Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Christian Financial Resources, Inc.
Old 07-17-2013, 09:21 PM   #1
Recycles dryer sheets
pletal's Avatar
 
Join Date: May 2009
Location: Tampa
Posts: 88
Christian Financial Resources, Inc.

Hello, just had a couple of CD's mature, about 250K. Don't want to lock the money up for a long period. Paster at church gave me some info about Christian Financial Resources, Inc out of Florida. They have a 15 month CD paying 3 percent, not insured. Anyone have any info on the group. Thanks in advance.
__________________

__________________
pletal is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-17-2013, 09:27 PM   #2
Recycles dryer sheets
ikubak's Avatar
 
Join Date: Dec 2007
Posts: 389
There are many questions to answer...what is the money for? What are your long term goals, etc. BUT...CDs that are not FDIC insured, I would not consider at all. Caveat emptor!
__________________

__________________
Retire date Jan. 5, 2018
ikubak is offline   Reply With Quote
Old 07-17-2013, 09:31 PM   #3
Full time employment: Posting here.
urn2bfree's Avatar
 
Join Date: Feb 2011
Posts: 711
I don't know anything about this firm, but I will say that if I wanted to create a name for a ripoff outfit, calling it "Christian Financial" would certainly be one way to try to cloak the firm with an air of trustworthiness for some of the suckers I would be hoping to cheat. Lots of alarm bells going off for me on this one...
__________________
urn2bfree is offline   Reply With Quote
Old 07-17-2013, 09:32 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Apr 2010
Posts: 1,677
I would not touch it. Huge red flag.

Do a google on 'affinity fraud'.

I would not rely on a Pastor, or anyone else in a leadership position at my church, for financial advice.

Uninsured.....the second red flag.

There have been many, many instances of affinity fraud in church organizations throughout North America.

Many faith groups provide training for their leaderships...Pastors etc. One key message.....stay away from giving investment advice or the promotion of financial instruments.

They may be on the up and up...but why take a chance?

http://www.sec.gov/investor/pubs/affinity.htm

I would suggest that this Pastor is in need of some additional 'leadership' training.
__________________
brett is offline   Reply With Quote
Old 07-17-2013, 09:36 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
I represent Douchebag Financial Resources. Sell you a 15 month CD for 4%?
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 07-17-2013, 09:41 PM   #6
Thinks s/he gets paid by the post
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 1,357
Do not go chasing yield and forsaking safety. Uninsured with too little objective info about this outfit raises huge warning flags. Limited info available at Nonprofit Report for CHRISTIAN FINANCIAL RESOURCES INC .
__________________
Current target FIRE date: Under negotiation, can happen anytime.
jollystomper is offline   Reply With Quote
Old 07-17-2013, 10:06 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,407
Quote:
Originally Posted by ikubak View Post
....BUT...CDs that are not FDIC insured, I would not consider at all. Caveat emptor!
+1 don't be foolish with your hard earned/saved money.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 07-17-2013, 10:12 PM   #8
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,032
Too many red flags, as others have pointed out. I would not entrust them with my money.
__________________
FIREd is online now   Reply With Quote
Old 07-17-2013, 11:08 PM   #9
Thinks s/he gets paid by the post
timo2's Avatar
 
Join Date: Jul 2011
Location: Rio Rancho
Posts: 1,438
corporation wiki is always interesting to look at. Says here that this organization is a non-profit. and thus would not qualify for FDIC or NCUA

Christian Financial Resources, Inc. Company Profile - Located in Lake Mary, FL - Darren R. Key, Stan Percival, Strasser R. Chuck
__________________
"We live the lives we lead because of the thoughts we think" Michael O’Neill
timo2 is offline   Reply With Quote
Old 07-17-2013, 11:43 PM   #10
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 2,052
Quote:
Originally Posted by brewer12345 View Post
I represent Douchebag Financial Resources. Sell you a 15 month CD for 4%?
I guess timing is everything. I have a CD coming due this very Friday. Brewer, do you have a link to Douchebag Financial?
__________________
redduck is offline   Reply With Quote
Old 07-17-2013, 11:54 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Apr 2010
Posts: 1,677
If Douchebag Financial will guarantee me 12 percent on $500K compounded monthly over five years I will put my cheque in the mail!
__________________
brett is offline   Reply With Quote
Old 07-18-2013, 12:54 AM   #12
Full time employment: Posting here.
 
Join Date: Mar 2011
Posts: 534
I would never trust a financial company with the word 'Christian' in the name.
__________________
jon-nyc is offline   Reply With Quote
Old 07-18-2013, 05:00 AM   #13
Thinks s/he gets paid by the post
bUU's Avatar
 
Join Date: Dec 2012
Location: Georgia
Posts: 1,905
This is actually not a CD. It seems like just some sort of unsecured promissory note. Essentially, CFR is a loan broker, connecting folks with money to folks who need money. You're essentially betting that the borrowers won't default, and that they'll pay you a reasonable amount of interest.

A better bet, along the same lines, would be a highly-rated floating rate fund, such as BFRAX. My financial planner says that this is a better place to be, as compared to bond funds, though I think he's trying to bring us to that boat too late - that floating rate funds are already bid up in price and won't hold value over the long run. That's another issue though... The main point here is that this CFP stuff is not a substitute for CDs, but rather is a very poor substitute for a floating rate fund.
__________________
bUU is offline   Reply With Quote
Old 07-18-2013, 08:50 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,292
I recommend my investment company, Faith-Based Investments. Give me your money and pray you can get it back.
__________________
my bumpersticker:
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."
Ed_The_Gypsy is offline   Reply With Quote
Old 07-18-2013, 09:30 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by redduck View Post
I guess timing is everything. I have a CD coming due this very Friday. Brewer, do you have a link to Douchebag Financial?
Nope, but you have given me a great idea for a blog.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 07-18-2013, 09:42 AM   #16
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,528
Personally, I don't think it is ethical for a pastor to be suggesting financial investments. Just my two cents.
__________________
A totally unblemished life is only for saints.
frayne is offline   Reply With Quote
Old 07-18-2013, 09:49 AM   #17
Thinks s/he gets paid by the post
Ready's Avatar
 
Join Date: Mar 2013
Location: Southern California
Posts: 1,823
I don't understand how anyone could think that a 3 percent return on a so called "CD" is a reasonable return for a non FDIC insured investment. Clearly this pastor should not be dispensing financial advice to anyone. Perhaps he gets a commission on any deal he brings in?
__________________
Ready is offline   Reply With Quote
Old 07-18-2013, 09:58 AM   #18
Thinks s/he gets paid by the post
bUU's Avatar
 
Join Date: Dec 2012
Location: Georgia
Posts: 1,905
Personally, I don't see any difference between a pastor recommending this investment and a pastor asserting that the amount of a tithe has some correlation to God's grace. :shrug:
__________________
bUU is offline   Reply With Quote
Old 07-18-2013, 10:23 AM   #19
Recycles dryer sheets
 
Join Date: Apr 2010
Posts: 269
Some guy called into Bob Brinker over the weekend (or was it Ric Edlemen) and asked why people don't do what he does, which is participate in making loans to churches. He sunk his whole 250K nest egg into this and claimed to be getting 6-8% loaning money to churches, laddered to 20+ years.

The host asked if he had any defaults, he said yes, but that a reserve fund had paid him restitution. Then the host asked the killer question - can you redeem or sell these things. The caller said no, you generally gotta hold to term, but he had managed to redeem a small amount here and there.

I could only think of that show on CNBC, American Greed.
__________________
Sesq is offline   Reply With Quote
Old 07-18-2013, 11:58 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 6,318
Quote:
Originally Posted by pletal View Post
They have a 15 month CD paying 3 percent, not insured.
Local banks in my area are offering 10 years CD's, insured for about 1.25%.

IMHO, you would be wise to put a high priority on return of capital, not just return on capital.
__________________

__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 10:40 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.