTIRELY different. Then again "economic theory and how it'll change" is hardly an interesting title.

   Did I mention that this book is PHENOMENAL, and that it's REALLY PROPHETIC?? This is a pre-internet book, and yet it discusses how technology changes the world and the economy. No matter WHAT the title suggests, this book is NOT AT ALL what you'd expect. This book is entirely engaging; he writes with enough examples so you know EXACTLY what he means, and each one of them is FASCINATING.
   PLEASE do yourself a favor and READ THIS BOOK- it'll COMPLETELY change the way you see the economic world- ESPECIALLY if you're completely UNINTERESTED in it!




2. I haven't decided whether or not the title of this book is making it more saleable or not. I had a totally different idea about what this book would be about because of the title, and since I hadn't read anything else by Pilzer at the time, I was skeptical.
   THIS BOOK IS PHENOMENALLY FASCINATING.
   Again, the title is extremely misleading, and after asking the author about it, he said that his publisher gave it that title. Of course, the title of "Why economics are like they are" might be more appropriate, but it is in no way indicative of how PHENOMENALLY FASCINATING this book is.
   I am EXTREMELY GRATEFUL that the title made me buy the book, and was happily deceived by it. One of my top favorites ever, and you'll note that I read ALOT. PLEASE read this book- it will make you INFINITELY more informed.



3. Yes, God does want you to be rich, but please avoid Judas' fate. He was mislead by his desire/attachment to wealth and as a result he betrayed Jesus. When he realized he had been used by well intentioned religious leaders, he killed himself. Beware of your own motive for riches. And yes, God has blessed me with wealth.



4. I have listened to a great many people talk about the poverty of people and portraying themselves as the saviors of the have-nots. It always made me feel like I was from another planet because their rhetoric did not make sense at all. These people think that robbing one group of people Marxist style and give it to another would some how bring an end to poverty. Driven by envy they have convinced millions to think that their lack was caused by the ingenuity and industriousness of others who recognized the benefits of a free market economy which Karl Marx dubbed Capitalism.
   
   Now I am back on earth because Paul Zane Pilzer debunked the poverty myth and confirmed my thoughts on the subject. It gives an excellent account of what is causing the never ending cycle of poverty. It is not ingenuity nor is it capitalism. Poverty is caused by the lack of faith and the continued indoctrination that government is responsible for peoples well being. I love the title because faith is the force that moves you to make things happen. The following excerpt says it all.
   
   "In his last great book Capitalism, Socialism and Democracy the economist Joseph Schumpeter predicted that capitalism would eventually self-destruct because the people displaced by advancing technology would democratically vote in a socialist form of government."
   
   "The word "economics" comes from the Greek word oikonomia meaning the "management of a household." While today "economics" has come to mean the study of business and government issues by professional academics, the real economists in our society are the ones who practice economics--the hundreds of millions of people seeking to economically manage their own households or lives every day."
   
   And when it comes to continually proving Schumpeter wrong in what he regarded as his great triumph, there is nothing more important than the role that now befalls you, the real economist, the reader of this book--the role to continually teach every member of our society how and why we live in a world of abundance, and how and why God wants every one of us to be rich. God bless you."
   
   Instead of beating the same old poverty of the people drum the saviors of the have-nots need to read this book and give up the antiquated mindset that is doing the same thing over and over again but expecting different results. Poverty begets poverty but God wants all his children to be rich not just some...go for Yankee ingenuity!
   
   God Wants You to Be Rich: How and Why Everyone Can Enjoy Material and Spiritual Wealth in Our Abundant World



5. The author wrote an interesting book on economics and technology long ago. It was published in the late 1980s or early 1990s. Then he became a tiresome and annoying fundamentalist. Since then he has written nothing worth reading. A friend gave me his copy of this title after losing interest in it by the third chapter. I managed to read the entire book on a plane ride. Unfortunately, it was the only reading material I had.
   
   If god wants you to be rich, it appears that he hates 95% of humanity because it's poor.
   
   Don't waste your time and money on this tiresome religious propaganda.
   
   Here's a far better alternative: Randy Gage's Why You're Dumb, Sick, and Broke.

5 comments about How to Be the Family CFO.

1. I really liked this book. I found the material to be comprehensive in nature and very easy to understand. Anyone who will read this book and apply these concepts and advice should be well prepared to be "Family CFO".



2. Kim's new book is a wonderful combination of common sense, organization and teaching from hard learned experiences. The book is like talking with Kim: easy to understand and will motivate you into action. Kim would tell you; do it yourself, you have your best interest at heart.



3. I've met Kim and I can almost hear her voice as I read this great book. It truly comes from the heart and her advice and lessons are right on target. It is timely, thorough, easy to read and understand...If you have ever used, spent, earned, invested or saved money, you should own this book.



4. As a Snider Method alumnus, I was eager to read this book to see what else Kim might have to say. I was delighted to see that not only is this is a great "how-to" manual for all facets of personal financial management, but is written with the humor and style that is so typical of Kim. When you meet her or are taught by her, you become her friend for life. This is great information, and a fun read!



5. This book is outstanding. I bought seven copies and gave them to my employees and family.

5 comments about Equity-Indexed Annuities: The Smart Consumer's Guide.

1. Bought after having read about it in Jay's newsletter. This is a guide that every insurance agent who sells EIAs should read, and every person who is interested in purchasing EIAs should read -- there would be no more improper or unsuitable sales, and those people who could benefit by them can do so without worry.
   
   There is no description, discussion or plugging of any particular insurance company or annuity product, but rather the book focuses on when and when not EIAs should be used. This is absolutely not a self-promotional book or one that pumps EIAs in all circumstances. As the author repeats over and over, there are some occasions when EIAs should not be bought because of liquidity concerns or tax issues. Yet, when they can be used, they can be great products for retirement savings and wealth preservation.
   
   Unique among annuity books, there is a section on asset protection utilizing annuities in states that protect them by statute, which is of course not surprising considering Jay's background and his first book on asset protection with Chris Riser.
   
   Smart insurance agents will give this book to each prospective purchaser of EIAs to read first to avoid any later misunderstandings.



2. Excellent, easy to understand manual you must read before embarking on a purchase of EIA's.



3. This book is a very balanced explanation and review of the Indexed Annuity landscape. While some criticisms are not applicable to all products this small book does a very credible job of getting all the important issues on the table. I recommend this book to all that would like to learn more about this savings vehicle. Jeff Clark CPA



4. I thought this is very informative for my clients to read when they have questions on all the different annuities being offerd today. I highlighted text for them.



5. I was looking for a good reference guide for my clients. This book was very easy to read and understand, I would highly recommend this for anyone who wants to understand EIA's.

5 comments about Safe Harbors: An Asset Protection Guide for Small Business Owners (Business Owner's Toolkit series).

1. I've read that small business and entrepreneurs lead the country out of a recession. This guide could not be more timely. Don't start a business or expand your business without buying this book. This guide should be in the library of every business owner and well used. This really is the best, and most comprehensive asset protection guide on the market for small business owners, corporate mangers, and individuals interested in preserving their wealth.

   I like the fact that the author proves that, when his asset protection strategies are put into place before financial problems arise, they are virtually beyond challenge, even to the extent of preserving an individual's entire wealth against the most significant of claims. I found it amazing that, with the right planning, millionaires can emerge from a major lawsuit or bankruptcy with no loss at all! Want to save a million dollars or all of the assets you have worked hard to create? Buy this book NOW and put a comprehensive asset protection plan in place based on the author's recommendations.




2. This is the ultimate guide to wealth building and wealth preservation. I've read other guides on forming an LLC or a corporation, but I never realized how woefully inadequate those other guides were before I purchased this book. As the author points out, many business owners form an LLC or a corporation without understanding how to strategically fund the entity, avoid exceptions to limited liability, or transfer assets to exempt categories, all of which are necessary if financial wealth is to be preserved in the face of lawsuits or bankruptcy. This guides teaches how to do all of that, and more.

   The addition of actual cases, state asset exemption lists, and business forms for LLC's, makes this one of the best books of its kind that I've seen. Apparently this is one book in a series from the publisher that has received a lot of acclaim. ...




3. It's clear that the author has years of experience in protecting business owners' hard-earned assets. The author's asset protection strategies range from simple and inexpensive to complex and costly. This really makes the book suitable for managers of large corporations as well as small business owners.

   At 500 pages, the book is detailed and comprehensive, but easy to read. Who would have known that in many states taking out a second mortgage on a house could make it exempt from attachment, while in other states, just the opposite approach, i.e., paying off the first mortgage, is what's required? Or that an IRA shields assets from the claims of creditors in many states and thus provides much more than a tax shelter, while in other states an ERISA-qualified 401(k) plan is a better choice? The author sorts all of this out in an authoritative but easy to read guide. Many readers will wish that they had this book years ago before financial problems developed. But, even there the author has strategies that can help avert a disaster.

   The content, layout and design of this book make it not only indispensable, but actually fun to read. The tips, warnings and anectdotes are terrific. Attorney Misenti obviously has wide ranging experience in this field and his writing style is superb.




4. I read through the book and learned a lot about various aspects of asset protection. This book is focused on small business, as it says, and it does an excellent job when discussing various 'tools'. There are many great asset protection 'tools' out there, but what works for you is all you need to care about, and this books does just that to small business owners.

   The book starts with understanding your position to creditors (private and gov't). Then, it helps you get to know one tool after another in different situations you may be in, and each chapter is just in great details including pro and cons, typical scenarios, and Smart Plan (I love these).

   Of course, no one is perfect. What I wish to see from this book, and many other books in this topic, is the overall picture of a business entity model/structure a person/business should have. For instance, it'll be much more helpful if the author include 2 or 3 smart business structures one should/could have and provide explanation of how each model works. The model should utilize, let's say, LLC, Living Trust, children's Trust... altogether to build a strong asset protection structure for a business and its business owners. It's true that the models may not totally work for each indiv., but it does give great understanding of how/why it's structured the way it is.

   Overall, the book is great and highly recommended to general public readers who, like me, is not a lawyer or pro in this area. Further legal assitance is still recommended, but at least readers get good understanding when designing their own plan.




5. This book is probably the best entry level guide to asset protection.

5 comments about Questions and Answers on Life Insurance: The Life Insurance Toolbook.

1. For the beginning insurance agent, this is a very good book. Insurance products are very complex and sometimes difficult to explain, this book helps and could even be used to help answer prospective clients questions while presenting. I am glad I own this book.



2. It's great tool to validating the complex information on life insurance and easier to understand than most text material.



3. Tony's honest and unbiased approach to the presentation of the material is the perfect format for actually learning about Life Insurance. There is much knowledge to gain about what is construed as a potentially complex area of financial protection. If you are in the market to purchase Life Insurance, this is the book for you.



4. Questions and Answers on Life Insurance: The Life Insurance Toolbox
   Thank you for your interest in this book. Reviews for this book can be found with this earlier edition. Hope these reviews are useful. Tony Steuer, Author.



5. Modern funerals can be quite expensive, so life insurance can be the easiest answer. But how can you make sure that your life insurance will do what you pay it to do? "Questions and Answers on Life Insurance: The Life Insurance Toolbook" is a guide to help those who are concerned about life insurance policies make the right decisions by analyzing the fine print of it all - the different types of policies, evaluating the companies that hold the policy, trusted agencies, underwriting, and how to make sure your policy doesn't change behind your back. "Questions and Answers on Life Insurance: The Life Insurance Toolbook" is highly recommended to community library collections on personal finance and for anyone who is in the market for a life insurance policy.

5 comments about The New Rules of Retirement: Strategies for a Secure Future.

1. If you only read one sentence,let me say this -- this book is a straightforward description of what anyone needs to think about when investing in the new environment, and it isn't a gimmick book with a quick answer.
   
   This book is clear, solid, thorough and sensible on what faces investors today, whether you are in retirement or planning for retirement. The environment is different now -- we live longer, interest rates are lower, the stock market will see ups and downs, and most of us don't have adequate pension plans -- and Carlson clearly explains why the simple rules of thumb and simple strategies from the past just don't fit anymore. For example, he is persuasive in laying out why index investing is not appropriate for many investors. Also, he makes it clear you need to make your own retirement spending budget, not rely on rules of thumb. He also discusses the risk of "buy and hold" strategies. In short, the background to make your critical decisions -- whether about investing, what type of IRAs, annuities, or health care -- is all here.
   
   A final note -- personally, I like the tone of this book. It's very clear and very informative, but it is not a gimmick book oversimplifying things, which is good, because investment and planning for retirement is a serious topic.



2. I'm getting down to the specifics about my retirement plans, eg--how much do I need in investments, what do I need to do about health insurance, where should my investments be, which investments do I withdraw and when, can I reduce my income before I retire & still make it, etc. I've read several books and so far this is by far the best. It's extremely readable, very specific, covers the big questions well, and takes a common-sense approach. I have a great financial planner but I want to educate myself, too--and I'm recommending this book to my financial planner!



3. As the author of a similar book entitled, "When Can I Tell My Boss, I Quit!," I offer Mr. Carlson the highest compliment: I used his book in the research for my book. He alerts the reader to impending problems facing the new retirees but also offers many solid and creative solutions. Mr. Carlson's book is well researched and thorough but easy to read. I've re-read it several times to answer questions I have.



4. Over-all, this is a very thorough review of the rules of retirement.
   
   I am a believer in the passive index fund approach to investing as opposed to the actively managed approach.
   
   Carlson advocates 3 levels of investments for the accumulation phase, and all 3 are based on an active versus passive management approach. The first level is his Core level and he recommends actively managed value stock funds.....or actively managed balanced funds (stocks and bonds) like Vanguard's Wellington. I think most investors would be better
   served using a combination of Vanguard's Total Stock Market and Total Bond Market funds for this core portfolio. The ratio of stocks to bonds depends on the investor's risk tolerance, as well as their need to take risk. Using Vanguard's passively managed index funds versus Carlson's actively managed approach should result in higher returns to the investor because of the lower annual expenses of the index funds.
   
   Carlson recommends large cap value funds because his theory is that in retirement....retirees can give up some returns in exchange for lower chances in the portfolio declining with value stocks. The Fama-French 3 factor study would suggest that large cap value stocks will outperform all large cap stocks....if history repeats itself in the future. If you believe that history will repeat itself, you could choose a Vanguard large cap value index fund instead of the Total Stock Market fund.
   
   Carlson's other 2 levels of portfolios focus on trying to pick in advance, which asset classes are currently not over-valued.....or be really aggressive and take on high risks with private equity funds. These two strategies are high risk and I know of no long term data which supports this approach performing better than a simple index fund approach. I don't believe either of these 2 strategies is appropriate for most investors.
   
   Bengen's and Bierwirth's studies back in 1994 were seminal events in financial planning in that they found 4% was the maximum SWR (Safe Withdrawal Rate). If the stock market experiences a prolonged drop early in a retirement period, SWR's higher than 4% will cause the retiree to exhaust his portfolio before this death.
   
   In 1998, the Trinity Study also found the same basic results as Bengen and Bierwirth.....and recommended a maximum SWR of 4%.
   
   I have read about some mechanical rules which suggest that you can withdraw more than 4% if you spend less money in years the stock market is down, and more money when it is up. Carlson suggests the Yale distribution rule....in which 30% of the annual distribution is based upon portfolio value. I had not heard of this specific rule before, and I will have to do some Monte Carlo analysis to determine its effectiveness.
   
   
   I found the book easy to read.....and I agree with his recommendations except for the construction of his investment portfolios.
   
   Are You Using the Right Rules to Plan Your Retirement?
   Index Mutual Funds: How to Simplify Your Financial Life and Beat the Pro's
   The Richest Man in Babylon
   Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
   The Millionaire Next Door
   The Four Pillars of Investing: Lessons for Building a Winning Portfolio
   A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition
   The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life
   The Bogleheads' Guide to Investing



5. This book had more detail on taxes and its effect on planning consequences then I have seen in other books. It have useful information on retirement calculators, and health coverage. Overall this book was more usable to me than some others I have read. It's easy to read and understand. It enlightened me on some points that I had not thought of such as doing your homework on moving to a different location, living and renting in a location where you want to go. You might end up not wanting to move there.

5 comments about Strategies for Profiting on Every Trade: Simple Lessons for Mastering the Market.

1. I just finished "Strategies for Profiting on every trade". Just a couple of comments up front; first, I suspect that Paul Lange had much more to do with this book than he was given credit. Second, there were constant references to the color of bars and indicators in the book but the book is in black and white. At one point they labeled the lines "red", "blue" etc. but otherwise, throughout the book you had to find the lines based on the text, not the color.
   
   Having said that, this is not a book to be missed, especially for intraday traders. Although the writers make it clear that most of the techniques can be applied to any time frame and that the daily charts normally set up the trade, you will find charts all the way from the weekly level to the 2 minute level, with the majority of the lessons seemingly taught and the trades played out on the 5 and 15 minute time frame.
   
   This is a much smaller book that the original Velez/Capra "Tools and Tactics for the Master Day Trader" and doesn't contain the psychology offered in that book, but it is, never the less, a book packed with information and insights focused on bar by bar chart analysis, much of it, I believe, gleaned from Paul Lang's daily, live, real world experience in the Pristine trading rooms.
   
   If you are new to Pristine trading methods, this will give you an insight and depth into chart reading that you may not have realized is possible. If you are a Pristine trained trader, as I am, this book reinforces what you should already know but will give you many "gems" that I am sure will be new and of value. In either case, this is a "must" book for the serious trader.



2. The senior author uses green and red candles in his website. Hasn't any reviewer, including Velez himself, noticed that the candles' colors should have been changed to black and white before publishing the book? A bad start for an otherwise welcome addition to every trader's library.



3. This is close to the poorest written book I've read. However there is useful info in it if you can decipher Velez's lingo. Basically Lange, the "co-author" typed what Velez recorded in his classes at Pristine. After I started crossing out hype and BS, I found the book much clearer.
   Also I agree with other reviewers comments that the book is an advertisement for Pristine. You can get some details on how Pristies are taught to trade, but don't think like I did that Velez covers much of it.
   The hardest part in finding useful info is that it appears Velez is so "elite" that he has to use his own slang in lieu of standard trading terminolgy (Ex: a play ILO a trade, topping tails ILO shooting stars on candle charts.) Velez names trade set-ups as though he discovered them. If he knew candlesticks he would realize many of his ideas are not his discovery. So why name them? Maybe because Velez seems to have a "special" word for almost every normal trading term. That's not teaching, nor conveying information which is what books like this should be written for, that's probably just to intimidate clients, make them feel like he is the master.
   I don't know that I would recommend buying it as I own it and am not sure I will ever reread it to jot down the useful parts.



4. Although there are many insightful and terrific lessons to be learned here if you are a Pristine Trained Trader you will recognize the book to be a compilation of Paul Lange's weekly trading lessons. A free weekly service from Pristine. I suspect Mr. Velez' name was added for name recognition and, thus more sales. It is Mr. Lange's book, however, make no mistake. That said Paul Lange is one of the most astute traders and best educators around. I had the pleasure of working with Mr. Lange and was constantly amazed at his trading prowess and his ability to convey the information. It's simply this book offered nothing new.



5. Purchased this book based on the introduction and the comments by a third party. I was intrigued by the title, but disappointed in the content. One very agravating thing is that most of the time the book is describing charts that are on the other side of the page. I should have figured this out by the words "Simple" and "Mastering" being used in the subtitle. 90% of this book is devoted to day trading. So if your strategies have you holding overnight this book may be a waste of time. I respect Mr. Velez's record and feel this book doesn't do his accomplishments justice.

5 comments about An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund.

1. I did enjoy reading "An American Hedge Fund" since the author is well-known in the daytrader community for turning $12K into $1.65 million when he was still in college and the story of how he did it is certainly worth the read. Timothy Sykes comes across more like a normal daytrader, as opposed to a true Wall Street insider. This makes him easier to identify with. However, this also does make the book a little less interesting since much of it just describes various penny-stock trades he did and his rationale behind them, which gets repetitive after a while. When I picked up the book, I was hoping either for material that would help improve my own trading technique, or maybe just an interesting story, but the book comes up a little short on both fronts.



2. This book is awesome!!!! You will probably finish this book very quickly, because this book is very interesting and enticing.
   
   Tim has taught me so much in this book! Tim cuts the "bullship", and teaches you lessons you will never forget. I am only 15 and recently begun playing the stock market, and thanks to this book I have avoided many beginner mistakes.
   
   This book is truly amazing, I would recommend buying it for anyone even if they're not into finance! Tim has truly inspired me and he will inspire you too!
   
   -Liam



3. Where to begin? All of the other people that have reviewed this book and given it a 1-star rating are spot on. Like everyone said, he got lucky during the dotcom bubble and doesn't know how to make money any more. I love the fact that he's obsessed with selling short while he has his hedge fund - then the arrogant prick has the audacity to blame industry regulations for this failures as a hedge fund manager. The definition of insanity is to keep doing the same thing over again and expecting something different - according to this definition, Sykes is definitely insane. I'm sorry, but if you can't make money with $2 million USD, how is having $10 million USD going to improve your trading?
   
   More than anything, I'm angry. I normally find that I can rely on Amazon's ratings for a book, but this one was a HUGE let down. I can't believe I wasted valuable time and money on this garbage.



4. I was given this book as an audible version... I actually had it for over 3 weeks then on a long drive in my car it was the only thing I had on my IPHONE so I decided to listen to it. Not bad until I learned this kid was investing in Penny Stocks..... OH HOW I WISH TIMOTHY DID NOT WRITE THIS BOOK BECAUSE IT WILL JUST SUCKER PEOPLE INTO DANGEROUS TRADING.........
   
   I was mortified... Sure you can make money in penny stocks but you can also make money on a slot machine... A loose slot machine....
   
   His lack of wanting to spend money in his hedge Fund was a joke... Timothy states when he had a broken monitor he didn't want to spend money on a new one... Yet he was able to take all his class mates out to lavish dinners. Timothy wanted to start a hedge fund yet he was upset by the amount of traveling and cost it took to go meet clients and also spending $1500 to have access to a large list Hedge Fund information or some website.... If you are making a few million and trying to build a business such as a Hedge Fund, expenses to make it great should be last on your list....The whole story is strange and the title of the book is sour (American Hedge Fund?) . The book should be called The Penny Stock Success and Fall of Timothy Skypes... Didn't it ever occur to this guy that the reason he could not get investors was because NO SERIOUS INVESTOR WANTS THEIR MONEY IN PENNY STOCKS?
   
   Timothy kept calling the bigger stocks such as Yahoo the bigger names on CNBC to expensive.. Has it ever occurred to him that the bigger stocks are more expensive because they are proven companies. If he had only took his lucky earned capitol from the pump and dump stocks and placed them in solid companies, He could have been the hedge fund he wanted to be.....
   
   So basicly the story is Timothy fell in the Dot Com bubble and made easy money and when it was over
   he found it hard to continue the game. That is because with penny stocks there are no second and third chances. They run up and then pop.. With a solid company with solid growth if stock consolidates you don't have to freak out and sell. Most good solid stocks will consolidate and move up or move down for a while.
   Penny stocks do not do this because they have nothing solid. They are penny stocks for a reason. I won't even
   touch a stock until I see growth with future growth ahead , proven earnings, and stability. Of coarse even solid companies have problems but with Penny Stocks its hit or miss.
   
   Timothy's way is not investing, it is suicide. If you are going this route please be careful. Eve though Timothy says he made millions, take into consideration the time he was doing his investing. The DOT COM bubble was a time when any stock would run up for no reason and people were making a killing. These companies that were running up high didn't even have one earnings Report. Earnings didn't matter it was all about what stock was hot today on the message boards. That is not investing...
   And that is why Timothy didn't get his Hedge Fund. There is no way I would hand over a couple million dollars to a guy that even though had great past earnings, would put my money in penny stocks...
   
   Then I also think about the next reason Timothy wanted to start a hedge fund, as he stated it was because
   he didn't want to risk his own wealth anymore......
   
   If he was such a great investor then why would he be worried about risking his own wealth..If he understood risk management and he was as good as he said he was in stocks why would he worry about risking his own wealth?
   This is not a reason to start a Hedge Fund... You start a HEdge Fund for more leverage to buy high quality companies not so you can play other peoples money on the Penny Stock Slot Machine.......
   
   According to Timothy's website he now sells high priced DVD's for over 200.00 and trains people in penny stocks....If Timothy is truly helping people, more power to him, but I wish he would take his talent and turn it to companies that are solid that don't trade up to $1.00 and then drop to .05 in one day.....
   
   For all you American Dreamers..... PENNY STOCKS ARE COMPANIES THAT ARE WORTH WHAT THEY TRADE
   IN PENNIES PINK SHEETS....
   
   STICK WITH COMPANIES OVER AT LEAST $10.00 and are listed on a major exchange such as Nasdaq, S & P 500 etc...



5. Looking for an interesting story about hedge funds and some inspiration, this book caught my eye. After making it 97 pages through the book, the title should actually read "How I got lucky in the stock market". I can't fathom why anyone would follow his trading style - no one in their right mind would invest in illiquid penny stocks (his bread and butter), his risk management was frightening (many times he mentions risking 30%, 50%, 75% of his net worth on trades) and he appears to lack any technical ability in trading stocks. There doesn't seem to be anything but luck in his favor, especially considering it was the dot-com era. Oh, and his hedge fund was a disaster, if you really want to call it as such. I'm realizing now that the reason why it is such a fast read is that it is void of any meaty material. Pure fluff and puff. If you buy this book, you'll do exactly what he wants you to do - line his pockets, since all he has now going for him is this book and his website where he hocks his wares. Save your money and check it out from the library like I did.

5 comments about The Last Chance Millionaire: It's Not Too Late to Become Wealthy.

1. This book is primarily a sales pitch aimed at getting you to borrow against your home to buy indexed universal life insurance. The author advises you to not only not contribute to a 401(k) or IRA but encourages you to withdraw the funds to buy insurance. His illustrations regarding the tax consequences of distributions from your tax deferred retirement accounts are simplistic. He also omits entirely the tax savings you have when contributing to a 401(k). If you contributed $20500 (the limit for 2007 for someone age 50 or over to a 401(k) and were paying a marginal tax combined state and federal tax rate of 33%. (A rate the author uses in many of his illustrations) you would save $6765 in taxes immediately. The tax savings can also be invested in either a taxable account or possibly a Roth IRA or even a nondeductible traditional IRA. You would then have $26,765 (not including the employer match) working for you instead of just the $20500 that you would have paid in premiums for the universal policy. The author does not mention this possibility at all. He compares a pretax 401(k) contribution to an after-tax insurance premium. He states that the 401(k) distributions are taxable when received (a true statement)and therefore you have not improved your retirement situation. However, you will have been able to save more than 30% more each year than you would have put into the insurance policy and since a significant portion of the total retirement balance will have already been taxed you can pay taxes from that side of the savings.
   
   The author is several places compares the returns of a mutual fund to the universal life policy by assuming a 10%-11% return to both investment vehicles, conveniently ignoring that you must pay substantial insurance expense and mortality charges from the returns. If both a index mutual fund earns 10% and index universal policy earns 10% before expenses, you must compare the two vehicles after charges and expenses are deducted. In that case the mutual fund may have a 9.5% return while the insurance policy would have a 7-8% return. Although the policy credits are not subject to income taxes, the net after-tax difference is not as large as first appears. However, this is only comparing the after-tax rate of return on the policy. You must also compare the balances which will earn those returns. You will pay substantial commissions (loads) to buy an index universal policy (generally 5%-12% of the premium). After commissions you will have considerably less money working for you. You could pay as much as $24,000 in commissions on a $200,000 premium. This means that your policy will have a much lower balance than your investment for several years. See the author's illustration of values on pages 292-293. While looking at that table also note that the illustration has an initial premium payment of $62700 while he compares it to a 401(k)/IRA contribution of approximately $35,000 for a married couple (and ignores the tax savings which can also be invested). He also assumes that the 401(k)/IRA are subject to 3% sales charges and a 1% expense ratio. You can buy no-load index mutual funds all day long with no sales charge and expense ratios of less than 0.25%. In this illustration he assumes contributions to the alternative investments all cease after 10 years at age 60 and that the couple will retire at age 70 and begin taking distributions. Having shown a comparison of smaller contributions to a 401(k) with larger contributions to the retirement account, he then "proves" that the insurance policy will last longer than the 401(k)! I can present an analysis to my clients which shows that the same after-tax investment in a combination of a 401(k) and taxable account will be far superior to the insurance policy.
   
   The advice to continue refinancing your mortgage ignores the costs of refinancing. You will incur transaction costs in refinancing. Although some mortgage brokers will advertise no closing costs you must compare the effective annual percentage rate of the loans offered. The mortgage brokerage business can be just as deceptive as the insurance brokerage business. The author also ignores the itemized deduction phase-out and alternative minimum tax consequences of his strategy to refinance and use the proceeds to buy life insurance.
   
   I could go on for hours about problems with this author's strategies and the misleading arguments he makes. The long-term rate of appreciation on residential real estate is aproximately 6% or 3% above inflation, which coincidentally, is approximately the market rate on conventional mortgages. The current housing credit crunch is a product of strategies such as those presented in this book.
   
   If you wish to assure an insurance agent and a mortgage broker of a good retirement, follow the strategy. Otherwise consult a good fee-only financial planner for sound planning advice. You can buy a lot of advice for the commissions you will incur following this author's sales pitch.



2. Many, if not most, older Americans are ill prepared for retirement. They have less than $50,000 saved and most have far less. So there is a real need for a book that will help this large group learn to catch up. Unfortunately, this book does not live up to that promise.
   
   The bottom line: Buy insurance. I don't think so. While I'm not a financial genius, I do know that you don't use insurance as an investment. Not the way the book describes.
   
   There are many ways to accumulate money and one must look for ways to pay as little tax as possible. So to that extent, I agree with the author. But the book is a lot of fluff and very little substance.
   
   If you follow the author's advice, you could get into some trouble. And, having sold insurance myself, I can tell you that there is no insurance product designed to provide a tax free income or any income short of an annuity and disability income. And an annunity is of limited value and only to some people.
   
   In addition, one could argue the value of a home and mortgage payments as tax deductions. There are other authors (for example Ramsey) who will advise you to pay off that mortgage and be free of it; that it's not that much of a tax deduction.
   
   I'm not taking sides on that issue. But I'm merely saying that you can get both sides and each makes good arguments.
   
   I don't see how not taking out an IRA at any age could not be a good thing. As long as we must pay income tax, why not put all we can in an IRA or SEP-IRA or whatever and pay less taxes? Of course it's tax deferred and not tax free. But one would assume that when one actually takes out the money, one will be in a lesser tax bracket. And yes, there are rules and regulations that can be harsh. But there's no way to beat the system. It's too bad we have to plan our lives around taxes to begin with!
   
   I got nothing from this book that would help me. Perhaps you will. But I wouldn't count on it.



3. I can't help but wonder if Andrew would have written the same book a year later. I'm adding this review because the two highest reviews when I checked today are seven months old, and the real estate world has changed a lot in those seven months. As noted in the other reviews, the gist of the advice is to get as much equity out of your house as possible and invest that money in universal life insurance instead of a paid-down mortgage.
   
   Today, you'd have a hard time getting an interest-only loan, let alone a negative amortization loan, at an interest rate that's competitive with other investment options. In many parts of the country, real estate is not appreciating and may not recover its 2007 valuations for years. I don't do "money math" myself; I pay a financial advisor to help me. So do your own number crunching.
   
   Mostly? For the best ROI, get the book from the library. The logic of NOT paying off a mortgage is informative, and I'll discuss my own retirement plans with my advisor a little differently as a result. I may not pay off my HELOC ahead of schedule; I might do something else with the funds I'd earmarked for principle-only payments. But the alternatives and actual mechanisms of what to do instead of paying down a mortgage are probably already out-of-date.
   
   Finally, the content of the book could probably be reduced significantly if all the times the author says, "I'll tell you how to do this in a later chapter" were cut out. Another plus for libraries, IMO.



4. In the spirit of full disclosure, I have not read The Last Chance Millionaire. BUT, I have read Mr. Andrew's previous two books including the substantially more lengthy and detailed Missed Fortune which was written for financial advisors. I am assuming, based on my cursory once-through in the book store and the numerous reviews I have read here, that this book contains much of the same information as Mr. Andrew's previous two books as well as the same recommendations.
   
   Although the many proponents of Mr. Andrew's financial strategies (many of whom use his strategies to sell mortgages and life insurance) might think, I have nothing against Mr. Andrew personally and no axe to grind. I wish that I, too, could in good conscience use Mr. Andrew's strategies to help my clients meet their financial goals and sell boatloads of life insurance. But I can't. Still, my only reason for writing this review is to warn potential readers (and consumers) about the potential risks of following the advice and recommendations in Mr. Andrew's books, including this one. I am in full agreement with the other reviewers who have complained about Mr. Andrew's consistency in glossing over the many potential risks of following his recommendations.
   
   That said, I must admit that I agree with many of Doug Andrew's assertions regarding retirement plans, future tax rates, reasons to keep equity outside your home and the need to prudently and effectively manage your home equity. And I discuss those concepts with my financial planning and wealth management clients. However, I do NOT agree that taking money out of an IRA, qualified retirement plan or your home to invest in equity-indexed life insurance is a prudent, one size fits all strategy. Why? You might ask. Visit either or both of the following webpages and you'll know why... in great detail.
   
   [...]
   [...]
   
   Before you consider following any of the strategies in Doug Andrew's books, you should read the article on the webpage below from the Salt Lake City Weekly about Kelly Bills, a Salt Lake City financial advisor who has developed a reputation for helping the scores of individuals (many of them elderly) who have been hurt financially by Mr. Andrew's firm and his financial strategies to get some or all of their money back. Once you've read the article, you'll think twice about blindly following Doug Andrew's financial strategies or seeking out one of his "qualified" financial advisors.
   
   [...]
   
   Good luck.



5. This book will change the approach of many peaople that are close or in the retirement. Valuable information with especific direction.

2 comments about The Automatic Millionaire Homeowner: A Lifetime Plan to Finish Rich in Real Estate.

1. this is the book for you. It offers basic knowledge for a young person who is looking to buy their first home. This book, however, is not for someone who is looking to start over, reestablish themselves, has or had credit issues. It offers no suggestions to help people who are trying to get out of debt or who have made mistakes in real estate.
   
   I do agree that this should be required reading for graduating high school seniors. Because if you're not diligent from the very beginning, David can't help you!



2. This book is a 5 star book if you are looking for a book to inspire you to be a first time home owner. 80% of this book explains the entire process of how to become a homeowner, it would have been very helpful to me before I bought my first home 16 years ago. He explains mortgages and how they work, what kind of real estate agent to use and what to look for in making your choices. 20% of this book explains why it is important financially to own your own home. For example: Homes rise in value on average 6% a year. So if your home is valued at $100,000 it will grow in value by $6,000 a year. This can add up quickly in equity and will turn out to be one of the greatest investments you have ever made. David Bach believes that home ownership is essential to becoming an automatic millionaire. This book briefly discusses how wealthy you can become by keeping your homes as rental properties as you trade up to larger homes. This book is not about "flipping" properties it is about owning them for the long term. I would highly recommend a beginner in real estate or personal finance to read this book it will be very useful, however this is not for current home owners or real estate investors. I will be giving this book as a gift to my children when they turn 18. Owning a home is essential to financial success, even though I am uncomfortable with Mr. Bach's advice to leverage debt for multiple houses. My first starter home made me $40,000 in 10 years when I sold it, which was a huge contributor to my net worth. If you want to build wealth buying your home is essential along with your 401K contributions, and living as debt free as possible. With the current horrible housing market this is the best opportunity to buy in decades. Pick a starter home in a growing area and watch its value grow while you lock in payments that do not increase with inflation. Live the American dream, buy your own home.