A monthly loan makes payments once/month, or 12 times a year

A true biweekly loan makes payments every other week, or 26 times a year. If you look at the total amount paid on a once/month schedule vs a every-other-week schedule, you’ll end up actually making what works out to be one extra payment on the every-other-week schedule. That’s because each month is slightly more than four weeks. The monthly schedule would have only given you 12 payments, but the biweekly gives you 24 payments, plus 2 more, which is equivalent to that extra.

So for instance, if your monthly mortgage payment was $2000/month, then most cash loans lenders would agree that a biweekly payment plan could be set up such that you’d pay $1000, every two weeks. If you started that payment schedule on January 1st of any given year, at the end of that year you would have paid $26,000 towards the loan, rather than $24,000. That extra payment amount, put at least some extra money towards the principle. Do that year after year, and you’ll pay down the principle slightly faster than you would have if you’d stayed on a once/month payment.

But the savings would only approach the levels they’re talking about if a) you started this payment method right when you started the loan, and b) if you had a 30year mortgage vs a 15 year mortgage. I found their statement about saving that huge $100K amount very misleading, because that assumes a lot about the size of the original loan, the length of the mortgage, the interest rate and how quickly the homeowner begins the every-other-week payment schedule.

Another way to accomplish the same thing as the above, is to pay slightly more on the principle than your existing payment. For instance, if you paid $2200/month instead of the minimum $2000/month, AND ensured that the extra $200/payment went towards principle, you could accomplish that same accelerated paydown of your principle. The thing I like about that approach is that you can custom-tailor the extra according to your paydown goals, AND according to particular budget. Remember that for most loans, that monthly amount is your minimum payment. Very much like with credit cards, you can pay more than that if you choose to, any given month. HOWEVER, some loans apply extra amounts towards the interest or escrow if you don’t specifically apply it towards principle. And some loans don’t allow early payment at all. So check your loan for those details.

There are online calculators where you can experiment with how much money you can save by either switching to a biweekly payment schedule, and/or by paying extra principle each month. You can find those calculators by using a search term like “amortization calculator”.

I haven’t worked a 9-5 job in over 6 years

I just couldn’t live with myself if I stayed in the presidential suite. My Quaker conscience would be getting to me. The same with an Armani suite. True, I drive an antique convertible, but overall, I just don’t feel comfortable going for a lot of the show-off stuff. People only need to show off when they don’t feel good about themselves.

Good idea, but who would watch it?

The drones would just say, “It’s negative!”

It might be good for the few times we have a chance to show it to someone who just saw an open meeting, but it’d have to be done well to convince someone it’s a lie and that the other drones have been brainwashed.

I wonder if anyone has thought of this…

I kow when Quixtar was pitched to me, they brought us DVD’s showing people in their mansions, fancy cars and making millions… A guy retired from his job after 5 years of Quixtar… etc.

How about a DVD of people giving testimony of how they LOST their car, their home, their credit, etc?

So then when we have someone who says they just saw this presentation of all these people making millions… there’s the flip side of the story…..

Might be interesting………….

Remember, focus on the QUESTIONS

Not the facts. It’s the emotional aspect that pulls people in. Nobody gets excited over facts. They get excited over being promised exciting things.
With that being said, scan the archives and look for my posts. Some won’t help, but I go through a lot of facts, give a lot of figures, and bring up a lot of the factual discrepancies.
I’d go into more now, but I don’t have the extra time, so I just suggest an archive search.

Mattress Giant was, generally speaking

a pretty good sales job because they paid during training, and even during the low weeks, you’d receive at least minimum wage (just as part of natural variance, a week can be way up or way down). Plus, the sales managers were generally good coaches. (And plus, we actually sold a product which was ballpark to comparable products. And sometimes, genuinely good deals.)

Gulf Development was a bad sales job because they didn’t pay during training, they didn’t tell us until later that you could expect 6 weeks before you started making money. I worked for them way back in 1983 as a 20 yr old. They sell outdoor signs to businesses. They showed us a film of Zig Ziglar (nothing automatically wrong with that, but it is a sign; positive thinking is a good thing, but I’ve since learned that many shakey outfits greatly over-emphasize it; and the sales manager was sometimes, often a blamer). Immediately after training, they took us on this unannounced field trip to get away from “the negative influences of friends and family.” And that is a huge HUGE red flag. Yeah, the whole thing was a lot like a MLM outfit. And no, there was no guarantee of minimum wage, it was commission all the way.

I would be interested in other people’s experiences, the good, the bad, and the in-between.

We have seen, over and over, as you have seen, that MLMs just don’t work

They’re designed to take money from the low level people and funnel it to the high level people, all the while convincing people that they will soon be at the top and making money.

The best thing any of us can do to help you is to encourage you to GET OUT NOW! Yes, get out before you put more money in it.

It looks like what’s happened to you is that you found yourself with a large debt and you’re looking for a fast way to pay it off. MLMs do not work that way. If it were really easy to just use a magic formula and get rich, don’t you think it’d be well known? If these things really did work and make all who entered them wealthy AND helped the people “higher up” in the pyramid, wouldn’t they just start advertising on TV and everywhere else?

There is no easy or sure fire way to get rich quick. Honestly, you have a better chance getting rich in a casino than in an MLM. I’ve looked at the figures for how many people do well in an MLM and the odds show that you’ve got a better chance of getting rich playing blackjack or some other card game at a casino.

To be honest, if you want to pay off the debt, you’ll need to do it the old fashioned way: find a good job that pays well. Or, better yet, find a good job that you love and want to do. Then you’ll enjoy it and do well at it.

Sorry for being so cold-hearted, but that’s the bottom line. Nobody here will want to help you with an MLM because we’ve all seen what a pack of lies all of them are.

There are two schools of thought on

paying your mortgage early in the manner described below, and then the issue of whether or not your mortgage company would even allow it. Paying biweekly or paying 1/12th extra every month does save some on interest over the entire life of the loan. Most mortgage companies aren’t keen on the bi-weekly payment option, unless you’re paying ahead – pay the monthly note on time, then pay 2 weeks later for instance.

I think everybody should look at a full amortization table of their loan to see exactly how much interest they are paying on the life of the loan and then make adjustments to pay more on the PRINCIPLE of their loan.

I am NAZAR,firstly i am kindly requesting please be with me little time to hear my LIFE STORY!

Please! i was doing my own business before and it’s floped. Left with ‘Big Financial Burden’. Then i was struggling too much with many finanical problems somebody told me that doing MLM will solve all the problems. I tried one and another and another…… many but nothing succeed. The only way left going to work but as you know it was not only solving problems but also finding very difficulties to meet the two end. Then now recently agin i came back to MLM by introducing my friend but it was toooo slow and stoped now. Then he brought another one that giving hope and start generating little income even slowly and there is hope it will success but only the problem is downbuilders/referrals. So any body can help me in any way please! i am begging to you all. Friends! i dont want to be rich just to survive first then if i can solve the ‘financial burdens’ (i had due to business flop) before i die! That is all freinds!

Any help is appreciated

In May, my wife got involved with an MLM – Nefful USA. She is a caring, nurturing person, who leans towards belief in “alternative” medicines, and these guys sucked her in, and I don’t know how to get her out.

I have tried arguing, pleading, reasoning, even trying to help her be successful, hoping that she would see that even with my help (I run the Sales department for a $25 million real company) that this MLM was a sham. Nothing works. She belives the testimonies from people who have miraculously healed everything from hangnails to Parkinson’s disease by wearing clothing that generates “ions”. To me, it looks like acrylic, but costs like sable.

But she is putting in about 12 hours a day, 7 days a week. I guess at that rate she is making about a quarter an hour, but is convinced she is on the road to riches.

I have seen similar comments frm others in posts here. How do you get through to someone who mixes up a business with a cult? Deos anyone know about these crooks at Nefful?