The Last Chance Millionaire: It's Not Too Late to Become Wealthy
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According to Doug Andrew, the bestselling author of Missed Fortune 101, too many Americans are being led down the wrong financial path. Even worse, many Baby Boomers find themselves panicking, fearful that they've already fallen too far behind to ever catch up. In this indispensable and eye-opening guide, Andrew provides fresh new pathways to reaching financial security -- pathways that all Americans need to consider now. Centering on his Three Miracles of Wealth Accumulation: the Miracle of Compound Interest, the Miracle of Tax-Favored Accumulation, and the Miracle of Positive, Safe Leverage, Andrew explodes many of the commonly held myths about 401(k)s, pensions, paying down one's mortgage, and other forms of retirement planning. Along the way, Andrew offers unique strategies that will not only increase your wealth but also help readers enjoy their best years while securing their future. Publishers Weekly Baby boomers, take note: traditional retirement savings wisdom won't yield you enough to live on in your golden years, warns financial adviser Andrews (Missed Fortune, etc.). Today's boomers are facing retirement with savings of (on average) an inadequate $50K and are relying on outdated financial strategies to carry them through. In a clear, firm tone, Andrews explains that socking away all your savings in a 401(k), paying off your mortgage and buying a vacation home only after your primary home is paid off are all worn-out Depression era truisms that no longer apply when boomers may live 20 or even 30 years past retirement age. Andrews's last-minute catch-up plan for safely generating a livable income within the years, not decades, left until retirement mixes familiar wisdom-take advantage of compound interest, tax-favored growth and safe, reliable leverage, and don't depend on Social Security-with a refreshingly down-to-earth plan for becoming a "Thriver," whose money is busily working away, tax-free or tax-reduced to provide stability and enjoyment in the golden years. This is no bathtub reading-the text is heavy on charts and graphs and percentages-but the conversational, sympathetic voice serves as a wakeup call for boomers without enough saved. (June)Copyright 2007 Reed Business Information
Acknowledgments xiPreface xvChapter 1 From Broke Boomer to Blazing Bloomer 1Remove the Obstacles to Your Future Financial Well-BeingChapter 2 Baby Boomer Blunders 19Ten Financial Mistakes You Can Correct Before It's Too LateChapter 3 Take Ownership of Your Retirement 41Make Social Security the Bonus, Not the Basis, for Income and Find the Right Lead Advisor to Lodge Your Money SafelyChapter 4 Understand the Three Marvels of Wealth Accumulation 59Let Compound Interest, Tax-Free Savings, and Safe Leverage Boost Your Net WorthChapter 5 Liberate Yourself from IRAs and 401(k)s 85Why Uncle Sam's Savings Plans Should Not Be YoursChapter 6 Harness the Power of Safe, Liquid Equity How Tax-Deductible Debt Works in Your Favor 113Chapter 7 Learn How to Become Your Own Banker 133Put Other People's Money to Work on Your BehalfChapter 8 Locate the Key to Your Retirement: It's Sitting Under Your Own Roof 155How to Find the Home Mortgage That Works Hardest for YouChapter 9 Sprint to Retirement Wealth via Tax-Smart Alternatives 191Prepare a Strategic Rollout of IRAs/40l(k)s to Save TaxesChapter 10 Establish an Individual Retirement Abode (IRA) 221How to invest in Your Second-Home Dream and Retirement Savings-At the Same TimeChapter 11 Choose Investments That Pass the Liquidity, Safety, and Rate of Return Tests 239A Scorecard for Stocks, Bonds, Money Markets, Mutual Funds, Annuities, and Maximum-Funded InsuranceChapter 12 Insure That Your Retirement Income Lasts as Long as You Do 273How Maximum Tax-Advantaged Life Insurance Contracts Pay for Your RetirementChapter 13 Make "At-Retirement Planning" Different from"For-Retirement Planning" 301How to Approach Retirement with 50 Percent More in Savings and Create an Income Stream That Will Last as Long as You DoChapter 14 Redefine Yourself for a Future of Abundance 317Optimize All of Your Assets-Financial, Core, Experience, ContributionAppendix A What You Need to Know About TEFRA, DEfRA, TAMRA, and internal 327Revenue Code ComplianceAppendix B State Individual Income Taxes 335State Individual Income TaxesIndex 337About The Author 347
