The Money Merge Account, a product of United First Financial, is becoming more and more popular these days, with even so-called “gurus” in the industry starting to back them up. What you need to know is why.
The Money Merge Account (MMA) has been around for several years, but seems to have grown legs in the last year. There are several reasons for this, just look at what the industry has been going through during this same time frame. Then look at how the program sales force is developed, network marketing. Multi-level marketing (MLM) is not the a good way to “sell” this type of product, especially due to its lack of true value.
Now, since mortgage brokers, real estate agents, and even the “gurus” are now making considerably less than they used to, you can see why this program is now marketed heavily. Due to the Money Merge Account’s widespread publicity, other programs are being developed, such as CMG’s Home Ownership Accelerator and the latest addition, the Home Equity Acceleration Plan (H.E.A.P.) by Roccy DeFrancesco. I do not recommend any of them, plain and simple.
Why? You don’t need a program in reality. You certainly do not need pricey software that doesn’t have any “true” value besides a means to discipline yourself. Sophisticated algorithms really do not provide enough benefit to justify its price tag, but then again, the salespeople will argue this because they get paid (handsomely) for each one sold.
Another reason I do not recommend them is that other options are much better. The rules of money work against these programs, and they may actually be robbing you of your financial future. Look at what the banks do (arbitrage) along with what the wealthy do, and you will se what I mean.
One of the other problems with these programs is those who are marketing it. It has been shown that desperate people will say whatever it takes to get the sale, all the while presenting misleading information, even outright lies. Their lack of financial understanding shows throughout. They will downplay tax advantages, build up the negative connotations of amortization tables, and play up the need for “software” to make it work.
All of these programs require the use of a HELOC (sometimes called an ALOC or something else), typically used as your checking account. Since lenders are freezing these types of programs or severely limiting them, so these programs are in jeopardy, especially in declining markets like South Florida. That doesn’t stop the salespeople though, as they will suggest opening personal lines of credit or even using credit cards to get around that hurdle.
The bottom line is be cautious and do your own research before choosing one of these programs. Understand all of your options before you commit and learn how to do it yourself, instead of paying someone else to tell you or get you sold into expensive software. In simpler words, don’t drink the Kool-Aid.
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