Comments on: Money Merge Hyperbole!! http://www.joetaxpayer.com/money-merge-hyperbole/ Financial Commentary For The Average Joe Mon, 06 Feb 2012 21:56:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Greg http://www.joetaxpayer.com/money-merge-hyperbole/comment-page-1/#comment-534 Greg Thu, 17 Jul 2008 21:09:05 +0000 http://www.blog.joetaxpayer.com/?p=182#comment-534 The "HELOC Shuffle" does work and it can (I emphasize "can") be more effective than regular extra payments. Mark, if you want to enter your numbers and see the details of the work, go to www.mydebteliminationcalculator.com and try out my software (for free) to show you the results that are possible. The results will also show in all their gory detail each transaction (and there tend to be a lot of them.) You can follow them one at time as see how the system is working. You can also compare the results versus an amortization schedule with the regular pre-payments from an online calculator and see how the HELOC based system nibbles away at the debt usually a little bit faster. Joe, I used to have the same opinion you do. Then I built my piece of software to see for my self. The system isn't perfect - there are risks as I have seen you bring up in other blogs - but it does actually work. Also, Joe. Nice site. The “HELOC Shuffle” does work and it can (I emphasize “can”) be more effective than regular extra payments. Mark, if you want to enter your numbers and see the details of the work, go to http://www.mydebteliminationcalculator.com and try out my software (for free) to show you the results that are possible. The results will also show in all their gory detail each transaction (and there tend to be a lot of them.) You can follow them one at time as see how the system is working. You can also compare the results versus an amortization schedule with the regular pre-payments from an online calculator and see how the HELOC based system nibbles away at the debt usually a little bit faster.

Joe, I used to have the same opinion you do. Then I built my piece of software to see for my self. The system isn’t perfect – there are risks as I have seen you bring up in other blogs – but it does actually work.

Also, Joe. Nice site.

]]> By: JOE http://www.joetaxpayer.com/money-merge-hyperbole/comment-page-1/#comment-535 JOE Thu, 17 Jul 2008 20:28:50 +0000 http://www.blog.joetaxpayer.com/?p=182#comment-535 Greg - I am on the fence. I can understand that it CAN work. The earlier in the month one is paid and the later in the month the bills are due will create more savings. I find it curious that the MMA examples I find online, by UFF itself, show no savings at all from the HELOC. On your site, the HELOC use is responsible for just over 1% of the total savings compared to no HELOC at all. I think your site is honest and worth viewing. I also think that UFF uses hyperbole and implies some magic to HELOC which just isn't there. Joe Greg – I am on the fence. I can understand that it CAN work. The earlier in the month one is paid and the later in the month the bills are due will create more savings. I find it curious that the MMA examples I find online, by UFF itself, show no savings at all from the HELOC. On your site, the HELOC use is responsible for just over 1% of the total savings compared to no HELOC at all. I think your site is honest and worth viewing. I also think that UFF uses hyperbole and implies some magic to HELOC which just isn’t there.
Joe

]]> By: JOE http://www.joetaxpayer.com/money-merge-hyperbole/comment-page-1/#comment-513 JOE Wed, 16 Jul 2008 01:42:35 +0000 http://www.blog.joetaxpayer.com/?p=182#comment-513 No, it makes no sense. A new mortgage of $295,000 at 6%, has a payment of $1768.67. The $350/mo extra will cut the time down to just under 20 years. Not bad, but the classic MMA hyperbole wants you to pay an extra $1000 against a regular payment of $1200, nearly twice the payment to get the mortgage paid in 10 years. Joe No, it makes no sense. A new mortgage of $295,000 at 6%, has a payment of $1768.67. The $350/mo extra will cut the time down to just under 20 years. Not bad, but the classic MMA hyperbole wants you to pay an extra $1000 against a regular payment of $1200, nearly twice the payment to get the mortgage paid in 10 years.
Joe

]]> By: Mark http://www.joetaxpayer.com/money-merge-hyperbole/comment-page-1/#comment-511 Mark Wed, 16 Jul 2008 00:23:45 +0000 http://www.blog.joetaxpayer.com/?p=182#comment-511 Joe, Would like a copy of spreadsheet. I was just introduced to MMA and am not convinced. They tell me I can pay off 295,000 balance along with 70K in interest on top of that in 8.3 years. The numbers just don't add up and they keep pointing to the complicated math formulas and the Heloc to accomplish. Without dumping in lots of extra cash which I don't have, only about $350 extra a month, it just doesn't compute. They sware it will work but I am skeptical. Thanks, Mark in Naples, FL Joe,

Would like a copy of spreadsheet. I was just introduced to MMA and am not convinced. They tell me I can pay off 295,000 balance along with 70K in interest on top of that in 8.3 years. The numbers just don’t add up and they keep pointing to the complicated math formulas and the Heloc to accomplish.
Without dumping in lots of extra cash which I don’t have, only about $350 extra a month, it just doesn’t compute. They sware it will work but I am skeptical.

Thanks,

Mark in Naples, FL

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