Key Topics Covered: • Understanding Velocity Banking • Breaking down Gill’s financial situation • Strategic use of debt tools • Optimizing cash flow and expenses • Real-life application and results • Tips for staying out of debt 🔴 Link To The Full Livestream: ruclips.net/user/liveebNEnefd21s?si=YnpTOSzOTNoD0C6z
Loving these breakdowns AND the results I’m seeing on my personal journey. The balance transfer play! I hadn’t picked that up yet! 🙌🏾 I might have to swap my order of payment to the “tool” I was originally looking to utilize for that 🤔 Always be learning 🐺
I’m actively adding to the cash flow, via high yield income income investing 😎 Once the debt is cleared, I’ll continue to leverage to build my asset pool (like I have been), adding velocity banking to my personal financial plan has eliminated the need for me to have to sell off assets to clear the debt, in essence I get unlimited growth now 😎
@@BodaciousWench the way I interpreted what I’ve learned from the Stidhums, is to allocate out of the “cash flow” my pay when they come due and put everything else into the “debt tool”
I have about 2000 in negative cashflow because I have a house that is not rented can I do velocity banking Also I have an opportunity for a HELOC but they want me to pay 28k on a debt and they advance 35000 for over 100k
Okay. I am 68 years old with less than $1500 in debt. I am considering to use a HELOC; however, I am able to get a house with no down payment and very low to no closing costs. Does a HELOC work for me? My goal is to generate additional wealth.
That process unfortunately is different depending on the bank you use. The question is can you link a card to your checking to be used for overdraft protection? If the answer is yes then understand the impact of doing so, do they charge fees, can you leave the linked checking account at zero, what is the overall impact? There are banks that allow this at no additional cost. This is where I would start.
@caesar_99 the most important thing about appointing a “debt tool” is that the cashflow stays on the debt tool. You “can” use overdraft protection to link a card and force a payment that normally wouldn’t be able to be drawn from a CC. The benefit here is convenience and rewards. The most important thing is the cashflow stays on the debt tool and not in your checking acct.
In this example is he paying the minimums for the other cards using a cash advance? That is the part with all of this I get stuck. I have a high income that this would work with but when it comes time to pull cash advances to pay the other bills it doesn’t make sense because I’m not only paying the interest on the balance but also the daily accruing interest from the advance. Otherwise what is this account that is somehow “linked” to your credit card?
Good question. The most important part is that the cashflow (what’s left after bills) is put on the debt tool. The real reason people pay from the debt tool is convenience and perks (points/rewards). You can pay from your checking acct for bills you can’t pay with a credit card. Hope that makes sense. If you want to walk through your numbers, my consults are free for this reason, just pick a time that works for you: selfdirected.info/calendar
@@DrFinancialLiteracyfactoring paying the extra interest did not turn out to be more expensive? I have really been flirting with the idea using my navy federal but just aren’t confident about the process or #s
![🔴 How Alex Paid Off $10K Easily Using Credit [Full Tutorial]](/img/1.gif)
Key Topics Covered:
• Understanding Velocity Banking
• Breaking down Gill’s financial situation
• Strategic use of debt tools
• Optimizing cash flow and expenses
• Real-life application and results
• Tips for staying out of debt
🔴 Link To The Full Livestream: ruclips.net/user/liveebNEnefd21s?si=YnpTOSzOTNoD0C6z
Where is this full live stream?
Here you go: I'll also pin it to the top
ruclips.net/user/liveebNEnefd21s?si=YnpTOSzOTNoD0C6z
@@selfdirectedDONNELL thank you so much!!! I just sent you an email.
You’re very welcome. I look forward to helping you reach your goals.
Loving these breakdowns AND the results I’m seeing on my personal journey.
The balance transfer play! I hadn’t picked that up yet! 🙌🏾
I might have to swap my order of payment to the “tool” I was originally looking to utilize for that 🤔
Always be learning 🐺
I’m actively adding to the cash flow, via high yield income income investing 😎
Once the debt is cleared, I’ll continue to leverage to build my asset pool (like I have been), adding velocity banking to my personal financial plan has eliminated the need for me to have to sell off assets to clear the debt, in essence I get unlimited growth now 😎
Are you using velocity banking and/or accelerated banking?
@@DrFinancialLiteracy velocity specifically in regards to how I’m paying down the “debt”
How are you paying your minimum credit card payment with another credit card?
@@BodaciousWench the way I interpreted what I’ve learned from the Stidhums, is to allocate out of the “cash flow” my pay when they come due and put everything else into the “debt tool”
Freaking awesome
Appreciate you taking the time Sir!
I have about 2000 in negative cashflow because I have a house that is not rented can I do velocity banking
Also I have an opportunity for a HELOC but they want me to pay 28k on a debt and they advance 35000 for over 100k
Okay. I am 68 years old with less than $1500 in debt. I am considering to use a HELOC; however, I am able to get a house with no down payment and very low to no closing costs. Does a HELOC work for me? My goal is to generate additional wealth.
Yes easily. Go for it
There are so many factors that could influence this decision.
For example, what vehicle are you considering for generating wealth?
Could you please explain the linking credit card process everything else always makes sense but I can never understand the debt tool procedure.
That process unfortunately is different depending on the bank you use. The question is can you link a card to your checking to be used for overdraft protection? If the answer is yes then understand the impact of doing so, do they charge fees, can you leave the linked checking account at zero, what is the overall impact? There are banks that allow this at no additional cost. This is where I would start.
Same question I had. Is it linking or are these just cash advances
@caesar_99 the most important thing about appointing a “debt tool” is that the cashflow stays on the debt tool. You “can” use overdraft protection to link a card and force a payment that normally wouldn’t be able to be drawn from a CC. The benefit here is convenience and rewards. The most important thing is the cashflow stays on the debt tool and not in your checking acct.
Absolutely 😊
In this example is he paying the minimums for the other cards using a cash advance? That is the part with all of this I get stuck. I have a high income that this would work with but when it comes time to pull cash advances to pay the other bills it doesn’t make sense because I’m not only paying the interest on the balance but also the daily accruing interest from the advance. Otherwise what is this account that is somehow “linked” to your credit card?
Good question. The most important part is that the cashflow (what’s left after bills) is put on the debt tool.
The real reason people pay from the debt tool is convenience and perks (points/rewards). You can pay from your checking acct for bills you can’t pay with a credit card.
Hope that makes sense. If you want to walk through your numbers, my consults are free for this reason, just pick a time that works for you: selfdirected.info/calendar
I have used cash advances and convenience checks to reduce about $10,000-$15,000 over 5 months in 2024.
@@DrFinancialLiteracyfactoring paying the extra interest did not turn out to be more expensive? I have really been flirting with the idea using my navy federal but just aren’t confident about the process or #s