Love that Angelique mentioned using points for travel. I've been doing that for our family (of six) vacations for more than a decade. I figured out that if we put all of our monthly expenses possible on a credit card that earned rewards and then pay it weekly, I never had interest charges and we racked up enough to cover flights and rental cars or hotel nights every couple of years. I only wish I had known to use this method to pay off debt and build wealth. I feel cheated that this isn't taught to us when we are young. So much time wasted, but at least I know now!
Love Vantastic. However nobody's life is the same every month. Expenses are different. So I like that you guys are aware that every month, even day is different.
Talking about spouses..... My wife said, " can you at least run it by my dad." He is a financial planner...and he said well why dont you give it a try. I then using just my income worked my debt down over 6000 in about half a year. Now my wife is going to use her income to help pay it down even faster.
Donnell and Angelique, you both are absolutely amazing. I definitely appreciate the in depth information and the time you take explaining each step. I’ve been doing this strategy for only 2 months and already knocked out almost 5k of CC. What a great feeling it is just to actually see the balance decrease. The hard part is getting used to seeing the balance go back up from monthly expenses before next income transfer. Prior to starting VB, I was making monthly payments and omg, the balance wouldn’t budge. This is only the beginning and I wish I’ve known about this 20 years ago. Keep up the great work y’all!!!! BTW I’m still working on Amber, she’s a non believer. lol.
Yes you do take risk that your credit limit could be decreased. By making smaller payments say 4 300 dollar payments through out the month could be a way to avoid that.
In most cases none of us are paid once per month so it wouldn’t be all of your income at once, it would be spread out. Your concern is still valid and I would say that’s where picking the proper debt tool matters.
This video might help you identify mistakes when filling out the sheet. This highlights some of the mistakes when filling out the sheet. ua-cam.com/users/liveyIFfsPkQZeU?si=k3tQKOYAmlLF9LFY
I have only credit cards that I can use as a debt tool. How can I put all of my paycheck on the credit card I choose to use as the debt tool when I have other credit cards to make payments on? I can't pay a credit card payment with another credit card. I would need to pay those other cards from my checking account account.
@@runwalkerrranch9336 sometimes using a credit card as your debt tool isn’t the best option. Sometimes VB isn’t the best option. Maybe debt snowball would be better for you? Hard to tell w the info provided. Feel free to get on a call and we can discuss. The key is where does your cashflow go today? Be intentional with your cashflow to address your debt.
Everyone’s situation is different. Depending on the circumstances all, some or none of those options may make sense. This might help, ua-cam.com/users/liveyIFfsPkQZeU?si=h9ZI5rDUJ6_M4V58
Thanks for sharing this valuable information. Excellent content. It really helps me understand how to manage debt using velocity banking. Thanks mucho..,awesome..🎉
Let us stop pretending that replacing a 5.25% loan with a 11.85% loan is somehow a good idea. It is simply not cost effective. Even in the example given, the interest cost of that operation is $390 AND all available cash has to be thrown at the debt (plus the $6500 will NOT be paid in 3 months because there is only about $1800 available per month to pay it down, that is $1950 minus those $150 of interest which need to be paid the first month, then a bit more the next etc..). Throwing all available cash directly at the car loan INSTEAD of using an expensive LOC would result in interest costs of about $100 only.... So that is about $300 wasted for nothing in ~3 months just because one insists on using an LOC. Let us stop pretending that the car debt was paid quicker thanks to a LOC. It was paid quicker simply because all available cash was thrown at it. No LOC required for that. Let us also stop pretending that there is somehow "cashflow" when every cent is thrown a the debt. In that situation cashflow = 0 Put simply replacing a low interest loan with a higher interest loan NEVER makes any financial sense.
You're missing some variables. Math doesn't lie when you include all the variables. I want to agree with you, but the fact that we paid off our home in 4 years vs 30 is proof that your missing variables matter greatly.
@@selfdirectedDONNELL You are right math does not lie, and an 11.85% loan will cost more than a 5.25%. Thus it is NEVER financially beneficial to replace a 5.25% loan by an 11.85% loan The fact that you paid your home in 4 years does not change that. It is proof of nothing other that you somehow came into enough money (does not really matter how) to make enough extra payments to pay down the loan. For example I paid off a home in less than 2 years by the simple solution of selling it at a higher price. Nothing to do with interest rates
Love that Angelique mentioned using points for travel. I've been doing that for our family (of six) vacations for more than a decade. I figured out that if we put all of our monthly expenses possible on a credit card that earned rewards and then pay it weekly, I never had interest charges and we racked up enough to cover flights and rental cars or hotel nights every couple of years. I only wish I had known to use this method to pay off debt and build wealth. I feel cheated that this isn't taught to us when we are young. So much time wasted, but at least I know now!
Better late than never! Watch how fast you crush debt now. It will make the vacations even sweeter
Intro ...super professional...sooo good! Keep it coming!
Appreciate it!
Love Vantastic. However nobody's life is the same every month. Expenses are different. So I like that you guys are aware that every month, even day is different.
Appreciate the feedback.
You got it!
Talking about spouses..... My wife said, " can you at least run it by my dad." He is a financial planner...and he said well why dont you give it a try. I then using just my income worked my debt down over 6000 in about half a year. Now my wife is going to use her income to help pay it down even faster.
That’s perfect, glad dad approved.
Donnell and Angelique, you both are absolutely amazing. I definitely appreciate the in depth information and the time you take explaining each step.
I’ve been doing this strategy for only 2 months and already knocked out almost 5k of CC. What a great feeling it is just to actually see the balance decrease. The hard part is getting used to seeing the balance go back up from monthly expenses before next income transfer.
Prior to starting VB, I was making monthly payments and omg, the balance wouldn’t budge. This is only the beginning and I wish I’ve known about this 20 years ago.
Keep up the great work y’all!!!! BTW I’m still working on Amber, she’s a non believer. lol.
She will come around as she sees that debt go away. Awesome update, congratulations!!!
Thanks for showing this is been helping me a lot
Appreciate the feedback and we are happy to assist.
If you put all your income ($1,200)to your debt tool(CC) all at once aren’t you talking a risk that your CC credit limit can be reduced? Thanks
Yes you do take risk that your credit limit could be decreased. By making smaller payments say 4 300 dollar payments through out the month could be a way to avoid that.
In most cases none of us are paid once per month so it wouldn’t be all of your income at once, it would be spread out. Your concern is still valid and I would say that’s where picking the proper debt tool matters.
Glad that I was able to watch a little bit live! Have a great week everyone! 🛶
Great show. What time is the live stream on Wednesday? What are some of the ways to use a dollar more than once?
We go live at 6pm PST (9pm EST) on Wednesday. Don’t forget to subscribe and hit the notification bell so you are notified.
@Jesus-kt5dc Thanks for the clarification. That is very interesting. I have been the everyday person for too long. Lol
No better time than now to change that. Happy to help.
Hello love this the content and what are you doing to help people I would like to book a call 🙌🏾👍🏽
That’s easy, here you go: selfdirected.info/calendar
I have downloaded the sheets and have been trying to fill it out the best I can. I may need help though.
This video might help you identify mistakes when filling out the sheet. This highlights some of the mistakes when filling out the sheet. ua-cam.com/users/liveyIFfsPkQZeU?si=k3tQKOYAmlLF9LFY
When is the next live ???
Tonight 9pm EST (Sunday)
I strongly recommend staying far away from paid software to do velocity banking.
Never been a fan of spending money to save money.
Sometimes they help!
True very true, there are also some predatory products out there.
I have only credit cards that I can use as a debt tool. How can I put all of my paycheck on the credit card I choose to use as the debt tool when I have other credit cards to make payments on? I can't pay a credit card payment with another credit card. I would need to pay those other cards from my checking account account.
@@runwalkerrranch9336 sometimes using a credit card as your debt tool isn’t the best option. Sometimes VB isn’t the best option. Maybe debt snowball would be better for you? Hard to tell w the info provided. Feel free to get on a call and we can discuss. The key is where does your cashflow go today? Be intentional with your cashflow to address your debt.
Where is the worksheet
Selfdirected.info/live
Click on the workbook and it will take you to it
@selfdirectedDONNELL where can I find the workbook and the worksheet. Good stuff sir!!!
Do you have to have a positive cashflow
No I started with a $2,500 negative flow very easy process. Amen and stay blessed!
Tonight we are going to discuss how to go about this process based off negative Cashflow.
@@selfdirectedDONNELLAwesome!
Appreciate you!
Appreciate you!
I’m in negative cash flow husband not working- I have a lot of credit cards.. Do I borrow from 401k or try and get a HELOC?
Everyone’s situation is different. Depending on the circumstances all, some or none of those options may make sense. This might help, ua-cam.com/users/liveyIFfsPkQZeU?si=h9ZI5rDUJ6_M4V58
“Meaning” x 24 😂 great videos
Appreciate the feedback, what are your favorites?
Thanks for sharing this valuable information. Excellent content. It really helps me understand how to manage debt using velocity banking. Thanks mucho..,awesome..🎉
Are you currently doing VB? If so, what’s the goal?
#boat
Let us stop pretending that replacing a 5.25% loan with a 11.85% loan is somehow a good idea. It is simply not cost effective.
Even in the example given, the interest cost of that operation is $390 AND all available cash has to be thrown at the debt (plus the $6500 will NOT be paid in 3 months because there is only about $1800 available per month to pay it down, that is $1950 minus those $150 of interest which need to be paid the first month, then a bit more the next etc..). Throwing all available cash directly at the car loan INSTEAD of using an expensive LOC would result in interest costs of about $100 only.... So that is about $300 wasted for nothing in ~3 months just because one insists on using an LOC.
Let us stop pretending that the car debt was paid quicker thanks to a LOC. It was paid quicker simply because all available cash was thrown at it. No LOC required for that.
Let us also stop pretending that there is somehow "cashflow" when every cent is thrown a the debt. In that situation cashflow = 0
Put simply replacing a low interest loan with a higher interest loan NEVER makes any financial sense.
You're missing some variables. Math doesn't lie when you include all the variables. I want to agree with you, but the fact that we paid off our home in 4 years vs 30 is proof that your missing variables matter greatly.
@@selfdirectedDONNELL You are right math does not lie, and an 11.85% loan will cost more than a 5.25%. Thus it is NEVER financially beneficial to replace a 5.25% loan by an 11.85% loan
The fact that you paid your home in 4 years does not change that. It is proof of nothing other that you somehow came into enough money (does not really matter how) to make enough extra payments to pay down the loan. For example I paid off a home in less than 2 years by the simple solution of selling it at a higher price. Nothing to do with interest rates
Good Educational Content salute 🫡
Appreciate the feedback
#boat
Tune in tonight and let’s get you one. 6pm PST