AUDIO BOOK REVIEW: THE LAST CHANCE MILLIONAIRE BY DOUGLAS R. ANDREW
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If you are a Baby Boomer, how prepared are you for retirement? Do you think you are set? Well, chances are you might need more money than you anticipate.
This book focuses on the millions of Baby Boomers born between 1946 and 1964. Even though you might feel like you do not have enough saved, the author states that you can catch up.
Most Baby Boomers will not have enough money to make ends meet. The average Baby Boomer has less than $50,000 accumulated for retirement. The majority of them have much less than $50,000. Why? The author states it is due to "bad habits".
Baby Boomers have been taught many things from their parents who had a rough time during the Great Depression. Today, the world is very different and things their parents taught them about saving, etc. do not apply.
The author goes into detail about many topics and some are "Baby Boomer Blunders", "The Greatest Burdens to Overcome", "Strategies to Employ" and "Discarding Outdated Information" just to name a few.
Two of the main points the author stresses are the equity in your home and compound interest as ways to help you catch up on reaching your goal for retirement. He also emphasizes the importance of not getting involved in the traditional IRA and 401K. It is important for your money to grow tax free - not only tax deferred.
Even though this book is aimed at Baby Boomers, it would be an interesting and informative read for younger people also. The author does a good job of getting this very important message across to people young enough to be able to change their ways and accumulate more savings for retirement. Mr. Andrew provides many examples as he goes along to help the reader understand exactly what he is trying to emphasize. If you want to improve your chances for a better retirement, this book provides a great deal for you to think about and gives many suggestions for a way to reach your goal. The author does his own reading for this audio book.