| Plugging Insurance Companies (Huntsville, Alabama United States) March 8,... |
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| Book - Customer Review:13
Missed Fortune 101: A Starter Kit to Becoming a Millionaire Douglas R. Andrew 
Rating: 4.0/5 Stars Rank: 564 (Huntsville, Alabama United States) March 8, 2005 - 2.0/5 stars The author promotes the use of "investment" grade insurance policies from which one can borrow. This is the old "keep the IRS from getting your money" scam. He downplays 401ks and Roth IRAs and even dividend free stock purchases to promote insurance. To do this he downplays the risk of many of these high-paying insurance companies by redefining the standard way of evaluating them. This increases risk which he never mentions. The idea is that because of tax policies of the government the spendable income from insurance will be greater than that of 401ks. But by the time he is finished that is actually not the case. He has the investor periodically taking all the equity out of his home, and putting far more money into the insurance than he ever would in a 401k so I would hope the takehome would be more. I have a better plan. Buy a high quality set of non-dividend paying stocks and hold them until old age. Problem solved. Frankly, this book has so many holes in its logic that I am incoherent. This is the worst of the financial planning craze. Success in this field depends on the ability to identify potential products and to package them. Here the solution is whole life insurance.
Customer Review: 13 of 15
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