An Actual Brainstorming Call to Determine What Needs to Happen to Begin Debt Elimination.
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- Опубліковано 20 лип 2023
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We have all been so conditioned to manage our finances with an outdated method that anything different is hard to grasp, but once you shift your mindset to a better method it’s an eye opener.
So true! I'm learning👍
Well said!
It’s so mind blowing to see how my debts can just be eliminated without having to get another job or take 20 years to do it
*Imagine being ~12k in debt, not including mortgage/heloc, and still paying 120$ cable and a 52$ gym membership...*
I am a true numbers person and this instantly made sense to me. Your videos have totally changed my perception on debt/credit availability and how it can be used to benefit us in the long run. Actual home ownership is within sight because you took the time to share your knowledge.
Hey Christie! I know you are a believer! Just pray before you go on your platforms that your viewers receive clarity. Its the enemy that doesn’t want us to understand. But its ok bc we are gonna binge watch your videos while we are awake and sleeping. We will renew our minds. We have been manipulated and lied to about our finances as well as everything else since we were born! You are an excellent teacher and the people that are hungry for this teaching will understand. Thank you for tearing down the kingdom that keeps us in bondage!!! ❤❤❤❤❤❤
Thank you!!!
Amen ❤
Amen amen.
Amen
Omg!!!! Once I became debt free(besides the house) I felt the SAME boredom!!!! I got back in debt!!!! I am now debt free AGAIN!!!! Now learning how to use that extra brain energy 😅😅😅
More of these videos please 🙏
This is really nice to hear a real person working this out with you.
So cool!
A suggestion to teach this strategy is to write it on the board in form of a circle showing how the money goes from one acct to the next and revolves. This simple picture may help.
If a husband doesn’t work why to pay for a child care?
The husband does work. She said he works 8 months roughly of the year. Sounds like he's into some type of landscaping or something
@@zetsumei1017so the husband could look after kids for 4months out of the year?
@@keiranninjaspirit he still may work. A lot of daycares won't accept people that have random times like that
@@zetsumei1017 aahhh I understand
Christy I think these type of videos should be a new video idea. Velocity Banking Talks/Chats with Christy. I think a lot of people would enjoy the visual, I think will help a lot of people. Have a great day.
You forgot to add the $1,973 expenses to the existing CC balance of $12,000 making the new balance $13,973. Then she pays $2323 when that next month's payment becomes due. However that will then put her back at $12,000 owed. I know you have good intentions but you are giving financial advice based on faulty logic. You would be better off teaching how to get her living expenses down so she has positive cashflow that she can use to pay down the loans and credit lines faster.
I think you need to reinforce more to people that they have to keep their spending still under their income to make this work. And yes encourage her to cancel cable and the gym to make this work better.
What is the husband doing the 4 months off season? Lot of income being left off the table by not having a side hustle
I remember taking business math in High school... Gosh, we were so duped. I don't know how I found you but I'm sure glad i did. I totally binge watched a boat load of your videos last evening and immediately started transferring what I could of my fixed expenses to an existing Credit Card LOC. Can't wait until payday to make that first deposit into that LOC and get the process started. I'm not in super debt but I do have some cleaning up to do with a car loan and a green energy loan that I would like to get out from underneath sooner than later.
Thank you!
Love your channel and your voice.
It's called creative financing.
I juggled creditlines to buy 2 condos and the rent paid for the creditlines.
Basicaly, the HELOC makes you your own bank even though you also owe that money.
This allows you to have the freedom of movement within it to pay a lump sum to the HELOC ( Your income) thereby eliminating the interest payment on the HELOC as the lump sum is larger than the interest.
Then paying the creditcard by the due date from the HELOC ( Because you put your income in) also satisfying the interest on the credit card. So now all you are doing is making your income and paying your bills.
Even though there will be interest charges on both, you satisfy the payments by depositing a larger sum of money than the payment.
Eventually when the creditcard is paid off, then you do the same on the HELOC.
Everybody understand??
Yes you’re keeping interest low, but only moving the money around in a circle without ever actually paying it down to zero lol. It’s a strategy to save interest but not necessarily great for paying down debt in an efficient manner.
We are so brainwashed that it takes time for the cogs to getting oiled 😂 it's the interest that kills us all. Usury is also deemed a sin in the bible , so more power to this woman, and to us all for beating them at their own game 🙏
Can you repeat please..
This strategy only works if you are cashflow positive. $5/month is not gonna cut it. They have to reduce expenses, make more money or both.
Husband could deliver pizza's, drive Uber or something to make money in the off season of his business.
I would also dump the $120 cable for a $35/month Sling account, and, the gym membership would have to go also.
Again have to get more than $5/month cash flow, or the are paying down $60 worth of debt annually.
That's the banks that want cash gone. Every time you swipe a card, they make the transaction fee. Think about how many bills just got paid with a card in this example. On top of that, her food and other daily expenses. Not on only does the bank make the transaction fees, they charge 25% interest!! Then when the banks screw up, they get bailed out. "Too big to fail". Its quite a racquet they have going.
I got it so fast!! My very first video I watch of your was so eye opening!! I want to thank you so much for sharing it! I was taught the old way to go through your bank, but this is so much easier and saves you so much money! 🎉🤩🥰 bless you!!
This just popped up. I like this style and hearing y’all strategize is fun.
❤️🙏🏽
Your channel is named accurately!!! I just kept saying "This is fantastic!!" Over and over again!!! ❤ Thank you so much for teaching us!
❤️
“…this is now satisfied so it becomes cash flow….” Music to my ears 😊
Can you do an update with this lady please? Would love to hear how they are doing now.
Updates would be a really cool concept
She is good. I am working on my credit as of right now and doing what she says and it works.
Did you open a line of credit?
This family needs to be realistic about what they can afford! I'm sorry! Private School!!! I would love to send my kids to private school, but living well beyond my means is not going to get it. And I bet the private school isn't teaching about money like this! They are teaching the same information as the public schools-lies and foolishness!
Thanks Nikki! I choose to not make judgment calls on what people choose to spend their money on. I just want to help them find a way to spend their money, more efficiently while paying off debt. Thank you so much for watching!
Drop gym, cable and whatever else is not necessary to get out of debt!
100% true. Generally drop the 2nd car, the media room, 2nd bathroom and cook at home, take own food on outdoor activities and don't pay for your children's first car - teach your children about finance and they will be liberated.
I was thinking the same thing, at least until they get their debt down. Put the kids in public school, and during the months the husband doesn't work, he can watch the kids. There goes $850 plus the $350 towards paying down the debt.
Ah! I love seeing your videos pop up in my notifications! It always makes me smile and reminds me to breathe - you are just so lovely! 😊🥰
I agree! Christy exudes/oozes peace and serenity. This week has brought much bad news, so I'm really only watching this to buoy my spirits 🙏🙈
PS. On a complete sidenote/tangent, I love how she does the 'Cents' along with the dollar amounts; even tho it's always '$nnn.⁰⁰' and makes no cents 😉
PPS. So... personally, I like it shown / written like that, even tho it's only for aesthetics. It will also use up the ink in those pens much more quickly!! 😉🤣
Wow! Thank you so much for that!
@maxlove4906 Prayed God will bless you with GOOD NEWS and a joyful heart this coming week ❤️🙏🏽
Its so crazy that so many of us in U.S have a negative cash flow😢 A lot of ppl are "house poor" housing costs are astronomical. If this situation in this video is like yours please use this method or something alike. Peace is not something that folks have nowadays and it would make for a less stressed out world.
Hey christy, seeing the numbers and how they all work with each other is super important to understand how this works, but I think if you came up with/did a few videos showing a simplified visualization flow chart system it would make it easier for people to grasp the overall methodology of this concept.
I've watched a few of your videos but this one was a huge help wrapping my mind around this style of banking
Absolutely loved this presentation. Thank you so very much!!!
Hi Christy, when I first understood this, what helped me was thinking of it like a funnel. Income in the top (widest opening), and expenses out the bottom (smallest opening). Perhaps teaching people the LOC is like a funnel. All income in, all expenses out. Obviously, if the LOC is a credit card, subtracting the amounts to keep in checking since they can't be paid with cc.
Surely for this lady when the husband doesn't work the child care will fall away too
I am absolutely so impressed and incredibly intuned that this is my second video in less than 2hrs! I am grateful because I am getting ready to start the process where owning a home is concerned and I’m in the process of compiling a list of questions to probe. Much appreciated for the insight obtained thus far! Thank you-will continue to stay tuned!
Thank so much Christy and thanks to your client for sharing this strategy session.
I'm very appreciative that I can continue to learn this process and the terminology, especially for when I can qualify for a PLOC or a HELOC. My FICO and Vantage credit scores are slowly improving, yay!
Yayyyy
6 beers deep still killin the game
Thank you for your videos. You have helped me to develop a strategy for my wife and I. Greatly appreciate what you are doing.!!! God Bless.!!!
This was so interesting and helpful and she asks questions I would have asked. It would be awesome if you had a playlist of just calls like this. Also, we have an idea of what to expect if we do a call with you. Thank you so much for what you’re doing. I’m hopeful for the first time in decades 🎉🎉🎉🎉
Many Americans have a trauma bond with their money. It was difficult for me to accept a new way to manage that relationship because of the time invested in the unhealthy old way. #VelocityBanking #GoodDebt #WiseWays
"Trauma bond"... I've not heard that term before. In essence, tho, yes, we were all brainwashed by the "system" - we can/must re-educate ourselves 🙏
@@maxlove4906 agreed. It was such a shock to me that I did not have to wait 30 years to pay my mortgage off. I did not have to wait forever to pay off a credit card balance. I can have a lot more control over my money, if I just had information. I am thankful for this knowledge. 🙏🏽
Not just Americans! the whole world. Watching from South Africa
So helpful. I'm new and trying to figure out how to transition over to this system without missing payments. This shows me so much!!! Thank you so much for this!!
You are simply a gem. Thank you!❤
Thank you, Christy! I've begun this process, but picked up a huge chunk of info from this vid. ((Hugs))
Ok. I just watched this in its entirety. Definitely a different way of THINKING. Very interesting. It makes so much sense, but it’s a definite change in mindset. 💯
So true debt consumes you and stress u I can see it being that way because I’ve already had everything on auto pay that was the first stress relief for me with payments which also helps my credit report which reports at 3 yrs with no missed payments. That’s a wonderful treat!
Cash is king. Cashless is a major concern and a move towards a police state.
Thank you for sharing this strategy ❤
So all income must always hit the line of credit first!
Thanks for sharing!
Great video ! thank you
This was helpful to hear. I'm looking forward to our session on Aug. 9th.
Thanks so much for teaching this
Their finances scare me to death. They are beyond broke. He needs a regular job and a part-time job. Working this system might save them but there is no wiggle room. Where are their expenses for food, personal care and medical expenses? They simply cannot afford their lifestyle.
Most unfortunately, these videos are a reflection of many people's lives, & getting/got outta control. Thankfully, they are addressing their situation 🙏
@dawnt5587 all of their expenses are within the total expense amount every month.
@@VanntasticFinances If that is the standard, it’s pretty low. That’s why Americans are broke.
@@dawnt5587 I think she would be better off alone with that husband she got. Sounds like she's carrying most of the 🏋.
You ARE SO AWESOME!
Thank You
Great exercise ! Thank you so much
It’s time for this lady to cut back expenses and her husbands gonna have to get a part-time job on his slow time. That’s a one-way to get ahead of this. It’s a short term hassle for a long time benefit. Just gonna take some work.
Thank you for posting! It makes more sense because you explained paying the credit card with the heloc.
Glad it was helpful!
I love you patience.
This lady said it. she, like me understands the math, but we are visual. She is not there with you because she cant see how to get there because the part is that you first have to change your bills from, for example manual or automatic bill pay in your banking account or vendor website to have them manually or automatically go to the new credit card. THEN tell them their paycheck is going into the HELOC or LOC and the credit cared is getting paid from that. You need a picture. NOT numbers.
You’re a blessing by teaching us a new way. I never was able to understand figuring average daily balance. Can you do a video on average daily balance?
@christiebriggs3441 Great suggestion! The average daily balance can really only be calculated by the bank, but you can have an idea by adding the high balance for the month to the low balance after making income transfers, then divide by 2 to get the average of the numbers. I hope that wasn't more confusing...
A light bulb 💡 went off the with the first video I saw ❤ Thank you for sharing your knowledge 🍓
My light bulb went off the very first video that I discovered of yours. I was actually more pissed off and excited at the same time to get started immediately
I like these real life examples/demonstration - the questions we have are getting answered as well. What does one do if they don’t own a home and have a heloc
PLOC and CC would be the next best thing. Have a great day.
This is brilliant as we can see exactly how this is going to work and watching it being thrashed out to get the clear plan is really beneficial.
Thank you Cristy! 😊
Ps. Hope you can determine a UK plan of action on debt as products and fees seem to work differently here.
I, honestly, don't know of ANY landscaping / landscapers (and all the ones I know have their own businesses) that don't have work during any season. They all have snow plowing contracts so there is income during the "off" season.
How do I get assistance like this? I’ve healing from cancer and have had some unexpected expenses. 820 credit score with lots of availability on credit cards (credit unions)
Describing the first expenses of $5400 in this example as a total of CC eligible payments and the living expenses would help to illustrate that the $ for the CC income transfer is already part of the Heloc expenses.
Seems like a good part was cut at around 29:00. Sounded like you were getting ready to say something about the cash back bonuses. I did some modest calculating. 1000 bucks of expenses with a 2% cashback. You will save a few days of interest with the cash back bonus. Thus more small amounts thrown onto the card
I begin grasping once it’s worked down more. That’s when the “ah ha” moment occurs!
The way you teach for me at least at 15:07 I immediatley picture the recycle logo, my income goes into HELOC, then out to expenses. Instead of my income directly to expenses. I just think of the HELOC as my middle man.
Drop the cable and get a router with your internet. It's a one time fee. And try not to get subscriptions to specific channels
Christy, would it be better if she parked her credit expenses in the credit card because of the 25% interest? Her cash expenses parked in the HELOC, gives her the ability to pay them while lowering the ADB. Her husband needs to get a side gig/work from home the 4 months he's not working. His income parked in the credit card would become their emergency fund/ checking account saving 25% interest. Just a thought. Honestly, this one was a bit confusing to me, so hopefully I make sense.
@Jesus-kt5dc This is a difficult scenario…that’s why I was trying to show her that she definitely needs more income JUST to beat her interest. REGARDLESS…I wanted to show the ppl that not all scenarios are going to lead to a payoff date. Some need footwork BEFORE you can start velocity banking. Did you get that? Or should I remove video to save the confusion?
@@VanntasticFinances Yes, I agree. Hopefully her husband's work picks up. I'm happy you pointed them in the right direction. Have a great day.
@@VanntasticFinances Leave the video up. It's a great lesson even for me. It's difficult to teach people a new concept, that requires cashflow. In this situation being a negative cashflow to begin with doesn't help her situation. Leave it up, I really enjoy other people's comments which might spark an idea from someone, that me and you would have never thought of. 😊
In my mind when he is off for four months he could be daycare. That saves the 800ish decreasing expenses while he is not working. That extra money could go towards paying down the credit card
@@keepmovingforwardRN I thought about that also. If he's going to be home save the money, also stop private school.
So did i miss a video about banks, etc. i have several bank accounts and yet still need to get a system to pay debt. Your suggestions when it comes to banks etc? I am nervous with selecting the wrong type life insurance, etc. I need to learn!
Hi, Christy. Thank you for sharing your knowledge. Can you do a video about putting your money into a life insurance policy instead of a bank? I’m intrigued. If you’ve already done one, can you share the link? Thank you!
ua-cam.com/video/ELMLgatlCUM/v-deo.html
Infinite Banking with Chris Naugle
Perhaps the best way to teach this ‘new way of thinking’ is to remind people that when you pay the expenses with the credit card you are using OPM (other people’s money) and for every day you don’t use the HELOC to pay these expenses you are saving yourself interest on the HELOC. You may only be saving $3-4 per day but it adds up rather quickly. Eventually you will pay off the credit card and then you will not incur ANY interest charges on the credit card because you no longer have a revolving balance. It takes time in a scenario like this where you have very little cash flow. Does that explain it any better?
That was amazing. So setting up automatic payments is key. It sounds scary.
It’s reaaaallly simple… much easier than what you’re doing. Just a mindset change🤗
If I were that lady I would:
*transfer the kids to a charter school= $0
*Work out at home =$0
* Cancel cable and get hulu and Netflix= $40. I don't know anyone who is still using cable. All tv shows stream on apps now.
* Ask a trusted retired family member to watch your little kids at home. Pay them about $100 per week, and free meals.
@@thequeenofwitches7943I agree cable is a rip off!! I haven’t had it in years
Hi, so do you wait until the cycle to transfer income to satisfy payment?
Question? What do you suggest with bills like rent that charge fees to pay the bill with anything other than your checking or savings account?
Interest reduction based on per diem balance transfer is how you could explain the why
Remove cable, you don’t need it. +120$. Cancel gym membership +52$ =172$
I also have more expenses than income. I want and need this done for me! 🙋🏻♀️🙋🏻♀️ I volunteer. 😊 I am so confused on how this works.
Suggestion to cancel cable. Unnecessary when u have internet. Also cancel gym. This gives a pos cash flow.
If you're going to use a credit card for all (most) of your monthly expenses and any purchases (I've done this for years) make SURE you are only using a credit card with 0% or with no starting balance. If you start to do this and just use an existing cc you have that has a high interest rate and a high balance, your monthly expenses will now accrue that awful interest rate too. The cash back rewards of 1-2% don't come close to washing out the high interest rate.
Exactly! I’m so glad you saw that too. I was so concerned when I realized she wasn’t going to address that issue. You are exactly right. Expenses like this should only be put on a cc with a ZERO balance and be paid off each and every month!!
This is the complete opposite way to work the velocity banking strategy to get out of debt. Throw the income into that card that already has a balance so then the avg daily balance is lower as you are using it and in return, your monthly interest will be a lot lower than if you just let it sit dormant and paid the minimum payment on the card. Bonus if it is rewards card bc the 2% cash back rewards doing this can offset the amount of interest that you are being charged. What hurts the process is segregation of income, which would be what you are talking about when speaking about starting with a new card that was originally 0. Once the card is at a 0 balance, don't use that card any longer and then swap over to a card that has a balance to do the same process of putting all extra cash flow toward reducing the balance on that card.
The way I see it…you are just reducing the avg daily balance to reduce monthly interest.
when dad is not working could save $850 a month if youngest were home with him since he is home anyway hth
Thanks again for another eye opening video.
Question, how do you figure the HELOC amount?
Do you mean payment going in? If so, her whole income is going into HELOC
Hmmmmm🤔 Good question!
My understanding the heloc will be determine by your bank based on the market value on the equity. My question on that is: if I have the line of credit at 8% why not pay the full balance of the credit card at 25%. Do the the income transfer to the heloc keep using credit card for expenses gaining points/cash rewards and paying the full amount at due date ?
It’s very hands on when you get into the nitty gritty. Would you be transferring money in and out of HELOC weekly?
When is the best time of the month to pay credit card or LOC and start paying expenses? Right on or before due date? Or does it matter or make a difference when? Of course not late.
it would be a good way to do it in a step fashion so that you could see 1 first 2nd then 3rd steps etc to work out how to do this. I need to use a credit card to do this as I don't think I can get a HELOC or line of credit
Hi Christy, would it be okay to use a low interest credit card to do this with instead of a HELOC?
How about her husband drives for pizza delivery on the off months?
Curious why do you subtract the income and add the expenses to the HELOC
We use discover, do you advise using cash advance to pay the bills you can't pay directly from the credit with
Hello I watched this video and I think it would help if you would first explained to that you first have to either manually pay each of the bills at or before their specified due date using the credit card OR set up automatic charges with each vendor to charge the associated bill to the credit card. Then each month, you use money from the HELOC to pay the credit card on on the due date but you would be paying the Total of all the bills instead of the minimum payment. Im also visual like she said and have watched a couple of your other videos and it didn't click until just now. That is, until I understood that the bills would be getting charged or paid on the credit card at different dates (This is where I was getting hung up) Then all you are really doing is paying them all in one lump sum, on the due date, using some of the funds from the HELOC, WHERE YOUR CHECK IS GOING to slowly pay that down. I drew a graphic of it. Let me know how to get it to you.
Hi @attachtitan7849 could I get a copy of your graphic? It sounds like what I need to get my head around this concept. TIA
So when figuring expenses, I assume we're using the minimum monthly payments due on our credit cards and/or loans each month?
So is it a reality that you will have a high probability of losing your house with the HELOC if your house is significantly risen in value or you have equity in your house?
Is an equity loan an ok way to go? I see the LOC being better because it's not another fixed loan with a monthly payment on the whole amount vs a balance that goes up and down as you use it/
What if some of the payments for expenses that you pay for on your credit card charge a credit card processing fee? Some businesses charge this fee in order to cover their credit card processing fees. Should you just continue to pay these through your checking account? Or are these fees too minimal to worry about?
Is it worth paying things such as utilities and such with a credit card as they charge you a fee when paying with a credit card oppose with a debit card? I know it’s around $6-$10 fee when paying my utility bill with a credit card.
In my educated opinion; this is when one must do their own personal homework and calculate the cost of the expenses/fee(s) if choosing to pay with debit card, Ploc, Heloc, or Credit card. Only one knows the terms of agreement(s), and reward(s) when and if applicable.
Not making money is not the same as not working. Roofing company can't work in snow or thunderstorms but still calling , marketing and lining up business for the future. Can't call it income because all that work didn't make a dollar today, but will be $10k in 3 months. She needs to know the 12 month average of her buisness and live off that number instead of playing catch-up when the funds come in. As a seasonal buisness owner you need a strategy for all 12 months of the year.
Her system doesn't work when there is no extra money to play with. On her other videos, ppl have more money coming in than expenses and the debts basicallly get paid off by putting extra payments, nothing to do with her methods. In this case she has no solution because it doesn't work.
Which is why Christie said you need to either find more income, or reduce expenses
What is the advantage of the HELOC in this situation?
Hello Christy. I would love to talk with you to ask a question about my financial situation regarding LOC and HELOC loans.
what happens when a heloc is frozen? Do they force paying off the balance right away?
Is it mostly banks that hold the mortgage loan and the Heloc that would freeze the Heloc?