100% Debt Free For Life Including Your Real Estate – Banking Secrets Free Training
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Video Rating: 4 / 5
THIS WAS GREAT. Thank you.
I will break down his exact scenario over a 9 month period for this exact
scenario to show you how wrong it is. each scenario below is what they
would look like at the end of 9 months.
First example, not paying any additional on the mortgage and saving the
$2,025 per month into a high yield CD.
Mortgage balance at the end of 9 months making minimum payments would be:
$286,925.30 and would have paid $11,257.09 in interest on the mortgage
$18,505.47 in savings ($2,025 * 9 + compounded interest)
If you balance your savings against the balance of the mortgage you would
have a net balance of $268,419.83
2nd example is taking the extra $2,025 toward the mortgage each month your
balance at the end of 9 months would be:
$268,381.19 and you would have paid $10,937.97 in interest over the 9 months
3rd example is this VIP plan:
Balance on the mortgage would be $266,568.93 and you would have paid
$9,308.30 in interest. On the “Debt Weapon” you would still have a balance
of $2,902.44 (you are only able to pay $2,025 per month towards the actual
balance of that fund, and have to factor in interest you are paying on it)
and you would have paid $1,127.44 in interest over that 9 months. For a
combined remaining debt of $269,471.37
Please be careful who you go to for financial advice, and make sure you
look at all the numbers yourself. It is easy when using a 30 year
amortization chart to “shock” someone with large numbers, but as I have
clearly outlined above, this method is not a winner. In either of the
three scenarios it is the worst financially. In the slide where he shows
the drastic interest reduction as the loan ages, you can flip that chart
upside down and remember, compound interest on your savings works the same
way but the curve grows exponentially upward for you. I hate to say it but
this is clearly a money making scheme, and does nothing that you couldn’t
do better yourself.
The same thing could have been accomplished by them just putting their
extra income the $2,025 towards the principal each month. They would
actually save even more in interest because they would not be borrowing at
12% to pay extra towards their mortgage. He is overcomplicating things
with this system and it is less fruitful. Even within the first 9 months,
paying their extra cash towards the mortgage vs. borrowing from the LOC to
put a lump sum on the house they would actually have come out ahead by
$538.03 in just 9 months. So this way is actually costing (during the
first 9 month period) an average of an extra $59.78 per month.
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I took the advice and watched the entire video. This is revolutionary
financial information that everyone should see. This is information that
should be taught in schools and the workplace.
You state you are not making the mortgage payment when you put the lump sum
down. But when you show the loan calculator chart you include the lump sum
and mortgage payment. So the numbers will show differently. Other than that
this is a good system with people who can control themselves.
WOW! Probably the best hour one can spend on here if your over 14 or so.
Straight scoop on banking,mortgages & credit scores . This impacts us every
day but we don’t really know squat about it. Lender advertising we see
everyday misleads us. Crap…I could have saved thousands by now and have a
way better credit score.