What Is Cash Flow And HOW Do You Gain Cash Flow? Well, I'll Tell You!
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- Опубликовано: 25 апр 2024
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A key takeaway is to have discipline in paying this credit card down without creating extra charges beyond your expenses. And have the discipline to apply your whole income to the credit card debt. Discipline and determination to pay off the debt fast. This is really a helpful strategy.
It should be easy but ik people have spending habits I don’t buy a lot of stuff personally
I think it really needs to be stressed, more in these videos, you must stay within the budget or it will not work. Just MHO
This channel is going to blow up mark my words.
her channel has been blown up!!!!!! they dont like her teaching this method, and im blessed to learn from her.
@iamOAKland Thank you!
I have been trying to figure out how I’m going to pay 2800 of bills on a 2000 month income using a maxed out card. I did the math just general and I’m shocked!! I’ll update you in a couple months, but I think it’s worth doing. It is no accident that you popped up in my feed. I asked God for an answer and I believe he gave it to me. Have a great day:)
That graph format is great visual representation of what is going on month to month as the balance fluctuates and ultimately gets resolved at the end.
"🎶 This is why we do it! 🎶" I'm cracking up!! 🤣🤣🤣
This system works if you keep your expenses equal every month or spend less.
So you're passively paying your credit card bill/debt Just by paying your Bills with your credit card And to make it even easier you can have your bills auto pay With your credit card. I'm about to start doing this
It works! ❤
@@nichellw2077 also some bills when you auto pay they give a discount
Hey Christy, once again you make everything so easy to follow. You are also very entertaining! Your channel is VANNTASTIC👍
@user-jj4py5hy9i Thank you so much!
That was cute Christy!
This is how we do it 😉🎤
"This is why we do It!"
Well done
I have skipped over your videos for a few months because I was so used to clickbait on RUclips. The first time I watched everything clicked. I have been into personal finance for a while now and learned to dislike much of the traditional ways of thinking, so this made so much sense to me. Completely out of the box thinking. Thank you
@LucrativeApe EXCELLENT! And My Pleasure!
Bless you bless you!!! This is the best video to illustrate your point!! I'm so grateful for you and this method. You outlined it so well. I now see how it's possible to get out of debt with maxed credit cards. I didn't want to get a loan and was looking for a way to tackle debt now before I get a HELOC. I'm 7years away from retirement and must get rid of my debt quickly. You are the answer to my prayers. Thank you ❤️
You have saved me so much stress. You explained this so clearly. I'm grateful 😊
Thank you Vanna! before watching your videos last year, my strategy was stop using my CC as much as possible, try to pay only from bank, and make CC payments. restrict as much as possible. It was very slow and some months the CC debt went higher from necessity. lots of anxiety.
I switched to minimize bank ,everything on 11% credit card. This is working for me! Im still as frugal as i was before, i do not have a lot of wiggle room between expenses and income, but I do see a dent being made in my debt every month which feels great and the end is in sight! ive also felt comfortable absorbing some larger necessary purchases. is it better to work on mortgage next or car loan next? hoping to get a heloc but theres a cost getting it setup.
Hi! Can you give an example of when to make deposits around payment/statement dates when working with a credit card?
Thanks so much I tried the Dave Ramsey way extra payments frugal way but i just failed and went back into debt but you have taught me a better way and it’s working I'm determined to get out of debt using my credit cards and building my credit score to!
We live quite frugally, but every month there is some unexpected expense that exceeds our income and we have to take it out of savings or use our credit card.
This is how we do it! Yes!
I thank God for you, may the Lord God Almighty continue blessing you. I have learned so much with you sharing all your Gold mind for ever grateful❤
@viviendoalpresupuesto6926 The pleasure is all mine! Thanks for watching!
Shout out to Montel! Haha this is how we do it!
Relax and focus!!! Yes… without living like I am homeless….❤
Thank you, Christy❤❤❤ This is how we do it🎉🎉🎉🎉😂😂😂
Thank you so much for giving your time and energy to help us get through these challenging times! There is hope for ME 😀
Thank you for the graph! I am visual. At least where it concerns money, a picture really helps.❤
I'm so glad that I found your videos!
Why is the daily intrest not added into this equation? I see you add the $2,000 but never the daily intrest.
I just want to say Thank you for creating this channel and helping so many people like myself. May god continue to bless you!! ❤️🙏
I love this lady!! I completely understand velocity banking because of her. Thank you for your education.
@staceyc2313 SO HAPPY FOR YOU!!!
What a blessing you are! Thank you! In the future you can do the graph as a line graph.
Thank you for making it a believable interest rate 😬 In today’s economy it’s REAL. You are such a blessing and inspiration. Still in my first month and learn something each time. And YES: I rewatch as needed. Also appreciate just a credit card. Not everyone has a heloc or access to PLOC.
Thank you for this!!!! 🙌🙌🙌 God bless you!😊
@karenschultz2861 My Pleasure! Thank you!
This video helped me understand what you are talking about. Thanks.
9:07 you’re not lying but the content is pure gold 😂 thanks for doing what you do 🙏🏼
I also listen to Dave and so many times I am screaming at them tell them there is another way. As a human being seeing another person struggling so much all financial suggestions should have options. One size does not fit all.
I am so glad I found you! I have referred many people to you.
@dixiebell7011 Thank you!
Beans and rice ..... GOOD ONE.
As long as you don't spend $10k monthly, the debt will go down. Only spend what's on your budget to spend.
I love your graph!😂
🎵This is how we do it! 🎶
@kennycharles6041 🎶🎵🎶📻
Issa bop! 💃🏾💰 🕺🏻 💰
Thank youuuuuuu
Question:
Why don't you add the interest back onto the opening balance at the start of each month.... you use the paid off balance each month without any interest added to it, so the way i see it, it will take slightly longer to pay back than what your calculation explains in the video.
I noticed that too
Thank u Christy! This is a great simple explanation/visual. I love ur graph btw! :) I’ve been trying to explain this concept to my older kids and this video will help
Amazing
I'm a new subscriber and I love the content. Videos on how to obtain high limit credit cards and lines of credit would make this channel a 10 out of 10. Thanks!
She does explain that in other videos, it's all intertwined. As you implement these strategies your credit score will improve and you will be able to apply for these cards and PLOCs. 👍
@@SavingGrac33 Thanks
Always giving great gems 💯
Can you see the light folks???
Your audience cannot wait for that couple to find your videos 🎉🎉🎉🎉🎉 trust me someone is tagging them in your videos! I can’t wait for you to help them like you are helping all of us 💜💜💜💜💜💜
WOW My shironna!!!!
This lady is amazing, so much value!
Wow, did Vann just go Montell Jordan on us @ the 5:14 mark?
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
I am a new subscriber! I love your videos. I have 2 questions: Do you have a list of banks that do first position HELOCs in Colorado? AND. I have no debt other than a car payment. Is there anything you can recommend to a family (with 7 kids) to use velocity banking to purchase a house? In other words is there anything you’d recommend to prepare to use the velocity banking strategy in advance of buying a home? I hope that question makes sense. We are currently renting in Colorado. I would love for you to do a video on these 2 topics. Thank you!! Kalid
How much do you save in daily interest doing it this way? Aside from that, I don’t see the benefit.
Hello Christi, but how to do this method when you have multiple credit cards with high balance? Thank you for taking the time to answer our question.
🙌
Is it accurate to say that when the balance goes up that's considered to be the new month? Thanks 👍👍 love your work @vanntastic 🎉❤😊😊😊
Where's the intrest added in ?? The rate is shown but it's not added to the totals.
All the blessings for you and yours and all the community! I have a question we have had me stay home while all the kids grew up and now I’m kind of catching up on things. However, the house has deferred maintenance. We need a deck, fences, plumbing, a new roof and fixes in the house from rain damage the insurance won’t pay for it. How would I go about getting that set up? I have a HELOC that was set for 25,000 with a credit union and I’ve got it down to 7500. We have a mortgage of99,000 right now no credit cards
Chris do you recommend pay your rent with a credit card if theres a $75 dollar fee added to it? or just stick with cash?
Hi and thank you for sharing ❤
My question is, what if you don't have a high limit credit card or any credit cards due to bad credit. Is there another example that I can use that is cash based only budget until I can qualify for a card? Thank you ❤
She’s giving good info LIKE N SUBSCRIBE
🙏🏾🙏🏾🙏🏾
what credit card lets u pay interest once a year and not every month the balance is not paid in full?
Hi so what do you do when you use velocity banking and what you pay in credit card. I had notice there are fees for using credit card so dose Velocity banking still work
So if I don't have any credit cards now only debit cards, should I get a credit card with my bank and then secondarily apply for a personal line of credit? Will the new credit card affect the personal line of credit or should we get the ploc first and then the credit card second
I love the concept , but I can't pay the mortgage with a credit card. Any help would be great.
She acknowledges that In her example. Example Income is $5,000 & $1,500 STAYS in bank to pay for mortgage and non chargeable expenses. That means only $3,500 of income goes to card every month.
How do I use this if I don’t have debt?
Hello! Idk if you have already created a video like I am about to describe… if so my apologies. How do you get started with when you have multiple credit cards? Like 2 @2500 one @1500 and one @500 where would you start assuming they are all up next to the limit?
This is awesome !! However -This method doesn’t account for minimum payments on other cards . You need cash flow for that. Or did I miss something ?
Sounds good but how do you pay down multiple cards using this method?
13:14 doing the cards one by one, ideally starting with your highest balance & interest card. working your way down until you are done paying off your each cards. also include all of your minimum card payments into your expenses
So, I have been following Dave for years and I have gotten out of a lot of debt with his method. However, I’m down to about $30k debt and would like to know how do you get a PLOC that you can have as a revolving account. All of the ones I find are like a loan that you can’t do as a revolving line of credit.
@renatal1972 Keep asking...credit unions are best for lines. Some credit union credit cards can serve as lines of credit if they are linked to your checking account.
What is the technical term for the HELOC account you implement in your strategy?
*In your other videos*
I can’t transfer much income due to credit card payments and mortgage that have to stay in my account? So how would this work I do not have a lot of cash flow.. my husband is out of work so Ive been soul bread winner for 9 years very frustrating
Ramsey: Boomer thinking😂
Nice Mani Cure Ms. Appreciate your Time And Lecture … Phenominol.
Would you agree that this method is only helpful when you have a cc with a high monthly payment? The cc I would use for VB has a monthly payment of $90, which I could use to pay off two other smaller debts and increase my cash flow to $210 ($90 + $80 + $40) per month. So if my calculations are correct I'm only paying this off 2 months earlier than the snowball method. Seems like a lot of work for a 2 month early payoff.
Hoe fo i call you to ask a question. My question is i dont qualify fir heloc yet. My house is in hurricane recovdry and florida insurance is tedicukous. I need a plov. I have good ctrfit niy i live on a fixed income. ❤
I cant get a line of credit or heloc in uk
Could we achieve the same result simply by paying the credit card down by $1,500 with our cash flow every month? So we get our paycheck of $5,000, we put $1,500 against the credit card balance and the rest in the bank account so we can keep track of our expenses?
Maybe, seems like it would balance. She didn't include interest so that might make a difference
That's what I was thinking. This video seems like a very complicated way of doing the simple thing you just said!
It's really sad that you have to play reruns because people seem they don't want to go to the playlists. God Bless
Some people may have only seen 1 or 2 videos. They might have stumbled across a video like I did. I have watched several now but there was a time I had never heard of Christy or velocity banking. I don't think she minds helping people.
@@sharronbush886 Not at all. I have been with her since she first started her channel. That is why she is doing this because cares and wants to help people. Christy has blessed so many people and in return she has been blessed.
Should I start at the beginning of the month?
This is awesome .
How can I email you my spread sheet ?
Is there a reason you WOULD NOT do this with a student loan. My son in law has student loans they want to pay off quickly
Can I use this method to run my auto repair shop
If you have debt, LOC and cash flow you can do velocity banking.
I get what your saying but its all good until you get laid off or work begins to slow down. At this point im willing to give a shot . thank you for the video and awesome graphs lol
Would it be wise to pay off smaller balances to get a bigger cash flow to add toward the higher balance cards? My cash flow is $10.60.
I’ve been watching you for months. I only make social security at 67. But I can’t make ends meet with credit card debt. I have debt from 2020, I’ve worked for the same employer and have lived in the same rental for 18 years. I don’t make enough money to make peace with my debt. I am paying crazy to just livejust to live that is strangling me I’ve never late on payments, my credit score went from 720 to 600 just for keeping my bargain and making payments on time oh please, I need your advice
❤❤❤❤❤
I have been a fan of Dave for a long time, but he is not realistic.
D R got me out of debt several years ago. 1/4 of the debt as now, better economic times and more cash flow (but I didn’t realize that’s what it was). Now: I understand why this works better than D R.
DR is the slave driver , every financial adviser on tv that are telling you to pay your debt. Are paid and they have those tv shows to remind poeple who thier bosses are and who they owe money to . The old time financial advisors they used to show up at your dining table unannounced with baseball bats , suggesting if you dont puy your debt you would lose some limbs . The rich love to get in debt .but they want you to pay yours .some times it's ok to pay off your debt. But its better to get in more debt . Yes . You will not get rich without loving and getting in debt . That is what the rich do and that is how they get rich .
@@bbrahbboul2748 totally disagree with you. Debt is not good.
@stevedunn4490 That's probably because all your debt has been consumer debt. Going into debt to purchase assets, specially income producing assets is unbelievable feeling. Endless money creation.
@@Jesus-kt5dc I don’t have any debt.
Thank you for your videos Ms. Vann, but instead of drawing mountains for your graphs, how about just drawing steps? So, it would go down one step from 10000 to 6500, then a small step back up to 8500, then another step down to 5000... I just doesn't make sense to me to take the graph all the way down to the bottom, at zero, between each income deposit or increase when you add back monthly expenses. I hope I explained that clearly.
I think you are amazing and I totally appreciate how much your videos have helped me.
I wouldn't have survived tax season without what I have learned from you.
I agree!!!! No, Ms. VANNtastic, please stay with the adding and subtraction, wayyyyy easier and simplistic.
Hello and God bless you Christy! I need some help figuring out how to pay off my upside down car loan off, I had gotten into this before God blessed me with finding your channel. If you could lend a hand on sorting out the mess I would greatly appreciate it! My income isn't super stable, I'm a waitress so it's hard to figure out how to work a line of credit for me personally.
A few take-aways here, and I notice you do this in a few videos now, you stop 2 to 3 months short giving the impression it takes a shorter time than it really does. This $10,000 debt will actually take about 7 months to clear with this method.
Also considering that $1500 is the minimum payment made on the credit card EVERY month, and no additional purchases are made with the card.
Also, you didn’t really explain how to create cashflow, other than paying of the debt.
Still, I appreciate your videos and intent to help people clear their debts. Thank you.
I haven't borrowed any money since 1991.
This is an overly complicated way of just using all your cash flow to pay off the card. If you put all your expenses on the card as well it actually takes longer to pay off the card. Also she’s not accounting for the interest accrued. 👎
1 credit card with 0 balance really ?
Hahaha, Spaghetti and vineger!??! i aint eva tried/heard of that, and thanks the lord i hopefully will never have to try it lol! i'de much rather have raw spaghetti wit any type of oil or fat than add me some vineger ! and believe me, ive done it, that is the non vineger minimalist vheapr high carb diet!
Dave is depressing.
I don't have any money at all
Hardest part is doing this with a higher than the bank wants dscr. They dont want to assume the risk or even understand that you are taking control of your debt.