✅Grab Our Free Velocity Banking worksheet here: at selfdirected.info/live. ✅Here's the white glove 1st position HELOC service I spoke about: replaceyouruniversity.com/what-we-do/pay-off-your-home?rfsn=6649092.1b9b76 ✅The HELOC calculator: replaceyouruniversity.com/calculators/heloc-calculator/ ✅The Mortgage Calculator I used: www.calculator.net/mortgage-calculator.html 🔔Don’t forget to like, subscribe, and ring that notification bell to stay updated with groundbreaking financial strategies. Visit selfdirected.info for more exclusive content.
I’ve got a few other videos that break this down in story form. You might enjoy those. Let me know if this one helps: ruclips.net/video/KpUNUA0OkV0/видео.html
So this is about the 4th video of yours I’ve watched and for some reason today it HIT. The diagram made sense… now I can actually implement this financial tool and scale it, thank you! 😎
This feedback is crucial for us to understand if we are making an impact or not. Thanks for taking the time to share. Were so grateful to have been able to help
For years, paycheck to paycheck or we do this and that to get this was our process and knew that we wanted to maximize what we have. If we had started over 20 years ago, we could be close to our FIRE and have generational wealth. No reason to look back and dwell on “if we did”. NOW, what are the leverages we can use to maximize to achieve our goals is the next step.
“No reason to look back” - 👊🏽 fair enough. The only reason we reference this sentiment is because looking forward is often not motivating for some. If we look back 10 years from today, what would we have hoped we would have changed?
@@selfdirectedDONNELL 😀 that’s what my husband and I been saying - no reason to look back! All we can do is plan now for tomorrow. Thanks for the like-minded mentality.
You are among peers Toni. Many of us got started late. Many of us have since achieved things we couldn't or wouldn't have been able to before. You got this. If you have kids or family who can join you... share this with them too. They may think this sounds crazy... but when they see what you're able to do in a short amount of time, they will appreciate you for sharing it.
Wow, the best explanation of velocity banking so far! I actually understand it better and also love the visuals too!! You are amazing. Just subscribed!
Thanks so much for that feedback! Grateful to have earned you as a subscriber 🙏🏽 You’re in good hands and hope you have the opportunity to join us live. We go live every Sunday and Wednesday at 6pm PST. It’s a great way to ask questions and meet others on the same journey in the chat
I love the question of why. Starting with and being clear in the why helps with staying committed to the process. I’ve just recently come across this financial method and your videos are helping me to wrap my mind around it in holistic way. Thank you!
Question 1. Would you still use a HELOC if it’s a variable rate? 2. If you just bought a home and don’t have equity, how would you start? Credit cards have a higher rate and my bank doesn’t have PLOC.
Ours is a variable interest rate. You have to do the math forward to see the value. Who you bank with matters, but your not limited to getting a PLOC or line of credit from one financial institution. Shop around
Discovered vb about 3-4 wks ago. I understand the process and started with my tiny old ploc,( about 6 months difference in my 2.375%mortgage and $10 between principal and interest ) but still trying to wrap my head on an easier way of execution of parking the paycheck when we have money coming out automatically every couple of days and ploc doesn’t allow money transfer scheduling. I can’t remember to do that so often.
Have mortgage @ 2.99%. Have at least 125K equity. Many cc payments per month, 2 car loans and 4 loans. Want to eliminate debt maybe with 2nd pos Heloc. But we need a roadmap. After debt eliminated we would like to eliminate mortgage. Need a vision
That’s an outstanding interest rate! I think the best tool is our velocity banking worksheet. It will help you build your roadmap. Grab it here: Selfdirected.info/live
Hello, just found you channel and love your content! Wife and I are in the process of getting a heloc. We will have a line big enough to pay all our cc debt. Should we pay them off one by one with the heloc or all at one time. For reference the Heloc line is about 98k. Cc/other high interest debt is about 40k
I had to check the name because I just spoke to someone today in almost the same situation. I love it.. strategizing and making smart money moves. Come on and book some time on my calendar so we can walk through this… one thing you’ll learn here on my channel is the first question I’ll ask: “What is your GOAL?” I look forward to meeting you. You’re gonna love this. (It’s free btw) selfdirected.info
Thanks for the feedback. You can book a call with me for free by visiting selfdirected.info/live Grab the worksheet, gather your numbers, and then schedule your session and let’s see what we can do to help you.
Start: 1. Know ur #s. 2. I'd ur debt tool. 3. Commit to the approach ------------------- Peel the onion and find the ULTIMATE GOAL 1. Leverage assets 2. Which vehicle u r using to achieve the # 1 goal. 3. Develop ur path/plan based on income, debt, cash flow & banking vehicle.
I cannot get a line of credit.. There was a seminar and Minneapolis on velocity banking and now credit unions and banks will not give out a line of credit to people. I have a 720 credit score my debt to income is 25% of my available credit.
Times are changing, no doubt. We’re not aware of any velocity banking seminars, but we are definitely aware of the power of leverage. Credit score is one factor, but not the whole picture.
If the guy in the example has $1700 in cash flow, couldn't he avoid all of this simply by paying 1700 toward his credit card every month for the next 11 months and be done with it?
It has more impact when it’s not spread out. In addition, not all debts are lines of credit, so he’s not have access to the cashflow if he needed it (which is why people usually keep it in their checking or savings acct).
A town payment on a house just went up tremendously because you now have to pay for the buyer agent portion of the transaction. So? You are really looking at more like $15000 needed.
What about the cost difference in interest on a 15 vs 30 year mortgage? Also paying PMI longer with a lesser down payment. You are emphasizing the concept without mentioning the hidden cost of interest but keep selling the idea of making money with an SCIA with no mention of any expected rate of return on it. You're lacking numbers to show this is a winning approach.
This video had a specific focus. Hopefully you will have a chance to watch others where the details of a SCIA I go heavily in to. You are correct I did not in this video but that was intended. The ultimate goal for me is to never pay off the house which means as a first position heloc what ever the interest is, I am ok to pay because of the income I’m able to create. Thank you for the feedback. Are you doing VB?
I received a 50k HELOC from my credit union. In order for them to lend me the money i had to pay off a debt with it, 35k CC and auto loan. So i now have 15k left of my Heloc, but no more CC or auto. Id like to pay off my home as quickly as possible what would you recommend
Can’t give advice but in my opinion it seems the heloc would be a great debt tool to do velocity banking through and as you create room of 20k or so, chunk away at your mortgage. Question tho, if you paid off your home tomorrow, then what would you do?
First thing I would do is worry about paying off the house last. I would focus on paying down the HELOC until it's cleared. Then I'll focus on attacking the mortgage with 6-12 month principal/chunk payments. Just my thought.
Not sure if you have a video on this. If I use a credit card that is maxed out. I place my income outside of my mortgage/car payments on the card. Do you have to wait till the credit cards close on the statement to start using them to pay bill/ expenses? I never see example on paying the card and when to use it. Thank you.
Yes ma’am! Depending on your card, you could be getting more points for gas and groceries. Just pretend it’s your checking acct to the best of your ability. Instead of paying for things from your checking acct, and letting the balance sit in the bank, you let it sit on your debt tool.
You do have to be approved, but “healthy” is misleading. Many health conditions have been approved, how you manage them matters. There are types of conditions or medical histories that are usually declined, but I’ve also been surprised a few times
@@selfdirectedDONNELL What if I’m healthy but I’m a smoker? (Haven’t quit yet. 😏) I’m 62 with ZERO health issues… take no meds, have no need to see Dr’s… no BP issues, no chronic health issues… NOTHING… except that I still smoke. Will I need to quit smoking before I can get approved for a policy? If so, what about substituting nicotine via vaping? Are the insurance companies solely opposed to tobacco use, or are they also opposed to non-tobacco forms of consuming nicotine? Need to know because I definitely want to do velocity banking and infinite banking to get myself in a better position financially. I’m already working for the past year on improving credit scores and increasing income toward that goal. As soon as I can qualify for a debt tool (higher limit cc or PLOC), I’m ready to get started! I only have 1 debt that I need to get rid of… a high interest car loan with about $10K left to pay off. Thanks for the great info!
Hello Yolanda. Would love to meet with you. To book a call, just choose a day and time that works best for you here: selfdirected.info/calendar I look forward to meeting with you.
I am actually able to pay my rent by CC but at a fee of 3.6%. Does it make sense to still put this income for rent to my CC? It would still satisfy the minimum payment which is awesome but should I be paying MORE for rent?
This was to show that it is possible. Sometimes it’s better to pay a bill from your checking act and then apply velocity banking. This is more for people who hold the argument that it can’t be done. If you need to, this is how. The point of velocity banking isn’t about using the credit card for everything, it’s about letting the cash flow work against the balance vs sitting in your checking or savings. Make sense?
A debt tool is an open line of credit that can be used for multiple uses: Income goes in, and bills are paid leaving the difference (cash flow) sitting on the debt tool. An open line of credit can be a credit card, or a personal line of credit (PLOC), or home equity line of credit (HELOC). The difference between the balance and the credit limit is what can be used to chunk away at other debts. This is why it has to be an open line of credit vs a loan. The ideal debt tool would be a line of credit with the highest credit limit, and the lowest interest rate. Let me know if that clarifies things or if you have any further questions
@@selfdirectedDONNELL do you mean once the money goes to checking account you post it on your credit card or what. That is where it confuses me. Where do you keep that money if not your checking or saving account.
I'm confused about putting all my income in my line of credit! but then I turne around and take it back to the checking account to pay bills? Or can I leave my checking account empty at all times and simple pay my bills and not worie about overdraft?
There are an infinite amount of ways to do things. The main goal is for your cash flow to sit on the debt tool to assist in paying down/off the debt tool faster. Instead of the cash flow sitting in your savings/checking. Yes you can absolutely do what is necessary to avoid overdraft charges.
My credit Union allowed me to use my ploc as overdraft. I pay all bills at one point and then use a small amount of groceries etc throughout the month. I also use cc with points for gasoline.
Step 1 make a budget and write out all of your expenses and compare with 2-3 months of bank statements. Some expenses like a mortgage or rent or in my case utilities cannot be paid with a credit card. So I set a side money for that. I have moved all expenses including food gas cell phones insurance subscriptions onto the line of credit. I park nearly all of my income on that line of credit thus lowering interest paid. And the balance. As a bonus my line of credit is a cash rewards so I'm making an extra $50 a month Using the line of credit like a checking account.
How do you incorporate vacations that are already planned and paid for?? Meaning if I’m starting now and have a vacation in a few months ?? Thx Donnell
I assume you are referencing VB, well if you understand your numbers and the due dates associated w things, you being on vacation should have little to know impact. Maybe I need more details, but that’s the best opinion I can offer with what I know.
Most employers won’t allow you to take money from them. You can ask if they allow an In Service Transfer. Most won’t. Now can you stop contributing to your company plan and contribute to a SCIA? Yes you can, remember I’m a math guy so the question is what mathematically makes sense? If you want to review options let’s get on a zoom.
I agree. This is financial planning, not velocity banking. Where is the step by step? It’s an in-depth case study of wealth building, NOT a ‘how-to’ as the title promised. This is how you lose potential subscribers wasting 42 mins of their time with a bait n’ switch. I learned a lot about this 30-something’s goals and how they were misaligned. But nada about velocity banking
Depends on where you live. Just picked up a 4 bdrom house with a full basement and garage listed for $40k. Also showed a duplex for sale in St Loius for $180k. So $300 is not unheard of. However, the price is not the point. The point is the strategy, we are just using easy numbers, that is really the point of it all. We could do the same lesson and make the house $100 (which we have), and folks would rather debate that one figure than focus on the strategy. We sincerely are just trying to make it easier to understand... but to answer your question, location matters.
Most SCIAs are a form of cash value life insurance. And most of not all require a health exam. But just because you may not qualify doesn’t mean you can’t acquire a SCIA. If you have insurable interest over others, you can open them on other people and you control the income (spouse?). Do you own a business or nonprofit? You can do business or key man policies.
I’ve been providing SCIAs for almost 5 years. I’m a retirement planner, I offer products that generate income. My focus is income. And it’s all about being self directed, which means control.
@@selfdirectedDONNELL I spoke with you while back via Zoom, hope you could remember me from my last name... I like what you are doing... I will rich you again after I study the MPI's offered by different insurance company (SCIAs ).
This is so dumb. If your cash "lives on your debt tool" that means you are carrying a balance on your debt tool and therefore you are being charged interest. Daily interest. At high interest rate. Just pay your bills and get out of debt.
@@selfdirectedDONNELL If you put your cash on the debt tool, that just reduces the balance that you get charged interest on. It all depends on the interest rates on the debt tool vs. your underlying debt that you are trying to pay off. Maybe your terminology is getting you confused. Cash flow does not "live" anywhere. When you put cash on a loan you are just reducing the balance owed. An open-ended PLOC or HELOC allows you to borrow money out thus increasing the balance owed.
Not when you put your income into the debt tool. Try also watching Christy Vann. Her explanation might sound different, but it's basically the same message, just a different delivery.
![🔴 How Alex Paid Off $10K Easily Using Credit [Full Tutorial]](http://i.ytimg.com/vi/mLaedhsrtPM/mqdefault.jpg)
✅Grab Our Free Velocity Banking worksheet here: at selfdirected.info/live.
✅Here's the white glove 1st position HELOC service I spoke about: replaceyouruniversity.com/what-we-do/pay-off-your-home?rfsn=6649092.1b9b76
✅The HELOC calculator: replaceyouruniversity.com/calculators/heloc-calculator/
✅The Mortgage Calculator I used: www.calculator.net/mortgage-calculator.html
🔔Don’t forget to like, subscribe, and ring that notification bell to stay updated with groundbreaking financial strategies. Visit selfdirected.info for more exclusive content.
Gonna need to listen to this FOUR more times to HEAR what's happening here.
I’ve got a few other videos that break this down in story form. You might enjoy those. Let me know if this one helps:
ruclips.net/video/KpUNUA0OkV0/видео.html
So this is about the 4th video of yours I’ve watched and for some reason today it HIT. The diagram made sense… now I can actually implement this financial tool and scale it, thank you! 😎
This feedback is crucial for us to understand if we are making an impact or not. Thanks for taking the time to share. Were so grateful to have been able to help
For years, paycheck to paycheck or we do this and that to get this was our process and knew that we wanted to maximize what we have. If we had started over 20 years ago, we could be close to our FIRE and have generational wealth. No reason to look back and dwell on “if we did”. NOW, what are the leverages we can use to maximize to achieve our goals is the next step.
“No reason to look back” - 👊🏽 fair enough.
The only reason we reference this sentiment is because looking forward is often not motivating for some. If we look back 10 years from today, what would we have hoped we would have changed?
@@selfdirectedDONNELL 😀 that’s what my husband and I been saying - no reason to look back! All we can do is plan now for tomorrow. Thanks for the like-minded mentality.
Love your worksheets! Thank you
You are so welcome! We appreciate the feedback!
Thanks for the resources. We are late starters but I am still hopeful.
You are among peers Toni. Many of us got started late. Many of us have since achieved things we couldn't or wouldn't have been able to before. You got this. If you have kids or family who can join you... share this with them too. They may think this sounds crazy... but when they see what you're able to do in a short amount of time, they will appreciate you for sharing it.
Another late starter here! 😂😢😊
Wow, the best explanation of velocity banking so far! I actually understand it better and also love the visuals too!! You are amazing. Just subscribed!
Thanks so much for that feedback! Grateful to have earned you as a subscriber 🙏🏽
You’re in good hands and hope you have the opportunity to join us live.
We go live every Sunday and Wednesday at 6pm PST.
It’s a great way to ask questions and meet others on the same journey in the chat
Love the way you teach!
Thank you so much!
I love the question of why. Starting with and being clear in the why helps with staying committed to the process. I’ve just recently come across this financial method and your videos are helping me to wrap my mind around it in holistic way. Thank you!
You’re so right. Our “why” is a compass that steers our perspective and decisions. Glad to have you on board!
Thats good know your numbers and debt tool!!
You can also flip cars or you can flip vintage furniture that you have refinished
Correct no limits to what you can do.
Question
1. Would you still use a HELOC if it’s a variable rate?
2. If you just bought a home and don’t have equity, how would you start? Credit cards have a higher rate and my bank doesn’t have PLOC.
Ours is a variable interest rate. You have to do the math forward to see the value. Who you bank with matters, but your not limited to getting a PLOC or line of credit from one financial institution. Shop around
If his goal is generational wealth he better start teaching his children about money management.
Couldn’t agree more!
Thank for explaining. I have ordered the tools, and will take the next steps
Glad it was helpful we’d love an update on your progress
Discovered vb about 3-4 wks ago. I understand the process and started with my tiny old ploc,( about 6 months difference in my 2.375%mortgage and $10 between principal and interest ) but still trying to wrap my head on an easier way of execution of parking the paycheck when we have money coming out automatically every couple of days and ploc doesn’t allow money transfer scheduling. I can’t remember to do that so often.
Yes choosing the proper debt tool is critical and the best type is one w a sweep account so you don’t have to transfer, happens automatically.
Awesome ending guys 😂😂😂 keep it natural
I will learn VB and would love to teach this method.
Each one teach one!
Stellar delivery & content!!👍👍🔥
Thank you!
I am NOT paying $1000 (one thousand dollars) per month to the bank for thirty years- thus is why I am paying that mortgage down as fast as I can!
Awesome, let’s say you paid off the mortgage today… then what? How did that help you achieve your goal? What is your goal?
19.5 minutes in, and not stating " do this first" 😢
Thanks for that feedback. We will correct this in a different format that will make it more clear
Have mortgage @ 2.99%. Have at least 125K equity. Many cc payments per month, 2 car loans and 4 loans. Want to eliminate debt maybe with 2nd pos Heloc. But we need a roadmap. After debt eliminated we would like to eliminate mortgage. Need a vision
That’s an outstanding interest rate! I think the best tool is our velocity banking worksheet. It will help you build your roadmap. Grab it here:
Selfdirected.info/live
Hello, just found you channel and love your content! Wife and I are in the process of getting a heloc. We will have a line big enough to pay all our cc debt. Should we pay them off one by one with the heloc or all at one time. For reference the Heloc line is about 98k. Cc/other high interest debt is about 40k
I had to check the name because I just spoke to someone today in almost the same situation. I love it.. strategizing and making smart money moves. Come on and book some time on my calendar so we can walk through this… one thing you’ll learn here on my channel is the first question I’ll ask: “What is your GOAL?”
I look forward to meeting you. You’re gonna love this. (It’s free btw)
selfdirected.info
Love your video but on how to do things I'd like to be able to talk to you one-on-one the situation that I'm in
Thanks for the feedback. You can book a call with me for free by visiting selfdirected.info/live
Grab the worksheet, gather your numbers, and then schedule your session and let’s see what we can do to help you.
Maxed out cc is definitely negatively affecting his dti much more than student loans.
No doubt. What vehicles are you using to build wealth?
Start:
1. Know ur #s.
2. I'd ur debt tool.
3. Commit to the approach
-------------------
Peel the onion and find the ULTIMATE GOAL
1. Leverage assets
2. Which vehicle u r using to achieve the # 1 goal.
3. Develop ur path/plan based on income, debt, cash flow & banking vehicle.
Appreciate the recap. Don’t forget to grab the free velocity banking worksheet here: selfdirected.info/live
Thank you!!!
I cannot get a line of credit.. There was a seminar and Minneapolis on velocity banking and now credit unions and banks will not give out a line of credit to people.
I have a 720 credit score my debt to income is 25% of my available credit.
Times are changing, no doubt. We’re not aware of any velocity banking seminars, but we are definitely aware of the power of leverage.
Credit score is one factor, but not the whole picture.
If the guy in the example has $1700 in cash flow, couldn't he avoid all of this simply by paying 1700 toward his credit card every month for the next 11 months and be done with it?
It has more impact when it’s not spread out. In addition, not all debts are lines of credit, so he’s not have access to the cashflow if he needed it (which is why people usually keep it in their checking or savings acct).
A town payment on a house just went up tremendously because you now have to pay for the buyer agent portion of the transaction. So? You are really looking at more like $15000 needed.
Definitely a sad situation. We have to be more strategic.
What about the cost difference in interest on a 15 vs 30 year mortgage? Also paying PMI longer with a lesser down payment. You are emphasizing the concept without mentioning the hidden cost of interest but keep selling the idea of making money with an SCIA with no mention of any expected rate of return on it. You're lacking numbers to show this is a winning approach.
This video had a specific focus. Hopefully you will have a chance to watch others where the details of a SCIA I go heavily in to. You are correct I did not in this video but that was intended. The ultimate goal for me is to never pay off the house which means as a first position heloc what ever the interest is, I am ok to pay because of the income I’m able to create. Thank you for the feedback. Are you doing VB?
I received a 50k HELOC from my credit union. In order for them to lend me the money i had to pay off a debt with it, 35k CC and auto loan. So i now have 15k left of my Heloc, but no more CC or auto. Id like to pay off my home as quickly as possible what would you recommend
Can’t give advice but in my opinion it seems the heloc would be a great debt tool to do velocity banking through and as you create room of 20k or so, chunk away at your mortgage. Question tho, if you paid off your home tomorrow, then what would you do?
First thing I would do is worry about paying off the house last. I would focus on paying down the HELOC until it's cleared. Then I'll focus on attacking the mortgage with 6-12 month principal/chunk payments. Just my thought.
I have 3 credit cards with debt. I'm assuming i pay the minimum on the other two and deposit the rest of my check to my main credit card
Yes, one debt tool at a time is usually the standard.
Not sure if you have a video on this. If I use a credit card that is maxed out. I place my income outside of my mortgage/car payments on the card. Do you have to wait till the credit cards close on the statement to start using them to pay bill/ expenses? I never see example on paying the card and when to use it. Thank you.
From my understanding you have to wait until after the statement date to pay any bills or use the card.
Question? Do you also put food and gas as well on the credit card?
Yes ma’am! Depending on your card, you could be getting more points for gas and groceries.
Just pretend it’s your checking acct to the best of your ability. Instead of paying for things from your checking acct, and letting the balance sit in the bank, you let it sit on your debt tool.
Ty💕
Gawd No. Put the shovel down
Ty for your response I’m trying to learn Velocity Banking to pay down my Credit Card Debt
Do you have to be "healthy" to get a SCIA since it involves a life insurance product?
You do have to be approved, but “healthy” is misleading. Many health conditions have been approved, how you manage them matters.
There are types of conditions or medical histories that are usually declined, but I’ve also been surprised a few times
@@selfdirectedDONNELL
What if I’m healthy but I’m a smoker? (Haven’t quit yet. 😏) I’m 62 with ZERO health issues… take no meds, have no need to see Dr’s… no BP issues, no chronic health issues… NOTHING… except that I still smoke. Will I need to quit smoking before I can get approved for a policy?
If so, what about substituting nicotine via vaping? Are the insurance companies solely opposed to tobacco use, or are they also opposed to non-tobacco forms of consuming nicotine?
Need to know because I definitely want to do velocity banking and infinite banking to get myself in a better position financially.
I’m already working for the past year on improving credit scores and increasing income toward that goal.
As soon as I can qualify for a debt tool (higher limit cc or PLOC), I’m ready to get started! I only have 1 debt that I need to get rid of… a high interest car loan with about $10K left to pay off.
Thanks for the great info!
would love to set up a call with you. how do I do that??
Hello Yolanda. Would love to meet with you. To book a call, just choose a day and time that works best for you here: selfdirected.info/calendar
I look forward to meeting with you.
What about feeding your family and daily costs of living? Youre saying put all your money in the velocity bank. I'm not getting it
Velocity banking is a tool or a strategy It is not actually a bank.
You’d use your debt tool for those expenses as well.
I am actually able to pay my rent by CC but at a fee of 3.6%. Does it make sense to still put this income for rent to my CC? It would still satisfy the minimum payment which is awesome but should I be paying MORE for rent?
This was to show that it is possible. Sometimes it’s better to pay a bill from your checking act and then apply velocity banking.
This is more for people who hold the argument that it can’t be done. If you need to, this is how.
The point of velocity banking isn’t about using the credit card for everything, it’s about letting the cash flow work against the balance vs sitting in your checking or savings. Make sense?
Can you please define a debt tool. Is is it one of the credit cards or what is it?
A debt tool is an open line of credit that can be used for multiple uses:
Income goes in, and bills are paid leaving the difference (cash flow) sitting on the debt tool.
An open line of credit can be a credit card, or a personal line of credit (PLOC), or home equity line of credit (HELOC).
The difference between the balance and the credit limit is what can be used to chunk away at other debts. This is why it has to be an open line of credit vs a loan.
The ideal debt tool would be a line of credit with the highest credit limit, and the lowest interest rate.
Let me know if that clarifies things or if you have any further questions
@@selfdirectedDONNELL do you mean once the money goes to checking account you post it on your credit card or what. That is where it confuses me. Where do you keep that money if not your checking or saving account.
@@dorothysista7463on your credit card or line of credit
I'm confused about putting all my income in my line of credit! but then I turne around and take it back to the checking account to pay bills? Or can I leave my checking account empty at all times and simple pay my bills and not worie about overdraft?
There are an infinite amount of ways to do things. The main goal is for your cash flow to sit on the debt tool to assist in paying down/off the debt tool faster. Instead of the cash flow sitting in your savings/checking. Yes you can absolutely do what is necessary to avoid overdraft charges.
My credit Union allowed me to use my ploc as overdraft. I pay all bills at one point and then use a small amount of groceries etc throughout the month. I also use cc with points for gasoline.
Step 1 make a budget and write out all of your expenses and compare with 2-3 months of bank statements.
Some expenses like a mortgage or rent or in my case utilities cannot be paid with a credit card. So I set a side money for that.
I have moved all expenses including food gas cell phones insurance subscriptions onto the line of credit.
I park nearly all of my income on that line of credit thus lowering interest paid. And the balance. As a bonus my line of credit is a cash rewards so I'm making an extra $50 a month Using the line of credit like a checking account.
@@TnavresGaming , exactly. I use my American Express and Discover cards the same way.
@@ancientangel08 -- what's upsetting, is I just learned this in Sept 2023. I wish I could time travel and do some things over, right? (grin)
How do you incorporate vacations that are already planned and paid for?? Meaning if I’m starting now and have a vacation in a few months ?? Thx Donnell
I assume you are referencing VB, well if you understand your numbers and the due dates associated w things, you being on vacation should have little to know impact. Maybe I need more details, but that’s the best opinion I can offer with what I know.
I have a deferred comp account with my employer. Would it better to transfer the money and start a SCIA?
Most employers won’t allow you to take money from them. You can ask if they allow an In Service Transfer. Most won’t. Now can you stop contributing to your company plan and contribute to a SCIA? Yes you can, remember I’m a math guy so the question is what mathematically makes sense? If you want to review options let’s get on a zoom.
@@selfdirectedDONNELL I will look into a zoom. Thanks.
What about expenses of children? College funds?
Be more specific? All of those expenses can be addressed using a compound interest account. Maybe I’m unsure of the ask.
❤
So, this isn’t actually about Velocity Banking?
Of course it is, what does that have to do w a pitch? Are you doing VB?
I agree. This is financial planning, not velocity banking. Where is the step by step? It’s an in-depth case study of wealth building, NOT a ‘how-to’ as the title promised. This is how you lose potential subscribers wasting 42 mins of their time with a bait n’ switch. I learned a lot about this 30-something’s goals and how they were misaligned. But nada about velocity banking
I’m just waiting for the sales pitch…
I love that… let me know what you find. What are your thoughts on the strategy?
Info seems good, yet outdated $300K home, is that realistic in 2023?
Depends on where you live. Just picked up a 4 bdrom house with a full basement and garage listed for $40k. Also showed a duplex for sale in St Loius for $180k. So $300 is not unheard of. However, the price is not the point. The point is the strategy, we are just using easy numbers, that is really the point of it all. We could do the same lesson and make the house $100 (which we have), and folks would rather debate that one figure than focus on the strategy. We sincerely are just trying to make it easier to understand... but to answer your question, location matters.
Does anyone teach this in Spanish?
I would have to believe so, but if not, sounds like an opportunity for you to fill a gap maybe?
What are some SCIAs that someone with a chronic genetic illness can qualify for?
Most SCIAs are a form of cash value life insurance. And most of not all require a health exam. But just because you may not qualify doesn’t mean you can’t acquire a SCIA. If you have insurable interest over others, you can open them on other people and you control the income (spouse?). Do you own a business or nonprofit? You can do business or key man policies.
Thank you for sharing this info. 🙏🏼 I appreciate you guys. 😊
a house is a liability not an asset.
A house is an asset. A mortgage is the liability.
You really want to sell the MPI idea from insurance company....
I’ve been providing SCIAs for almost 5 years. I’m a retirement planner, I offer products that generate income. My focus is income. And it’s all about being self directed, which means control.
@@selfdirectedDONNELL I spoke with you while back via Zoom, hope you could remember me from my last name... I like what you are doing... I will rich you again after I study the MPI's offered by different insurance company (SCIAs ).
BTW, What Does SCIAs Stand For?
@@a.mirmousavizadegan7962 Secure Compound Interest Account
This is so dumb. If your cash "lives on your debt tool" that means you are carrying a balance on your debt tool and therefore you are being charged interest. Daily interest. At high interest rate. Just pay your bills and get out of debt.
What do you think the cash is doing?
Where should the cash flow live if not on the debt tool while it’s being paid off?
Make it make sense
@@selfdirectedDONNELL If you put your cash on the debt tool, that just reduces the balance that you get charged interest on. It all depends on the interest rates on the debt tool vs. your underlying debt that you are trying to pay off.
Maybe your terminology is getting you confused. Cash flow does not "live" anywhere. When you put cash on a loan you are just reducing the balance owed. An open-ended PLOC or HELOC allows you to borrow money out thus increasing the balance owed.
Not when you put your income into the debt tool. Try also watching Christy Vann. Her explanation might sound different, but it's basically the same message, just a different delivery.