Paying off $30k in debt made EASY with the right tools. Velocity Banking = Financial Peace
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- Опубліковано 8 жов 2023
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This works so well when you keep your butt off of Amazon. 😂
Had 11,000 of credit card debt in June have 2000 left will be completely done in November credit score went up from 640 to 726. Velocity banking works. Thanks VANN
Congratulations!! I am in about the same amount of debt. I don’t have a line of credit though. How did you do it?
@@Sugarxspicenails credit card ?
@@Sugarxspicenails don’t do this. Just make extra payments as often as possible. The only reason to ever do anything even close to this is if you have a line of credit with a lower interest rate than your loan. If you are struggling making payments to a cc, you can maybe get a balance transfer with low IR to try to pay it off sooner if you have good credit. This lady is scamming people and it’s honestly just making me mad at this point. She over complicates things in hopes that people will hire her to make a financial plan for them to help get them out of debt and then uses her faith to make people trust her. She’s a scam artist.
@Sugarxspicenails I had credit card debt. Get a line of credit through your bank or approved cards from credit karma, then start. She went over it in one of her videos
@@mygoodlife204 no I don’t think they’re using a credit card
It’s a sin that dental isn’t cover as health insurance is! 😡
I paid a $28,000 American Express bill in 11 months paying $1,100 every two weeks
That's great. The question is where did you get the extra 1100 every two weeks to pay off the debt?
@@e-man1634 that part
@@e-man1634 by finding loose change in the couch of course 😁
@@e-man1634I could save almost 1100 every 2 weeks. But everything is nickel and dime here and there.
I blame the wife. And the other half , me.
That doesn’t even add up to $28,000 can you explain?
Christy, you are a blessing from God. I've been praying to God for relief in my finances. You are an answer to that prayer.
Amen to this
I love that she breaks it down completely and shows you as many months as she can
This would only save minimal interest though. She’s using all the left over cash flow to payoff the debt so technically you can pay off the 4K loan would take roughly 2 months. Then all the left over cash flow plus the original payment of 700 all towards the 26k loan. In all you’ll pay off all that debt in 13/14 months also. Also in her example she’s assuming that 26k balance isn’t dropping even though you’re still making the monthly payments. Overall you might be having a few hundred dollars with the same time frame
@@Daniel-bv2ot
I didn't find any issues. On his 80th birthday he can do the happy dance for being debt free in under two years rather than ten years. Thank God he spoke with her. 🎉
Ok, a lot of people in this thread seem to be misunderstanding something. This isn't a credit card being used. It's a "line of credit". Not the same thing. It's basically an open account that you get from your bank that has a limit on it. When you take money from it, they give you cash. That's the money being used to pay the expenses.
Not 'money' but 'fiat currency'
yes, she has another video that explains how to do this same thing with a credit card
Yeah no misunderstanding, only difference is you might have a higher interest rate with a credit card but exact same thing can be achieved.
@@Euphoftodayyes 😂💪🏼
If I'm not mistaken, her math is incorrect. Here's why, his expenses currently INCLUDES $378 into that person loan. So the longer it's going on, $378 is being paid on that $6000 amount, so he would actually finish paying this off a lot sooner.
Since he is putting in his income to the personal loan it covers the payment.
I was thinking the same thing about that remaining 6k. Didn’t understand how it would still be 6k remaining at end if it’s included in his continuing monthly expenses. I would of thought it would either be paid off at same time LOC was or at least be far less than the original 6k. Don’t know if I’m just missing something here. Would love to know. Still very good videos on explaining how the system works though
I feel like there should be a disclaimer, saying you’re gonna have to put your life on hold for a while no going out make your own food at home and in a few months you’ll be back on track
Isn't that obvious?!! Eating out is one of the traps that gets you in debt.
Eating out? How much people spend esting out montly? I have a lunch here and there at ~15€ a meal. Lets say i’ll go twice a week. 30€ a week x 4 is only 120€ a month for eating out. It’s not life changing money but yeah it is extra
Someone correct me but I would love to see a Follow-Up Series to see where these folks are at 6,12,18 months etc later.
If their spending behavior remains the same, I am sure much better off.
In more debt...
No better off because this stuff is not advantageous
@@icantfinditdammitit is advantageous under a very strict condition. No extra expenses for 14 months, which is a very unlikely. I understand the math. Actually implementing it is hard
@@nhitc6832 if they were able to be very strict and stick to a plan they wouldn’t be in financial trouble in her examples she shows.
So you have someone who can’t manage money and her method is to give them this lump of cash and you expect them to manage that properly and never tap into it? It won’t happen.
The best solution is for them to not do this and be disciplined
I just found your channel and I implemented everything you said to do!! The journey begins... I'm so excited to be debt free
I got qualms. Many of these numbers have more moving parts than this depicts. In the beginning, the payment of the loans was included in the monthly expenses amounts. That means that balance is going down concurrently with the transfers to the loc. That means further transfers are different numbers. Are you assuming the transfer pushed the due date out on the personal loan. And $378 pmts are greatly reducing the balances unless the personal loan is a lox and the $378 is interest only. All personal loans I’ve seen are daily simple interest, they don’t ‘stand still’. 😮And that’s just one thing. And this does not include something unexpected like a car repair. Few people can throw their entire monthly income toward debt and carry current expenses on debt.
I have my family is pretty good standing, I’m not in debt I have my own methods. But as someone who worked in consumer loans for 10 years and handles my household budgeting for the last 20 years…this is easier said than done.
Yea I have never seen a personal open or closed ended loan that had a fixed rate that sets still.
This looks to me like balance transfers. Everyone who attempts this method only get further to in debt. I don’t think this is good advise at all!
It doesn’t make sense to me? I see the same thing getting into more debt?
It's all math. If you make enough money you can pay of your debt in however much time it takes to make the money, minus expenses. You can try lowering your expenses, or increasing your income. But best choice is to avoid going into debt in first place. It may not be the easiest choice, but it is definitely the easiest solution.
Why not throw his remaining cash flow of $1281 to knock down the balance?
Combine the $700 plus the $1,281 and pay the 4k loan in 2 months, minus some spare change. After that, combine those $1,981 with the $378 to attack the 26k loan. All debt paid in a total of 13 months with no messing with a LOC.
I see you have been poor before 😂 Us too!! You learn to make sacrifices n get the pain over with as fast as you can ❤
No LOC please
@@lizzas4574 yes It is called snowball budget. You can start with the lowest or highest. Each time something is paid off you roll the payments into the next bill. Until your debt free.😃
Yeah, I feel like this is only useful if you have a credit card with debt already on it. Then you'll reduce your CC interest and pay it off faster.
Or, if the interest rate on the LOC is far lower than the personal loan interest rates. Moving the money would pay it off faster. But the question would be, how many of his expenses can genuinely be paid by a LOC/CC?
This is awesome. The key is having discipline and not doing anything extra, right?
700/month payment + the extra 1300 cashflow gets that 4k loan paid off in 2 months before the 0% interest is expired. Then you can throw the $1281 + $700 + 378 ($2359) at the 26k (probably down to 25,500 by then) every month and have it paid off in under 11 more months, or 13 months total. Also, if I was 70 years old, I would probably want to keep that line of credit of 15k, assuming that's all of the money I had and no savings/retirment, incase another medical emergency happened..
What am I missing? Thanks for your reply.
Exactly!
Yup, this is how I would have approached it.
Yes, this whole velocity banking thing is a complex hot mess that uneducated folks think is great when really they should just pay more towards principle with any extra cash they have.
Totally agree
I’m curious to know if they have every single expense factored into that category?
Does that include car maintenance, regular oil, changes, tire replacements every couple of years, entertainment money, and eating out. What about going to see a movie or a play or a show? Is a vacation factored into the cash flow?
Is there a fund set up to replace an automobile or how about if your refrigerator or your washer or clothes dryer dies? Do you have extra money put aside to pay for that?
There are too many unknowns in this example given.
If you want to live off of peanut butter and jelly and bologna sandwiches, and never go out for a year, I’m sure somebody could do this, but for the average man or woman most, don’t have discipline to want to live off baloney or PB&J, and why should we?
I’m only 9 1/2 years younger than him and I just refinanced my house for 15 years and built a massive garage.
We gotta protect this woman at all cost! How much interest would he have paid if he paid it of traditionally @10 years for the PL?
Just doing an Avalanche paydown, he would have Paid the debt off in 14 months and paid a total interest of $2100.25
Nice editing, Christie. Thank you for continuing to explain theses concepts
Love you Christy… many blessings to you and your family… 🙏
For years I struggled with outstanding debts, bills and my children's school fees. I was at a point where I wanted to give up when I came across UA-cam about how to make and multiply your income through passive income. Fortunately, I had saved some money and decided to start an investment (with the help of an investment advisor). Right now I'm sitting on a 440k worth of properties and have paid my debts in full
Any investment tip? I would love to know how you made it this far🙏
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This was sooooo satisfying to watch! I know I can do this with my own finances!
Thank you so much. Much Blessings.
Thank you. This is the final piece of the puzzle. I love how you genuinely want to see others prosper. I wish you greater abundance.
You are so much better than the other channel I found! Thank you!!! 🎉
Bravo! Another great video! 👏🏽👏🏽👏🏽
Thank you. The literacy is phenomenal!
Thank you so much sister. I've watched several of your videos. This makes great sense! 😊
Awesome! He must feel so happy. 🎉😀
All you need is money
So glad I found you! Thank you for all the info.
Step one. Take the "cash flow" and apply it to the smaller personal loan that has to be paid before interest kicks in. With a payment of $1981, the loan is paid off in under 3 months. Step two, apply the "cash flow" from the paid off loan to the larger debt for a payment for a total monthly loan payment of $2359. That loan is paid off in 12 months. Total time to being paid off just under 15 months, and without the stupid extra steps and extra line of credit.
Velocity Banking is like magic. It fools you, not because you are stupid, but because it is stupid.
Love this channel. So helpful.
I got a credit card for Bank of America
And use it like a line of credit and paid off car loan put my income back in and paid off capital one
This system works
Great explanation! Good job! Thank you for sharing.
These are my favorite videos that show the simple math.
This is eye opening!
You explained it so simple and in such a way there is no need to worry.
Thank you for giving me hope!!
I needed you 30 years ago. I can now teach my children. Thank you!😊
Thank you and God bless you!
You’re Amazing!! Thank You So Much!! May God Bless You Forever!!!!!
Thank you for sharing, I will begin ASAP
Thanks for this. Really well done and explained.
Love the lesson
Easy to understand, thanks so much 😊
Thanks for making a difference.
I just stumbled across your channel. Thank you so much for this information. I thought I was in over my head but I will use this method to pay off my bills and get some debt relief.
Thankyou SO much for this tutorial! I feel hope now that I can get out of debt quicker, thanks to your easy instructions. Bless your heart! ❤️💕
This info is gold, literally! ❤🤑
the only thing that is not being accounted for is non ordinary or emergency situations. what if his car breaks down own month and he needs to pay $2K to get it fixed? what if in a different month he has a medical situation and has no insurance and needs to pay $10k? what if he wants to go to the movies? take a vacation? sometimes these things can happen several months apart sometimes they happen all in one month.
Luckily he lives in America and the 10k medical bill would not have to be paid up front or in full at one time and would become another payment situation that if he wanted he could add to the credit card
In another video she said you can skip a month if something happens. It would take an extra month and there would be some added interest, but it would still work. Also, I would add in some entertainment expense (not a lot) to make this process more doable and a little less painful. It would take a little longer but totally worth it, imo.
You are the best - thank you!!!
I understood this 1 so much better , THANK YOU 😊
I really need this. Thank you ❤❤
Wonderful video! Thanks for sharing
Hello Christy i love this videos.Thank you for eye opening thank you.
What a nice lady......to take the time to teach an old dog like me a new trick, many thanks.
Thank you sooo much !!!! I am going to leverage this technique immediately !!!
Holy Shizzle!! This is fascinating...thank you, thank you...the internet IS GOOD for something!
You are one wonderful woman! God has certainly gifted you with a mind of math and a willingness to help others! My sincere gratitude to you.
Sure wish I coukd sit down with you! You are amazing!
Absolutely brilliant 👏🏽
Yee haa!!! I’ve been doing this a few months and watch refresher videos every now and again for encouragement. It is so encouraging even without a LOC i use a cc which has cash back & I haven’t seen a low balance in years. No matter how hard I tried, i couldn’t make any traction until I learned from your videos, it did take me awhile to catch on (more then a dozen videos) & i had used your spreadsheet which really helped me figure out my true spending. Ty ty!🎉🎉🎉 and Happy Thanksgiving blessings!
I've been wanting to do this for some time. I just dont know how you use the CC to pay debt off. Some things dont allow CC use to pay bills. Need a video on how this is done so i can get on this train!
Great video, thank you!
We so appreciate u
This is totally awesome THANK YOU SO MUCH I will be spreading your site
Thank you @tinktink7236 …everyone deserves to know this!
wish i would have seen these videos a couple of years ago. ive learned allot. thank you for laying out the way you do.
You are an amazing lady. Thanks for such a great explanation. subscribed. x
Awesome to know your helping people like us who don't have a clue. I'd like to learn how to implement this stragegy
A very informative video. Interesting to see the leveraging of the LOC and the focus on freeing up cashflow rather than blindly minimizing interest.
Thank you!
You know this concept so well it's droll and ordinary for you but for us it's Magic. Thank you.
Love your Channel....Please keep em' coming..... :-)
Great job!
Thank you so much! Wow!
Your Great God bless you
Thank you!!!
A whole lot of shuffling to save yourself two months. It's risky for someone that isn't disciplined enough to stick to it. There are usually expenses that can't be paid directly by a Credit Card or Line of credit. I've heard people say to use a cash advance but those are usually higher interests rates and add to the risk. For most people snowball method will be the safest. Turtle vs. hare.
Wow this is amazing. Ty. I have to see how to put this into practice.
Came across your vlogs - excellent! Will apply to my debt and see how long it will take me, thanks.
Great video🙏 Thank you
I also use my cash back rewards to put toward my CC payment! Love these videos ❤
I do this too!
That's true, there is never any culture of wealth gathering or wealth creation to keep multiplying your finance that lacks an investment value Instead of saving money in the bank, I pray that anyone who reads this will be successful in life too 🙏🙏🙏
Everyone needs income as their tool, emergency fund as their security, investments as their hope, and budget as their control. Get those in place and you'll feel at peace with your financial picture.
I agree with you had a senior colleague at work who was doing well but never had an investment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an investment
I urge everyone to start somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this.
Hey there Vann! This video confused me until I watched another of yours where the scenario was a woman with $10K in credit card debt and 0 cash flow. Now this video makes perfect sense to me as well! Using your credit to reduce your credit debt!! Thank you!!
Just when I thought he will be done. I have student loans at $25,000.00 I am ready to pay those jokers off. Happy I found your video
You are great! Im gonna subscribe
This works on paper.
But, you can't just dump your entire income into a credit card.
There are expenses out there you can't put on a charge.
You’re absolutely right. To be fair to her though, she does have another video where she uses an example which includes expenses that need to come directly out of your checking account.
You are a wonderful messenger ‼️
❤️🙏🏻
Many thanks
Hi Christy, I love you videos. I would have done a little different on this one became the $4,050 was no interest if paid by December 2023. I would have done the payment of 700 plus cash flow of $1,281 for a total of $1, 981 and paid the loan off in 2 and half months. I would then do velocity banking on the $26k loan. Thank you so much for all your videos. 😊
I like your concepts Christy, but I showed this video to my wife and she said the same thing as Laura here. Only my wife questions why not just continue to use the $1900 of cash flow and pay off the $26,000 loan which would be done in 13 months. I know they’d be some initial interest, but it’s basically the same thing as what you’re doing(so my wife believes). It would then be paid off in 13 months, except for the interest.
She teaches the concepts and you can run with any improvements on the velocity plan. I like that she stays consistent so everyone gets the same information and its not confusing. If you can add to it, I'd take it and go!!!
I like this idea too.... but I understand why she did it the other way cause she created immediate cash flow
Obviously the "1281 cashflow" doesn't actually exist or he would have sent it to the 4050 loan and paid it off. Then added the 1981 to the 10 year loan and paid it off also.
A lot of loans with a 0% intro rate - it's 0% IF it's paid off in that period, but if you go over - you pay interest over the ENTIRE period, so NONE of that time would be at 0%.
So with that in mind, I'd do what you said essentially except go ahead and pay it off with the LOC before the cutoff. Then I'd take that 1981 / month "extra" he's currently banking instead of paying off principal for some idiotic reason - and pay off principal with it. I'd be rolling over as much of that 26k as I could to the LOC - PROVIDED the interest was lower, and that depends on its ammortization schedule, whether it's simple / compound ... the "rate" isn't the end all be all number necessarily.
But I'd move the debt where the interest monthly was lowest, and then pay principal with that 1981 bucks. The other thing to consider though also - is access. I cannot pay off a personal loan with cash and re-access that cash immediately. I can pay off an LOC with cash and then turn around and use that credit tomorrow if I have to.
I’m in the UK yes you are a wizard. I’m going to get hold of this thinking. Many thanks
10 year loan paid off in 14 months... now that's something to SMILE about! 😉 😅
Thanku!
This was a lot easier than ppl make it seem
You are amazing thank you Merci
Hi Christie I'm so very blessed to have found you after so many different financial sources but I'm Amaze and appalled at some of the Comments or feedback.. All of a sudden everybody are Experts... Thank you thank you for all your hard work and selfless Given attitude and Love and concern for others.
@bigteewat Thank you for your kindness. Everyone has a right to their opinion. There are so many people getting FREE with this concept! Who cares about the naysayers… negative ppl have internet too…unfortunately 🤷🏻♀️😂😂😂
Thank you🙏
Thank u so much.
I fin nally understand 📈. Thanks so kindly
Budgeting works🙌🏾
I paid off 100,000 of debt with the right tool. What tool you ask?
Money.
Ma'am you are absolutely amazing. I haven't felt so refreshed from monetary stress in a long time. I'll be applying this moving forward from now on. Much love for you and your support. Bless you
@KR4iD751 So happy for you!
So the trick here is to take balances out of accounts so to eliminate interest charges, allowing you to transfer them to simple interest lines where you can pay off faster by depositing your income monthly to the line. Loan vs Line, you win with a Line. 😅
Correct.
It's a great concept that I never considered, I've actually gotten a lot of value from her videos. My only thing is my loan is with my bank that I have my LOC with so idk if I can do this. Plus, one concern is how this affects your credit score with your utilization rate.
@@gobartosan5768Who cares about your credit score if it means you will pay off debt faster? That's a good trade off imo
@@gobartosan5768 You should be fine using your loc to attack the loan, even if at the same institution. I always say, your credit score only matters when your applying for new financial instruments. Lastly you want to work with multiple financial institutions, mainly getting credit lines, just in case one decides to close your LOC. I myself (CC's as my LOC) have a relationship with 12 institutions, 4 credit unions 8 banks. Hopefully this was helpful, have a great day.
@@gobartosan5768 please reconsider what this woman is saying. Read below- I’ve explained to another commenter.
The whole point of this is she’s trying to prove that by using a line of credit, he’s able to pay off $30k in debt in 14 months, right? Well- she says at the beginning that his expenses of $3465 includes his loan payments, which total $1078 per month. His cash flow is $1281 per month. In other words, he can put $2459 per month towards those two loans. So. What he should do is make his normal payments plus a one time payment each month for the next two months on the 0% loan using the $1281. That will wipe out that 0% loan in 2 months. Then on month three, he will have only $25244 left on that loan plus interest incurred over the last 2 months. (It leaves him at $25772 for the 10 year loan to start month 3.) So now he has 1281 plus the extra $700 to put towards that. So every month, he can make an extra payment of $1981 towards his personal loan which will have him paying off this loan in 12 months, with not even having to make a full payment on that last month.
Aka. This woman is making money off of people who don’t understand finances and she’s adding a confusing layer of a line of credit to make it seem like she’s unlocked some cheat code, when really she’s just moving money from one place to another and making it seem really complicated so you feel like you have to pay her to learn some new information.
Everyone watching these videos should just use an amortization calculator (free online, just google it) and see how quickly you can pay things off by adding extra payments.