Comments on: Missed Fortune 101 — Horrible Advice part 2

By: mattrick

mattrick — Tue, 12 Oct 2010 22:18:58 +0000

I cannot believe this dude is NOT getting it…. I don’t have enought time or text space to rebut…so here is a short perspective: If Bank of America, Chase, Wells Fargo, Federal Reserve Bank, Walmart, and a huge laundry list of other entities use this very method to safeguard their most valued cash positions…what makes you think it’s NOT appropriate for individuals dude?

By: Mortgage Planner

Mortgage Planner — Sat, 26 Jun 2010 14:56:42 +0000

This clown really doesn’t know what he’s talking about. He also has missed the whole point. Doug is giving the reader options on how to let their money work FOR them by investing it in a SAFE, LIQUID Side Fund that EARNS A RATE OF RETURN. That is, your money is compounding – not earning simple interest – or paying simple interest like you do with a mortgage.

What this guy forgot to mention is that Doug provides the reader a way to accumulate enough money to pay off a 30 year mortgage in 13.5 years and if the person continues to pay themselves through year 15 they will have additional money that they would never have had otherwise.

Doug is providing an alternative to paying off the mortgage or keeping the cash and showing the reader how they can do it. If a person wanted to pay off their home in 13.5 years using this method, they would save thousands of more dollars then they would using the banks method of Bi-Monthly Mortgage Payments. They would also protect themselves from a job loss or loss of income from a disability or other unforeseen event.

However, if you don’t have the ability to save, then this is probably not for you, unless you are willing to allow automated withdrawals in your account to “force” you to save.

By: Vickii

Vickii — Wed, 21 Apr 2010 02:55:22 +0000

The advice is applicable for those people as in the examples in the book. If you don’t have qualified pension or never owned anything, back-off!

By: Larry

Larry — Sun, 18 Apr 2010 21:31:12 +0000

I’m with an planning advisory organization that started using the MF101 concepts back in 2005 and 2006. So here we are in 2010.

Almost 5-years removed from ‘mbhunter’ August 2005 rants. How are our clients doing? Guess what? Pre-2007 clients had their equity out before the housing bubble burst. As for the max-funded IUL performance? Annual statements are annualizing at around 5.5%. Soooo…I guess Doug and his posse were spot-on.

As for the post-2007 clients over 55?
Max-funded IULs replaced funding Mutual Fund IRAs. RothIRAs replaced non-matched 401(k)s. Especially this year if it made sense in light of the IRS 2011 and 2012 breaks.

Fact is Doug Andrew’s strategies have worked as planned for the BabyBoomer crowd. This inspite of horrific sell-offs in housing and stocks.

It would be interesting for ‘mbhunter’ to jump back in and either apologize or start another rant how Doug’s writings really didn’t work…despite what our clients’ annual statements show…and how their retirement plans are perking along. In real life.
The strategies worked.

PS: Here’s another insurance platform that can start rants…Fixed Indexed Annuities. Love hearing money managers and stock brokers rip ‘em. Facts are these platforms outperformed the stock markets in the last decade…even though they were really designed to simply beat bank CDs and inflation. Again facts. Real life annual statements show these platforms were an excellent complement to a well balanced portfolio of mutual funds (American Funds, etc). FIAs helped dampen volatility in very chaotic times.

By: Tim Better

Tim Better — Tue, 16 Mar 2010 16:14:17 +0000

I think part of the challenge in finding the right advice can be finding the best advisor!!! If you don’t get on with the expert who is advising you, and they do not understand your needs, it just won’t work. That’s why that I feel that it is such a problem with buyers using banks or price comparison sites looking for financial advice. One on one in my view should be the best method.

By: jr

jr — Sun, 22 Nov 2009 00:47:29 +0000

Unfortunately in the book, they don’t give the example of the best EIUL policy to obtain. I gave the author a call to discuss the best posibility. I am curious if all of this could work in order to decrease taxes. I actually don’t even own a place. I think it is important to be open to ideas, but to also scrutinize them also. Because of high property taxes where I am(northeast), I find it is much cheaper renting than owning a place. But to use the EUILs like a roth ira may be useful. Speaking of which in the book, they tried to make an example of how using the life insurance is better than a roth ira, but it really didn’t make sense. I did call the author who admitted it can’t beat a roth ira. It is similar in that tax is paid on the initial contribution but nothing else.

By: Adam

Adam — Tue, 29 Sep 2009 18:47:29 +0000

I’m 33 years old and am about to purchase my 4th piece of property. Since my wife and I purchased our first home back in 2001, we have used the principles designed in this book, although I never read it until Aug 2009. I would say that we have benefited more than others around us of who did not use these types of principles, especially considering what has just occurred in the housing market. Douglas is dead on with his principles and this reviewer is an idiot to think other wise. One quick explanation is this. Given the current market conditions if one had a 200k loan on a house that they bought in 2004, and then once the house appreciated in 2007 to est 280k, and pulled out their equity in 2007, and now with current housing market, where his house is now worth say 180k, was he better off to have that cash taken out in 2007 or have left it in?
its a rhetorical question.

By: Ann Observer

Ann Observer — Wed, 20 Jun 2007 01:25:01 +0000

Time Warner Business books has spent huge amount of money on this book. I would think they would verify a few things if their money and reputation is on the line. It is interesting to read the opinion of some two bit yahoo who can’t afford to buy the book apparently since he had to read it at BN and who, based on his lame rebuttals to some of the concepts in the book, clearly misses the concepts the author has practiced and successfully implemented for years making TREMENDOUS contributions to the lives of those who actually have implemented the ideas already. Some people would not recognize a novel concept if it crawled up their undercarriage..

Those of you who prefer co continue “mooing”, don’t bother buying the book. If you want to nut up and at least make up your own mind, spend a couple bucks to see what is in it.. and don’t be a moocher, buy the darn book you cheapskates!

By: ian baldwin

ian baldwin — Sat, 24 Feb 2007 09:28:36 +0000

Being a mortgage broker I have never met a wealthy person who has not been prepared to take a risk. Property if you have enough of them can fund a retirement and compared to pensions i know which one id rather have.

By: Fan of Don Lapre

Fan of Don Lapre — Tue, 19 Dec 2006 20:44:46 +0000

Sometimes I wonder why we have made things so complicated to ourselves? Still being incharge of situations.

Fan of Don Lapre
larisa@larisajoyreilly.com