The Crow’s Nest by Jimmy MengelThe Outsider Club is touting IRM(72) programs as a way to grow rich with little risk. For a subscription to The Crow’s Nest by Jimmy Mengel. He will provide you with names of companies that offer this easy way to invest. You can buy shares directly from a company and continue to reinvest dividends without losing their value should the market decline. Is anyone familiar with such programs? Please advise.
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It’s probably nothing more than this:
http://www.dividend.com/dividend-stock-library/dividend_reinvestment_plans.php
And the stock prices fluctuate in a plan like this just as they would in a regular brokerage account. Only difference is the company runs the plan. Used these in our investment club at one time.
So the DRIP is similar to the IRM (72) although the thing that strikes me funny is that scouring the internet for days now and the only one talking about or even knows about this IRM 72 is crows nest and this Jimmy Mengel guy. Now Im not saying he isn’t credible but lets be real its the internet and you can’t trust anything you read on the web. I even searched the IRS.gov and nothing about IRM(72) came up in pages upon pages of search results so I don’t know for sure about this. Til i gain further insight I’m holding off. Hope this helps.
Found this at the SS site
http://www.ssa.gov/irm/
I’ve had a similar experience scouring the internet for a secret “770 account” touted by another investment subscriber service. Supposedly called 770 because of the special IRS code attached to it. Tried locating tax code 770 on IRS.gov and nothing useful. But the description of the plan sounds the same, except Mengel was more specific about buying directly from the company instead of through a broker. With that info, might try contacting investor services at the corporate office of your favorite dividend paying companies.
I thought the 770 plans were whole insurance plans. And I belive there is this extra payment (deposit) that you make to it to pay the plan up. I am still reading on them.
Yes, those “770 plans” teased by the Palm Beach Letter folks are participating whole life insurance policies with paid-up additions (to maximize the dividends/participation and cash value and minimize the actual death benefit). We had a long look at (and long discussion of) those “770 plans” here.
Jimmy did say it’s what “he calls it”…perhaps it is merely a drip fund?
is this really true
Ok now I see how you make your money it’s off the membership $69, $99, $249 that’s $417 dollars if 3people bought a plan each.
Right on, Carlton and Steve. Just a DRIP like suggested in the NAIC (National Association of InVestors Council). I heard about it when I was an investment club member. The term IRM(72) is just a mengelian term for scheme to take advantage and make easy money for the crow with “memberships”. Caveat emptor!!!
The 72 I believe refers to the rule of compounding interest, or the rule of 72!
http://en.wikipedia.org/wiki/Rule_of_72
IRM stands for Individual Retirement Multiplier
Good points, we’ve had a lot of questions so I wrote up IRM(72) and the “second income” teasers here.
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