Absolutely! Very similar story to him in that I prayed for wisdom in our finances and God gave me wisdom . Thank you for sharing this with us Christy . God is good.
I've been using velocity banking with my CC and I've paid off quite a bit of debt and increased my credit score 49 points in 6 months. I haven't had the needle move in 4 yrs so I'm a die hard fan.
Thank you, before listening to your videos lines of credit were somewhat not a preference for our finances, but I’ve come to understand the benefits. Thank you 😊 please keep up the good work
Wow, love this!! Thank-you so very much for all your information, Christy, and also for this interview with Brent Berdick! I'm watching over and over till this 'clicks' on other investments. I feel so bad for our young people today who are holding down 2 and 3 jobs to make ends meet...just to have a roof over their head. So sad from when I grew up in the 60's. I turned 73 today and using our HELOC in our retirement. I'd love to help our kiddos with these videos to show them there's hope in financial freedom. Thanks again! Love your videos and classes ❤❤❤
I have no debt, no home but have a little $ sitting in a bank. I do have a credit card with available credit. Hate my job & don’t really know where to start. My very conservative ways have kept me from accomplishing anything. 😏
Such a great concept, however everyone that teaches this talks about LOC which most of us in this situation can’t qualify for. Also most regular bills don’t allow credit card payments so this doesn’t seem achievable for the average individual, like myself, that actually need it. I wish I could figure this out. I’ve ruined my credit worse by applying for LOCs from multiple companies.
Many of us do use our credit cards (CC). Just think of it as Ramsay’s snowball. But instead of smallest debt first, start with highest minimum payment credit card first. (Though maybe not if it’s like a store specific card.) So for myself, I have about $1400 a month that can’t be put into the CC. I get paid weekly, so every check I keep $350 in checking and everything over that goes to my CC. Once the card is paid off, I can then either take my cash flow to another debt, a la Ramsey, or change my CC to another card and do that instead. If you prioritize all of the credit cards you will likely be able to get your a point where you could then start to apply and get accepted for an LOC to take over the other loans.
Here’s a serious question: lots of people in the real estate world say not to pay off your mortgage since there are possibilities like loss of the house from disasters, life altering injuries that prevent work and as a result the inability to pay the mortgage things like that. They say you would be better off since it’s much more likely that you will be relieved of any balance owed in the disaster situation or you will be less likely to be a victim or predation from the inability to pay for whatever reasons. I totally get the disaster part where it’s definitely going to be your problem to recover the money paid in those circumstances. What do you say? It’s a real fork in the road here.
If you're really that worried about loss of house, then you should look into infinite banking. Forget the house as the asset and instead look at a policy as your asset. Have a great day.
I dont understand this concern. You should always have insurance on your home to protect against a disaster. The bank will not provide a loan without it. And you should have it if you own your homecout right.
@@brentberdick4088 I agree with you about insurance, but a real estate investor preaches not paying off your property and that’s the reason I asked. There’s also another guy who says paying off your house rather than investing the lump payments using a heloc is a better path considering the compounding interest that comes from the investments. Obviously there is risk there and paying down your mortgage is something much less risky. Was just trying to get some perspective on all the different methods proposed that’s all
Not sure what risk you're concerned about. You can make it very simple. Invest the equity in your home in an investment that pays more than the interest on your HELOC basically. I dont invest in the stock market. That's too risky for me. My current investment of my home's equity is in a 12 month joint venture contract with a company i know like and understand. I also run the capital through a specialty designed whole life policy before it goes into the joint venture. I found the joint venture on the Private Money Club.
I want to see how something like this works because I think this is something we should be teaching the younger generation you don’t need to stay on housing for food stamps. You just need to work and plan you can do this even with the McDonald’s job you don’t have to stay poor.
Hello Ms. Vann, once the debt has been paid off on multiple credit cards, is it a good idea to cancel some of the highest interest rate cards? I have an AMEX that's now paid off...is there a down side to canceling cards if you don't plan to use them again? Are there some cards that your experience has shown that we should keep, even if we don't plan to use them? thank you
Never cancel the cards. Having cards without balances will give a great credit utilization score. Put a small recurring expense on them like a small subscription service and set the card up to auto pay on full. I run like 16.99 through a month on a card that has a 30K limit. This keeps the card active and the 30k line open.
What exactly are you wanting to do? Are you just paying debt? In which case if you have any equity that would work. Otherwise you can get personal line with a credit score that high. Feel free to ask more questions though. Someone will likely be able to help.
Vann. Phone consultation, please. Long time followerer. But I need you to possibly look into my geographic location and investments advice. I know people aren't legal advisors, but that's ok
I have been looking at what to do with my 401k. Since it’s only $25 k and I’m 64 I knew it wasn’t enough. It would be enough to pay 2 large balances that would free up a lot of cash flow and allow me to get out of the debt trap PDQ. No penalty at my age anyway. It makes more sense than hoping the stock market keeps going up and I might have 100k when I’m 80
Please don't do that. 1) that 401k is going to be considered income and you are going to be paying taxes on that. 2) since that payout is going to be considered on your income tax you will be paying a higher rate on your monthly medicare premium when you turn 65. (Medicare looks at what your income was 2 yrs back-does it every year) to determine what you will be paying monthly in medicare premiums. If you are single you will pay big time. 3) It probably took you years to accumulate that 25k. You don't have those years anymore to make it up. 4) You are 64 now and if you become unemployed it will be so much harder to find work. 5) Work the program. how much is left on your credit limit? Probably should apply for low/no interest credit card while you still have a job. Keep that 401k. You will sleep better knowing that if you lost your job the 25k will give you a few more months to figure something out. Hopefully by then you will have your balances down because in the meantime you worked the program.
I am a life insurance and retirement specialist. what you should do is go ahead and use your income to pay off your credit cards as she says in the velocity Banking and roll over your 401k into a product that does not allow you to lose money in the stock market. Your 401k is in stocks and so you are seeing the fluctuation as the market goes up and down. But if you would allow me to explain to you how you can move your money into a product that sees no losses with the stock market and has potential growth tax-free and penalty , I believe that would be better for you then when it's time for you to pull your money out at retirement you will be able to do that also tax free penalty free
Yes but a 1st lein is best. Get a referral from Christy for a bank on 1st lein and see if you can switch. But the main concept is to make sure your using the equity in the home to invest and make an arbitrage.
Not sure what you mean. I think you confused between a 1st and 2nd lein HELOC. Watch Christy's video on 1st lein HELOCs. 2nd lein HELOC really aren't the best for VB.
Ha. Look at the video Christy posted yesterday. She shows an example of someone with a negative cash flow and debit. She works them out of in 11 months. Set up a time to work with her.
This lady has really opened my eyes on how to handle money. It's too late to help me but I am able help others younger than me!
It is never too late , start where you are and finish beautifully. In Jesus' name
Amén 🙏🏾
Over 50 cant get a life insurance policy😢
It’s never too late!
Absolutely! Very similar story to him in that I prayed for wisdom in our finances and God gave me wisdom . Thank you for sharing this with us Christy . God is good.
All the Time!
I've been using velocity banking with my CC and I've paid off quite a bit of debt and increased my credit score 49 points in 6 months. I haven't had the needle move in 4 yrs so I'm a die hard fan.
Congrats on losing 60lbs & tackling your finances.. sharing your story is brave & beautiful. Wishing you all the best.🏆
Thanks. I'm glad you appreciated the story. I'm working to find ways to get this message out to young people.
You have such a beautiful spirit ❤️ thank you for making these videos
@stephanie3647 You are so kind. Thank you
I'm going to start velocity banking using my margin on my stocks and experiment paying off my credit card. Thanks a lot for this information.
Thank you
This was timely for me as I’m about to enter into that first step of getting a first lien heloc. It’s encouraging.
Many people are living month to month. Velocity banking started simply to help people. Now it’s expanding into a for profit Bussiness .
Please make a video on how to start with our children....
Thank you, before listening to your videos lines of credit were somewhat not a preference for our finances, but I’ve come to understand the benefits. Thank you 😊 please keep up the good work
Wow, love this!!
Thank-you so very much for all your information, Christy, and also for this interview with Brent Berdick! I'm watching over and over till this 'clicks' on other investments. I feel so bad for our young people today who are holding down 2 and 3 jobs to make ends meet...just to have a roof over their head. So sad from when I grew up in the 60's. I turned 73 today and using our HELOC in our retirement. I'd love to help our kiddos with these videos to show them there's hope in financial freedom.
Thanks again! Love your videos and classes ❤❤❤
Wow thanks for the encouragement!
I have no debt, no home but have a little $ sitting in a bank. I do have a credit card with available credit. Hate my job & don’t really know where to start. My very conservative ways have kept me from accomplishing anything. 😏
Buy a. House.
Buy crypto... Double Your money, quit job...🙏Blessings 🙏🕊️🌟
Such a great concept, however everyone that teaches this talks about LOC which most of us in this situation can’t qualify for. Also most regular bills don’t allow credit card payments so this doesn’t seem achievable for the average individual, like myself, that actually need it. I wish I could figure this out. I’ve ruined my credit worse by applying for LOCs from multiple companies.
Many of us do use our credit cards (CC). Just think of it as Ramsay’s snowball. But instead of smallest debt first, start with highest minimum payment credit card first. (Though maybe not if it’s like a store specific card.)
So for myself, I have about $1400 a month that can’t be put into the CC. I get paid weekly, so every check I keep $350 in checking and everything over that goes to my CC.
Once the card is paid off, I can then either take my cash flow to another debt, a la Ramsey, or change my CC to another card and do that instead.
If you prioritize all of the credit cards you will likely be able to get your a point where you could then start to apply and get accepted for an LOC to take over the other loans.
Getting a HELOC is difficult to get Credit , DTI and income verifications makes almost impossible.
Definitely interested!
Here’s a serious question: lots of people in the real estate world say not to pay off your mortgage since there are possibilities like loss of the house from disasters, life altering injuries that prevent work and as a result the inability to pay the mortgage things like that. They say you would be better off since it’s much more likely that you will be relieved of any balance owed in the disaster situation or you will be less likely to be a victim or predation from the inability to pay for whatever reasons. I totally get the disaster part where it’s definitely going to be your problem to recover the money paid in those circumstances. What do you say? It’s a real fork in the road here.
If you're really that worried about loss of house, then you should look into infinite banking. Forget the house as the asset and instead look at a policy as your asset. Have a great day.
I dont understand this concern. You should always have insurance on your home to protect against a disaster. The bank will not provide a loan without it. And you should have it if you own your homecout right.
@@brentberdick4088 I agree with you about insurance, but a real estate investor preaches not paying off your property and that’s the reason I asked. There’s also another guy who says paying off your house rather than investing the lump payments using a heloc is a better path considering the compounding interest that comes from the investments. Obviously there is risk there and paying down your mortgage is something much less risky. Was just trying to get some perspective on all the different methods proposed that’s all
Not sure what risk you're concerned about. You can make it very simple. Invest the equity in your home in an investment that pays more than the interest on your HELOC basically. I dont invest in the stock market. That's too risky for me. My current investment of my home's equity is in a 12 month joint venture contract with a company i know like and understand. I also run the capital through a specialty designed whole life policy before it goes into the joint venture. I found the joint venture on the Private Money Club.
I want to see how something like this works because I think this is something we should be teaching the younger generation you don’t need to stay on housing for food stamps. You just need to work and plan you can do this even with the McDonald’s job you don’t have to stay poor.
I am learning this new info. I would love to help my family once i fully understand. Please direct me to resources.
Can i use personal line of credit for paying mortgage and HOA? Thank you for all you do!!
Yes. Income -> PLOC (New Checking Account) -> Expenses Out (HOA and Mortgage Included)
Do you have the free worksheet in google sheets?
I need your help❣️
Could you post the link to the episode he is talking about
It’s like they’re speaking another language. What’s a heal lock ?
A HELOC is a home equity line of credit. It’s the difference between what you owe and what your home is worth
Hello Ms. Vann, once the debt has been paid off on multiple credit cards, is it a good idea to cancel some of the highest interest rate cards? I have an AMEX that's now paid off...is there a down side to canceling cards if you don't plan to use them again? Are there some cards that your experience has shown that we should keep, even if we don't plan to use them? thank you
Never cancel the cards. Having cards without balances will give a great credit utilization score. Put a small recurring expense on them like a small subscription service and set the card up to auto pay on full. I run like 16.99 through a month on a card that has a 30K limit. This keeps the card active and the 30k line open.
@@brentberdick4088 Understood and will do. Thank you
But I don't have 700k in equity.. but I have a 700+ credit score.. what now..
What exactly are you wanting to do? Are you just paying debt? In which case if you have any equity that would work. Otherwise you can get personal line with a credit score that high.
Feel free to ask more questions though. Someone will likely be able to help.
Vann. Phone consultation, please. Long time followerer. But I need you to possibly look into my geographic location and investments advice. I know people aren't legal advisors, but that's ok
I have been looking at what to do with my 401k. Since it’s only $25 k and I’m 64 I knew it wasn’t enough.
It would be enough to pay 2 large balances that would free up a lot of cash flow and allow me to get out of the debt trap PDQ.
No penalty at my age anyway. It makes more sense than hoping the stock market keeps going up and I might have 100k when I’m 80
Please don't do that. 1) that 401k is going to be considered income and you are going to be paying taxes on that. 2) since that payout is going to be considered on your income tax you will be paying a higher rate on your monthly medicare premium when you turn 65. (Medicare looks at what your income was 2 yrs back-does it every year) to determine what you will be paying monthly in medicare premiums. If you are single you will pay big time. 3) It probably took you years to accumulate that 25k. You don't have those years anymore to make it up. 4) You are 64 now and if you become unemployed it will be so much harder to find work. 5) Work the program. how much is left on your credit limit? Probably should apply for low/no interest credit card while you still have a job. Keep that 401k. You will sleep better knowing that if you lost your job the 25k will give you a few more months to figure something out. Hopefully by then you will have your balances down because in the meantime you worked the program.
I am a life insurance and retirement specialist. what you should do is go ahead and use your income to pay off your credit cards as she says in the velocity Banking and roll over your 401k into a product that does not allow you to lose money in the stock market. Your 401k is in stocks and so you are seeing the fluctuation as the market goes up and down. But if you would allow me to explain to you how you can move your money into a product that sees no losses with the stock market and has potential growth tax-free and penalty , I believe that would be better for you then when it's time for you to pull your money out at retirement you will be able to do that also tax free penalty free
Thank you for your testimony! Is it too late for a 55 year old to start Velocity/ Infinit Banking?
I started at 57
I wish I came across this year's ago. I am 60, do not own a home, do not have a life insurance policy, and live check to check. No help for me.
How do we make money??? Any more details to help me understand?
@PriscillaBusch Hello! The link to learn more is here... privatemoneyclub.com/signin?signup=true&aff_id=vanntastic
Also follow the link to the moneymultiplier in the description. Watch their 90 video and book a call with one of their mentors.
Can I use this with a second Lien HELOC ?
Yes but a 1st lein is best. Get a referral from Christy for a bank on 1st lein and see if you can switch. But the main concept is to make sure your using the equity in the home to invest and make an arbitrage.
U r great!!!
Wow! I’d really like to learn how to use credit to purchase property… is that possible using your method?
Yes. If you go through UA-cam you'll see real estate investors that liquidate credit cards to invest in real estate. Have a great day.
What about that period of time where you can't pull any more money out of the HELOC? Do you take out another one?
Not sure what you mean. I think you confused between a 1st and 2nd lein HELOC. Watch Christy's video on 1st lein HELOCs. 2nd lein HELOC really aren't the best for VB.
@brentberdick4088 Thanks very much.
I just don’t understand why do you need 7 policies, isn’t one enough?
Probably as you gain more assets the more coverage you need.
I am flat broke.
Ha. Look at the video Christy posted yesterday. She shows an example of someone with a negative cash flow and debit. She works them out of in 11 months. Set up a time to work with her.
@brentberdick4088 I don't have cash flow.
This sounds confusing. I am a visual learner and I can’t see it.
Where did you get your HELOC?
No. No, you’re not.