1.
Why is it beneficial to me to pay down my mortgage?
Because
you will have mastery over your finances when you
are free and clear of your mortgage and other debts.
You will be able to use the thousands of dollars spent
on mortgage interest to invest, travel, assist your
loved ones if necessary and generally have the choice
to live your life as you wish ... peace of mind.
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2.
Is it really possible for me to pay off ALL my debts
in such a short time?
Let
us give you an example: if your mortgage balance is
$100,000 with a $1,000 monthly payment. And if you
have other debts, including car payments, that also
require $1,000 monthly payments. The FMN system, on
average, would pay off those debts in the first few
years. Once the non-home debts are paid off, you would
have an extra $1,000 per month toward your mortgage
payment. Adding this to your regular payment, including
interest, would allow you to pay off your mortgage
in 5 years. This added to the first two years paying
off your non-home debts brings you free-and-clear
in 7 years! From then on you would have $2,000 a month
to invest, leading to a possibility of accumulating
$1 million in the time it would have taken you to
just pay off your home mortgage!
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3.
Will I have to live like a pauper to do the Financial
Mastery Now system?
You
will need to adjust your spending behavior if you
are in credit card debt, but you won’t have
to live like a pauper. In fact, most people who are
in debt are forced to live that way just to make their
monthly payments. With this program you have a choice
of only using our unique Financial Mastery Transfer
Account (utilizing cash flow) to pay your payments
or, in addition, to commit to a certain amount each
month toward your debts, which will accelerate the
financial rewards even faster.
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4.
What’s the risk or down side of going with this
program?
The
down side would be that you stop following the new
money management practices and go back to managing
your money the way you have always done it ... then
you would get the results you have always had.
The
secondary risk is if, after you start experiencing
your new found wealth, you go “hog-wild”
and create new debt.
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5.
Is this a debt consolidation program?
No.
This program will eliminate debt, not just consolidate
it.
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6.
Does this program require making extra mortgage payments?
No.
This program is about keeping your money working for
you in the best way ... does not require making extra
payments, bi-weekly payments or third party payment
programs. However, you will become debt-free faster
by applying discretionary cash toward your financial
freedom.
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7.
Is this program complicated or time consuming?
What
we teach you is how to implement the new program in
the way that is simplest and least time consuming
with the intent to make it simpler and easier than
what you are currently doing.
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8.
Isn’t it a good thing to have a mortgage so
that I can get my tax deduction?
No.
You are spending a dollar to save thirty cents on
your taxes. Would you give someone a dollar for every
thirty cents they give you? It’s better to not
spend the dollar and simply pay the additional tax
... you’re money ahead.
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9.
Wouldn’t it be better for me to save my money
or invest in CDs or savings bonds instead of paying
off my mortgage?
At
this time, with low interest rates and fixed mortgage
interest rates at about 6.5% it is hard to find a
good return for your money. You would have to invest
in stocks, non-government bonds, mutual funds or real
estate to get higher rates of return. However, all
of these investments come with risk. Paying down your
debt is risk-free and the return on your investment
is immediate. When your mortgage and debts are paid
off in six to ten years, just think about all the
money you will have to invest at that time if you
choose.
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10.
Will this program help me accelerate payment of debts
other than mortgage?
Yes,
most other consumer debts (credit cards, revolving
accounts, car loans, educational loans, etc.) would
be paid off first before accelerating the mortgage.
Once your high interest debt is paid off, then you
can concentrate on paying off your mortgage. You might
even find that your credit score improves in the process!
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11.
I am approaching retirement in less than ten years,
is this still a program that can benefit me?
Yes.
Many believe that we are now at some of the lowest
tax brackets in history. This means that it is very
possible that as you get closer to retirement, you
might be in a higher tax bracket. If you’re
paying more taxes you will have less after-tax income
and, therefore, will have to make more just to pay
your mortgage. It makes sense to pay off your morntage
early as you approach retirement.
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12.
Why is it good to invest in my mortgage debt?
Years
ago, if you wanted to get a lot of money out of your
house you either had to sell or refinance, sometimes
in a hurry. Today it is easier than ever to pull money
out of your home if you find it necessary. There is
a much more relaxed lending environment than years
ago where more people can get a home loan - people
with less than perfect credit and self employed people
can get home loans much more easily than five or ten
years ago. Even people with no income can can get
loans! These loans can help you pay off your mortgage
while still allowing you to access cash instantly.
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13.
Can I be sure that this is safe? Do I have to give
you my account numbers and access to my financial
accounts?
We
never have access to any of your accounts. You will
receive coaching from one of our FMN Financial Coaches
to make sure you understand the process and when and
where to make payments or transfer your money. You
will handle your accounts yourself.
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14.
Do I have to pay you up front and out of pocket?
No.
We do not receive our fee until your Financial Mastery
Transfer Account, or your new mortgage (if you opt
for a new mortgage) is fully funded. Your fee to us
does not come out of pocket ... it is tacked onto
the mortgage or FMTA.
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15.
Is this concept something brand new?
No.
It has been practiced for many years, particualrly
by the "Fortune 500" and the "Big Boys"
... however, Wall Street does not want the "masses"
to know about or use these money management practices
... they want us to continue to "work for them"
by sending our hard-earned monies to them for 30 years,
and in most cases, the rest of our lives!
Financial Mastery Now is simply bringing together
all of the best practices in order to serve you.
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