Відео

possibly the best explanation in shortest time... bravo! Now, I've heard this "wipes" the minimum payment and frees up the minimum payment as extra cash flow... No?

By adding the $20K after you get the mortgage you have saved 52 months of $2661 payments of the amortized loan (to get to $380K). Check it out on a mortgage calculator.

Good video. But...I would say the difference between the two is a Loan is amortized with the high interest being front loaded and a Line of Credit is fee simple. As you said, knock off that amortized interest and you are saving. Go buy your vacation home with the savings!

I've never heard anyone say what you have seen.

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How do I pay the other credit cards while Im doing the VB only in one card?

Hi, I hope it’s not too presumptuous on my part to ask but if you have a low interest rate on a mortgage, wouldn’t it be substantially more beneficial to, instead of adding essentially extra payments to the mortgage, have a Roth IRA and invest in the s&p 500 since, historically speaking, it offers an average of 10% return? I mean shoving my numbers on a mortgage calculator: $100,000, 3.0 fixed rate, 30 years, the total interest I would pay is $51,777.45 with no extra payments made, with monthly payments of average $450 (no escrow included) While on the other hand I invest, let’s say $ 500 monthly on the S&P 500 on a Roth IRA with a yearly average return of 10% for the same 30 years I get $1,140,162.66. Now let’s assume we pay $500 extra a month to the mortgage instead of investing: 100k, 3.0% 30 yr +$500 extra monthly payments, we pay a total of $16,801.42 on interest and finish the loan in 10 yrs 7 months, after the loan we put the mortgage and the extra payments into a Roth IRA except we are at 19 years instead of 30 and we get a return of $642,214.82. We still come out behind paying the mortgage off early instead of just simply investing it in the s&p 500 consistently for 30 years instead of 19 don’t we? Is my math here wrong? Obviously this assumes you can invest 500 or pay 500 extra to the mortgage and I didn’t subtract the interest paid on both scenarios but either way we come out ahead investing instead of paying off a low interest mortgage. Am I wrong here? Did I f up the numbers ?

So essentially be cash poor while you pay off debt?

You automatically satisfy the LOC payment when you move your income to it. It's not an "extra" payment that you're tied to.

Let’s say I have a card with no debt but the interest is like 24 percent , and I have another card w 7 grand with the same interest , if I balance transfer some money to the card w no debt and pay it off that same month would I still pay interest? I wanna do that because paying off that card w a lot of money is not realistic for me rn ? Is that possible ? Does anybody know

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Sorry but the math is wrong. you are still accruing 30% per month on the 10k original card. so that's like $250x5 months, which is $1250 in interest. you're better off paying 3% to transfer the balance one time which will cost $300 instead of $1250

This card is fine for the 2% back , but special offers like 10% is a ripoff. They owe me $315 .00 that they refuse to pay Don't trust Wells Fargo..

Can authorized users also do balance transfers ?

Thanks great calculator. Sometimes they make it seem its a good deal but you end up under 1%

Credit card cash payment advance fees between 3% 5% u forget that little detail meaning not everything is a sweet dream

Amazing job explaining the concept. Thank you.

How do I pay the balance on this card without having to open a Wells Fargo checking or savings account?

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Can I do that more than one time for example they give 21months at 0% Thanh after that can I move that to another card whit another bank?

my two cents: if someone is smart enough to follow this method and actually implement it on a daily basis, how did they get into this much debt in the first place… i feel like 90% of people in credit card debt aren’t going to have the competence or discipline to do this. Also, chances are they are already doing this. Who pays for all their stuff ( gas, food, and such that you mention ) on a debit card BUT also owes 10,000 on a credit card? idk maybe i’m wrong but just seems like a “real strategy” that isnt actual practical

Sorry, i know this video is old, question, doesnt the monthly payment decrease as the interest decreases? So do you stay at a set monthly payment?

Its more about saving the monthly accrued interest amount, and makes more sense on higher interest rate cards. It also makes a ton of sense on cards that give rewards in cash back, because you are always going to be positive in the end unless you spend way more than you take in. On a 10k balance, paid 2k monthly at 30% interest, you are looking at roughly $500 in savings a year

I am so glad to finally find a video like this that discusses the issue of interest charges in VB without just dismissing it: i don't know how things work in the United States, but here in Canada it seems that with most major credit card issuers the monthly minimum payment is the sum of the interest due for the previous 30 days + $10 so satisfying the monthly minimum payment by putting money on the card that will be spent over the course of the month without actually putting an additional amount on the card to satisfy the interest means your going to get hit at the end of the monthly payment cycle with an amount close to the minimum payment (interest - $10) being added to your balance. So not a lot of savings. I only know of two CCs that charge a higher amount on top if the interest: on a monthly minimum payment of between say $100 to $150, with both Home trust visa and Capital One MC Canada around $50 to $60 of that minimum is a fee being added to $60 to $90 of monthly interest. In short, ignoring the interest can really bite you in the @ss. 🧐

I think this is more rewarding that the Costco Visa.

What Card gives you 5% Cash Back on Gas?

Are you forgetting to say to pay the 1k to principal?

So I could pay off my car but my interest earned on my cash is 5% I owe 14k on my car which is at 2% should I pay it off or earn interest on cash?

Thank you ! Christmas was expensive

incorrect! she clearly stated what the interest would be after the 10k was paid off. which was a total of 469$. you also showed how velocity banking would lead to paying off in 77 months vice your method of 84/5 months. what happens with a loc which you clearly stated is that once you pay it off, if you can reuse it. in case of emergency that’s where the loc helps so many people out. your paying off the interest faster. to add another point, once you send your 1100$ extra income you can’t get it back. with a loc you use it, repay it then do it again. you are right there are more ways to pay off a debt. however i urge you to please state the facts as it was laid out in her video. i watched your video to the end. please watch her video to the end before you say there are many mistakes in her video.

So I get paid every week,so I would put each paycheck on credit card? Cause I don't get my whole months salary all at once for a large payment.

How do you time the Pelosi rug pull?

You’re also satisfying the monthly minimum payment

Thank u, I get it ❤

Oh Wow, I was watching this Video. And I am the person that asked that question. Thank you for taking the time to answer me. I am so glad I found you and so glad that I asked the question. I hope this helps a lot of other people.

You're just making things more difficult mate

Thank you

Your video link ain’t working mate

The APR on the credit cards are HORRIBLE!! 20 to 28% even with excellent credit.

Great video, thank you so much for the calculator, not only is the tool informative, visually seeing the payoff calendar helps reinforce the payoff goal

Another great video!!! Love your work and how you are helping many people like myself.

Really align with your point of views, thanks for taking the time to put this video together. Do you think gold/silver would also drop if there was a recession or substantial drop in the markets?

Thank so much. Your video has been very useful to me

Beware of US Bank Cash Plus card too, they are pulling some sneaky shit.

She does add the interest for the LOC

clear explanation! thanks!

this video was so helpful. its the best one I've seen to date explained and I've watched a LOT of videos.

Can they looked up credit if you want used my credit card In store if don’t have credit on you

Can they looked up credit if you want used my credit card

GOLD HAS NOT ONE DAM THING TO DO WITH WHAT YOUR TALKING ABOUT PERIOD!!