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I don't know. But then again, I'm not the one selling people a solution to this problem so I don't have any particular need or reason to know.
People are free to go back and read what you said originally about discretionary income and see if my understanding was incorrect.
And to banker - I know you need extra money to pay down a mortgage using your extra money. But from what I've seen, the program (or at least some of the salesmen) say the opposite to get people to buy. My big problem isn't with the idea of saving money, just with lying to people to get them to buy something that doesn't do what is claimed of it.
I know....this is why I was very upset with the way it was presented.
Also, who's trying to do the sales here? KC or Ninja?
I'm just embarassed in how someone who works for the same industry I do is trying to manipulate a sales conversation.
I think everyone should be upfront, and if they like it...then they do.
DO NOT LIE!
No extra monthly payments just 'large money transfers'.
No discretionary income...just use your own income and let your other bills pay themselvers
Quote:
Originally Posted by KCfromNC
I don't know. But then again, I'm not the one selling people a solution to this problem so I don't have any particular need or reason to know.
People are free to go back and read what you said originally about discretionary income and see if my understanding was incorrect.
And to banker - I know you need extra money to pay down a mortgage using your extra money. But from what I've seen, the program (or at least some of the salesmen) say the opposite to get people to buy. My big problem isn't with the idea of saving money, just with lying to people to get them to buy something that doesn't do what is claimed of it.
Through UFirst's strategy we create discretionary income.
Do you NEED discretionary income for the program to work?
YES!!
I have clients though who when I met them they had $0 discretionary money at the end of the month. WHY?
Because they didn't live on a budget and they had tons of debt!
Through the MONEY MERGE ACCOUNT they were able to write checks in excess of $40,000 to pay of ALL their creditors. Now, they only have a heloc and a mortgage to worry about. If they live on the budget that THEY created for themselves through the program then they will have BOTH the heloc and the first mortgage paid off in FULL in 7 years!!
When I sit down face to face with someone I tell them everything about the program, with the people here on this site I just give you all sound bites to peak your interest. Hopefully you can find an agent in your area who knows what they are doing and can intelligently answer all of your questions.
80% of the people that I talk to purchase the program because when I am done with them they are fully informed. I push everyone to do the free analysis, because without that then the homeowner has NO IDEA what is POSSIBLE. After I do the analysis if they say the program is not for them then I file their info and move on to the next person who WANTS to save 10's of thousands of dollars and shave YEARS off of their mortgage.
The MMA allows everyone that qualifies the opportunity to be completely debt free without having to think about it AND without having to make major spending adjustments.
I thought that this was an interesting post found on another site:
As an investor I always look at the ROI (Return On Investment) or how much do I get back for every dollar I put in.
One of the great investments today is the Roth IRA, which after 50 years at $3/per day is likely to return $1,000,000 if you start at 18 and the stock market gives average returns. That is an ROI of about 13: you put in 50,000 and after 50 years get about 1,000,000 back.
The Money Merge Account gives a ROI of about 64, based not on corporate data but on real customers I have worked with: cost is $3,500 and average return in less than 30 years is $221,000. Price? You get 64 dollars back for every dollar you put in, it is tax free and a very conservative investment. Price is NOT an issue.
I am the Executive Director of a non-profit organization that does financial education, see www.KidsFutureUSA.org
"To say the least, I am excited about this product!
I’ve been using the Money Merge Account for five months now and have saved $44,846 in interest and cut 29 months off my mortgage.
Spending $3,500 to save over $44,000 in five months is, in my opinion, a great ROI! Another way to look at it, I was happy to pay interest of $139.14 on my ALOC to save $44,846 on my first mortgage.
Needless, to say I am excited about paying off my 26 year mortgage in less than half the time and offering my friends and clients the opportunity to do the same!"
I thought that this was an interesting post found on another site:
As an investor I always look at the ROI (Return On Investment) or how much do I get back for every dollar I put in.
One of the great investments today is the Roth IRA, which after 50 years at $3/per day is likely to return $1,000,000 if you start at 18 and the stock market gives average returns. That is an ROI of about 13: you put in 50,000 and after 50 years get about 1,000,000 back.
The Money Merge Account gives a ROI of about 64, based not on corporate data but on real customers I have worked with: cost is $3,500 and average return in less than 30 years is $221,000. Price? You get 64 dollars back for every dollar you put in, it is tax free and a very conservative investment. Price is NOT an issue.
I am the Executive Director of a non-profit organization that does financial education, see www.KidsFutureUSA.org
Your second point is misleading at best. I thought we'd already established that you have to put discretionary income into the mortgage for the MMA to work, and now you're going back and saying that you can pay off a mortgage early with no extra investment. How much extra discretionary income do you have to put towards the mortgage and for how long to get the $221,000 payoff? Without that information you can't calculate a ROI, at least not honestly.
I could argue that my Roth IRA provider only charges $5 a year to keep my account open, so after 30 years with a balance of $1,000,000 my ROI would be huge. Of course, I'd be ignoring the money I have to put into the investment just like you're ignoring the extra money each month you have to pay into the mortgage to pay it off early.
Oh, and your math is wrong as well. Putting $3 a day into a Roth returning the average S&P annual return of 12% a year will be worth over $2.6 million after 50 years. And at that rate you'd be way below the minimums for Roth contributions which are $5K a year.
Banker0697 - this is what I meant by lying to sell a product. I've got nothing to sell, and I lose nothing if people buy into this mess. But it still annoys me seeing how far someone will go to get a commission out of an unsuspecting customer.
I'm in the mortgage industry....and I have been offered to sell this product.
I dont because of too many ppl that mislead the clients.
I'm glad that I'm in NC.....a lot of laws came into play, and a lot of lenders will be getting out of the mortgage business.
I have been following this thread very closely...anyone can tell it's hype when the sales person asks "isn't it exciting?"
Quote:
Originally Posted by KCfromNC
Your second point is misleading at best. I thought we'd already established that you have to put discretionary income into the mortgage for the MMA to work, and now you're going back and saying that you can pay off a mortgage early with no extra investment. How much extra discretionary income do you have to put towards the mortgage and for how long to get the $221,000 payoff? Without that information you can't calculate a ROI, at least not honestly.
I could argue that my Roth IRA provider only charges $5 a year to keep my account open, so after 30 years with a balance of $1,000,000 my ROI would be huge. Of course, I'd be ignoring the money I have to put into the investment just like you're ignoring the extra money each month you have to pay into the mortgage to pay it off early.
Oh, and your math is wrong as well. Putting $3 a day into a Roth returning the average S&P annual return of 12% a year will be worth over $2.6 million after 50 years. And at that rate you'd be way below the minimums for Roth contributions which are $5K a year.
Banker0697 - this is what I meant by lying to sell a product. I've got nothing to sell, and I lose nothing if people buy into this mess. But it still annoys me seeing how far someone will go to get a commission out of an unsuspecting customer.
"To say the least, I am excited about this product!
I’ve been using the Money Merge Account for five months now and have saved $44,846 in interest and cut 29 months off my mortgage.
Spending $3,500 to save over $44,000 in five months is, in my opinion, a great ROI! Another way to look at it, I was happy to pay interest of $139.14 on my ALOC to save $44,846 on my first mortgage.
Needless, to say I am excited about paying off my 26 year mortgage in less than half the time and offering my friends and clients the opportunity to do the same!"
If the same person had put $140 a month extra toward his mortgage instead of paying it in interest he'd wind up saving even more than $44,000 in interest and he'd cut more time from his mortgage. That doesn't include the long term advantage of putting the $3500 for the software toward his equity.
Assuming that he started this four years into a 30 year mortgage:
For a $120,000 mortgage, he'd wind up saving $40,950 and he'd be paid off 8 years (96 months) early.
For a $200,000 mortgage, he'd save $48,167 and he'd be paid off 5 1/2 years early.
For a $250,000 mortgage, he'd save $50,891 and he'd be paid off 56 months early.
He's stupid to pay $3500 for a software program that tells you it's better to pay $140 a month in interest that you'll never get back instead of paying $140 a month directly toward your mortgage as an extra payment.
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