The Money merge account is something that's very controversial. If you do a Google search on it certain people think it is a scam are certain people think it's the greatest thing since sliced bread, but we are going to evaluate Money Merge in light of New Success Path ways to generate a cash flow engine.
This is Ray Noftsinger at NewSuccessPath.com with another newsletter blog titled The Truth about the Money Merge Account. The Money merge account is something that's very controversial. If you do a Google search on it certain people think it is a scam are certain people think it's the greatest thing since sliced bread, but we are going to evaluate Money Merge in light of New Success Path ways to generate a cash flow engine.
The stated goal of the Money Merge Account system is to quickly retire all of your debt including your mortgage. Technically, it's not really a way to get out of debt but it is a tool that can assist a very small number of families in accelerating their way out of debt.
In order to successfully use the money merge account tool you have to already completed Step Two of The New Success Path. Step Two is really the hard part of getting out of debt. Once you have implemented Step Two you are a long way down the path to getting out of debt. The Money Merge Account could be used at the start of Step
Three and will really work well for a very very small number of families. A little later on I will be explaining where this works and where it doesn't fit.
The real key that I want to really emphasize to you is that the primary route to eliminate debt is spend less than you earn! It's not rocket science! Spend less than you earn on a consistent basis over time. I don't mean to have a good month and three months of slipping back. I mean every month spend less than you earn and if you do that consistently over time you're going to get quickly out of debt and you're going to be acquiring income producing assets. This is what will make you be independently financially free.
Let’s talk a little about how the money merge account works and then we'll talk about where it fits in where it doesn't fit. If you can develop a healthy amount of cash every month after your other expenses you're going to be able to get out of debt. But if you can't do that you're doomed to failure before you even look at money merge. If you can't really create this extra money at the end of the month like we teach in Step Two of our programs, the only thing the money merge concept is going to do is just accelerate your family into bankruptcy. This is because you can't work any debt elimination system without that good positive flow every single month.
Now worse yet if you do use the Money merge account concept and get a HELOC which means a home-equity line of credit and you convert your credit card balances over into the HELOC, you're not even going to able to get the debt forgiven anymore like it was in a credit card should you have to go bankrupt at some future time. So if there's any chance of financial instability or any chance your family might face a setback financially, the use of a HELOC would be a serious mistake. It would just not be worth the tiny benefits of helping compared to the huge amount of risk should you eventually have to take some serious relief in the bankruptcy courts.