Comments on: The “Speed Equity System” is not all it seems http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/ seeking justice for consumers Tue, 16 Mar 2010 13:55:23 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Michael http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-2026 Michael Tue, 16 Mar 2010 13:55:23 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-2026 Harj's system works so long as you WORK the system. The numbers don't lie. Harj’s system works so long as you WORK the system. The numbers don’t lie.

]]> By: UH60 driver http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-1591 UH60 driver Fri, 27 Nov 2009 18:39:12 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-1591 People who bash the speed equity system simply do NOT understand the underlying premise. As soon as the "scam claimers" start focusing on HELOC rates compared to 30 year mortgage rates WITHOUT illustrating the costs side by side are just plain missing the whole point. A 200k mortage at 6% costs 1200/month...a 10k HELOC at 6% costs 60/month. Even if the HELOC went to 12% the fact that you DO NOT pay for the house TWICE (or more) well outweighs the cost of SIMULTANEOUS USE OF $ FOR TWO TASKS (bills and mortgage debt). READ THIS AGAIN: The SIMULTANEOUS use of $ in two SIMULTANEOUS tasks (bills and mortgage reduction) while still maintaining emergency cash liquidity can ONLY be accomplished using a parallel account. Yes...there is a cost....just keep focused on the fact that you the HELOC is a very small $ total compared to the mortgage...but the RESULTING AFFECT on what you do NOT pay is immense. I do agree that if you are an idiot and you have NO discipline to stick to a plan....that is YOUR fault...NOT speed equity's fault. The claim that the SYSTEM is flawed is bullshit...it's PEOPLE that fuck it up. People who bash the speed equity system simply do NOT understand the underlying premise. As soon as the “scam claimers” start focusing on HELOC rates compared to 30 year mortgage rates WITHOUT illustrating the costs side by side are just plain missing the whole point. A 200k mortage at 6% costs 1200/month…a 10k HELOC at 6% costs 60/month. Even if the HELOC went to 12% the fact that you DO NOT pay for the house TWICE (or more) well outweighs the cost of SIMULTANEOUS USE OF $ FOR TWO TASKS (bills and mortgage debt).

READ THIS AGAIN: The SIMULTANEOUS use of $ in two SIMULTANEOUS tasks (bills and mortgage reduction) while still maintaining emergency cash liquidity can ONLY be accomplished using a parallel account. Yes…there is a cost….just keep focused on the fact that you the HELOC is a very small $ total compared to the mortgage…but the RESULTING AFFECT on what you do NOT pay is immense.

I do agree that if you are an idiot and you have NO discipline to stick to a plan….that is YOUR fault…NOT speed equity’s fault. The claim that the SYSTEM is flawed is bullshit…it’s PEOPLE that fuck it up.

]]> By: SR http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-1567 SR Sat, 07 Nov 2009 19:18:31 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-1567 I am just sorry I didn't hear about this simple system (I don't think you need any software) years ago. I will have my 15 yr mortgage paid off by the end of the year(less than seven years). I already pay off my cards monthly. As things stand, I wouldn't assume anything regarding the tax deductibility of home mortgages in the future especially for upper income earners. For jaay above. The Heloc will grow as the mortgage shrinks, but in my example, I expect to reduce the balance radically after the first is paid off by essentially using the same system. The interest rate on the HELOC is half of the first mortgage rate (another plus). As soon as you can rid yourself of your mortgage payments you can take more time off thus reducing your income and taxes possible by at least as much as your prior mortgage deduction. I am just sorry I didn’t hear about this simple system (I don’t think you need any software) years ago. I will have my 15 yr mortgage paid off by the end of the year(less than seven years). I already pay off my cards monthly. As things stand, I wouldn’t assume anything regarding the tax deductibility of home mortgages in the future especially for upper income earners. For jaay above. The Heloc will grow as the mortgage shrinks, but in my example, I expect to reduce the balance radically after the first is paid off by essentially using the same system. The interest rate on the HELOC is half of the first mortgage rate (another plus). As soon as you can rid yourself of your mortgage payments you can take more time off thus reducing your income and taxes possible by at least as much as your prior mortgage deduction.

]]> By: Susan H http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-1130 Susan H Sun, 02 Aug 2009 14:25:39 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-1130 I've used the Speed Equity method for a year now. Your receivables get deposited into your HELOC, thus reducing your daily average balance where the interest is applied. Then, twice a month, once a week, or when ever you need to pay your bills, you move money from your HELOC to your checking account and pay your bills, which includes your Mortgage. Record your activities in the Speed Equity program and it will show you which bills to pay off first. After your credit cards are paid off, then you start on your mortgage. Before you buy something big (because we always want something new), you can see if financing it will be a good idea or not. Send me an email if you would like to talk to my financial adviser who was no where near the $600 fee. Compare Speed Equity with UFirst and find out which fits your needs. I picked Speed Equity because of its low cost and have been very happy with the results. I’ve used the Speed Equity method for a year now. Your receivables get deposited into your HELOC, thus reducing your daily average balance where the interest is applied. Then, twice a month, once a week, or when ever you need to pay your bills, you move money from your HELOC to your checking account and pay your bills, which includes your Mortgage. Record your activities in the Speed Equity program and it will show you which bills to pay off first. After your credit cards are paid off, then you start on your mortgage. Before you buy something big (because we always want something new), you can see if financing it will be a good idea or not. Send me an email if you would like to talk to my financial adviser who was no where near the $600 fee. Compare Speed Equity with UFirst and find out which fits your needs. I picked Speed Equity because of its low cost and have been very happy with the results.

]]> By: Sam Glover http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-1070 Sam Glover Tue, 14 Jul 2009 18:05:32 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-1070 HELOCs are getting closed left and right. Doing the Speed Equity system now is asking for catastrophe. HELOCs are getting closed left and right. Doing the Speed Equity system now is asking for catastrophe.

]]> By: jaaay http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-1069 jaaay Tue, 14 Jul 2009 16:14:41 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-1069 guys. I'm considering this "Speed Equity" system but have some basic questions. I'm confused so my questions are kinda stupid. First. I don't get it. does the paycheck go into the mortgage or the HELOC? if you put the whole payck into the actual mortgage and borrow from the HELOC to pay monthly expenses (floating a CCard til the last minute). Where do I get the money to pay the HELOC back? Thanks, guys. I’m considering this “Speed Equity” system but have some basic questions. I’m confused so my questions are kinda stupid. First. I don’t get it. does the paycheck go into the mortgage or the HELOC? if you put the whole payck into the actual mortgage and borrow from the HELOC to pay monthly expenses (floating a CCard til the last minute). Where do I get the money to pay the HELOC back? Thanks,

]]> By: Gio Truscimano http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-246 Gio Truscimano Fri, 27 Feb 2009 21:26:14 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-246 Was it W.C. Fields who said "It's morally wrong to allow a sucker to keep his money. " If you want to reduce your mortgage just pay a little extra each month, whatever you can afford, and don't rely on a HELOC that could be frozen. Now all you suckers please send me $49.95. Was it W.C. Fields who said “It’s morally wrong to allow a sucker to keep his money. ” If you want to reduce your mortgage just pay a little extra each month, whatever you can afford, and don’t rely on a HELOC that could be frozen. Now all you suckers please send me $49.95.

]]> By: Sam Glover http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-247 Sam Glover Mon, 29 Dec 2008 19:55:53 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-247 I recently <a href="http://caveatemptorblog.com/2008/12/11/your-heloc-is-not-an-atm/" rel="nofollow">followed up on this issue</a> for the reasons you mention. Using a HELOC as an ATM was a dumb idea before, and is even dumber now that banks are suspending HELOCs every chance they get. I recently followed up on this issue for the reasons you mention. Using a HELOC as an ATM was a dumb idea before, and is even dumber now that banks are suspending HELOCs every chance they get.

]]> By: Vern http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-248 Vern Mon, 29 Dec 2008 02:22:42 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-248 In reference to Sam's comment earlier does this system work in today's environment? Is it still possible to get a Heloc and what does happen if your lender suspends your Heloc? Does this system address these issues and it is flexible? Thank you, In reference to Sam’s comment earlier does this system work in today’s environment? Is it still possible to get a Heloc and what does happen if your lender suspends your Heloc? Does this system address these issues and it is flexible?
Thank you,

]]> By: Robin http://caveatemptorblog.com/the-speed-equity-system-is-not-all-it-seems/comment-page-1/#comment-245 Robin Fri, 11 Jul 2008 17:59:56 +0000 http://sjglover.com/blog/index.php/2007/08/15/the-speed-equity-system-is-not-all-it-seems/#comment-245 Rocky, I appreciated your thoughtful response regarding this product. I'm a financial counselor/money coach who constantly searches for strategies to free my clients of debt more quickly. I have a number of strategic alliances, such as yourself, to whom I refer clients when their needs go beyond the scope of services I provide. Please reply with your contact information. I can be reached at robin@budgetwise.net. Thanks. P.S. I'm also a former engineer. Rocky, I appreciated your thoughtful response regarding this product. I’m a financial counselor/money coach who constantly searches for strategies to free my clients of debt more quickly. I have a number of strategic alliances, such as yourself, to whom I refer clients when their needs go beyond the scope of services I provide. Please reply with your contact information. I can be reached at robin@budgetwise.net. Thanks.

P.S. I’m also a former engineer.

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