I’ve learned to 1) Listen to the video several times, then 2) watch the video. This helps the content to better absorbed for me. 3) Review the math as I understand it and compare it to my situation. I also set it up on a spreadsheet I created to insert numbers in it to see variations and different scenarios if numbers were changed. I did this for each card, found the best card to use as my first Debt Tool. Watch the balance decrease. Rinse and repeat. There are more details to track and monitor, but that is a simple explanation.
Love how you show the visuals! Just completing my first month but had some newbie mistakes that I was able to fix. My primary card that had a perpetual $10,000 balance ($15k limit) for the last year and a half will be at $7,000 by the end of this week before payday! I saw your last video and how you color coded the bills in your case study to match variable expenses with a credit card. THAT is what I got thrown off with with my first month as I directed most of my variable expenses to my primary card but next month I will allocate a bill or two to each of these to meet+ the MP then sleep it. Thank you for sharing so clearly your examples. BTW after almost 57 years of marriage and always failing at budgeting this is the first month that we still have a balance on our budget and we are 2 days from payday!👏🏼😊👏🏼
My initial interest calculation’s showed me she was off in her first understanding, but her concept is proper. No reason for me to reject her method. Modifying it for my situation allowed for me to successfully go forward. MODIFY FOR YOUR SPECIFIC SITUATION.
Lol. Sorry about that. I'm earnestly working on making better, easier-to-follow content. Do you have any suggestions or a specific question you want answered? If I can't explain it, I bet someone else on here can, or we can point you to another youtuber that might be better able to communicate the message. 🙂
Say your primary card has 5% higher interest rate than all your other cards. If you manage to perfectly bill match $1000 on the other cards and apply it to the primary, overall you'll save $4.17 in interest charges the next month compared to paying minimums. Same if you have an extra $1K in your paycheck and leave it on the primary instead of spreading it around. It's not nothing, but just barely.
Studying family spending habits, reviewing CC and loan statements, speaking with your bank to understand how they operate, then creating a budget are all initial steps that must be taken BEFORE you try the VB system. Also remember one size does not fit all. It must be customized for your situation. It does work.
When sleeping the cards I do not pay the minimum payment due. I pay the exact amount of the bill that “sleeps” it. That bill must meet or exceed the minimum payment. For example, if minimum due on credit card is $100 and car insurance is $189, I pay the credit card $189 then wait for that to be credited to the card THEN when the car insurance is due I’ll pay for it with that credit card. This means you’re going to be paying the credit card at least a few days before the car insurance is due. When you do this make sure you’re not paying anything late.
Yes, modified version for those of us who can’t get a heloc or ploc. In this modified version, an existing credit card becomes the line of credit. The income goes into the credit card weekly (seen in the videos with the Money Tracker worksheets).
Way, way too much talking, explaining and jumping around for the average person to follow. Very poorly done video. Please re examine your approach, content and delivery. Better luck to you in the future. For me, your videos are a big NO. Even for someone like myself who is advanced this was painful to watch.
If you have a favorite youtuber, who explains it in a way that works for you, you can give them a plug here. I personally enjoy Christy Vann's videos, Denzel Rodgriguez, Robin at Purpose, Plans, & Profits, Velocity Voyager has a pretty straight-forward approach you might appreciate. Who have you found to be most helpful?
Some of us enjoy her talking and explanations - it makes us feel that she’s explaining it to us directly. If her videos help some of us - PERFECT - if they don’t help others that’s fine too.
If this were the 1st video I ever saw regarding velocity banking even I might be confused. But you are handling more than just a basic velocity banking strategyy by juggling and sleeping multiple lines of credit to optimized best use of cash flow.
I’ve learned to 1) Listen to the video several times, then 2) watch the video. This helps the content to better absorbed for me. 3) Review the math as I understand it and compare it to my situation. I also set it up on a spreadsheet I created to insert numbers in it to see variations and different scenarios if numbers were changed. I did this for each card, found the best card to use as my first Debt Tool. Watch the balance decrease. Rinse and repeat. There are more details to track and monitor, but that is a simple explanation.
Love how you show the visuals! Just completing my first month but had some newbie mistakes that I was able to fix. My primary card that had a perpetual $10,000 balance ($15k limit) for the last year and a half will be at $7,000 by the end of this week before payday! I saw your last video and how you color coded the bills in your case study to match variable expenses with a credit card. THAT is what I got thrown off with with my first month as I directed most of my variable expenses to my primary card but next month I will allocate a bill or two to each of these to meet+ the MP then sleep it. Thank you for sharing so clearly your examples. BTW after almost 57 years of marriage and always failing at budgeting this is the first month that we still have a balance on our budget and we are 2 days from payday!👏🏼😊👏🏼
❤❤❤That is FANTASTIC!!! ❤️❤️❤️
My initial interest calculation’s showed me she was off in her first understanding, but her concept is proper. No reason for me to reject her method. Modifying it for my situation allowed for me to successfully go forward. MODIFY FOR YOUR SPECIFIC SITUATION.
I love how transparent you have been. I started velocity banking in May. Can’t believe the difference.
I know, right?!!! Keep us posted on your progress. It’s certainly motivational to hear others are finding success with the strategy.
Molly, this is my favorite VB channel, just saying :)
Awwwh. I love encouragement. Thank you! 🙂
Thank you! I see where I went wrong.
@@AJoM847 yay! Keep us posted on your progress!!!
Just finding you. I've been binge watching your videos :) What if the person gets paid bi-weekly? Do they make payments to the credit card bi-weekly?
That was painful... I was trying to follow but got completely lost 😞
Lol. Sorry about that. I'm earnestly working on making better, easier-to-follow content. Do you have any suggestions or a specific question you want answered? If I can't explain it, I bet someone else on here can, or we can point you to another youtuber that might be better able to communicate the message. 🙂
Say your primary card has 5% higher interest rate than all your other cards. If you manage to perfectly bill match $1000 on the other cards and apply it to the primary, overall you'll save $4.17 in interest charges the next month compared to paying minimums. Same if you have an extra $1K in your paycheck and leave it on the primary instead of spreading it around. It's not nothing, but just barely.
That's so messed up how the bank picketed over 60% of your payments 😡
Studying family spending habits, reviewing CC and loan statements, speaking with your bank to understand how they operate, then creating a budget are all initial steps that must be taken BEFORE you try the VB system. Also remember one size does not fit all. It must be customized for your situation. It does work.
Download printable Velocity Banking worksheets and pay what you want. Download Case Studies for $7.99 @ payhip.com/AskMeHowIBudget
Paying CREDIT CARD INTEREST….is NUTS!!!
Hello. Thank you for the video. When you are "sleeping" other cards, are you still paying minimum payments on them?
When sleeping the cards I do not pay the minimum payment due. I pay the exact amount of the bill that “sleeps” it. That bill must meet or exceed the minimum payment. For example, if minimum due on credit card is $100 and car insurance is $189, I pay the credit card $189 then wait for that to be credited to the card THEN when the car insurance is due I’ll pay for it with that credit card. This means you’re going to be paying the credit card at least a few days before the car insurance is due. When you do this make sure you’re not paying anything late.
Is this velocity? I don’t see any transfers of income etc.
Yes, modified version for those of us who can’t get a heloc or ploc. In this modified version, an existing credit card becomes the line of credit. The income goes into the credit card weekly (seen in the videos with the Money Tracker worksheets).
I’ll have to re-watch it. Great visuals!
PERIODT🎉🎉🎉🎉🎉
I like how under your comment it says, “translate to English” 😂😂😂
@@askmehowibudgetTHEY KNOW WHAT I MEANT😂😂😂😂😂😂😂😂😂😂😂😂
I'm confused as to paying the monthly bills that you can't use a credit card on, i.e. electric, water, mortgage, health
You can pay all those with cc
Except the mortgage
Way, way too much talking, explaining and jumping around for the average person to follow. Very poorly done video. Please re examine your approach, content and delivery. Better luck to you in the future. For me, your videos are a big NO. Even for someone like myself who is advanced this was painful to watch.
If you have a favorite youtuber, who explains it in a way that works for you, you can give them a plug here. I personally enjoy Christy Vann's videos, Denzel Rodgriguez, Robin at Purpose, Plans, & Profits, Velocity Voyager has a pretty straight-forward approach you might appreciate. Who have you found to be most helpful?
@@askmehowibudget You handled that unfair comment well.
Some of us enjoy her talking and explanations - it makes us feel that she’s explaining it to us directly. If her videos help some of us - PERFECT - if they don’t help others that’s fine too.
If this were the 1st video I ever saw regarding velocity banking even I might be confused. But you are handling more than just a basic velocity banking strategyy by juggling and sleeping multiple lines of credit to optimized best use of cash flow.