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Robert Kiyosaki, Suze Orman And The Money Merge Account Celebrity Death Match
I seriously think Bob and Suze need to put on the boxing gloves together and get in the ring….
Here are two extremely popular “pop culture” financial advisors, icons who spout their own versions of “financial freedom” and the “truth about debt.”
Both are on opposite ends of the spectrum in their views on money, debt and investments…
So who is right?…Who is wrong?
Personally, I don’t like both… More accurately, I don’t like both methods and tips… But if I had to choose, I’d probably feel on the “more conservative” side and go the Suze Orman route.
Although I think Suze, most of the time, is just spewing out a bunch of “good sounding” generalities that seem like common sense.
I think Suze speaks with her certainty and blunt confidence more as a selling point to all the “Kool-aid” drinkers who listen and follow anyone who speaks with enough confidence….
Don’t get me wrong, some of his advice is sound and common sense, but I think he sometimes talks about things he really doesn’t know much about, especially when it comes to mortgages and loan programs, and certain indexes loans may be linked and why this is important….
Suze is compensating and erring on the side of caution to protect her reputation and the “kool-aid” drinkers she markets her wares to…I can understand that approach, but that doesn’t mean I agree with her advice not even 25% of the time.
I can appreciate Suze Ormans tendency to be somewhat conservative financially, but sometimes I think she engages in a bit of “Financial Fear Mongering” on subjects she obviously knows “little” about,… specifically mortgages.
Robert Kiyosaki, on the other hand, almost borders on “financial reckless abandon.” He advocates the approach of borrowing to increase cash flow and using the liquidity of borrowing to make investments.
Mr. Kiyosaki believes in the mindset, shared by many of your more traditional financial planners, that you should always have a mortgage on your home and receive the tax benefits…
Robert also seems to like the idea of taking an “Option Arm” program and making the minimum “Neg Am” payment and investing the difference from what you would pay in a more traditional 30 year fixed rate mortgage.
I can’t even begin to express how appalled I am by the advice Mr. Kiyosaki gives… The scary thing is that many “mainstream” financial planners agree with him.
I, well, I tend to fall more in the middle between Suze and Robert. I think most people probably fall into that “average” zone.
First, I think you should always focus on paying off the mortgage on your primary residence in full as soon as possible. Forget the tax benefits that come with having a mortgage… Why the hell would you pay a lot of interest up front, just so you can write the interest off your taxes and hope you can get a bigger tax return in the end of year?… Makes no sense to me… Why don’t you take all that time wasting out of the equation and just pay off your mortgage as soon as you can… Don’t mention too much. that the IRS can decide to take away any tax benefits for owning a home at any time… I just don’t like putting that control in someone else’s hands… How about you?
Second, why the hell would you take out a “Neg Am” mortgage, on your primary residence, make the minimum payment, and invest the difference?… Now if you have the strict discipline to be able to invest the difference, this could work. , but at best, the problem remains, you’re still betting on the future performance of what the market you’re investing in will do.
Do you realize that by “Contract” the most a financial planner can guarantee as a return on your money is 3%? Now do the math, when it comes to making a “Neg Am” payment and investing the difference and see if this approach is really a good idea.
I personally like to be in control and NOT put my “faith” in anything if I don’t, especially when it comes to money and future security for my family and myself… But that’s just me … I’ve been called a “Control Freak” more than a few times in my life.
That’s why I like the “Money Merging Account” (MMA) method to pay off your first mortgage as quickly as possible without affecting your monthly cash flow.
What is an MMA?
The money fusion account consists of three main components:
1. Your existing primary mortgage
The existing mortgage on your home is the basis of the money pool account.
2. An advanced line of credit (ALOC, same as a second lien line of credit)
The MMA program uses an advanced line of credit as a vehicle or tool to drive the program. The equity line of credit must have the ability to function similarly to a primary checking account and must be set up with an open interest calculation versus a closed interest calculation. Combined with the MMA web-based system, this creates a formula where the money in your line of credit account generates interest cancellation on your primary mortgage.
3. MMA software
The online MMA system makes a connection between your bank account, your advanced line of credit and your primary mortgage. Every time you deposit income into your account, it’s recorded as a decrease in your mortgage balance. By reducing your mortgage balance, you are now reducing the balance on which interest is accrued. By decreasing the balance on which interest accrues, you increase the portion of your monthly payment that goes toward your principal. The proprietary MMA system algorithms are systematically programmed to create the maximum possible interest savings in the shortest possible time.
In short, an MMA is basically getting a second smaller “Home Equity Line of Credit” or HELOC on your home and using that HELOC like you would your regular checking account by rolling your income into it (direct deposits and what no). Since HELOCs use “open” interest calculations, you can use this to your advantage by writing off the interest on the “closed” interest calculations on your current “first” mortgage and making some accelerated principal payments and ” compounds” to the process.
A HELOC payment is also based on an “Interest Only” calculation of what the average daily balance is on the line of credit. Supposedly, if you’re rolling your income through this line of credit, not only is the HELOC payment automatically made, but the amount of interest charged is minimal because you’re constantly keeping the full amount drawn on the line at a very low level. level Compare this concept to a fixed second mortgage and see what you think… Go ahead and do the math.
You will always have access to your income and cash flow based on the fact that the HELOC is an open line of credit that you can use at any time.
With this approach you get the best of both worlds. You get to pay off the biggest debt you probably have (your home) in less than half the time and still have access to your cash to invest as you’d like, so you don’t miss out on any great investment opportunities that may come your way. throughout
Using a “Money Merging Account” (MMA) as a financial planning tool puts you back in control. It’s an acquaintance rather than an unknown, which is the territory most “traditional” financial planners tread.
Now using the MMA concept takes some discipline. It does NOT do you justice to constantly run your MMA account on frivolous purchases that you wouldn’t normally make if you didn’t have MMA.
Your home is NOT a credit card and an MMA should NOT be the vehicle to treat your home like a credit card. But with that said, I challenge you to compare this level of discipline required to effectively use MMA to the discipline required using a payday loan option ARM with the “Neg am” option and investing the difference that Mr. . Kiyosaki and some of your top financial planners.
Now, as I personally like the concept of MMA, this is where I differ not only from Robert Kiyosaki but also from Suze Orman.
Me, I remember Suze Orman used to talk here about the “fame scare” about the dangers of HELOCs from “home equity lines of credit” saying that if you miss a payment on a HELOC, you’ll lose yours home Jeesh, that’s a bit of a stretch.
The problem people run into when using HELOCs is that they tend to treat them like a credit card secured by their home. This is the absolutely wrong approach and is not what the MMA method stands for.
So back to the original question… Who is right, who is wrong?…
If you ask me, I’d say both Robert and Suze are wrong because they don’t understand the “wide reach” implication of what they preach to the masses.
I would also say that there are certain financial concepts that both of you don’t know and could agree on.
Not everyone will fit into any “cookie cutter” financial plan. A lot of this comes down to style, comfort levels, discipline and personal financial tolerance… in essence “Different strokes for different people…”
My only point is don’t believe anyone “blindly” just so they can be popular or speak with confidence. Research for yourself what might be the BEST course of action for you based on your personal financial situation and goals…
In the meantime, I’ll see if I can arrange the celebrity death match between Robert and Suze. Are you interested in buying tickets to see them?….. 😉
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