Velocity Banking Case Study With A HELOC 2023
HTML-код
- Опубликовано: 17 сен 2024
- JOIN THE FINANCE GEEK MINISTRY HERE 🤲
👉 www.denzelrodr... 👈
VELOCITY BANKING PRE-GAME WORK
👉 • Velocity Banking Prega...
BOOK A CALL WITH ME HERE 1-1
👉 calendly.com/d... 👈
LEARN HOW TO BECOME DEBT FREE & BUILD FINANCIAL FREEDOM HERE
👉 www.denzelrodr... 👈
WORK WITH DENZEL 1-1 HERE
👉 www.denzelrodr... 👈
CONTACT DENZEL HERE
👉www.denzelrodr...
FIRST LIEN HELOC RESOURCE BELOW 👇
👉 www.flhambassa... 👈
INFINITE BANKING PRE-GAME WORK HERE
👉www.youtube.co...
DESIGN YOUR HIGH CASH VALUE LIFE INSURANCE POLICY HERE
👉 www.denzelrodr... 🏦
HELP SUPPORT THIS CHANNEL HERE
👉patreon.com/DenzelRodriguez👈
FOLLOW ME HERE 👇👇👇
FACEBOOK- / velocitybanking
INSTAGRAM- / denzelnrodriguez
LINKEDIN- / denzel-rodriguez-840b33a5
CLUBHOUSE- www.joinclubho...
RUMBLE- rumble.com/c/c...
ODYSEE- odysee.com/@Th...
BITCHUTE - www.bitchute.c...
WEBSITE- www.denzelrodr...
#VelocityBanking #InfiniteBanking #KingdomAuthority
#TheFinanceGeek
BY ACCESSING OR USING THIS WEB SITE, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS AGREEMENT. IF YOU DO NOT WISH TO BE BOUND BY THIS AGREEMENT, YOU MAY NOT ACCESS OR USE THIS WEB SITE.
Denzel Napoleon Rodriguez 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 purpose only, and following the advice in this video is the responsibility of the viewer and not the video creator. By participating in this RUclips page, you agree to comply with the following guidelines. In any case, the information provided is “as is” with all faults and without warranty of any kind, expressed or implied. In no event shall Denzel Napoleon Rodriguez, or any affiliate organization be liable for any damages, lost profits, or lost data even if we have been informed of the possibility thereof. Linked Items may create a financial benefit for Denzel Napoleon Rodriguez
Let’s work together in running the numbers book a call here - calendly.com/denzelrodriguez/60min
Ive never seen anyone do an actual comparison between how much in interest is saved compared to regular payments. That is the most important aspect of this method and no one has calculated it.
I do on my case study videos. In this video with the low rate is a clear move to the higher debt into a lower rate environment. I’ll work on my videos where I show the difference in interest
I do like this - the HELOC amount can be lowered by the lender at anytime they see fit though - if its a loan it cant - line of credit they can. Also in current rate environments not having a rate set in stone can also be very "iffy" for borrowers. This sounds great with low rates - as they rise, maybe a lot more for this - not so great. Not knocking it - just pointing out. Why also having access to personal and business credit - many times as 0% interest for 6 to 18 months - also works.
Me gusta el contenido, y Eres UN siervo de Dios, grandioso I'm all in God is Great I want to learn more, I'm hooked
Great video, getting my materials ready for a consult!
Thank you for sharing! I am ready to start asap. I am so thankful that you share to help others. God bless
This doesn’t take into account any emergencies or holidays , your cash flow isn’t going to be exactly the same every month, it looks good on paper but in reality everyday has a different obstacle
It did. I didn’t max out the HELOC there is space in there for emergencies. I inflate the numbers purposely in terms of there income I low ball it. There expenses we overestimate and cashflow we underestimate. Lastly there are other numbers that I didn’t include on like investments they already have and savings not included here. Look at the goals in the side they are implanting all of this
Case Study: ❤
So detailed.
DNR I am a huge fan. Thank you for your service. After viewing velocity banking case study with a heloc 2023. I understood everything up to June balance of 15,936.90. How did you get to the August balance of 7455.57?
I think he pulled the credit card debt over since the promotion period was over
I think I was running out of space also count the month of July as well and you should get the same numbers I have.
My home is fully paid, obtained a heloc for 148k and looking to use heloc to buy new home with a AIO. Interest on HELOC is lower that AIO. No debt at all, only monthly expences. Should i put the entire heloc into the new home? Old home will be rented after fixed up at least 3-4 months after move in.
I would have to look at all your numbers and understand the situation entirely let’s jump on a call and figure it out as well as long term plays
So, when should you take the expenses out from the heloc? All at once close to the closing date?
You should generally take out expenses from the HELOC when the day before the bill is due or on the due date of the bill. You want to keep your money in the HELOC for as long as possible ideally
@@DenzelNapoleonRodriguez ahh ok, makes sense. Thank you.
@@sergioblanco4504 your welcome let me know how it goes for you
I've looked at this strategy and i'm not convinced of its effectiveness. In theory, it works great, in practice is very different. You need to be very very diciplined on your finances and even then i see very little value. One debt does mot make othet debt dissapear. you only tranferring one debt to a different debt. I can see the benefit of a lower interest rate but the savings would probably just be enough to pay your financial coach. The best thing its to keep it simple and work on your bad financial habbits.
I agree with you I appreciate your opinion. I wouldn’t want anyone to practice this concept without doing the math it takes the emotion out of the equation. Sometimes debt snowball and velocity banking are similar in results in many of my cases with clients there is a large difference in the amount of years saved.
Now in regards to the financial coaching fees if you hire a financial coach for debt removal then you don’t fully comprehend the service of coaching and that’s just in general. All of the greats in every industry have a coach in their corner.
@@DenzelNapoleonRodriguez Don't get me wrong, i can see the value of a financial coach. People absolutely need help with their finances. Nowadays people are drowning on debt and bad financial habits which in my opinion is the real problem.
The real effect of the velocity banking and debt snowball method is psychological which is not a bad thing because like i said before thats where the problem is to begin with.
I make about $8400 a month after taxes and retirement. My bill, mortgage ect add up to $4500. Will this method work for me with a Heloc of 8%? Kinda skeptical of trying it.
Yeah stay skeptical until you have run the numbers and understand how this strategy works. I have a lot of case studies on the HELOC just go to my channel and under playlist you will see multiple case studies with your income range successfully implementing this strategy.
I’m also happy to teach it to you 1-1. I find it very beneficial to run numbers, bounce ideas, brainstorm, get the full diagnosis before implementation
calendly.com/denzelrodriguez/60min
On all of the examples that I see, I never see the interest for the month added to the HELOc balance. I have a cash flow of $400, so when I calculate the interest rate using average daily balance it I actually only pay about $300 total on the HELOC.
Why is the interest not considered when showing examples. I feel like it is not an accurate example and is misleading.
I appreciate the feedback due to my limited space on the board and my main intention to teach on certain cases I am focusing on certain areas more than others. In this one didn’t show the interest but I created intentional buffers to account for interest costs month to month and I do believe I mention it in this video. Regarding monthly interest costs I have other videos where I explain how to calculate it I will go ahead and point you to some videos where I show the interest costs being added each month.
This video should help - ruclips.net/video/ZECkdAoWs8s/видео.html
Thank you
I agree, i watched some of his videos and he deliberately forgets mentioning the interest on HELOC to make his numbers looks better and deceiving viewers.
what if the heloc is higher interest than the other interest rates?
Most important number to figure out is what is your effective rate? If the HELOC is 9% but with Velocity Banking you can bring that rate down to less than 3% and you were looking to pay off a debt that was at 6% amortized than who pays less interest the 6% rate or the 9% rate?
The interest rate from a bank is one number but what you actually pay in practice is a totally different number look at how I affect the rate from the different case studies and that will help you determine your next move
So, after one year of this tedious / risky exercise ... what are the final big numbers looks like, to see if it was all worth it? What is final interest savings (in terms of actual dollars), because in the end all you are doing is saving some interest?
You are saving some interest, more importantly you’re saving time. Decreasing the time of your loan.
End of June balance is $15,936.90. Income 10,300.00 goes in, expenses of 8481.33 comes out for July and August. I get an August balance of 12,299.56. His balance is 7455.57. I’m missing where the difference of 4843.99 came from.
These guys frequently "forget" to add back in debt to make the outcome look better. Some dont add the ridiculous interest they are taking on.
Is your personal savings or investments per month factored in velocity banking and if so would it be considered part of your expenses amount?
Correct include everything in expenses so you have a more accurate cashflow
In my opinion velocity banking should never be attempted if your HELOC, PLOC, LOC and CC rates are not prime rate or lower.
It's extremely rare to get HELOC, PLOC, LOC at prime rate or lower as it's only offered to people with the best credit score (around 890+ out of 900) maintained over many many years. HELOC, PLOC and LOC are simple interest, CCs are compound interest (the worse) and never at prime rate. Even at prime rates Velocity banking is not for the faint hearted, undisciplined and bad with the money / credit people (typically already in trouble) .. they can get in worse trouble than the one they started to fix with their debt / credit situation. Actually if you do this badly on a HELOC you can lose your home since HELOC is secured against your home.
Also, these days no bank offers 0% promotional on CC for free, they charge 2% to 3 % fee upfront which blows away any potential interest saving in the end.
That is a great opinion and if you were my client I wouldn’t be teaching you how to leverage debt I would simply hold you accountable on your goals to pay off debt by finding as many opportunities as we can to save money by spending less and taking all extra cashflow and applying towards debts one by one until you are completely debt free. Then I would educate on investment opportunities based on the capital you can create from your job or business or both.
@@DenzelNapoleonRodriguez Thanks for your kind reply. I am infact debt free and mortgage free, everything is paid off, just regular monthly expenses only now. I am now looking / researching how to best invest / leverage what i have and maximize my existing investment / potential income generating $5000 /m after tax income with a goal to retire sometime next year. I might reach out for some pointers / tips if you don't mind.
@@tseek001 you used that key word leverage so that interest me. The velocity banking concept becomes very attractive for those that want to leverage debt at low interest costs to create positive arbitrage. If you are set to retire in one year my assumption is you’ve ran the math on what social security, pension, annuity, deferred compensation, or retirement accounts you have to cover most or all of your cost of living. If that is not the case and we have a year left then I would consider learning how to leverage the paid off property to create more cashflow. I would argue leveraging simple interest lines or credit are way more efficient than getting fixed amortized loans.
@@DenzelNapoleonRodriguez Thanks for the tips ... do you deal with Canadian clients?
I have worked with people that live in Canada but I have a resource out there that would be more beneficial if you are serious about working with someone on your finances.
Let me make this easier for everyone. If your mortgage payment is say $2500mo lets say you take home $10k a month now lets say your monthly expenses are another $2500mo if you take the left over $5kmo and put that into your mortgage that's an extra $60k a year that is an extra 24 payments a year. So even if you have a bad month or two you can always cut back on the extra payments. But everyone's numbers are different so just figure out your numbers and do the best you can. This way you take a lot less risk and it is so much less complicated for the average person.
I’m not typically working with average people on this channel. I am working with people that want to expand their mindset and challenge themselves on leverage and many other topics. I do agree with you there is levels to finance. If you want to stay on level 1 by all means do the simple stuff do what everyone does and let me know how the results pan out. I and my audience and clients seek to reach high levels in finance to achieve more than average results.
@@DenzelNapoleonRodriguez I'm happy to stay at my level. Which is have a paid for home $2.5 million in retirement and no stress. I love my job and plan on working till I'm 70yrs old but taking winters off to travel a bit. To each is their own good luck on your adventures I hope it all works out for you.
@@brianadams6204 that’s the point have to find what works for you
Im very interested in trying this strategy. If you have your HELOC and primary mortgage with the same company because of convenience of transferring capital. Is it possible to begin Velocity banking or does this scenerio represent a conflict of interest from the lenders perspective? For example chunking from mortgage to HELOC.
Hello there is no conflict of interest. It’s simply two different products that solve for different needs. What is interest on the mortgage and what is the interest rate on the HELOC?
Thank you for the quick reply. The mortgage interest is 2.88% and the HELOC is 9.25%. I just consolidated CC debt to the HELOC. I was curious if I should continue to pay the mortgage separately out of my checking prior to depositing paychecks to the HELOC since the HELOC and mortgage are with the same company.
@@jamesd7154 you are off to a good start I would send all the income to the HELOC to really help offset and reduce the 9% rate. There is no issue with dumping your income into HELOC then withdrawing back to the checking to pay the mortgage.
Wonderful, thank you for all the great information.
Is it possible to use the velocity banking strategy on a line of credit from CarPutty?
What would be the HELOC monthly payment per $1000 say avg 4.99% introductory rate. I'm looking to get one and Chunk in $25,000-$30,000.
I'm watching 6-8 of your videos and am trying to do Velocity banking. Still confused, but learning.
Thank you.
Monthly payments vary for different HELOCs on average I usually see 1-2% of the balance owed
Now I had heloc 6.5% last year October from Navy federal bank and this month 8.75% I got $120.000.00 Is any way I can get lower down rates?
By practicing velocity banking and using a credit card to run bills is how you offset your interest costs of borrowing.