101 financial mortgage paydown

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101 financial mortgage paydown

Ryan MurakamiPro Member
Professional 路 Las Vegas, NV 路 Member since 2008 路 45 posts 路 8 votes

I just watched a video today about a company called 101 financial. Most of it was basic stuff about how banks make money off our money etc. But there was something very interesting technique the company founder (Alan Akina) brought up. He didn't go into too much detail (as they charge 3900 for the "secret system"), but he called it a "Debt Checking Account." 

He claims you can pay off you mortgage in as little as a few years by putting all your money in this account (which somehow is connected to your mortgage balance) to keep the balance down, thus decreasing daily calculated interest, then pay bills using the checks that come with this account. 

To me it sounds like you would have to:

1. take out another line of credit

2. pay your mortgage off completely with that new line of credit

3. save on interest by putting your whole paycheck in right away (temporarily decreasing daily interest), then using the same line of credit to pay bills

Has anyone ever heard of this technique??

He calls it a debt checking account but I think it either has a different name or is made up. You can watch the video if you have time www.101financial.com/video skip to about 23:00

Tell me what you guys think. Does this exist? 

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Steve Vaughan
Rental Property Investor 路 East Wenatchee, WA 路 Member since 2014 路 10k+ posts 路 16k+ votes
9y

Paying $3900 or whatever for a secret system is stupid.  If you have the $3900, pay it against your debt!

I paid off $87,000 in consumer debt over about 40 months.  I used to write 0% interest credit card checks for down payments on my seller-financed purchases.  It got up there.  I also had lines of credit and some student loans, but no car loans.

I chipped away at them one at a time, lowest $ amount to highest, and snowballed the payment into the next one.  Basically like Dave Ramsey.  I had a thermometer chart on the fridge and would take the fam to Costco for hotdogs to celebrate pay-offs as we went.  It was a 'fun' family affair! 

Lumping it all into one line of credit or into your house mortgage won't change your habits or mindset.  You'll feel like you did something when it's just a shell game.  You moved the pee. Woo-hoo.

Sell the cars and buy beaters.  Brown bag your lunch and brew your own coffee.  It's not that hard, but simple isn't always easy.  Shortcuts and secret systems are for chumps and suckers. 

Take the debts down one at a time by punching them in the face and change your life! 

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  • Janice Rivera
    Waipahu, HI 路 Member since 2017 路 6 posts 路 0 votes
    8y

    馃憤馃徎馃憤馃徎  Two thumbs up!!!  Thank you!!!!!  Discipline is the key!!!  

    0Reply
  • Janice Rivera
    Waipahu, HI 路 Member since 2017 路 6 posts 路 0 votes
    8y

    @Brent Coombs.. looks like you have to have excellent credit score to get a credit card with 0%APR. my credit score is 640.

    0Reply
  • Brent Coombs
    Investor 路 Cleveland, OH 路 Member since 2015 路 6k+ posts 路 2k+ votes
    8y
    Originally posted by @Janice Rivera:

    @Brent Coombs.. looks like you have to have excellent credit score to get a credit card with 0%APR. my credit score is 640.

    In that case, your newly acquired discipline will get you starting to pay them off QUICKER than before, right?

    I mean - a LOT quicker! Two-fold benefit: 1. Your debt goes down quicker, and 2. Your Credit Rating improves quickly too.

    Meantime, look out for Banks who ARE advertising an Interest-Free year for balance transfers (rather than asking random banks). Or, they may advertise a LOW Interest Rate for a year, before their bait and switch.

    The point is: You need to be telling your Credit Cards that YOU are in charge - not them! (And then, prove it!)

    0Reply
  • Desha-Ann Kealoha
    Waianae, HI 路 Member since 2017 路 1 post 路 0 votes
    8y

    @Janice Rivera @Rex Mortensen Hi Janice & Rex, I came across this thread and saw your folks concerns. I hope you folks have been doing well financially. I just wanted to offer my encouragement. If you are swamped in debt and really want to feel free from the burdens of debt, i would HIGHLY RECOMMEND you pursue 101 Financial. Im an instructor and can assure you it is not a scam. Ask your cousin your questions, all your doubts. We as instructors become your PERSONAL instructors, sitting with you going through your finances with you.. We aim to try and help everyone in debt feel free and confident again and it truly is in our hearts to help you. If you have any questions, please dont hesitate to contact me or any other instructors you know...

    I apologize if this reply has offended anyone.

    0Reply
  • Joey Raquel
    Member since 2018 路 20 posts 路 4 votes
    8y
    Originally posted by @Edmund Ricker:

    @Rex Mortensen,

    You don't need no stinkin' debt consolidation company.  Many of these companies are scams.  Organize your debt and attack either highest interest rate first (mathematical approach) or lowest balance first (Dave Ramsey approach.). Cut expenses, increase revenue, and ATTACK the debt.

    It won't be easy but if it's important enough to you, you can make it happen.

    Ed

    0Reply
  • Joey Raquel
    Member since 2018 路 20 posts 路 4 votes
    8y
    Originally posted by @Edmund Ricker:

    @Rex Mortensen,

    You don't need no stinkin' debt consolidation company.  Many of these companies are scams.  Organize your debt and attack either highest interest rate first (mathematical approach) or lowest balance first (Dave Ramsey approach.). Cut expenses, increase revenue, and ATTACK the debt.

    It won't be easy but if it's important enough to you, you can make it happen.

    Ed

    I like this method its easy its doable,unless you want to pay some one (thousands ) to tell you how to budget your own money.

    here the book you guys need: https://mega.nz/#F!TiYAXCjT!fTz0yzZBsyVGdXLpeaEssQ

    0Reply
  • Joey Raquel
    Member since 2018 路 20 posts 路 4 votes
    8y
    Originally posted by @Desha-Ann Kealoha:

    @Janice Rivera @Rex Mortensen Hi Janice & Rex, I came across this thread and saw your folks concerns. I hope you folks have been doing well financially. I just wanted to offer my encouragement. If you are swamped in debt and really want to feel free from the burdens of debt, i would HIGHLY RECOMMEND you pursue 101 Financial. Im an instructor and can assure you it is not a scam. Ask your cousin your questions, all your doubts. We as instructors become your PERSONAL instructors, sitting with you going through your finances with you.. We aim to try and help everyone in debt feel free and confident again and it truly is in our hearts to help you. If you have any questions, please dont hesitate to contact me or any other instructors you know...

    I apologize if this reply has offended anyone.

     Let me know if you need those books and videos?

    https://mega.nz/#F!TiYAXCjT!fTz0yzZBsyVGdXLpeaEssQ

    0Reply
  • Joey Raquel
    Member since 2018 路 20 posts 路 4 votes
    8y
    Originally posted by @Desha-Ann Kealoha:

    @Janice Rivera @Rex Mortensen Hi Janice & Rex, I came across this thread and saw your folks concerns. I hope you folks have been doing well financially. I just wanted to offer my encouragement. If you are swamped in debt and really want to feel free from the burdens of debt, i would HIGHLY RECOMMEND you pursue 101 Financial. Im an instructor and can assure you it is not a scam. Ask your cousin your questions, all your doubts. We as instructors become your PERSONAL instructors, sitting with you going through your finances with you.. We aim to try and help everyone in debt feel free and confident again and it truly is in our hearts to help you. If you have any questions, please dont hesitate to contact me or any other instructors you know...

    I apologize if this reply has offended anyone.

    here is the books and videos: https://mega.nz/#F!TiYAXCjT!fTz0yzZBsyVGdXLpeaEssQ

    0Reply
  • Byron VallesPro Member
    MSFP, CFP, Financial Advisor 路 San Francisco Bay Area 路 Member since 2020 路 66 posts 路 53 votes
    2y
    Quote from @Desha-Ann Kealoha:

    @Janice Rivera @Rex Mortensen Hi Janice & Rex, I came across this thread and saw your folks concerns. I hope you folks have been doing well financially. I just wanted to offer my encouragement. If you are swamped in debt and really want to feel free from the burdens of debt, i would HIGHLY RECOMMEND you pursue 101 Financial. Im an instructor and can assure you it is not a scam. Ask your cousin your questions, all your doubts. We as instructors become your PERSONAL instructors, sitting with you going through your finances with you.. We aim to try and help everyone in debt feel free and confident again and it truly is in our hearts to help you. If you have any questions, please dont hesitate to contact me or any other instructors you know...

    I apologize if this reply has offended anyone.


    Hi Desha-Ann, 


    you mentioned that instructors become participant's PERSONAL instructors. A couple of questions out of curiosity: 1 Do you address any other areas of personal finance with participants like insurance, investments, taxes, etc? 2. What type of training/certification is required to become a personal instructor?

    Thanks in advance!

    650-376-0034
    0Reply
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