is the title of a new book, by financial advisor and author, David Latko, host of the Money & More radio program. The book is a no-nonsense tour of common financial mistakes – and how to avoid them – from buying a second home to passing on your wealth to your kids.

In the book, David is very upfront: he is a destination club member himself and believes that is a good alternative to second home ownership. But he also sees the drawbacks, such as seasonal availability – a topic we have covered many times. He offers his own advice on what to think about before you sign on the dotted line: 1. What is the guaranteed minimum price of each home acquired for the club’s portfolio? 2. How many days a year in advance are you guaranteed, how many “space available” days can you use? 3. Perhaps most important, ask how your prospective club will make its money. 4. Avoid favoritism: insist the club agree to a “best deal” contract clause when you join. 5. Always demand to see the club’s financial statement.

So, having read his book, we called to interview him last week and found out that for the last four years he has been a member of Tanner and Haley Distinctive Retreats. Since the book was written last year David has further updated his thoughts on the destination club category and what consumers need to be wary of, or insist upon, when they join. Part 2 tomorrow.