Texas CASE AND POINT! $214K Debt Elimination Analysis
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- Опубликовано: 28 авг 2024
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Christy Vann and its affiliates do not provide financial, tax, legal or accounting advice; the information presented on this web site/RUclips channel are presented for information/educational purposes only, and following the advice in this video is the responsibility of the viewer and not the video creator.
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I have no idea who this beautiful soul is but I’m so thankful to God she popped up on my timeline! 🙏🏾
Oh wow! Thank you so much for your kindness!
I agree I am so grateful to have come across your content
Yes me too. The first video I watched It sounded like something way over my head, but I just kept watching them different peoples scenarios and things started to click in my head. I only just today started thinking about implementing these techniques but it does seem doable. Yay.
She truly is a blessing.
I agree!!
I love that this is based on those in a negative cashflow. And, of course, they will want to learn a little about being a bit more frugal, but it is always amazing to see how leveraging well can still help.
I’ve watched a few of your videos. I still feel like you are missing something. These bulk payments don’t cancel out the typical living expenses and bills. I don’t see how this works. You pay a bulk but revolve the debt it’s like running in place. I work as an analyst and I don’t see anything but satisfying a monthly payment and using that same new LOC to pay your bills that got you in this spot in thr 1st place.
@@lesterjohnson2691 What you're missing is 1) the ability to reuse money thrown in the line is the safety net that allows you to attack the line with entire income. Rather than just minimum payment plus paying extra. 2) By parking income in the line you're lowering the average daily balance, therefore paying less interest.
Glad I have been watching your other videos before seeing this one, or I would have been too lost to watch any further LOL this was a struggle for me as is!
Keep in mind, if a 401k loan is taken then income will be reduced, since payments will come out of your paycheck. That amount will depend on interest rate (4% I believe) and length of the loan. The good part about these loans is the interest goes back into your 401k, because you’re borrowing your own money. There is typically a minimal fee to take out the loan. Much better than paying 28% interest on CCs.
Shoot I just saw this. I didn't see that payment added in the total debt
P.S. Thank you for all you do. Just wish I'd known about this sooner. May God continue to bless you and your family 🙏💖 x
Implemented this strategy today! I can't wait to see the results in the next several months. I have it planned and written out to the end of September and it looks very promising.
An update would be cool to hear.
When u started discussing the HELOC (circa 22:00 onwards) you were all over the place, but luckily I know what you were getting at. I hope others did too. God bless you 🙏 x
Really enjoying learning about financing. I want us out of debt, too. Thanks so much.
Oh I wish I had known this years ago!
Holy moly! This is an extremely complex case. They bring in a sh** ton of money and don't have a huge mortgage. Where are they spending that money? I get having debt, but where is that income going? Are we taking lavish vacations every week?
Maybe I can't see well. Is that mortgage 4400 or 1400?
😂😂😂
Great information on all your videos
Brilliant!! thank you so much. I am busting out the paper and calculator now!!
Hi Christi. My question is, how can they have a mortgage and get the heloc at the same time with all their debt?
Basically, could you say that the amoritized loans are designed in a way where you the interest you pay is compounded by paying up front in the early pay off stage whereas the simple interest PLOCs are designed in a way to trick you to pay them slowly so that the interest gets compounded in the later pay off stages?
Just to touch on the HELOC scenario. the loan amount is 80-90% loan to home value. not 80-90% of home value. so its 80-90% of the equity not the value
I don’t know why I can’t get the hang of this. I’ve watched at least 10 videos. Once I get a hang of this, I’m wondering if you can use this strategy for knocking down student loans. Thank you for all of your knowledge!
Old System: Paycheck -> Checking Account (earning no interest) -> Expenses
Velocity Banking: Paycheck -> Checking Account -> LOC (pushing down the average daily balance, saving interest paid monthly) -> Expenses
Yes, you can use velocity banking to pay off student loans. Hope this helps, have a great day.
@10:46 "low and high for average"
I'm gonna try that for losing weight. I can eat 5000 calories while awake, zero while asleep. VOILA! Recommended daily allowance: 2500.
Good video with plenty of information.
I do have a question after viewing several of your videos. If I use my cc as a heloc, will the bank see this as a negative because of the large amount of utilization?
My Cc is a 30k card. I prefer to stay under the 30% utilization because I’ve heard banks are closing accounts if they see the utilization sky rockets. This is seen as a high risk move.
I do not have a lot of debt. I only have two loans and a mortgage.
Thank you for sharing your knowledge. I really enjoy viewing your videos.
Hi Aldo! If your monthly income is going into that card, then you’re not going to have a consistently high utilization rate. The balance will fluctuate and decline within the same month. Therefore, the card companies should notice at the end of billing cycle that you’ve had at least one large payment exceeding the actual payment due which ensures them you are using the account as it was intended to be used. The point of velocity banking is to see a continual decline in your all-around debt. We should never have balances that just sit still on a line of credit that we are using to pay off other debt. Of course, your debt is your responsibility, so use it wisely and as you deem necessary. I just make suggestions based on what I would personally do. Does that make sense? If not, please contact me and we can discuss over a telephone call. Thank you so much for watching!
But your making either weekly or biweekly payments to the card. So it keeps revolving so you should be fine and not run it up
I wish I found you 4 years ago. I could have avoided a 5 year chapter 13 plan 😢
@chankrasnavu I'm sorry...MANY ppl are in that same situation, BUT you can start today!
I didn’t see the cash limit on the Discover card. Hard to tell how it’s working for me anyway.
Awesome information
Now with Velocity banking it’s asssuming your expenses STAY THE SAME RIGHT??… because my wife be buying stuff I didn’t even know about and throw off my monthly expenses calculation.
Hmmmm …you and the wife will need to be on same page when doing debt reduction. Thanks for watching!
@@VanntasticFinances might have to chat with her
@@teeybannister Good luck with that, Teey. You're a brave soul indeed! 🙏
Did I miss the 401k loan payment was not added in to the expenses?
Yeah it wasn't
How do you calculate projected payoff mortgage amounts? I want to try these mortgage chunk payments on my credit card
Me too.
Hi, Do you recommend working with 2 Credit Cards?
I have $20,000 in credit card debt that on are 0% interest apr time period. I also have a $30,000 line of credit. Should i put all my credit card debt on the line of credit even though im on 0% intro apr cards?. Im about to zero out my line of credit and start using my cashflow to use velocity banking to pay down credit card debt.
I would only pay them as they come due to not incur all that interest. Just my opinion.
Where did you add in the 401 k loan payment?
So how do I make my monthly payments from my line of credit?
New subscriber, great info!
Great…Thank you for watching!!
Where can we message about our debt situation?
So at about 22:00 in you said HELOC looks at debt to income ratio. But isn't their d-t-i super high? So it would be hard to get the HELOC?
Not hard at all…a good DTI..or they’ll help you get there. Credit score over 700. Although, it may become harder if the government continues to throw us into a credit crunch.
@@VanntasticFinancesdo you have any HELOC bank providers you can mention? Maybe some that you are hearing are opening accounts?
❤❤❤Thanks ❤❤❤
k
I’ve watched a few of your videos. I still feel like you are missing something. These bulk payments don’t cancel out the typical living expenses and bills. I don’t see how this works. You pay a bulk but revolve the debt it’s like running in place. I work as an analyst and I don’t see anything but satisfying a monthly payment and using that same new LOC to pay your bills that got you in this spot in thr 1st place…please explain a little more
For example I pay 2k in rent which I can put on a credit card, gas, water and electric totaling 2500. I have a credit card that’s at 12k with a $300 per month payment. Once I put my paycheck into the credit card I no longer have that $300 payment. I basically just got myself a part time job doing nothing. Repeat until the card is paid.
@@lovelylora1700 thanks for replying. This is a tough platform to engage discussion but I want to try and understand the benefit in this method. So based on your example..you have a total of $2.5K on credit card and no other expenses i assume. So you put that on your credit card with a $12K balance. You put your paycheck in let’s say $3K every 2 weeks/ $6K per month which is actually 26 payments of $3K a year $78K. But you have to still pay your $2500 a month which is $26K plus the credit card i can see how this may work because you will eventually catch up. But if you get paid $3K a month instead you put $39K in credit card but you still have the $26K in bills plus $12K in the original balance that is $38K. But you still have to eat, travel, and play. Based on the $3K per month you are technically still in a negative cash flow. I’m just trying to understand.
@@lovelylora1700Doesn't the credit card company still take the payment out? If you owe 300 and you put 2500 in, won't you now only have access to 2200?
@@langs089 no you can’t pay more on a credit card then you owe.
@@lesterjohnson2691It's the words Christy uses that can be confusing/misleading IMO. The "income going in" is a payment made on the charge card. And the expenses are charged to the credit card ("taken out of the payment"). The payment exceeded the charges and that's how the balance reduces each month.
The payment being made (the income) includes the monthly charge card amount, all the charges (expenses), and interest. All in a single payment monthly. Any monthly payment that is more than all the monthly charges, the cc minimum due, and the interest is 'cash flow' also known as extra payments. Any time another bill is full paid then that monthly payment gets added toward the charge card payment (income) and is considered "additional cash flow" or extra money toward the payment each month. Hope this helps.
Are you single?
The man that you married hit the jackpot!!!!!!