Velocity Banking The Mechanics
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- Опубликовано: 13 сен 2024
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Awesome series so far going to rewatch this whole series when I'm done
You have the Love inside and it shines out Loud and you CARE Thank you Denzel
Great explanation Denzel! I’m going to start doing this in January! Can’t wait!
good job
What you're doing is revolutionary.
2 Trill Productions thanks nice to see you sticking around
Denzel you a awesome . God bless you always .
You HUMBLE ness and your Integrity... is Lifestyle Transmutation...
Drukpa Kunley your awesome thank you 🙏😁
I can't wait to see your success. Just last Friday, you had 300 followers.... you're almost at 400 now. Keep it up. You're content is great. DON'T STOP!
Leah Invests thank you thank you 🙏 I’m going ❤️😁😁😁
Now its almost at 500 Waaaaaa😀👊
Boom! That's what I'm talking about. You'll get there by Monday. LOL.
Ohhhhh..... I see 515 subs. Ok friend! Keep it up. I love it.
ahhh 715 subcribers today!!
I understand the concept but have experienced difficulties in the execution for two reasons. First I have so many bills I don’t have the ability to dump my entire paycheck into tie LOC as I immediately need some of the cash to pay bill that are due. Second VB requires that you follow a strict budget in order to enough the cash flow remains constant. We have not been very good with sticking to a budget. I have just paid off a ton of debts from a cash out refi. Going to give VB another try as my month has far fewer bills to pay. Also going to pay utilities and other bills with a cc to get that float.
These are not good enough excuses. I’m Dave Ramsey certified as a financial coach the 7 baby steps requires a strict budget as well. Stop trying the concept and just commit to increasing your financial knowledge to create a better life for your family and then you will see change
@@DenzelNapoleonRodriguez I am always studying and learning. Where the rubber meets the road is transferring the head knowledge into action and staying on the path. I made an unpopular decision this month to forego remodeling our kitchen to make a better life for my family by starting the process of getting out of debt. A pretty new kitchen would be nice to have but it is a want not a need. We were one catastrophe away from financial ruin. The kitchen can wait. 2022 will be a pivotal year as we will for the first time in memory not be living paycheck to paycheck. We have to stay disciplined and not run up debts again. You have inspired me to lead and focus on kingdom building, mine and His. I am stepping out on faith and feel encouraged that I am abiding in His will
@@dmoro67 also remember don’t force Velocity Banking to work in your favor sometimes it won’t make sense so always run the numbers before applying it. Running bills through credit card will help with floating interest.
You are the man ... love the videos
TommyGunnz Night thank you 🙏
I'm now thinking that my checking account is nothing more than an armored car delivering the coin to the Heloc of ?
I CANT WAIT FOR YOU TO CALL ME !!!! IM READY!!
Hi Denzel, great info I am researching about buying a rental property and came across this info and others talking about velocity banking I sure wish I would have known about this a long time ago. I have been doing as you suggested and calling around at my local banks and credit unions there is a wide range of terms and rates my own credit union has been the worst but another credit union was good. personal lines of credit that I have found have ranged from 1 to 3 years with the exception of one credit union which was opened ended ( no length of the term) but the interest rate was 16.24 % and that is with good credit. with a credit score of under 10% I have not found a term longer than 3 years is this typical? Bruce.
Bruce Summers there’s plenty of term loans or AKA lines of credit that have open ended or 5 years even if it was 3 years we can always get another line of credit 3 years later or renegotiate the current line for an increase and it restarts the time frame
Man this is gold!!! Thank u
How do I contact you privately, Denzel? Great teachings! Would like to learn more about your services. Thanks
Jose Arau check out my links in the description
HalleluYah I AM THAT I AM
keep it up Denzel 👍
How do you pay for, save for things like vacations or other large ticket items?
Sean North ruclips.net/video/H54quaXDg7s/видео.html
Sean North this video should help
Hi Denzel can you send me the form that I need to fill out for velocity banking
www.denzelrodriguez.com/contact
Denzel Im getting my credit card wed , setting up the due dates on the fixed auto pays , talked to my bank to be able to transfer funds from my heloc and back to checking with online banking , moving along ., still consolidating debt , take about 3 months to pay down then will continue to pay down heloc until about dec before i start to chunk on my 124k balance property , the plan is in motion . thanks .
Hi Denzel. Love this new financial strategy. I have an unsecured line of credit(20k )but the bank will not let me link the account with my checking account.
What do I do in this case?
Eric Peters that my friend is not a Line of Credit then it’s a loan. How do you get access to the money? Do you have to call the bank and have them deposit money? If the 20k is locked up not revolving then that is not a proper debt weapon. We need to do our homework and find a proper debt weapon
I have access to the money via online banking. its like a big credit card. I can transfer money out of the L.O.C into my primary checking account but I cannot use the L.O.C account to pay bills directly thus avoiding the constant moving money back and forth between accounts.@@DenzelNapoleonRodriguez
Eric Peters ok so it’s a credit card not a LOC you might be getting the terms mixed up here
Eric Peters that credit card will only be used to pay certain things with a LOC I can link my checking and pay everything using that hence making velocity banking work even faster and more efficiently
If u have a LOC, then simply transfer the amount required to pay bills into your checking account from loc and pay the bills from checking account. But u need to have it linked so that you can move funds on the fly.
How do you know when to chunck your debts, evry 3,6,12 months...
Level Up case by case honestly. Velocity banking is very flexible but once your in a routine it’s best to stick to it
My credit has moved from poor to fair, I've been applying for prime cards here and there and have been denied, I was denied for a checking line of credit through my credit union about a yr ago (NFCU) and now I'm a little scared of having my credit ran again (for the time being). My highest CC is $3000 currently with 66% util, I was wondering if perhaps I should pay that card down and start smaller ($1500 withdrawal limit), or keep looking for a bigger line of credit? It feels like I've hit a credit wall until I get my utilization down and let a few accounts age.
I don't have a car note, just cards and few g's I owe the IRS. My wife does a car note with about $13000 left and I'd really love for her to implement this but she doesn't have the cajones right now lol.
spainman2020 I like what your doing you need to fill out my form so I can take a closer look at your situation there’s a lot going on here I do not want to steer you in the wrong direction. Sounds like you already have a debt weapon tho which is the credit card. Just by looking at this I may target the credit card first I’m Velocity banking
hi denzel, i love your videos, there is any way to find in spanish? please help methank you!
I'm not understanding this so well What is the best video to leearn this?
Is the checking account and the L.O.C account 2 separate?
Cheers.
Do the cash flow money remain in the checking account?? Or is it included with the chunk
Bryan Robinson cashflow is included with the chunk
i only have a 1000 loc can you give me some insight on how to manage this
fill out my form so we can talk further in detail
@@DenzelNapoleonRodriguez how and where can i get a form from?
Uganda Poole denzelrodriguez.formstack.com/forms/velocity_banking_criteria
Just a quick question so I can get this can I pay my credit card balance with a line of credit same like a checking account with no charges?
I'm not sure depends on how much we owe that credit card and details behind it. If I knew the whole situation I might advise to use the credit card itself to do velocity banking
I guess what I'm trying to say is paying a credit card balance monthly to clear the balance each mont with for an example a heloc. Will the heloc occur fees for that?
you would have to read the fine print to see if there are any prepayment penalties. the credit card would have a balance transfer fee 3% or less to pay a HELOC
Hey Denzel great video and explanation. One thing, I have to eliminate automatic payments to effectively do velocity banking right?
you don't have to. In some cases it may be ideal
How you do VB with $9,000 tax returns ?
meaning you have a tax bill of 9k or your getting 9k? If your getting 9k back then that is considered extra cashflow you flow it through the line of credit giving you the ability to make another chunk payment towards a debt or investment depending on where you are at financially
Thanks Denzel
Hey Denzel ! You should start doing videos. In Spanish for you Latino people man . You will find more people to follow you special the people from 🇳🇮 . Felicidades por todo tu trabajo 👍👍
Densely you Bette get a good microphone, it’s always hard to hear what you saying dude. Maybe we can start a go fundme for u man.
lol this video was posted on sept. 2018 I have made improvements since then if you go to my channel you will see the latest videos.
Is a loc the same as a personal loan
nope
is a loc and a c.c the same
there different watch my video on how to get a personal line of credit
Hi Denzel
Can you assist someone from South Africa?
sure can we will have to use a webinar service or google hangouts
no problem. You'll be my first
@@DenzelNapoleonRodriguez I am also from South Africa
When I zero out my LOC just start paying all my expenses with cash?
Need your help?
My income 6500
Exp 5500
Want to take 450000 home loan and pay it off under seven year
No debt at all
I received your form will be talking very soon
Thanks man