An Update:
United First Financial just announced a new CEO Sr. VP who is an ex
ING executive.
Also... one of the
TOP 5 banks in the country is going to be announcing in August that they are endorsing this software program and co-branding an equity line for it. We do not have the Banks name yet.... but watch the news.
A side note: After reading exMMA's post I see why he is no longer an agent. Because he does not seem to know some of the basics of the program, I wonder if he really quit because he just could not explain it properly (that is not uncommon). This is a great product... but it is not like selling tennis balls... yellow or white. It is sophisticated and essentially an intangible item as you are selling them savings they cannot touch, see or feel. It takes someone who can get the clients head wrapped around what this program can mean for their future, and their families future.
Also... I too ran this program up against other alternatives... before I joined the company... and after. I have still not found anything that gets a better bottom line. I keep hearing folks like exMMA saying that they can do it themselves... but when I ask to see their results... nothing. If exMMA would like to PHONE me ... or even email me... (info is below)... his plan that beats this... I will be happy to come back on this forum and eat my hat. I will even send him a gift certificate for lunch at a restaurant near his home. If his own program REALLY spanks this... dinner.
exMMA's debt reduction plan is nice ... but not near as agressive as it would be with the Money Merge Account as it's driving force.
Let me address it line by line...
1. Make a realistic budget and stick to it
Excellent - United First Financial advises clients to to just that!
2. Cut up the credit cards.
Only if you are undisciplined. Otherwise floating your daily expenses on a credit card and paying it off in full with the equity line at month end before it accrues interest is a great strategy for floating more money and getting more performance out of the program. Banks call people who use credit cards interest free "deadbeats." We consider that a compliment. TIP for folks who do have a tendency to overspend though... keep your credit card with the highest credit limit with no balance on it... and freeze it in a mayonaise jar. Then it is accessible if you really need it... but you have time to think about it. For your everyday expenses card... get one with a credit limit just a little higher than your monthly budget.
3. Pay yourself, that is, SAVE.
Yes and no. A savings account is an antiquated financial tool that banks love because they pay you 1% and loan you back the money at 6-22%. Anyone that has debt and good credit should not have money stagnating in a savings account. YES... try to spend as little as possible... but take that money and use it to pay off debt. If you need a financial cushion, you have credit cards and equity lines for that. The only cavet... they get used ONLY in emergencies (except for 2 - within your budget).
4. Sacrifice some of the things you want. You really don't need that 60" TV.
Agree wholeheartedly. We live in a consumer culture of greed... buy now ...pay later. Living within your means is essential. Personally I would rather have more, cheaper toys, than less, more expensive ones anyway.
5. Take the extra money you have, after trimming your budget, and apply that to your lowest balance debt until it's paid off.
Why lowest balance? Would not the highest interest rate, or highest balance get the most bang for your buck? Also... with the Money Merge Account you will see that rolling debts into your equity line and paying them off with the program saves months and years off your overall debt. It just makes sense to pay off higher interest rate credit cards with a lower interest rate heloc.
6. Take ALL the money you were applying to the first debt payment, add it to the second debt payment and pay it off. Keep growing the snowball until all your debt is paid.
Bottom line... yes... pay off debt. But save interest by rolling into a lower interest vehicle first. Then... stop being a spending junkie.
7. STOP living beyond your means.
Absolutely... Amen.
8. STOP borrowing.
Yes... unless it is to get a lower interest vehicle. See 6.
Essentially the Money Merge Account is a get out of debt program. Also... exMMA might have left the company before the newest version of the software came out so he missed out on some of the great new features.
One is a True Cost feature... which tells you what your expenditures are costing you in relation to your debt load and income.
Talk about disipline! When folks see that $300 BBQ grill is really going to cost them $1600 ... you think they might think twice about it?
This is not about scrimping and saving... this is about spending your money (or not) with your EYES WIDE OPEN.
Version 3 of the software is out... Version 7 in the planning stages. Upgrades are free, use it on up to 5 primary residences with no additional costs.
This program is also about building wealth through homeownership. A simple, non-complex way for the average American homeowner to get ahead.
This program can take someone who has ZERO discretionary dollars left over at month end... and still knock (on average) 8-11 years off their 30 year mortgage. Does even better for folks who actually DO spend less than they make.
Hope this helps! But keep in mind... this program DOES have tons of credibility. In August it will be going mainstream.
Sue
407-697-8869
sue@u1stFinancial4u.com
