Velocity Banking Beginner Steps
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- Опубликовано: 19 май 2024
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Denzel I think you messed the bigger picture on the CC as LOC situation. A lot of people are new to VB. They are you about 5-6 years ago, when you did your video VB with capital one. A lot of people have never even heard of a PLOC or HELOC. People are carrying balances on multiple CC with high utilization. That's why they can't get a PLOC, HELOC, CLOC, better debt tools. So what they do is start utilizing their CC as debt tools. Which is probably why Betty said she needed to use her CC as her debt tool. This situation of carrying multiple CC with high utilization isn't (for the most part) people doing a chunk payment to pay off debt. It's people using their CC and only making minimum payments, which is the old way of doing things. It's the transition of the old system of making payments to VB of parking cash flow and credit expenses, that triggers the algorithm, that leads to credit limit cuts. That's why it's recommend to do multiple micro payments. Making a 1K dollar transfer/payment to a CC looks different than five 200 dollar payments. Multiple micro payments to a CC seems to solve for problem (for the most part) of getting credit limits cut. Have a great day.
Totally get it I was with her bro. My only point is don’t stay stuck on one tool. Don’t say can’t it limits your mindset when you use the word can’t when it is very possible. I think we might be talking past each other but saying the same thing. You and I have been in long enough where the bigger picture is to move on from velocity banking to eliminate debt and go create wealth with it and then on to infinite banking and many other strategies that is the real big picture
Your pre-game playlist has already saved me from a couple of SERIOUS potential mistakes that would have cost me thousands of dollars. Thank you so much for your service to those of us who are on a DIY financial recovery journey. I appreciate your discernment within this financial guru space.
That was excellent. So clear and understandable. I am also looking into recasting my mortgage to increase my cash flow every 10k chunck reduces my mortgage payment by $53. I'm going to chunck anyway so to recast the loam it's just an enhancement like you said. I am the 50 plus lady that you spoke about. I just got a 20k p-loan. Now my credit card is paid off and the p-loan will be paid off next month and I will float all my bills with the credit card except for my mortgages.
Hi Denzel - glad I found your channel! I was just approved for a 65k HELOC. I will use it to make 5k chunk payments towards my 40k mortgage instead of transferring the entire mortgage balance. BTW I will have my credit cards paid off by next paycheck. I will continue to use them for my expenses to get cash back rewards and pay it off each month using my HELOC. My paycheck will be deposited directly to my HELOC. I'm sooo close to owning my home!
Be sure to run the numbers and make sure that makes sense
Hi Denzel ~ I will continue to watch the videos until I understand the system.
Old System: Paycheck -> Checking Account (earning no interest) -> Expenses
Velocity Banking: Paycheck -> Checking Account -> LOC (Park Money Here) (New Checking Account) (Pushing Down ADB, saving you interest) -> Expenses
Let me know if this helps, have a great day.
I use a CC as a debt weapon. Once the debt is paid off, I move onto another CC. As much as pay on my card to get balance down, my CC have never been reduced. If anything I gained a credit increase because company saw I was making $$thousand dollar payments each month and they saw I was using the card.
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Love you're videos. You're far more on point on solid numbers.
Thank you
Thanks!
Thank you 🙏 I appreciate your support
I’m live with you from Toronto
Thank you Denzel You explain throughly and we appreciate it.
Thank you appreciate that
I have so many questions. Is there a place I can email you about my situation it seems simple to me because I don’t have a lot of debt but I can’t wrap my head around this!!
Denzell, i could only get a 13.04 % interest rate at Golden 1. I will look into those other 3 banks you suggested. Golden 1 offered me a HELOC for 9.25%. That seems high but its better than the p-loan at 13.04%.
Look in your state for credit unions there are plenty of HELOCs at 8.5% or lower. It’s not about what seems high it’s knowing where interest rate are at and finding something better. Prime is 8.5% anything below that will be attractive just take more time you only found one bank there’s so many more. The 3 I mentioned have to do with first lien HELOC only
Could you please help me understand how to do velocity banking without a heloc or mortgage. Maybe a case study ? We have a few credit cards that are maxed out limit’s between 500-1500. My husband makes good money we just don’t mange well.
There are multiple case studies I’ve done on my channel where I cover velocity banking with a credit card or PLOC instead of a HELOC. Check out my channel and go to playlist to see those case studies
That’s awesome. But with my situation I can’t understand it. Call me stupid. Is there any other way to get help without paying 300$ for someone to explain to me?
@@tinacruz7517 yes I have a ministry of finance that helps people for free I have instructions to follow and that’s all to receive the most value from me - www.denzelrodriguez.com/fgm
Hi Denzel I want to know if you have to have the same bank checking account from the same bank you took the heloc?
Yes
Hey Denzel! Your content has been instrumental in helping me pay off all loans. Do you have any videos on how to use velocity banking to grow investments/wealth once we are debt-free? Also, do you have any videos on life insurance products in Canada (not the US)? Thank you!
The moment he said he owns a Money Max account I lost respect for him. He teaches people and he can’t do it himself?? This is simple math.
I appreciate your feedback and opinion
@zulya98 you are an idiot. Yes it's math and smart people can figure it out. But if I can save time and automate my plan it ultimately saves me money. My time is more valuable. The cost of the software is trivial based on what it saves you.
Beginner steps: Never do Velocity Banking!
Thank you for feedback and opinion