Velocity Banking With A 15k PLOC
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- Опубликовано: 22 мар 2020
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You're not taxed on a 401k loan because its a loan, the money you borrow plus the interest goes back into the 401k and your loss is only on the compounding you may or may not gain during the time period your money is out of the market. Also if your company matches up to a certain percent that is a loss too. If you lose or leave your job the loan will become due in full or be treated as a withdrawal and penalized.
The Overdraft Protection is a great way to go. Especially if you have bill pay set up on your checking account you are covered.
The payments for the 401K plan loan are paid with after tax dollars. Her income should go up by the amount of the loan payments.
Great prediction
Solid!
I have an overdraft protection ($5K)on my checking account. It works just like that, if my checking account is depleted of funds, it will automatically make draws from my draft protection account. It's just there for protection but I actually never use it. I withdraw funds from my CC and place these funds within my checking account. So, my checking never runs dry.
Do I pay the ploc and the balance of the loan at the same time?
I’m going to assume here you have a PLOC and a you have a loan you are paying off. I’m going to assume you borrowed from your PLOC initially to pay off or pay down this loan you have to do velocity banking. From this point you have money owed on the PLOC first move is dump all income in then borrow money back out little by little to pay your bills on time. If the loan isn’t paid off from your initial chunk then you still make the loan payment when it is due from what you pull out of the PLOC.
Let me know if this is clear
You’re not explaining the use of this procedure
what is the purpose?
It looks like it’s only good if you’ve got a lot of debt
or if you’ve got a mortgage
what about the millions of us whose home is paid off
and we only basically have utilities and groceries
So let’s say you are one of those millions I’m going to assume you have a paid off home which is great good work on that if that’s true. Now that you have a paid off home you have all this unused equity right? Instead of staring at it you could leverage it to create more wealth via a HELOC. So for the millions of people with paid off homes that is one case use. The other is you could look at cash value life insurance as another place to store money and leverage it at a later time. What this procedure is showing is how to leverage debt to your advantage. You could also not leverage and just keep doing what you are doing this strategy might be irrelevant to you
401k give the exact back plus interest that you pay on the money borrowed
NFCU has a CLOC with overdraft protection that I use for velocity banking. There is no charge or service fees associated with its function. I leave my checking account at a balance of 0 then transfer my paycheck to the LOC. I also use a credit card for all my monthly expenses and pay that off at the end of the month before I get paid.
exactly thing what I do too.
Could u elaborate more because I wild like to do the same also a member of NFCU
Due to uncertainty of PLOCs freezing....Do u think its wise to chunk at savings, then with next chunk pay mortgage principal with 1st chunk then chunk at savings again and keep this process going to stay a step head?
My fear is that if they freeze it after a chunk I'll have an additional bill. Figured if they freeze while the chunk is sitting in savings I can always move it back to the PLOC.
it is unwise to borrow debt and place that money in a savings account where it will do nothing and then pay interest. Either continue velocity banking or just stop until the crisis passes and build up savings just using cashflow not debt
Are we to worry that PLOC will freeze? I thought heloc froze in the past during the last recessions. But have not heard PLOC freezes. If this is the case then I will not use my PLOC until the economy is back up. Comments? Btw DNR great comments about not listen to and follow many ideas at once. Pick your path and follow it. 👍🏻
@@chapsellis5037 I would just say if you are nervous just hold off on velocity banking and continue when you feel is a better time to pick back up. That 66% rule is a key rule to follow to avoid over-leveraging and the bank looking at you as a risk. This what happened to Dave Ramsey before he became dave Ramsey over-leveraged and then the bank froze up his debt tools.
I have a 15k PLOC @15% as well that I am using. Would it be better to use my 37k CC @ 18% due to the larger limit?
FishAreMyHobby no because a credit card and a line of credit are 2 different things you can’t pay everything with a credit card
FishAreMyHobby you can use both tho with the velocity banking system
@@DenzelNapoleonRodriguez could you please link the video where you are using both?
@@FishAreMyHobby did you find a video of him doing both? Because I want to know how to do that as well
Question! Do you think an intrest rate of 19.9% for a 15k personal loc is to high?
yes
I just got approved for $20K PLOC at 10%. Is that a high interest?
10% is not bad you just don't want to stay there forever.
When parking income in the ploc - are we making payments with interest or are we making principal payments?
With a PLOC or any line of credit for that matter it will depend on the bank. If the bank gives us a choice then I prefer to have my money go to principle first then pay interest on the due date
@@DenzelNapoleonRodriguez do you have recommendations for the best banks that offer PLOC?
@@Daki-us1ec I would not rely on recommendations I would strictly follow my procedure to research and ask the right questions from the bank to pre qualify the best PLOC for you. I have a playlist called all about the line of credit that helps with this. Then if you watch my case study videos I usually mention the name of the bank I’m using in the case study
I just sold a property for 30k. Besides our 140k mortgage we owe 18k on a car at 500 payment 18%. 7300 on student loans at 200 payment 4%. 2400 on wells fargo furniture card 100 0% for another 2 years. And capital 1 cc 2300 limit 1000 balance 100 payment at 26%. Income is 3600 month. Expenses 3000 month. Cf of 600. God has blessed us with another baby making us a family of 7 since i care for my elderly gma. Our 3 bed house is too small and we want to rent it out and purchase a new house around 240k. Help. I don't know where to put the 30k so i pay off everything but the mortgage? Then take out a personal line of credit to work on the mortgage. Do i finish this mortgage before i can get another? Btw my husband is retired military and we use va mortgage loans with no pmi and no money down. I don't know what to do. Also i need 15k for closing cost on the new house
Pay off your debt with the 30K. Now that free up $900 add your $600 you now have CF $1500 monthly. If you credit if 720-760 apply for a HELOC but know the value of your home first. US BANK and PNC is what I use and it simple interest. If u need DOWN payment 15k from a Heloc will cost $60 and $80 a month. Welcome to the world of knowledge. Sucess is 1 step away