I just got another 50k added to my LOC so I have 125k LOC at 7.75%. With a balance of 21k. i have paid off more loans this past year that my banker was so impressed. But I did not tell him what I am doing.
@chris that question tells me you haven’t watched videos. There shouldn’t be a balance at end of draw period. If there were to be a balance… you would refi into another line of credit before period ends. Pretty simple.
WoW! That $690 cash flow infusion sure is a great head start! I like that you hi-ball the monthly interest rate. Cushions come back to us like a gift from our calculator. lol WONDERFUL example of velocity banking. TY for sharing. 🏆
Thank you so much Vann! I'm so excited to start of this New Year with a new frame of mind thanks to your knowledge and assisting others. I will be sure to pass on this information and share your channel with those that are going through the same thing! Continued blessings to you and to the community! 🥰💞💕
1) How did you calculate the interest you are adding? 2) Why did her expense reduce from 6182 to 5804? 3) What is this "Balance" you get after you substracted her income each time? Is it in the Credit card or LOC? 4) From this table, does it mean she has a debt of 20,000 + 15,355 + 3425 + 6830 + 4728+ 1468 + 12,382 to settle?
@isaacjohnson615 1) She is using the balance of the LOC at the beginning of each month at 18%. For month #1 $15355 x .18 = $2764 annualized interest. Then 2764 ÷ 365 days = $7.57 daily. Then $7.57 x 30 days for the month = is $227. ( my number is a few dollars different) She explains this in some of her other videos.
Isn’t Debt relief you stopping payment and having the payments go to the debt relief company instead. That’s probably not a good idea. Try this method with credit card if you have one first. If you’re already in default then ignore me. Good luck.
I just watched your video on paying off credit cards with savings. My husband wants to pay off credit cards with savings but I thought better to use your method and just keep the savings account in his tsp. The problem is that paying the credit cards with savings is good but we have a constant problem with repairing older vehicles. Both our vehicles are from 2003 and have taken all the savings we had this year. Our rationale is that repairing older cars is still cheaper than a car note. But when the savings were exhausted we used our almost-to-the-max credit cards to pay for the repairs. What to do? Struggle along with using one car when the other needs repair? Buy a new car? Just work the velocity program? Really need 2025 to be our year for debt elimination. Also, we're not youngins. We should be retired by now but debt - our fault of course - has got us boxed in a bit. Help.
@@sharronbush886 Since I wrote that comment we have done just that. Kept watching. It clicked. We're gonna go for it and work the program. Thanks for the encouragement.
@@deborahsimpson2732 that is so awesome! Finding Christy was a God send for me and my husband! I had been praying and liw and behold!!! A way out of debt quickly! I think it was last Feb that we started. I still watch videos on a regular basis. Something that may not apply at one moment just might at another! It is difficult to undo or "untrain" the way we were taught about loans and paying debts. It is actually JUST MATH!
I finally got approved for a $500 ploc. I tried looking at your playlist videos to find any examples on how to use utilize a small amount but can't find one. Would you be able to do a video on one if you have more than 1 cc?
I’m having a hard time understanding the whole “pay your bills through your HELOC” thing. That means my checks that are deposited into my checking account will have to then be sent to the HELOC balance? What about my checking balance? Banks don’t let you hold a zero balance in your checking account and many will charge you for not holding a minimum balance
Keep watching. It will click. I think it is so simple we cannot understand. I have been doing this for 4 years and believe me it works. I am also very disciplined and do not over spend like getting new cars all the time.
You are not at an institution that is serving you. Try a credit union to avoid fees. Also some banks will not charge as long as you have direct deposit or have automatic savings plan( once a month $25 to savings, can always transfer it back). I too keep my checking at 0$ and use my PlOC as my checking account. Hope this helps . 😊
In your shoes I would just keep paying the house with regular monthly payment. You're at the exact part of the amortize schedule where you're winning. I think at this point I would just look into getting a HELOC and implementing infinite banking, Have a great day.
For someone who doesn’t have cards with large amounts on them, but still have cards, can I scale it down as sort of a scientific experiment to prove to my wife, and myself, but more my wife, it works ?
Most likely because the car loan is 1) secured by the car itself. They can repo and recoup most of their money 2) the loan being on an amortized schedule means the financial institution gets its money first. A credit card in the other hand is 1) unsecured debt that if used in consumption the financial institution most likely won't get its money 2) since it's a revolving line, that if paid off monthly, no interest is owed. Have a great day.
Simple. They know if you default on the car loan they can take your car, sell it, and sue you for the difference. With a CC, there is no guarantee of collateral if you default. The process to collect from is different and likely more difficult and expensive for them.
Why would you get a line of credit (which you have to pay back) this does make sense. A line of credit is not saving grace it’s more debt. Debt kills dreams. My family and I have never had a credit card we have zero debt.This comment is not to be mean spirited but at some point we have to close the this concept or idea on borrowing on our future. The example you give is good but the question is does your behavior change? you have a zero balance but will you repeat what got you in debt in the same place?
1) A LOC allows for liquidity. It's a buffer 2) It allows for the usage of 1 dollar twice 3) It allows for debt consolidation with the LOC, which gets paid down with income, not cash flow and monthly minimum 4) Your money is always working for you place in the LOC. Unlike money being place in checking account 5) Using a LOC with VB shows creditors that you know how to handle money, which gets you access to more funding. Hope this helps, have a great day.
@susancardoza If you're paying onto a LOAN...do principal payments with CHUNKS. You must continue to make regular monthly payments until paid in full. For a line of credit...I put income in as regular payments every time I get paid.
@susancardoza66 keep watching all the videos on repeat. It will begin to stain on your brain and try it with one small credit card 1st. You will see how this sooooo works. Stay the course.
If you were to die today are you 100% certain you know where you’ll end up? Jesus said: “Most assuredly, I say to you, he who hears My word and believes in Him who sent Me has everlasting life, and shall not come into judgment, but has passed from death into life.” John 5:24 NKJV Today is the day when you can be 100% certain you will go to heaven when you die All you have to do is accept this truth 1. Christ DIED (FOR YOUR SINS) 2. Was Buried 3. Rose Again ( The 3rd Day) Accept this truth and you shall not perish but have everlasting life by he who is The Life, Jesus the Christ!!! “Jesus said unto her, I am the resurrection, and the life: he that believeth in me, though he were dead, yet shall he live: and whosoever liveth and believeth in me shall never die. Believest thou this?” John 11:25-26 KJV
All of that @Jape and you still didn’t tell how to PUT ON CHRIST & have your sins washed away. Baptism- Romans 6 1 Peter 3:21 says that baptism saves people through the resurrection of Jesus Christ. Col 2:12. buried with Him in baptism, in which you also were raised with Him through faith in the working of God, who raised Him from the dead. If you’re going to start something on my channel. Make sure you’re sharing the WHOLE TRUTH. Thank you
I just got another 50k added to my LOC so I have 125k LOC at 7.75%. With a balance of 21k. i have paid off more loans this past year that my banker was so impressed. But I did not tell him what I am doing.
So what happens when your draw period is over and you have to pay the whole thing back all at once?
@chris that question tells me you haven’t watched videos. There shouldn’t be a balance at end of draw period. If there were to be a balance… you would refi into another line of credit before period ends. Pretty simple.
@VanntasticFinances i have watched many many many of the videos and haven't seen anything mentioned about a draw period for plocs.
We started this in September 2024 as of today we've paid $5000 of CC DEBT OFF IN 4 MONTHS THANK YOU AND THANK GOD FOR YOU ❤
WoW! That $690 cash flow infusion sure is a great head start!
I like that you hi-ball the monthly interest rate. Cushions come back to us like a gift from our calculator. lol
WONDERFUL example of velocity banking. TY for sharing. 🏆
Love the catch phrase "here's your financial answer " 🙏😊
Thank you so much Vann! I'm so excited to start of this New Year with a new frame of mind thanks to your knowledge and assisting others. I will be sure to pass on this information and share your channel with those that are going through the same thing! Continued blessings to you and to the community! 🥰💞💕
Lol. Actually, thank you, that was a really good explanation.
1) How did you calculate the interest you are adding?
2) Why did her expense reduce from 6182 to 5804?
3) What is this "Balance" you get after you substracted her income each time? Is it in the Credit card or LOC?
4) From this table, does it mean she has a debt of 20,000 + 15,355 + 3425 + 6830 + 4728+ 1468 + 12,382 to settle?
@isaacjohnson615
1) She is using the balance of the LOC at the beginning of each month at 18%.
For month #1 $15355 x .18 = $2764 annualized interest. Then 2764 ÷ 365 days = $7.57 daily. Then $7.57 x 30 days for the month = is $227. ( my number is a few dollars different)
She explains this in some of her other videos.
3) The balance is the LOC.
4)The $20000 is the amount available to use in the LOC.
The total beginning debt is $44164.
How do youbget a line of credit
Lines of credit can be obtained at a credit union. U.S. bank has them too.
hope this helps 😊
Yep. I am $40'000 in debt and final started a debt relief program. The interest on my CC debt is destroying me and my debt to income is aweful.
Isn’t Debt relief you stopping payment and having the payments go to the debt relief company instead. That’s probably not a good idea. Try this method with credit card if you have one first. If you’re already in default then ignore me. Good luck.
TY!)
I just watched your video on paying off credit cards with savings. My husband wants to pay off credit cards with savings but I thought better to use your method and just keep the savings account in his tsp. The problem is that paying the credit cards with savings is good but we have a constant problem with repairing older vehicles. Both our vehicles are from 2003 and have taken all the savings we had this year. Our rationale is that repairing older cars is still cheaper than a car note. But when the savings were exhausted we used our almost-to-the-max credit cards to pay for the repairs. What to do? Struggle along with using one car when the other needs repair? Buy a new car? Just work the velocity program? Really need 2025 to be our year for debt elimination. Also, we're not youngins. We should be retired by now but debt - our fault of course - has got us boxed in a bit. Help.
Keep watching videos. It will "click" and you will understand!
@@sharronbush886 Since I wrote that comment we have done just that. Kept watching. It clicked. We're gonna go for it and work the program. Thanks for the encouragement.
@@deborahsimpson2732 that is so awesome! Finding Christy was a God send for me and my husband! I had been praying and liw and behold!!! A way out of debt quickly! I think it was last Feb that we started. I still watch videos on a regular basis. Something that may not apply at one moment just might at another! It is difficult to undo or "untrain" the way we were taught about loans and paying debts. It is actually JUST MATH!
I finally got approved for a $500 ploc. I tried looking at your playlist videos to find any examples on how to use utilize a small amount but can't find one. Would you be able to do a video on one if you have more than 1 cc?
I’m having a hard time understanding the whole “pay your bills through your HELOC” thing. That means my checks that are deposited into my checking account will have to then be sent to the HELOC balance? What about my checking balance? Banks don’t let you hold a zero balance in your checking account and many will charge you for not holding a minimum balance
Keep watching. It will click. I think it is so simple we cannot understand. I have been doing this for 4 years and believe me it works. I am also very disciplined and do not over spend like getting new cars all the time.
Pay a maintenance fee is still cheaper than paying interest
That's why we have banking relationships with credit unions, specially our local credit unions. Also small to medium banks.
A lot of banks / credit unions offer free accounts with no minimum balance requirement. Perhaps you should consider changing banks.
You are not at an institution that is serving you. Try a credit union to avoid fees. Also some banks will not charge as long as you have direct deposit or have automatic savings plan( once a month $25 to savings, can always transfer it back).
I too keep my checking at 0$ and use my PlOC as my checking account. Hope this helps . 😊
What about paying off a mortgage that has only 9 year left?
Trying to get my husband on board?😅❤
In your shoes I would just keep paying the house with regular monthly payment. You're at the exact part of the amortize schedule where you're winning. I think at this point I would just look into getting a HELOC and implementing infinite banking, Have a great day.
For someone who doesn’t have cards with large amounts on them, but still have cards, can I scale it down as sort of a scientific experiment to prove to my wife, and myself, but more my wife, it works ?
@douglasmc Does this video help? ua-cam.com/video/nx55GTmsKhU/v-deo.html
How does someone reach you for assistance?
Not everyone can get a LOC. Or a HELOC. Especially when your debt to income ratio has all those cc as in your example. They wont give you a LOC
🙏
How is it I can get financing for a vehicle immediately, but I can't get a visa to save my life.
Most likely because the car loan is 1) secured by the car itself. They can repo and recoup most of their money 2) the loan being on an amortized schedule means the financial institution gets its money first. A credit card in the other hand is 1) unsecured debt that if used in consumption the financial institution most likely won't get its money 2) since it's a revolving line, that if paid off monthly, no interest is owed. Have a great day.
Simple. They know if you default on the car loan they can take your car, sell it, and sue you for the difference. With a CC, there is no guarantee of collateral if you default. The process to collect from is different and likely more difficult and expensive for them.
Why would you get a line of credit (which you have to pay back) this does make sense. A line of credit is not saving grace it’s more debt. Debt kills dreams. My family and I have never had a credit card we have zero debt.This comment is not to be mean spirited but at some point we have to close the this concept or idea on borrowing on our future. The example you give is good but the question is does your behavior change? you have a zero balance but will you repeat what got you in debt in the same place?
Excellent points.
1) A LOC allows for liquidity. It's a buffer 2) It allows for the usage of 1 dollar twice 3) It allows for debt consolidation with the LOC, which gets paid down with income, not cash flow and monthly minimum 4) Your money is always working for you place in the LOC. Unlike money being place in checking account 5) Using a LOC with VB shows creditors that you know how to handle money, which gets you access to more funding. Hope this helps, have a great day.
Do I put my income in as principle payment or regular payment due?
@susancardoza If you're paying onto a LOAN...do principal payments with CHUNKS. You must continue to make regular monthly payments until paid in full. For a line of credit...I put income in as regular payments every time I get paid.
It’s a HELOC. THANK YOU SOOO MUCH for your reply!!! Don’t know how to go about doing this.
@susancardoza66 keep watching all the videos on repeat. It will begin to stain on your brain and try it with one small credit card 1st. You will see how this sooooo works. Stay the course.
The videos are great and helpful but I don’t have a line of credit is there a way to do it wit a 401K loan?
Where is the best place to get such a high limit LOC?
I couldn’t get a line of credit 😢. I tried last week and they said no
@tahan Don’t get discouraged. Did they say WHY you were turned down? There are other banks.
If you were to die today are you 100% certain you know where you’ll end up?
Jesus said:
“Most assuredly, I say to you, he who hears My word and believes in Him who sent Me has everlasting life, and shall not come into judgment, but has passed from death into life.”
John 5:24 NKJV
Today is the day when you can be 100% certain you will go to heaven when you die
All you have to do is accept this truth
1. Christ DIED (FOR YOUR SINS)
2. Was Buried
3. Rose Again ( The 3rd Day)
Accept this truth and you shall not perish but have everlasting life by he who is The Life, Jesus the Christ!!!
“Jesus said unto her, I am the resurrection, and the life: he that believeth in me, though he were dead, yet shall he live: and whosoever liveth and believeth in me shall never die. Believest thou this?”
John 11:25-26 KJV
All of that @Jape and you still didn’t tell how to PUT ON CHRIST & have your sins washed away.
Baptism- Romans 6
1 Peter 3:21 says that baptism saves people through the resurrection of Jesus Christ.
Col 2:12. buried with Him in baptism, in which you also were raised with Him through faith in the working of God, who raised Him from the dead.
If you’re going to start something on my channel. Make sure you’re sharing the WHOLE TRUTH. Thank you
Jesus was debt free when he died! 🤔🤔