How Do I Start Velocity Banking?
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- Опубликовано: 24 апр 2024
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She’s out here doing the Lords work! God bless her!
@wnica1 BLESS YOU!
I came upon your video by accident 2 weeks ago while looking for videos on crafts for outside…
It caught my attention…I have been in debt all my working life…I retired at 66 still in debt…
I watched your videos for two weeks…ran my numbers over and over…This is going to work…thank you… you are an amazing person…God Bless from Canada…
@LynnBaer Thanks for watching!
NO LOANS NO LOANS NO LOANS!!
You have truly opened my eyes about my mortgage. I am 2.3 years in it now. I did manage to get a 3.2 rate, before they skyrocketed After running the numbers I totally get it! IThank you and God bless you for helping others. 🙏🏽❤️
i was going to start this friday when i got paid. the power went out for 24 hours, i hurt my back, the car insurance company added a 15 year old grandchild that doesn't live with me to my car insurance and charged me 567$ which over drew my checking. i came home last night and my water heater is toast, and the power went out again this am. it's always something.
Amen! Seek ye first the KOG!!! May our Father continue to use and bless you Christy!!! 🤗🥰
"If you're HIS, you will hear HIS voice, and have access to HIS blessings ". We'll said Christy.
However, there are many "users/abusers" of people right here on RUclips claiming the name of God. I have realized, many youtubers have come to the understanding that if they claim Christianity, it can be profitable to them. Christian audience will begin to trust them, pay them money, for NOTHING in response.
You are a true believer Christy, that's you diference from the others.
You are a God send, I was at a loss and had no idea how I was going to make a dent in the debt that I've gotten myself in. This is the answer. Thank you so much.
I don’t understand why you give away this knowledge but you are an amazing person I will do this you have given me hope thank you
She’s a giver and loves serving the Lord 🥰
She's a believer in Jesus as her Savior, she was reading His Word at her time of need, He taught her what to do, she did, she has flourished, and now serves in obedience to Him by sharing her knowledge without cost. Anyone and Everyone can benefit when done Jesus's way! 💙🙏💙✔💙
Knowledge is power.
I have seen mortgage a rate up to 11 percent. Back on the 90.s
Man, sometimes you stumble upon gold mines like this channel. Thank you for your advice!
That was my start! I was pleading to God for direction with our drowning finances! You came in my feed "You had no idea your set up to fail!" then spent 3 days scouring your videos & figuring a plan, giving Glory to God for immediately answering my plea! The next challenge was explaining to my hubbs, which was like giving birth. Had to bring this to God as well, once I did-it clicked in for him. God is so Amazing, He just wants us to call on Him with Faith! Thank you Christie you are a huge Blessing to us!!! I am also paying-it-forward spreading this to family & sharing your videos. Love u Girl!!!
God bless you and your servant attitude - it's inspirational as well.
You are such a breath of fresh air! Love your candidness!
Christy, I think its time for a t-shirt 'We say NO to Loans!'
@astikennel Good thought!
I've been asking that question too! Thank you for the video!
You changed my Life! I now see the light, and for so long I was depressed with my financial situation and never thought I would ever get out of this black hole I was in. It's only 3 months I've started but you know what, I already feel so much more hope. Thanks again, be blessed.
Love, love, love your teaching! Unapologetic TRUTH👏🏾👏🏾👏🏾
You are awesome!!!! Thank you for helping us all 😊
Thank you for all the wonderful information and not being ashamed of directing us to the only source for wisdom that matters. God Bless You!!
Thank you for your speaking about Jesus Christ and His Gospel Sister ❤🙏🇺🇲❤️!
Thank you for your videos. God bless you
I love how you help God bless you ❤
Amen! You're a God send. I really appreciate your generosity and knowledge.
Thank you for the video, people are getting burned out with debt and putting their house up as collateral can be tough. If it goes bad or your unable to pay the house is gone as well at a fraction of the value that you have. Currently working for a Credit Union HELOCs are at 8.5% which all we are seeing is debt refinance and then people accumulating new and more debt. Through financial counseling I have helped a lot of people, but I cannot help them all!
Thank you for what you do. I so appreciate your sincerity, helpful, caring heart.
You are truly a wonderful person! Kudos for your integrity. Hugs from Toronto, Canada.😘
Amen
What a wonderful smart lady.
Amen, amen. GOD is good 🙏
One of the best videos I’ve seen yet!! Thank you for sharing!! And for the resources!!
@nikyjordan4459 Thank you and my pleasure!
U R Awesome
Thank you
Thank you 🙏🏾
Amen! Thank you Christy. I will be trying this soon. I can’t wait. Never thought of it before. God bless you and your giving soul.
@jerrijames2224 Thank you and it's all my pleasure to share!
AMEN CHRISTY! 🙏🏾
Thank you Father for providing everything I need. Amen.
Thank you for your time!
Thank you so so very much. This was your best video yet. I really needed this message today.
@lisaleray7173 Thank you so much for your kindness!
Thank u Lord for leading here . This is my prayer answered. Amen
You’re awesome. I’m great full to you for sharing.
AWESOME video absolutely loved it.. Always put God first
U give good information wow.
I love that you are a Christian! I see why you are so blessed and I will help grow your channel! God bless you and to God be the glory!
I appreciate you- thank you
Amen!! My pastor says if he needs money he gives money
Life changing information.
Thank you for giving info and help (ongoing)…. It is important and needed.
@smartin498 Thank you!
Thank you so much
God bless you, thank you so much!!!
My father had a saying.Its called champagne taste on a bear budget.Ive always lived below my means instead of at em or above them.My problem is me.Its about discipline. You are a great teacher and we are blessed to have you helping.
Amen! God bless you!
Amen, about reading the bible and bringing all our lives unto Him. I love how you say bring our money to Him in prayer. I been watching your videos and I am about to start. I have a LOC that i can start working on my cc debt. Thanks for all you do!
Exactly. Start with Gods wisdom. Owe no man. If we try to abide as best we can, our financial life would be better.
Amen thank you 🙏🏼 God bless
Hey Christy! Can you do a video on mortgage recast and how it may or may not work with velocity banking. Thanks for the great information. Great channel!
You rock
Ur awesome
This advice will definitely help people who are disciplined enough to follow it, but the majority of people who find themselves in really bad debt situations do not have discipline, and most likely will find themselves with with the same about of debt PLUS an additional line of credit that is maxed out. Make good choices!!!!
@samzach2057 I don’t make judgements on why ppl are in debt… I stay focused on the fact that HAD THEY KNOWN how to use a bank correctly, they may have never gotten into debt in the first place. Thanks for watching!
How do you ever pay down your PLOC or credit cards if you have to keep using them to pay bills and you have a negative cash flow?
I am getting my first HELOC by this Monday.. I can't wait, your the best teacher I could have asked for.. thank you.. I am approved for much more then I needed.. what should I do?.
nothing, any part of the heloc you don't use or need is there in case you have an emergency so you don't have to worry about saving our using your savings.
The HELOC is a dupe. You're not paying off your loan you're just swapping interest rates for a higher interest rate.
Eg scenario 1; you owe $200k mortgage @ 7%.
Scenario 2; you get a $10k HELOC at 12%. You now owe $190k at 7%, and 10k @12%
You are still $200k in debt!! But the interest charged on $10k of that debt has nearly doubled.
The real secret is that your extra cashflow is being paid into the HELOC rather than the mortgage. The smart thing is to take that extra cashflow and pay it directly into your mortgage and stay far away from a HELOC.
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
Such awesome advice!
Being honest about the spending. Every single purchase has to be looked at as if it is either worth the stress of debt a want or need.
Good luck on this journey it will work if you are consistent. Try not to splurge when you see the debt go down.
In 2 videos you've given better advice than Dave Ramsey
Very informative and thinking of starting velocity banking. How do you handle unknown expenses month to month that can impact your cash flow? Example: kids need new shoes or unexpected home expenses.
you add it to your line of credit that goes for all unexpected expenses or emergency expenses. at worst depending on the dollar amount it just adds to the amount of time it will take you to pay it back. I started mine in december estimated to finish by july of 2025, then I added my tax refunds that brought down my estimate payoff to november of 2024, but this past week I had to spend money to fix something on the house. this unexpected expense just added a month to my estimated payoff time not at december of 2024. since I'm adding all my income to my line my estimated time might be less than what I'm calculating because I'm not calculating for any overtime I will start working during the summer months.
Detailed written budget is very important. Pay off all debt ASAP, borrower is slave to the lender.
Yes i like velocity banking since it essentially get you not to park your money in a savings acct and yet paying higher rates on other loans. 1) It forces you to take that extra cash and pay off higher rates loans 2) you still have access to cash via revolving credit card or Home equity line of credit in case of emergency 3) BUT you don’t save that much interest on your HELOC by parking your salary in there. 4) you could achieve same result by making extra payments to your loans but it is more cumbersome plus everyone (including the banks tell that you must have savings). No you need access to cash like the large multinational
corporation with their revolving credits (which are paid down by year end). 5) This type of approach is for folks that are not too familiar with finance
Amen
Everything has to be counted
Thank You Christy.
💞🌞🌈🫂☕️🍪👏
@colinm1325 My pleasure!
Amen ❤
Amen 🙏
When using this method, does closing date/statement ending date matter? If so, when should I make my payments if w/d expenses will come out as well?
Do you have a video on home purchasing or should we not even think about it like you said? We have a good credit score and zero debt
I've been going to credit unions in my area. It's too early in my mortgage to do a HELOC. So I've been asking for a PLOC. They look at me with glazed over eyes.
All they'll offer me is a $5k quick cash option. But the one so far that will let me link checking has the least competent staff.
I literally had to explain the difference between an loan and an LOC. And then I had to explain to the CU rep the difference between an LOC and a credit card. She didn't catch on. SMH.
I work in construction and my pay is never the same. I don’t have a consistent amount of income. So how do I use velocity banking?
That means velocity banking works great for you. The months that bring in lower income, you just still use the LOC to pay the normal expenses. This will bring the balance higher bc of negative cash flow. Then the months that bring in more income is when the balances are getting brought down. I deal with that getting paid bi weekly. The months that no OT and only get the 2 pay checks my expenses are very close to the net pay. But I get 2 months that get a share bonus and then the 2 months in a year where get the 3rd paycheck in that month or get to work some OT and bring home higher income helps to bring down the balances more.
Can I utilize my PLOC and main CC at the same time and payoff the accounts faster? My CC is not linked to my PLOC. So, I want to know if I use my CC for expenses then take the money off the PLOC to pay the CC.
Exactly, someone told me $4k!!!!! Of course I walked away!
I’ve been watching for a while and love the examples but not sure how my specific scenario should be approached. I’ve got a sum of cash for debt pay but don’t just want to pay it all out. Is there a way to leverage this for benefit or should I use the majority to pay cc debt way down, boost credit score , and then get heloc and start using it like you teach?
I’m trying to understand best bang for my buck
How can I get advice specific to this scenario?
🙏 Amen
Hi! Great video. Thank you for the information. I tried the infinite banking link and I was not able to open it. The link might not be complete. God Bless!
🔥🔥🔥
Wish we were neighbors Miss Christy!
@Say-Hello-yall ME TOOOO!
Hi there I have checked all my settings but your videos are always choppy and kind of
Jittery. Is there special setting I am missing? I am at the highest quality. Just asking. Thank you!!!
I learned so much from watching your videos & find them very informative & helpful. I just made my first payment on a 1st lien HELOC. Once my payment is satisfied & I deposit my weekly check into the HELOC, will it go towards the principal only or the principal & interest?
helocs charge you interest at the end of you statement cycle. the interest is your minimum payment for the next month. as soon as they charge you that amount it is added to your principal amount. once you cover that minimum payment all your extra payments should automatically be applied to your principal as there is no interest due. you can also read the paperwork you signed, there is a section in there about payments and extra payments and how they are applied.
@MzBeautifulC353 It should go straight to principle.
I noticed my department store credit cards (Macy’s, Kohls), are listed as high impact on my credit report, do you agree those should be paid off first?
I sell on ebay, so its different every 2 weeks on what I get paid?
If smart with money interest rates don't really matter. If pay off sooner. Good with money. Use equity to make more money. 3and1 5and 17and arms as a vessel. Then refinance. By then house appreciated, keep extra money and pay off sooner rather full length of terms.... Just a thought
how about buy now pay later? I am planning to transfer some monthly expenses
I already have a BLOC. Can I use it to start or is the PLOC needed to use for personal use?
here is a question for you, Do I need to have a LOC or HELOC? what if I have $10,000 cash and a separate bank account that I could use as a "holding" account then I don't have to pay interest on the $10k... does that make sense??
so instead of having a LOC/HELOC I just have a bank account starting with $10k in it and each month I pay back into that account until it gets back up to $10k....
if you are debt free,no credit card balance is paid every month,no loans other than day to day bills ,will this type of banking be of any help?From what I see here is you are consolidating high interest debt to a lower cost loan and paying that off. This is in order to get out of debt.
I see on alot of the vids that the expenses start at 1000 plus but what if the expenses is less than 1000, will your balances still come down each month?
7:23 God before anything else.
amen!
Hi Cristy how are you , how can I get heloc?
With an equity line of credit do they redo an assessment and re adjust the taxes to HIGHER HOME TAXES ? if I apply for a HELOC
do you have credit unions you recomend for Personal L.O.C.s?
I know my numbers. But I don't have a major CC I have small (500.00) limit. How can I do VB with this 500.00 CC or can I?
I signed up for the 4/25 6-wk class on 4/12, but haven't received any information about dates, times, platform links, etc to attend the class today. Will there be a replay available for those of us that didn't get to join live?
@myeocoach9078 Did you get in?? Yes, there are replays.
@@VanntasticFinances Yes, thank you! See you Thursday 🙂
Hi , I completed my worksheet under resources . I did not see under services where I can submit an email worksheet.
No bank I went gives line of credit only loansCiti offer Citi plus” as they call it which should be a line of credit but you have to open a new checking account , they can’t connect it to existing account. School first” bank gave me 30000 credit card that connects to checking account but I can’t pay mortgage with the credit card and I wanted to damp this money to my mortgage and then do velocity banking paying this card. Any suggestions?
Last week I went to same bank, I working with them for 10 years. I have a savings and checking accounts with them I ask for information about ploc they offer me loans and after be clear that I want is just a line of credit they offered me the checking plus account that is linked with my checking account that I always have with them. I just check last night and they approve me for just $3800 I get mad after how after 10 years and good credit 717 score 😒 😑 wow one more time disappointment with Citi
what if you can't pay the mortgage with a credit card or a LOC ? has to be from a checking acc
Love your velocity banking explanation. No offence, but the 1980 annual was around 16%. Rates could go higher.
👏🏽👏🏽👏🏽