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FIB - Scams 101
Re: $199 versus $3500.
Posted By: calvin In Response To: Re: $199 versus $3500. (Gina Sands)
Date: Thursday, January 17, 2008, at 8:02 a.m.(pst)
In Response To: Re: $199 versus $3500. (Gina Sands)
Sue makes very little sense actually. I'm sure she makes plenty of cents selling this overhyped software. But the $3500 price tag gets you very little. You see, while it really isn't even that complicated a system at all, the key thing that people need to realize is that YOU DON'T WANT TO REPLICATE THIS SYSTEM. It can easily be beat, for free. Not $3500, not $199, but nothing. Ok, not nothing, but no money. You need about 5 minutes per month, the same five minutes per month you need to use their software in fact.
You see, there is no real measurable benefit to their system versus prepaying on your own. Just prepaying on your own, month by month, gets you 99.5% of the benefit of what they do, and if you couple this with a good interest bearing checking account versus teh 0% accounts they always compare to, you will actually beat their system. No effort required. They tell you that you can't do it. Why are they so bent on selling you short? Why do they beat you down to get your money when they could just tell you the truth. There's no magic. No complexity. The more you prepay your mortgage (or any loan for that matter), the faster you pay it down and the more interest you save.
To see progress towards your mortgage, simply download a free excel plug in, there are many out there, for amortization tables. it's quite simple to do on your own in excel, but even those afraid can just use the plugins.
the "Sue"s of the world will come back and scream that it's all in the TIMING of the payments. Sure, an extra payment made today versus 10 years from now has a profound difference, but 12 $500 payments over the next year have little difference to 1 $6000 payment today, especially considering the interest cost of borrowing that $6000 even with their precious interest cancellation technique.
the hard proof is in the math, and I will gladly compare this for anyone who wants their scenario done. The $3500 price tag KILLS any benefit you could get except for absolute extreme circumstances (think million dollar homes and 6 figure incomes).
the soft proof lies in this simple truth, no agent has ever provided a month by month comparison of their technique versus prepaying. If the software worked so well, why wouldn't they be beating down the opponents doors with tons of DETAILED examples. They just say "ours is faster" without ever proving it. NOT ONCE! Opponents prove they can beat it time and time again, because, honestly, it's just not that hard to do. They NEVER provide real examples, just statistics. If the conclusions they draw from theor statistics are so valid, why can't they provide ONE example of their system working better. Not just "see, they paid it off faster than if they did nothing", but actual, "these are the money transactions" to allow someone else to show them that it could have been done far faster (usually, $5,000-$10000 more interest saved than the MMA approach, mostly due to the $3500 price tag).
>> Sue, you make a lot of sense. It is strange that people will spend
>> $3,500 a year on cereal but won't look at a legitimate way to fight their
>> way out of debt and into financial freedom.
>> The cost of the software is high but if anyone on this board can
>> recreate that software, they are in the wrong place at the right time.
>> Excel experts are few and far between. Most folks are not going to take
>> the time to program a spreadsheet with the expertise that this software
>> Look at Google to see the benefits and financial rewards for
>> developing a specific software that benefits the market place. How much do
>> advertisers spend to get their ads clicked on Google.
>> I think the product is amazing. The truth is a lot of homeowners who
>> need the product won't purchase it because of the price. These same folks
>> will probably lose their homes in the coming years.
>> When I was preaching to home owners to get their equity out of their
>> homes and into a secure and flexible savings plan, they took their time,
>> drug their feet and $100,000, $200,000 in equity (that could have been
>> real cash in their pocket) is lost. It will take these homeowners years to
>> recover their money. No one understands that equity has no rate of return.
>> In this dire real estate market, this software is worth its weight in
>> gold and equity building. Try putting $3,500 on your mortgage, it will
>> reduce your payments by pennies on the dollar. Use a mortgage reduction
>> program responsibly... (Important phrase.. and you will save thousands and
>> thousands of dollars in equity build up/
>> Hopefully, this software comes with ongoing support from the person
>> who provides it to the homeowner. This way you can keep the homeowner on
>> track to financial relief.
>> I am considering becoming an agent for this product. I think it has
>> universal appeal and can help homeowners. Not only that but If I
>> understand the website, agents make $1,000 per sale? That looks like a
>> million dollars if you have loan agents that have 1,000 or more customers.
>> While, we moan about the price.. think what it costs to sell your
>> house? you pay the agent 3-6 percent of the price. Need a loan, you pay
>> 3%. Save money year after year $3,500, seems like a bargain price to me.
Messages In This Thread
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