Velocity Banking With A PLOC
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- Опубликовано: 28 авг 2024
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Hello Denzel, I am in my ninety's, and have a grandson your age; I am not too old to learn from you about Velocity Banking. I had roof damage from hurricane Ian, car bills and dental bills all at once so had to pay these bills with my 0% cc's. I was issued a ploc at the Launch Credit Union here in South Daytona, Fl. I am ready to begin Valicity Banking. Thank you so much for helping me to a new financial beginning. Barbara R. Cameron
I want to hear your story please reach out denzel@buildertocontributor.com
Love it! Absolutely love it man. Idk how I landed on this video. I’ve been doing this concept with a PLOC for the last two years and gained 30k in equity in my personal residence and bought my first rental property to start building my kingdom through my life insurance policy. You’re the only person I know that’s doing exactly what I’m doing. Good stuff man.
I love this example, especially the way you "jumped" to IBC to build her kingdom, and let that pay off the remaining debt. So smart! I love the way you teach. I told my daughter about your program for the millennials! - Thanks!
3 cameras OMG the come up. Congrats sir you have arrived 😁
I love it bro: the idea of telling wifey to watch a video one time with me. I will try it
Your are so correct about family or friends not trusting this information…. Committing to yourself…is so important…yes do and they will see and actually will want to listen then… ok better late than never…
That client should be paying this off this month. Nice man.
they ended up being ahead of schedule
I dig your style, subbed.
Great video Denzel 👍
Great video ! Thanks
Great video
Have you ever had a case where it made sense to not pay back the 401k loan? Just take it as a sunk cost and pay the taxes and penalty and then get a big boost in cash flow to start building a new plan. Just a thought. Great video.
Stephen Gardner the possibility is there definitely but the person has to be willing to make a move like that because it’s a temporary loss for a long term win. I try to stay neutral with my clients by providing both options hey you can do this or this up to you both get results
@@DenzelNapoleonRodriguez I try to stay neutral on that too. I've let people know its an option but I can't tell them to do it or not do it. I personally cashed mine out and put it into a infinite banking plan so I could control the risk and the money and the taxes.
Unless I'm missing something, for the Velocity Banking strategy it makes absolutely no sense to pay off your 401k loans before paying off your credit card balances considering the interest on the 401k loans is paid TO YOURSELF, not to mention the 401k loan interest rate would be much lower than on the credit card debt, so it's a smaller hit to your cashflow. So why pays those off first? In fact, if I had any credit card debt, I would immediately borrow from my 401k to pay it off! As for whether it makes sense to withdraw your 401k funds, take the tax hit, and use the funds in some other strategy (like Infinite Banking), that could possibly make sense. But probably not if your employer is matching your 401k contributions, in which case you'd probably want to max those contributions out as much as possible!
Dear Danzel, would you consider an event at a private school to help people discover Velocity Banking and your services?
Don't do it. Use pay extra on debt. People that is in debt are aren't financially responsible to stay on track extra payments you do as you go without getting more in debt.
Exactly! If you have 1478 extra per month, just send it to the loan.
Aren't 401K loans are usually low interest, not amortized, they do not reflect on your debt ratios and when you are paying interest on your 401k loan you are paying interest to yourself, so why wouldn't you pay it off after all other debt is paid off?
Matthew Keaton simply because of cashflow and the goals of the individual
@@DenzelNapoleonRodriguez Cashflow is king. Got it! Thanks for the clarification and all your awesome content.
So if I have a credit line put my money in credit line and then Pay my expensive with credit card , do I then pay my credit card with credit line ?
Correct 👍
im struggling to get a PLOC just starting out and getting great new mindset.............. any recomendations? even if its 3k, 5k, or 10k....... definitely will help me to start
James, there are some good fintech companies emerging that will approve you for a PLOC with no credit check. They look at your bill payment history/checking account spending habits for about 3 months and as long as you pay on time and have positive cash flow they'll approve you. Look into Grain (1st company) and Oxygen (2nd company) . RUclips "credit plug" channel on RUclips. Stay motivated and blessings!
I'm 59 this year. I've been told I'm too old to get a whole life policy. Also, I was tild I would need to hold it for 10 years before taking out cash. Is any of this true?
For the most part, you age and health is a big factor with life insurance, if you are in good health @59 you could get a good premium but it will still be pretty high compared to a younger person. Now the hold it for 10 years part depends on how you setup the policy, if you don’t put an initial high cash deposit then you would have to overpay into the policy to build that cash value, but once you get a cash value you can only use what’s available in cash value. Information from my personal insurance agent
I had a total of $60,000 debt with cc. I got a HELOC to consolidate the debt, but now I know that the interest rate is variable. I have a mortgage that runs about $1,400.00. Can you help me figure out how to become debt free fast.
I can you can book a consultation with me here to run your numbers in detail. - calendly.com/denzelrodriguez/60min
@Denzel Napoleon Rodriguez Thank you, Denzel. I'll have to wait until pay day to book with you. I truly Thank you, as I know your time is precious. I just don't have the money to pay, right now.
With a 15k LOC tool up to what amount should I use into that LOC tool?
@@andyvaldez26 my typical leverage rule is 66% so 9,900
This example sucks....how much was owed on 401k loan student loan & credit card
My LOC allows to do a regular payment, principal only, and pay in full when adding income to it...what would you suggest I use?
My understanding is around 80-85% but I'm getting stuck on where you are pulling the money for the expenses every month? She withdraws the chunk from the PLoc to pay the debt then her paycheck is deposited into the ploc account. How is she able to cover expenses? Is she making a withdrawal from the ploc every month for expenses!?
In this example he is running all expenses through the PLOC. You run everything through your PLOC and the cash flow (difference between total income and total expenses) to pay down the “chunks”. Hope that helps.
I need more understanding about the infinite banking concept! I just don't see it... ???
*You're not alone, I don't get it.*
You should go watch youtube vidoes on IBC Global Steve Parisi is the owner and really makes the best instructional vidoes to explain the concept. In a nut shell its the one of the only places to put your money the after you fund it you can pull it out in a loan and still earn the dividend on the whole amount including the loan amount. This gives you more confident to saving more because the access to the money is always there plus you can use your dollar more than once.
How would you use it more than once Ill give an example. Say you put 20k in your policy every year. After a couple years you want to invest in a rental property or in some stocks but you onky had the 20k to fund your policy, well you could pull out in a loan the amount needed for your investment while still earning interest on the full amount in you policy, so now your earning money in 2 spots not one.
It's not that complicated once you grasp the fundamentals. There are many good books out there and videos.
@@Jesus-kt5dc There are many books and videos available. Basically its creating your own pool of borrowable money for major purchases and legal tax advantaged growth on your money.
@@StephenGardner1 im not trying to be rude to anyone but from my experience with talking to people about velocity banking or infinite banking they are not really willing to put the work in to either learn it or just set in thier ways on what they have been taught about money. I can't tell you how many people I talk to about this send them links to Denzels or IBC globals channel to help them and they either never watch it or go on The web and come back and say a lot of people say its a scam. Oh well.... The old saying is "you can lead a horse to water but can't make him drink".
If your including your expenses into your LOC or CC to pay off debt, arent you technically paying interest on bills you otherwisewouldnt? I.e. phone bill, food, gas. I understand your saving on that "other" interest but who wants to pay interest on stuff like cheerios? Or im missing something. Love the content
CC have a period grace, so you have to pay in full (statement balance) using other LOC as PLOC. In this point you've used money from LOC to make payments to principal in other debts (not expenses) and you saved money to this action, and pay interest in the new "debt" but that total interest is less by far than interest saved by make payments to principal to other debts
I wonder if you can be my personal advice
What bank do you recommend to go to for a PLOC in Miami?
How do I get in contact with you?
Dude How much wealth u made so far??
Where does this person work to get paid once a month😳😳😳😳😳
Rochel Ellis-Smith there’s so many different jobs out there that pay monthly like teachers for example some get paid monthly
Ok