I see your channel is growing. I'm happy for you. I use my unsecured open lines of credit like running water. It's my new checking account now. I literally just got finished transferring money into it. It's like a game to me. I remove $5,000 every two months to invest. It's a beautiful thing when done correctly. Keep teaching.
@@VanntasticFinances It's amazing how many people have never heard of velocity banking. I have been using it for a while now. I want to start a group of velocity people. Great minds can always come up with new ways to improve the strategy. It would be nice to start a Facebook group. If people can be exposed to at least the idea, then it will catch on like a wildfire.
It seems that when you put your income into the LOC from the credit card it can be challenging to get the cash back out without fees. It would be alot easier to use a regular PLOC than a credit card because there would be no fees or very little fees.
Thank you for such life changing advice. I am with a 30,000 loc and really want to start paying it off effectively without worrying about the ridiculously high interest. So thank you again I will implement this strategy. One question though, including my rent I have other expenses such as car payments, gym, car insurance, electricity bill all preauthorized, so if I take my entire income(weekly payments) and put it in the loc, can I take the necessary amount out for each preauthorized expense without affecting my interest charges to the loc? Thanks again
Absolutely! Please look through the videos for any of them that say mortgage. Most of them show the loan payout as I am working on another one for this week. I will be on LIVE tonight at 10PM, if you would like to join us. Thank you for watching!
I'm sorry, I may have missed something: The $10,000 listed next to LOC is the amount actually *_used_* , e.g. I was given a line of credit of $11,500 and of that I used $10,000?
My step mom is a 35 year RBC employee but I’m too nervous to tell her I’m 18,000 in line of credit debt and 15,000 credit card debt. I make roughly 8,000$ a month and spend my money very poorly please someone help me
Love the concept, i assume this can't be done with credit cards since withdrawing from them comes at an expensive interest rate and it also takes up to 3 business for the money to show up on the cc 🧐
It’s a good idea if you have that extra $4,000. Your method is not reasonable for people who are struggling. If your income is $4,000 how are you paying for living expenses mortgage, food, kids, etc. I think your on are on to something good but not for the 9-5 workers trying to get out of debt. This is really for business owners who have the available funds to pay off business or personal lines credit. Keep these videos coming.
Gotta start somewhere. I was that guy who had to call loan companies and establishments I owed to push back a few payments. Even had to alternate to get breathing room. Of course they are willing to help knowing that there will be more interest towards the end of the loan but I was gradually able to make chunks of payments at a time. Like a snowball effect. This isnt just for people with money or businesses. If there,s a will, there's always a way.
You're not understanding how she is explaining it you can still draw gas ,kids, groceries bills from the LOC . It will be pulling from your loc instead of your checking
No this is for people who mismanage their money and don’t use LOC’s. For people who have maxed out credit cards and for who knows nothing about balancing interest rates.
With a line of credit or personal line of credit (ploc) you can make all of those payments and use like cash. There is interest but it’s quite low compared to a credit card. She has lots of videos explaining this and it is true.
I see your channel is growing. I'm happy for you. I use my unsecured open lines of credit like running water. It's my new checking account now. I literally just got finished transferring money into it. It's like a game to me. I remove $5,000 every two months to invest. It's a beautiful thing when done correctly.
Keep teaching.
Wow! People like you are what makes doing my job so much fun! I appreciate your kind words and your support. You keep up the good work! It is a game!
@@VanntasticFinances It's amazing how many people have never heard of velocity banking. I have been using it for a while now. I want to start a group of velocity people. Great minds can always come up with new ways to improve the strategy. It would be nice to start a Facebook group. If people can be exposed to at least the idea, then it will catch on like a wildfire.
@@ericjones3920 I have a VANNtastic FB Group 😃
@@VanntasticFinances I'll look you up. I appreciate you.
@@ericjones3920 I appreciate you for watching!,
You broke it down so simple. Just amazing. Thank you for helping us and giving us hope
You're the financial angel. I absolutely love you. Thank you!
It seems that when you put your income into the LOC from the credit card it can be challenging to get the cash back out without fees. It would be alot easier to use a regular PLOC than a credit card because there would be no fees or very little fees.
You are correct! But for ppl who are not in the position to obtain a PLOC, the CC works exceptionally well! Thanks for watching!
I'm going to do this! Thank you!
Thank you for such life changing advice. I am with a 30,000 loc and really want to start paying it off effectively without worrying about the ridiculously high interest. So thank you again I will implement this strategy. One question though, including my rent I have other expenses such as car payments, gym, car insurance, electricity bill all preauthorized, so if I take my entire income(weekly payments) and put it in the loc, can I take the necessary amount out for each preauthorized expense without affecting my interest charges to the loc? Thanks again
Thats what I'm not understanding either, if you're using most of the income to pay off your loc, how are you paying your other bills?
You then use the LoC to pay your bills, that's when the balance goes back up.
30 yrs. I've been doing it wrong for 30 YRS!
Simply amazing...thank you sooo much for the advice!!!
God bless you and keep more videos coming please
Ugh I gotta figure this out….
I don't have any debt. I don't have any stuff either
I really enjoy these videos. Do you have any videos that diagram paying off a loan using a chunking method? I'd love to see the math on it. Thank You!
Absolutely! Please look through the videos for any of them that say mortgage. Most of them show the loan payout as I am working on another one for this week. I will be on LIVE tonight at 10PM, if you would like to join us. Thank you for watching!
I finally got approved for a LoC!! 🎉🎉 it's not much, but I'm just happy to have it, finally lol
Guuuuurrrl let’s go shopping!
How can u help with LOC
I'm sorry, I may have missed something: The $10,000 listed next to LOC is the amount actually *_used_* , e.g. I was given a line of credit of $11,500 and of that I used $10,000?
Hi ! The balance of my line of credit is higher than my credit card balance, is it better to pay off my loc first instead of my cc balance ?
Thank you.
My step mom is a 35 year RBC employee but I’m too nervous to tell her I’m 18,000 in line of credit debt and 15,000 credit card debt. I make roughly 8,000$ a month and spend my money very poorly please someone help me
What a blessing
How do you obtain a line of credit?
Ask ..bank or credit Union
You can pay student loan payments with credit cards?
She's talking about LOCs or lines of credit
Love the concept, i assume this can't be done with credit cards since withdrawing from them comes at an expensive interest rate and it also takes up to 3 business for the money to show up on the cc 🧐
LMAO I was accidentally doing this all this time
It’s a good idea if you have that extra $4,000. Your method is not reasonable for people who are struggling. If your income is $4,000 how are you paying for living expenses mortgage, food, kids, etc. I think your on are on to something good but not for the 9-5 workers trying to get out of debt. This is really for business owners who have the available funds to pay off business or personal lines credit. Keep these videos coming.
Gotta start somewhere. I was that guy who had to call loan companies and establishments I owed to push back a few payments. Even had to alternate to get breathing room. Of course they are willing to help knowing that there will be more interest towards the end of the loan but I was gradually able to make chunks of payments at a time. Like a snowball effect.
This isnt just for people with money or businesses. If there,s a will, there's always a way.
It is designed for people exactly like yourself. You are just not understanding the concept.
You're not understanding how she is explaining it you can still draw gas ,kids, groceries bills from the LOC . It will be pulling from your loc instead of your checking
No this is for people who mismanage their money and don’t use LOC’s. For people who have maxed out credit cards and for who knows nothing about balancing interest rates.
I just cant see paying interest 2 times
well you can't do that. you can't put your entire income since you have other things to pay such as rent, car payment, food etc.
With a line of credit or personal line of credit (ploc) you can make all of those payments and use like cash. There is interest but it’s quite low compared to a credit card.
She has lots of videos explaining this and it is true.
#recession