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— Slide 3: Deposit In, Take Money Out —

Instead of using your checking account to manage your money,

let's use your BLOC as your primary money account.

Understand these concepts:

  • the BLOC is not a savings account
  • the BLOC functions as a tool to drive the MP plan
  • your BLOC cannot drop below a zero balance
  • payments made into the BLOC will force an adjustment to the principal balance

BLOC Account
Starting Credit Line Balance: $60,000


Date
From
To
Advance from BLOC
Payment to BLOC
Balance Owned
July BLOC Payoff Credit Card Debt $3500   $3500
July Pay Deposit Paycheck   $2500 $1000
July BLOC Pay Mortgage $1250   $2250
July BLOC Living Expense $1000   $3250
July Pay Deposit Paycheck   $2500 $750
July BLOC Pay Auto Loan $500   $1250
July BLOC Living Expense $500   $1750
July BLOC Living Expense $750   $2500
Total BLOC   $7500 $5,000 $2500

What Does This Show

Line of Credit Available: $60,000
  Pay Credit Card Debt - $3,500
  Pay Living Expenses - $4,000
  Balance Owned - $7,500
  Deposit Payment + $5,000
  Ending Balance Owned - $2,500
  • Your Starting Balance was $3,500
  • Your ending balance was $2,500
  • you never made a schedule payment to the BLOC:
    your income represented your monthly payment
  • you borrowed $7,500 from the BLOC
  • you will only pay interest on the average daily balance of $2,500
  • you paid no interest on the $4,000 living expenses
  • your BLOC become an interest cancellation account

go to the next slide

 

Home Equity Application

FAST Mortgage Payoff

  • [view]Introduction
  • [view]About Your Mortgage
  • [view] Mortgage Payoff Tips
  • [view]SL1: BLOC
  • [view]SL2: Money Acct
  • [view]SL3: Deposit In
  • [view]SL4: How to Use
  • [view]SL5: About Interest
  • [view]SL6: Use to Pay
  • [view] About MMA Software
  • [view] 10-Step Success Plan
  • [view] Get Started
  • [view] Home Valuations
  • [view] LTV Calculation
  • [view]Amortization Wkst