Debt Trash
The TRASH you have been taught about debt !
Debt Trash #1:
Cut up your credit cards so you will not be tempted to use them. WRONG!
Are you serious? That is your debt free plan? Come on we can do better than that. We can teach you how to make the credit cards work in your favor.
Debt Trash #2:
Consolidate all your debt into one low monthly payment. WRONG!
Consolidation is one of the most dangerous concepts in debt elimination. Other than bankruptcy, there's virtually no better way to trash your credit than to sign up for one of these services. Be Forever Debt Free does not consolidate your debt, we ELIMINATE it, and significantly improve your credit scores at the same time.
Debt Trash #3:
The current mortgage system works in your favor. YEAH RIGHT!
Does this sound like the system is stacked in our favor?
- It's ok to pay more interest than principle on a 30 year loan.
- It's ok for you to pay the bank's interest before the principle.
- It's ok for you to pay $2, $4, $6, $8, $10K in closing costs.
The current system is in place for only one reason...affordability. Over the course of a 30 year mortgage, banks make huge profits on the gobs of interest we pay them. That money is yours! Be Forever Debt Free will teach you how to put less money in the banks' pockets and more in yours!
Debt Trash #4:
Mortgages are good, after all the interest is tax deductible. That's Ridiculous!
Let's take a look at the numbers:
|
|
||
Income |
$70,000 |
Income |
$70,000 |
Mtg Interest Write-Off |
NONE |
Mtg Interest Write-Off |
($11,640) |
Taxable Income |
$70,000 |
Taxable Income |
$58,360 |
Tax (20% Bracket) |
$14,000 |
Tax (20% Bracket) |
$11,672 |
Tax Difference |
($2,328) |
|
|
Net Income |
$56,000 |
Net Income |
$46,688 |
Debt Trash #5:
Refinance your mortgage, cash out your equity, get a lower rate. STOP, STOP, STOP!
In most cases refinancing is the worst thing you can do. Did you know, when you refinance your mortgage you reset the interest clock back at the beginning, paying virtually nothing but front loaded interest for the first 10-15 years. Lastly what happens when the value of your house drops and you need to make a quick sale. No equity means no flexibility.
Be Forever Debt Free has a better way.
Are You Starting to Get the Picture?
This is all a load of garbage, yet we can't bring ourselves to accept anything different because it's the way we've always been told to do things.
Reality Check
A typical $250,000 loan: (maybe you can relate)
- Monthly payment = $1,663.00.
- After five years = $99,780.00 in monthly payments.
- Only $14,466.00 paid down on principle.
- YOU just PAID the BANK $85,314.00 of YOUR hard earned MONEY in five short years!!!
Think about it, would you treat a loved one in need of money this way? NO WAY! But for banks, it's all in a days work.
Does this seem right?
Well, that's exactly what the banks are selling us. At Be Forever Debt Free, let us show you how to stack the deck in our favor instead of theirs.