WHAT IS VELOCITY BANKING? How to do
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- Опубликовано: 26 фев 2023
- Don’t let credit card debt kill your joy and your cash flow. Your cash flow can remove your debt quickly!
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Hi Im a Black woman in her 40s 850 FICO 8 and debt free. Yes I said 850. I followed what your talking about but I used 0% credit cards instead of a HELOC. I was completely debt free by 43. Bought my first home at 25, I would pull 40k cash at 0% off one credit card and pay down the mortgage then pay the card back lighting fast. Im 48 now own 5 homes and completely debt free even my home that I live in. I OWE NO ONE. I do make more than most at over 100k but Im not spending frivolously. You rock cuz I know your telling the truth. Its hard to tell others this method so I lead by example. They call me a Black Unicorn. Im 6 foot tall make over 100k debt free and have a 850 FICO.
Great choice - few people with great credit has opportunities lile this one
@@gatopirata8582 Its a life choice I made very young when I got my first credit card 1993 (AMEX). We all have a choice unfortunately most young people like to live for the moment.
Does your sign on 'six6goddess214' mean you're six feet and making 6 figures? If so, love 💞 it!😂
Congratulations. 🎉 I use velocity banking and have an 850 credit score. Believe it or not.
You go girl!
I took out a car loan for $8.6k and had an unused credit card with a credit limit of $10k. The cc company gave me an offer of 0% interest for 18 months. The fee for doing a balance transfer was less than the amount of interest I would have spent over the life of the auto loan. That was probably one of the best financial moves I ever made.
Can you explain how you paid your car off with a credit card? I’ve looked into several banks with lines of credit and even with an 800 credit score they are coming back at 20% or higher interest PLUS origination fees and other fees. I have a credit card with a $15k limit but it’s at 28%. How do I use the card to pay off my car and make this work? I don’t fully grasp this velocity stuff. I don’t have any debt other than my car loan so paying 28% instead of the 5% on the loan is hard for me to understand. Thanks
@@AmandaGatesHome Its easiest when your credit card is through your own bank. That is to say, you login to your online account at your bank's website and see your checking, savings, and also your credit card there. In this case, it's easy to do a transfer from your credit card to your checking account; it would be called a transfer or a cash advance. Then you would use your checking account to pay off your car loan. However, if your credit card is not through your bank (i.e. some MasterCard you got in the mail) then it will be more difficult and I'm not sure of the exact process. But remember, what makes Velocity Banking work is that you put your entire income onto that credit card to pay it down. You then use that credit card for your monthly expenses. So if your income is 3k a month and your expenses are 2.5k a month, you'd put 3k on the credit card and then use that card to pay your expenses throughout the month and, theoretically, pay the credit card down $500. What makes this a winning strategy is car loans are amortized while lines of credit are simple interest. But, if you use your credit card to pay off the car loan and then just put your normal car payment amount on your credit card each month, that's not really going to do anything. In order for it to work, you have to put your entire income on the line of credit when you get it whether its monthly, bi-weekly, or weekly.
No you didn't. Credit companies aren't allowed to let you pay for auto loans with a card or balance xfer. Stop lying.
@@DarkHorseParatrooper The balance transfer goes into your checking account not directly to the car loan. Then you pay auto loan out of checking. The auto loan company doesn't ask where the money in the checking came from. This isn't that difficult.
The truth is that my credit card company sent the check directly to my credit union. They didn't know that it was paying off a car loan. In their eyes it was simply a balance transfer. But yes, it paid off my auto loan, and then I turned around and paid off the card within 18 months. It's funny that you think I'm lying. Well, whatever floats your boat.
Thank you for being so real about financial crisis. I am $46,000 in debt with a 506. credit score. I am following you because you motivated me to become debt free and stop living pay check to pay check.
💕💕💕
Have you been practicing this method?? Also I think what’s extra bonus cool is that your credit score will be helped every time! 💥🌟
Starting tomorrow with my hubby's check. I can't wait! I've never been so excited about my finances before and I am so pumped. We are a one income family and make $4000 a month. The first card I'm using is at $2788 with a $3200 limit. I'm paying off my $400 PayPal with what's left on that card and knocking that off. I have planned out my bills bi-weekly until the end of September and wow if it goes as planned I will have paid off over $1000. I can't wait to see the results. I'll update!
update?
@all4onegaming300 we've paid off a card and a few other things. Still going strong 💪
@@sarita5572 nice thank you that's great news and it gives me more confidence to jump in as well
Any more updates?
The word says " My ppl perish for lack of knowledge." . & Mrs Vann thank you for giving us knowledge
So glad you showed on my algorithm. Single mom here that prayed for a different concept to pay down debt!
I really appreciate this type of content, Volocity banking saved me from foreclosure, I was laid off and had a remaining balance of 20k on my home, I took a 0 interest balance transfer card and moved 10k of my mortgage to it, bringing the balance to 8k, I got a job that gave out overtime and I used that to pay the remainder, so I went from foreclosure to owning my home outright, now I'm trying to figure out how to deal with the credit card because i don't make like i use to make, and this video is going to help me with that, this is so awesome 👌 thank you so much, I am now going to do this technique with that card, also this method eliminated my huge mortgage payment causing me to have more cash flow to tackle debt
Thanks for watching and sharing your story!
Love it! I pay tithe with cash ! Not sure I understand how to pay mortgage down could you speak to that or have you already?
I have many videos on mortgages. Thanks for watching!
You can not transfer mortgage to a credit card. That's why you subtract Mortgage or rent and credit card payment through your checking account only!
See than you set up all your regular bills on the credit card to pay automatically. No need to worry of those bills anymore. Just remember pay rent through check or online. That simple. I've been doing velocity banking over five months. Just remember to keep the budget numbers real and true. No constant spending to get to your goals!
Hope that helps anyone.
Thanks for explaining this!
Finally a budget that is what I made monthly. All the videos show people making like 5-10k...
Thanks for watching!
What I like the most about your videos is how passionate you are about helping us wake up and stop making banks richer and us poorer! THANK YOU!
Wow ive never learned this before. I've been using my cc to pay my bills for the last year but i didnt think about putting my whole paycheck into it minus my rent payment. This is absolutely fabulous! I feel like i won the lottery this is such good information. Thank you for doing these videos and helping people⁷ think differemtly about their money. Bless you!
Isn’t it just amazing?! Thank you so much for watching!
@@VanntasticFinances so I have $500 limit maxed out… so say I put a $1000 payment into it. Now my cc is -$500 and I use that for daily living? Thanks just found your channel will try to find your 101 videos 🙏
@@CARandDRONE I don’t know if most cards allow you to overpay the limit. If it does, then yes. Use the card for daily stuff. If not, then use the card, and repay it daily to bring it back to the max.
My bank will not let me use my CC for payment please help
How has this technique been for you. I'm the same, I've never learned this before. I've heard of it but never learned it. I wish I could have someone show me in person how. I don't have any debt though.
Love a woman who’s smart with money and finances ❤
Ma'am, you are the answer to my prayers. Thank you for your wisdom and I'm literally shaking from anger and relief because of my debts. Now, I do feel empowered to take control of my finances. God wants us to be the head and not the tail and you have shown me how to do it. God bless you! May our Father in Heaven bless you beyond measure and in abundance. Subscribed! The examples behind you are so easy to follow. I mainly watch videos with captions only because of work, so continue to use this format! It's an amazing and effective format.
I totally agree!
Amen! And thank you!
So just so I understand this. Basically anything you HAVE to pay from checking such as rent because they will not accept a credit card you put in your checking....then you apply the rest of your check to your credit card. If you have a 7500 balance and it you put the 2500 towards the credit card your balance drops and you are telling me then I pay the rest of what I need with the credit card. Mind blown. I have no idea how this channel popped up on my screen but I like it! I am on a zero percent card right now and owe 2 grand. Are you saying after your credit card is zero balance do you still put your income towards your credit card so you can get rewards? Mind is still blown! This is crazy and I love it!
Keep your expenses on credit card and payoff by due date. Thank you for watching!
@@VanntasticFinancesBy the due date or the statement date? Does it make a difference? I’m unsure of when the payments should be made!
@@Intentionaltia Always make sure you pay over the minimum by your due date. Also, always pay as much as you can before your statement closing date.
I wish we had personal finance in high school. Im happy i found your channel ❤
@@joleokach 🙄 go back to your MLM if you have nothing positive to add. Off you go.
I agree that personal finance should've been taught in high school. I'm not sure I would've listened though, lol.
Good thought 🤔
@@shayemoore We were taught stock trading in High School
@@MarkChandler-fb1fm You want a cookie?
I'm amazed to see this channel grown to over 1k in a few months.
MEEEE TOOOOO! So glad the word is getting out! Thanks for watching!
Her videos are making their rounds on social media. I saw several on instagram recently.
I swear a lightbulb went off watching this! Thank you. I never understood the benefit until you explained that it eliminates the card’s monthly payment. Makes complete sense!!
@scrayton6044 SO HAPPY FOR YOU!!!
I love that you’re sharing this content. And I love that you’re doing it with so much sass!
I love, love, love you, Christy!
Just got my HELOC, and my husband is on board! I'm feeling so empowered!!! Praises to Jesus for you girl!!!!❤
You've given me hope. I started Velosity banking this month. I'm poor, but, I'll get there. Grateful for you.
You go girl! Much appreciation for all you do. Keep on speaking g the truth.
I see that velocity banking is manipulating the way that interest is calculated on loc or cc or even mortgages, to the benefit of the customer rather than the bank. Thank you for revealing this tactic which is one example of how the rich elites minimize fees, taxes and other financial liabilities, in order to maximize savings or cash flow at the end of the day.
this works if you are disciplined enough to stay within that expense number and not accrue more debt on the credit card. that is really hard to do.
All she is really doing is applying the cash flow of $500 and the $300 payment to the CC and disguising it what looks like a shell game.
It should anger you is the perfect statement. Made me laugh out loud. Velocity works!!!
Another great video Vann! I shared your videos with my children so they don't waste all the time and interest I have in the last 20 years.
LOVE THE TRANSPARENCY YOU OPERATE WITH!! TELL IT LIKE IT IS. LOVE YOUR SEMINARS!❤️👏🏽
KEEP IT COMING, LEARNING TONS AND SOON I WILL BE DEBT FREE, THAT’S THE END GOAL.
I appreciate your time and teaching on the matter!!! Your energy is off the charts! Thank you sooo much for educating us who have a desire to change not only our minds but also our lifestyle to live great lives debt less!!!
Thank you for your kindness!
Keep up the good work. Helping people make their money work for them is awesome.
I appreciate you. I’m a single mom, and I’m just learning about this ! It looks easy to me and it makes Lots of sense . Thank you thank you
Thanks for watching, Darling!
Me too
Love this. I just created my spreadsheet to look at my expenses and I calculated the payoff for my CC. Will begin this next month! Thanks so much!!
My brother & I always share our velocity banking strategies, but didn’t know the actual term! Hearing you break it down and simplify it, just triggered my mind into knowing I have the ability to be debt free and not live paycheck to paycheck & be debt free!! I’m so thankful for this video showing up in my algorithm! It’s ON like donkey Kong! I am so thankful for your simple breakdown and reminder for me but introduction to others! God bless you!
I know this is off subject. Mrs Van you have the best blouses in your video's.
No worries i have all i need because I've been doing velocity for 5 months! I'm determined and faithful.
Loved this video!! Totally going to change me and my family's finances and help me build generational wealth. Thanks Christie.
Thank YOU for watching!
That fine print is what most people miss...thank you Christy for all you do!
Obviously a divine strategy!! Thank you for sharing ❤
I appreciate your knowlege, passion, service to help people sincerely & the format you provide!❤
This is the 4th or 5th video I've watched of yours. Now I see/understand what you mean by putting all of your monthly cashflow into the LOC to be accessible. If you sent your monthly "paycheck in full" to your loan company you no longer have any access to your paycheck. When you said it's a mindset that's when it clicked.
Thanks sincerely for all you do.
I have just begun using Velocity banking! I am very hopeful that this will make a significant improvement in my life. Thank you!!
Single greatest thing I’ve learned in quite some time (possibly thee greatest); this is life-changing…bless you
Thanks for your detailed explanation of the process. I will be jumping into velocity banking soon. Appreciate you so much.
I love your content. This is my second video I’m watching. I am learning so much. I can not wait to implement these strategies and share your content.
Precious! Thank you!
This is a lifeboat. I just found your channel yesterday and have watched a few of your videos already. I believe that you are a God sent as I have been praying for a financial breakthrough and rapid debt cancelation. My mindset has shifted. Thank you so much. GOD BLESS YOU ❤
So thankful you're finding financial PEACE! Thank you!
Thank you so much for blessing us with this knowledge. I am so excited to share this with all my mom friends and others complaining about their debts. You explain it so well. God bless you! ❤🤗🙏
Well thank you so much!
I appreciate your content! Thank you. I need to watch it on repeat so I "get it". I feel like I'm so close to getting out of debt, I just need to get there!
I love your directness, simple analogy, and hammer lowering way of waking a person up. I am awake thank your for the alarm.
I've been watching your videos you make a lot of sense to me and I'm going to start you as putting your advice to work in my life and help reduce my credit and get some bills paid and have a few extra bucks I tried to pass this advice on just some people just don't even want to look at it and that's a shame they just want to stay in an old-school I guess God bless you thank you❤
I am so excited to practice this concept. Thank you!
Thanks for watching!
Aloha Christy! We just LOVE you! Thank you for being so passionate about helping all of us and many others. For being so upset that we’re being made a joke off taking that loan. Look forward to working with you next month. God Bless you for using that talent & gifts that He’s given you to bless and help others into Financial Freedom and wisdom. Mahalo💖🙏🌺
Thank you so much!!
You go girl! So nice for you to share.
Thank you!! 😊
So very proud of you. Keep going.
I hope everyone watching this will be honest with themselves about their discipline levels. This method only works if you stay within your budget every month on that credit card. If you're where you are due to overspending, this is unlikely to help you. You'll put your 2500 in and then add another 2500 right back. It will be easy to keep swiping and keep hitting "Complete Order" online. Know thyself. She's absolutely right that it's not complicated but thay does NOT make it easy.
and that's where I fear I will fail at this., because if I'm putting the balance of my income into the cc and something arises that is not usually a budget item then that puts me over the budget...because then you do not have additional income coming in to cover the unexpected...
Thank you for a great explanation that relates to my situation!
I’m so glad! Thanks for watching!!
excellent advice Christy and it makes simple sense... I appreciate how you explain and make it so simple with the drywipe board examples...I never knew about this until this week (May 2023) and going to start tomorrow ! and i will let you know in 3 months how its going...Thanks.
Any update?
Ive just found you and you have the most easily understanding of this method.
Love your Videos. God bless you for helping all of us.
I've been around alot of financial advice over the years and as long as a person is disciplined and can stick to a budget, this is Absolutely BRILLIANT. I strongly believe that Velocity Banking is better than debt snowball elimination where you make extra payments on your smallest debt, pay it off, and then add that additional payment to the next smallest debt. #VANNtastic
🙏
I'm doing debt snowball as we speak but would definitely like to do velocity banking. It has allowed me to tackle a lot of debt by making relatively large payments per month. But i want to tackle my mortgage along with other debt.
You can do both...as you pay a bill off that opens more cash to put into the next bill that you are attacking with velocity banking.
Thank you for breaking this down. I found out about this a while back but had to do some research to figure it out. I watched several videos and couldn't make any sense of it. Now I totally understand it thanks to your video!
Thanks Vann!!!
Thanks for watching!
Vann i just recently found your videos. I appreciate you sharing your knowledge with others. I am anxious to start keeping more of my money 💰 in MY pocket. Thanks
I am excited for you!
Thank you so much for the info. Changing my mindsets and taking charge. 😮😊 ❤
Great! Thanks for watching!
BEAUTIFUL! I Love It!
I love this woman!!!! Thank you 😊
I love you, too!!❤️
Right on Sister 💯💯💯💯💯🥂
I’ve seen a couple other videos naysaying but all 3 have included untruths/lies/lack of facts about you and it’s instantly discrediting of them for me. Thank God for you! Thank you! God bless you! 🌟💝🥳🤗
I'm 100% with you! Thank you.
Thanks for watching!
I love all the amazing strategies you are teaching us. Can't wait to practice them myself. Thank you
I am hearing you clearly!🙌🏾🙌🏾🙌🏾🙌🏾❤️❤️❤️❤️
thanks for what you're teaching!
Hello, thank you for these video's!!! This is using the Wisdom of God! I truly believe God led me to watch your video's. We were approved this morning for a PLOCK at 8.5% interest, because my husband is an employee of the bank. Up until I saw your video's we were living pay check to pay check making minimum payments on Credit Cards. My husband is upset at his boss for not telling him about velocity banking years ago when he told her about me going into the hospital and we were having to take out a loan to pay the bill. So again....THANK YOU!!!
Your so awesome thank you fir all the education. I appreciate you.
I absolutely love listening to you! I’m just starting to watch your videos and I think most credit cards you utilize have large credit limits. I need a video utilizing several small $1500 credit cards. I think I saw one video that said a super small credit card utilized your way will get increased very rapidly. I’m not sure. Bravo on your work!
If you have small cards they'll be paid off quicker
I see this as a pretty good idea. In fact, I pay everything I can with my credit card and pay it off each month. I have run into some issues though. I found out Verizon was charging me $5 per month to pay with a credit card....but wait, there's more. They were actually charging me $5 per phone line. I have five phone lines. Gah! When I found it I immediately changed my payment method and did get Verizon to refund me two years worth of those payments. The only reason I got it at all is that the only place it stated this clearly was on the original monthly statement at the very bottom in light gray writing and two years is all they could refund. By the way, Verizon charges $5 per line per month unless you specifically pay with automated payment from your checking account. I don't usually allow any automatic payments of any sort, but at $25 per month I had to relent. (Wells Fargo wrecked auto-payments for everyone else in my world. Don't ever bank with those crooks. They should all be in jail.)
My kids get charged for making rent payments in any other form than a check directly to their office. You can't pay online and you can't use a credit card.
My point being, using your credit card is a great idea, but you have to be cognizant of what you are paying and the costs associated with that payment. (I think it's unconscionable that most places now charge a fee to accept almost any form of payment. That's their cost of doing business. Ugh.)
Just have zero balance in your checking account tie it to your credit card as a default overdraft protection and then write a physical check and when it hits the bank and there is no money in the checking account it will automatically charge the credit card.
I’ve done just that it worked and I’m so happy
@@PjSmithwhat a great idea
So simple Thanks for your great videos
I swear, I just read that statement on the same site today and almost got discouraged lol...thank you!
Good mindset needed. Winning.
I love this girl!!
Thank you! Enlightening and extremely helpful!!!!
I truly wished this worked. Being debt free is great and everyone should live with the freedom of being debt free as it's wonderful to wake up and not owe anyone. I have an accounting and finance background and ran the actual #'s and I can tell you without doubt this does not work any better(actually worse) than simply eliminating high interest debt and simply prepaying your mortgage. I don't expect people to know what I do but ask yourself this simple question: "How can paying a higher rate of interest actually help me eliminate debt faster than my current rate"? It can't. If you want to be debt free 1) Pay off your lowest balance loans first, continue until... 2) you have your mortgage left 3) Pay off your mortgage with any excess funds you have available to you 4) Be debt free and contribute the max to your retirement accounts....5) Enjoy retirement!!!
This is a great great help. Thanks
This is great ! It will also work best with having an emergency fund already in place too - just incase you need cash for some reason.
Thats your cash flow on your credit card you are paying down. She even mentions we have a emergency like a flat tire needing a new tire. Use that same card that you are paying down. Because you will keep to your budget but we all get an hiccup once in awhile called emergency. Jump back on quickly after you've fixed the emergency.
Stay to the budget and you will see in a few months your credit card going down.
You should be a teacher in these schools teaching financial literature for the basics. This is amazing. I will be revamping my CC debts now. ❤
Very Inspiring, God Bless
You did it again Christy!You continue to amaze us!😅
😊 thank you
@VanntasticFinances Do I need to make all my purchases before the LOC statement closes, or does it not matter? For example, if the statement closes on the 14th, do I need to buy all my groceries, gas, etc, before the 14th? Thanks!
This is a version of what I do but most people can’t control their spending. This system requires some self control to execute.
It absolutely demands control of frivolous spending. Thank you for watching.
Just be careful. If the bank decides at random to reduce your credit limit, you could be left short on funds to meet your monthly commitments.
True statement
If you're doing this and balances are reducing, they will only raise the limits. 10 years experience.
I just got another increase myself.
@@richardm654 yeah true statement. they want people to continue building debt for them. Just have to be disciplined using it the right.
BEAUTIFUL!
Great explanation!
Gonna start velocity banking this month and i look forward to coming back a few months later to show my progress. Thank you for spreading this knowledge and helping regular people achieve financial independence.
Im looking forward to your progress ❤
Starting tomorrow!
Love your method of finaces
using your method next month- thank you
Thank you for watching! Be sure to comment your progress next month to keep me updated!
I like this strategy, thank you!
Can't wait until 1/4/2024
Group Coaching I'm onboard
thanks so much
Thanks, Christy❤
I appreciated your video!..
Thanks for watching
I appreciate you so much! ❤️
How precious! Thank you!
excellent video thank you
So sweet! Thank you for watching!
Just found out about Velocity Banking, it seems like a great strategy. The problem is, many mortgage companies and car leasing companies won't accept cc payments!
Is your credit card at 0% interest?
I have one credit card with a $4k balance. I have no other debt. I’m about to get a mortgage and will implement this strategy with paying it off.
thank you so much!!
Thank you for uploading this video
It's my pleasure
Could you do one video for young adults?
Wow, well explained, very helpful this method.
That is a dope button up.
this makes sense to me I want to give it a try thanks God for brilliant minds