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FIB - Scams 101
United First Financial - Dave Ramsey Says NO!
Posted By: Bob E. In Response To: Accelerated Equity a.k.a. United First Financial (Madeline)
Date: Monday, November 12, 2007, at 10:31 a.m.(pst)
For what it's worth to you, national radio financial talk show "I'M DEBT FREE!!!!!!!!!!" guy says that this software and program by United First Financial does not sit well with him because while UFF does seem to promote the acceleration of paying down of your mortgage and the software really does do the calculations properly, UFF is also advocating borrowing money (on the HELOC) which pretty much cancels out the good aspect of UFF (if there truly is one). It's like supporting a smoker to quit smoking then telling it's OK to just light up and forget about quitting whenever he thinks things are falling apart.(that's not his analogy, it's mine. LOL)
Furthermore, he does state that there are some lies in the marketing of their software and program, but to be honest with you, I can't remember exactly what those where.
He also stated that the software works, but it's way over-priced and makes no sense for someone to spend money on it since...
1. You don't need the software to perform the simple calculations it performs.
2. Given #1, why not use that $3500 to pay down your mortgage? That is the whole point of the whole program anyway, right?From what I gathered from his whole speech about UFF, he's saying that on the surface the whole thing seems OK and good and well-intentioned, but if you look deep (and not really that deep at all if you have common sense) you will see an ugly MLM sort of set up that works by catering to the "I want everything to be easy" side of the brain of those that are bad with money and making them think that the software program is some sort of magic tool that will, in and of it's self, cause the mortgage to be paid down just by running the software. This could not be further from the truth because the only thing that will pay down that mortgage is the person and therefore the person has to be disciplined. If the person is bad with money, then what needs to be done is a changing of the person and how they view and work with their finances. And surely, borrowing money through the HELOC certainly isn't doing anything to promote good financial behavior.
Anyhow, that is the gist of his take on United First Financial. It's basically a company that takes advantage of people who are bad with money and makes them think there is an "easy way out". Just like pretty much all of the "make money from home" products sold on TV and Internet and magazine ads.
I very much respect Dave Ramsey and his advice because it's simple and straight-forward with no fluff. He tells you how it is and how it has to be if you want to be free from the shackles of money and debt.
Take this post and his opinion of UFF for what it's worth to you. But don't bash me, I'm just the messenger. LOL
He talked about United First Financial and their Accelerated Equity program for a good 3-5 minutes (or maybe more) and I wish I had been listening online where I could have recorded it so others here could heard it.
Bob E.
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