The FearlessFinances Program will cover the cost of rent, food, and other basic necessities.
The program will be based off of each individual's financial situation, but it will positively affect all Lower & Middle Classes.
Payments that are made will first deduct from the allocated FearlessFinances Accounts, before deducting from personal bank accounts.
Technological advancements are needed, including: payments will be made based on personal identification, such as fingerprint or facial scans.
Respect for Cost of Living
The FearlessFinances Rental Program will respect established Cost of Living standards, while also providing opportunities to those in need.
The Rental Program Finances would only be allocated for rent & utilities; not for mortgage & ownership, or utilities for ownership.
The program is not offered to non-citizens, but will one day expand to other countries.
FearlessFinances Rent is not offered to anyone who already owns property or is renting more than one.
The program will not apply to rentals with a worth that's above a certain dollar amount "worth limit".
(ex: if the worth limit is defined as $2000/mo per person, then you could only get an apartment that's worth less than $2000 per person; Or another scenario is that you could rent a 2-bedroom for $3500 per month with 2 people)
The program will not cover the entire cost of what the rental is worth in all cases; there will be a top-limit that's based on Cost of Living in the area.
(ex: in Atlanta the program could cover up to $500 per month; while in New York City it covers up to $700 per month)
If there is government/non-profit discounted rentals available, then the program will cover the cost of utilities, and any remaining rental costs if it is less than the worth limit (mentioned above).
Perhaps a certain perspective & analysis can help us understand the feasibility of the FearlessFinances Program...
Perspective: When dealing with the sales of all housing & rental properties, it is selling a product that is fixed. It doesn’t get bigger or better because of the more money you put into it each month.
The property is always going to be there, and yet for some reason there is a monthly cost associated with ownership or renting.
Why is there such a high monthly cost? And why is it that you’re paying for the product of housing, and yet if you don’t pay you’ll lose it all –and all those previous times that you did pay doesn’t matter?
Analysis: Current Homeless Shelter Systems are willing to spend around $2,000 per guest per month. So if we took a more reasonable number, such as $1,250 and prepared that to be used by homeless people (and eventually anyone in the FearlessFinances Program) for apartment rental, then everyone would agree that it’s a more efficient way to set up Shelter Programs. It would save $750 per month, even if it costs $1,250 per homeless client.
So with that $1,250, let’s say that utilities cost $250, which would be an inevitable payment for the FearlessFinances program. And that leaves us with $1,000 to spend on rent. But what if the property were to be donated by the government –there would be further savings.
With rentals, 50% of the cost typically goes towards profit, which would be a cost that wouldn't need to be paid in a donated rental property.
What’s left is $500 per month towards mortgage, maintenance, insurance & property taxes. But those property taxes would be exempt because it’s donated property, so that would save close to $60 per month. And it would be donated property, so no mortgage costs of about $350 per month.
The only costs left to be paid by the FearlessFinances Program would be for maintenance & insurance, and the $250 for utilities, which would total about $310 per month. That is a significant savings compared to the current $2,000 per month cost of homeless shelters, and it goes to show you how this could be set up in a way that applies to more and more citizens of both the lower and middle classes.
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