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FIB - Scams 101
$3500 for software to pay extra on your mortgage?
Posted By: Bill, the Roadie In Response To: Re: Accelerated Equity a.k.a. United First Financial (Sue Copening)
Date: Monday, July 9, 2007, at 7:27 a.m.(pst)
>> Is it worth the $3500? ABSOLUTELY!
Color me skeptical.
>> The only people that say that it is not - are people that do not
>> understand the complex calculations that go into optimizing this concept.Ummmm, no. I also don't understand why it has to be sold with so many layers of parasites all wanting their cut of the sales price without doing any work.
>> Also... when someone says it is not worth the money and you can do it
>> youself... simply ask them if they ARE doing it themselves.Sounds like a few hours (max) work with an Excel macro could accomplish the same magic. I might be wrong. Convince me. Or not, it's really nothing I'd be interested in.
>> This software is SO EFFICIENT that we can generally take someone that
>> has ZERO discretionary income left over each month... they spend every
>> penny they make... but we can still knock 6 to 11 years off their 30 year
>> mortgage.By having them pay extra into the mortgage? Then they really didn't spend every penny they make and somebody's fibbing.
>> The software does it for you in about 10 minutes a month... and ...let
>> us face it. This is MATH... not horseshoes or hand grenades... common
>> sense is going to tell us that a guessing game, or math done by a human,
>> is never going to be as accurate as a software program.And this accuracy is worth $3500? Hmphh.
>> We tell people all the time they CAN do this concept on their own and
>> get similiar results. However since this software can save you $100,000,
>> $200,000, $300,000, (on average) in interest... SIMILIAR results could
>> still be $10,000, $30,000, $60,000 away from the results you would get by
>> stepping up to the plate and simply getting the right tool for the job.I see. The pitch is to price the product according to long-term savings potential, even though almost NO mortgages ever last their full term. People sell, refinance, divorce at a FAR higher rate than they let the mortgage go to full term. So your saving potential is lowered by this effect, but you don't tell your prospects about that, do you?
>> You can use the software on up to 5 primary residences... so monthly
>> cost could be anywhere from $3 to $25 a month. To use something that is
>> going to have you completely debt free in as little as 8 to 11 years (on
>> average) and allow you financial freedom to put your kids through college,
>> retire early, etc.Yeah, all this pitched to folks who spend every penny they make? Sure.
>> The software is sold by independent agents... you must take a test and
>> score 95% and it cost $175 one time fee to sign up and have access to all
>> training, etc.If it's so great - why can't it be sold on a shelf next to other software at a reasonable price? Surely it wasn't 1% as difficult to develop as Word or Excel, or something that costs $500. Nah, it's marked up to the stratophere to pay for the greedy parasites.
>> The pay-out plan is similiar to MLM... but it is actually the same Pay
>> Plan as Travelers Insurance used for 27 years. How it is different from
>> most MLM is that you are NOT required to buy the product to be and agent
>> (in fact the company will not sell the product to anyone unless they have
>> the right loan products in place), and you do NOT make any money by
>> recruiting agents into your team.Well, super. But it's still overpriced.
>> You do make... commissions, bonuses, and over-rides on your teams
>> sales when you move into management.Naturally.
>> Our agents are generally... Finanical Planners, CPA's, Realtors,
>> Mortgage Brokers and Life Health Insurance professionals. Anyone can be an
>> agent though it is easier for folks that have credibility in those
>> industries.A professional financial planner, presented with a client who was "spending every penny they made", who would sell them a product for $3500 to let them pay extra on their mortgage every month in hopes of a long-term payoff that might never come, should lose their license. Just my opinion.
The planner might buy the product, and if it only takes ten minutes a month to use, should USE IT FOR THE CLIENT as part of their services. They could use it for 100 clients a month, like the financial planner would also use Word or Excel. There's no earthly reason why they should burden EACH of their clients with this sort of expense, except for pure greed.
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