You’re Not Poor…You’re Getting ROBBED!
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- Опубликовано: 21 дек 2023
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ANY video that looks like it's made in the 90s...when it's really made like a month ago ...is ALWAYS a phenomenal watch. The content is in the INFO and not the theatrics!
😂even the hair style clothes
😂😂👍🏾👍🏾
😂😂😂
She came to win, even though she didn't come to play games.
Democrat would claim it's a conspiracy
It's Called the American Dream Because You Have To Be Asleep to Believe It" - George Carlin.
Imagine if George had taken ten minutes of his routine to explain THIS to his audiences?
Revolution.
It’s a giant club and you ain’t in it
@@adambarnhart2188
When kids wouldn't let me and my friends in their fort we built our own.
That was more fun.
But compared to what? Latin America, the Caribbean, or Africa? I'd rather be poor in America than in Cuba or Guatemala.
@@lupea8079 That's a good point 👍🏻. America's are not happy about all the inflation and devaluing of our currency, its theft and corruption at the highest levels.
Protect this woman at all costs!!!
Hahahahaha😂😂😂
That's gonna be difficult, considering her nose shows up 6 days ahead of time.
I'm 40 yo. Didn't finish high school. I've needed someone to explain this to me for decades. Thank you for the spark of hope.
stranger, I hope you get everything you financially deserved after living on this planet for forty years. 🙏
They don’t teach you this in high school either 😅
Appreciate the concept but I'd rather just pay the eleven hundred dollars extra each month and not pay any interest at all to the bank 46 months at a time. In return, I would pay off my house 284 months.Have a great day , super simple
even if you did finish high school, sxit would be the same. Schools teach you nothing.
Bro 😭 felt that man
As a former bank employee, I can tell you; Banksters are legalized scammers, same applies for Insurance in NA. imo The best banking type is Not banking at all. A good friend of mine lived in his van for almost 2-years and bought a house for cash. When he went to his bank to withdraw the money, they started begging him to apply for a mortgage.
If you can afford the payment after having the discipline to save, you're going to be better off in the long run to get a mortgage and invest the extra. If your mortgage rate is 4% and the market will return 7% on average after inflation, then you get more value invested that extra for 3% return.
No one actually owns a home in America that's another scam. He still has to pay property taxes and HOA fees and if he defaults on any he will have that house taken away. Home ownership is a myth. Can you make money on equity during a boom? Yes. But actually think you own your home in this country is pure bafoonery.
@@RexJacobus-bb1vw You are so right! Mess up on your taxes and watch how fast good ol' Uncle Sam puts your house up for auction no matter your age or condition.
@@arvieearp7498the only good thing in this scenario now, is the Supreme Court ruled this year, that the county or city that auctions your property, can only keep the taxes owed and MUST give you ALL of the remaining proceeds to the person who owned the property.
@@Mattlott222That is of course until the housing bubble pops.
She reminds me of a teacher that really cared and made sure i was on track.
Same we need more people like her teaching period.
Mortgage literally means payment till death , wished I did this over 2 decades ago kissed over 50,000 geez to interest sucker payments....✌️🙏☝️🤔😎
I read this as made sure I was on crack 😭
@@rachel3682Crack might be a better investment for happiness than a mortgage 🤣
It seems she does
This is the single most valuable RUclips video I’ve ever watched.
💯
Yeeeees 😮❤
In an age where everyone is trying to sell you something, it’s difficult to come by valuable information. Thank you ❤
Not true. There are other ways to get paid if you are not directly selling something. Making RUclips videos is one.
we are not being taxed we are being plundered .
We stop them.
We're being robbed of practically half out wages from over taxations ,rich enjoying tax shelters by paying themselves minimum wage , hiding profits in business investments Trumps words of a rigged system for elites are pure facts ... ✌️🙏☝️😎💪
Just become a billionaire or a corporation, then you won't have to pay any taxes. Cheat code unlocked.
Why is 14% interest on 10k 117$?
Yep, it's the natural consequence of deifying the Banksters and doing what they say...
As a former banker, I used to make a commission off selling credit cards and loans. That should tell you all you need to know
so are you saying she's also not entirely correct here?
Would you say that her loan reduction methods work though by reducing interest? Her math looks sound.
@@z1lla4 no I would say this is sound advice if you plan it out and actually pay everything off
@@barryfondant6032 it looks sound to me as well. When I sold home loans, interest rates were much lower. But now that they're at comical levels of 7-8%, you are literally paying more in interest than you are for the home. Not to mention a home purchased 20 years ago for 125k is now 350k+, so many new homeowners are looking at the prospect of paying a half million dollars or more in interest to purchase a home. That's simply not feasible in my opinion, unfortunately we are programmed to just do that and don't ask questions.
I feel like that line of credit loan of $10,000 won't be paid off after 6 months, there's some part at the low right side she's left out. It would actually take more months.
Im 18 yrs old my father has had a mortgage for over 30 years and it breaks my heart seeing him slaving away at his physical job just to make ends meet I hope and pray to help him financially when I get my degree and even more so hope to make better financial decisions than he or my mother made
If you are 18 years old start your 401k, Roth IRA, and brokerage account. Little amounts are your age really adds up. learn how to do a compound calculator. $100 per month invested in the stock market from now until 67 is easily a million bucks (you will need more to retire but it shows the growth).
I'm blown away. I have to watch this several more times to completely understand this. I sure wish I could sit down with this lady so she could walk me through this.
SAME! lol 🙏🏽
So if you don’t understand what are you blown away by
She just did, didn’t she?
I bought raw land (4 acres)...paid it off as fast as I possibly could... and built my home with my own two hands.. paid cash as I could afford it...At 45 years old II am living completely debt free .... All I did was work hard and live within my means...It is absolutely possible for most people to do the same if they are just willing to put in the effort... GREED and ignorance is destroying our society.
I’ll need your help here because that’s exactly what I’m on right now. Bought a land and now I’m thinking on how to build on it.
House prices are crazy here, I've been thinking it's probably cheaper to buy land and just try building my own home....
@@yeoldegrayCat Make sure to research the costs in your area. Getting power to a parcel can be really expensive. Water and Sewer hookups are not cheap. If you're going with a well, make sure to find out how deep you need to go for water in the area and what the quality is (do you need extra filtration) If you're going with septic, make sure the soil can perk, or an engineered septic can get pricey. Know how strict the local jurisdiction is with road building, environmental regulations, etc. I don't want to discourage you, but it will require more work than looking at properties with a realtor.
@@Zt3v3 My property already had well share and septic installed... my power is completely off grid solar with battery bank and generator back up..(No Power company involved)...I will say that I got extremely lucky with finding my land as well as the person who I purchased it from.. (Owner carried the contract)... The building codes here were pretty lax but have gotten a bit stricter in the last decade or so. Timing is everything in my case.
Dude your awesome
This woman just saved anyone who watched this video A LOT of money. God bless her.
This may be a stupid thing but im young and new to building credit. Recently my credit score just dropped from 750 to 619 but i am able to use *Pecuniary backdoors* websites to get to an 800 I was stuck at 750 for a while and I’ve been trying to get to 800. I know in this video you think these methods work for ppl with below 400 but i wanted to make sure someone with over 200 could use these websites.
And time, I mean talk about a 5 year plan, lol. She's something else❤. I hope she knows that there's currently about 3.3 acres per person(newborns included) in these United States, and speaking of, cheap (especially agriculturally zoned) land is one of the only investments I consider a necessity for all young children.
@@williampatrickfurey Wow I've never heard that statistic before. Great time to capitalize.
@@KoolAssKouple yeah I looked into how much of the United States is unused and then did the math. Another helpful thing is knowing that what's called "uninhabitable" right now is not actually uninhabitable, nor will it be the exact same in the future. Especially after taking a business trip, which you can "write off", to said land and planting an array of fruitful commodities for their futures. (A plain and easy example is cherry as it's not just fruit but also wood if need be plus, with poisonous leaves, animals don't seem to eat them.) It's not what I have planned exactly, but let me know if you want video proof; I recall seeing something from a "fruit explorer" which I can probably source to show you his friend's thousands of trees in the desert with literally no maintenance according to his own words.
135,000 loan at an extra 1,100 a month still takes X-months = 135,000/1,100 free cash per month. this is X=122.72 .months. So 12 months to a year.
So that is over 10 years of scrounging to get the loan paid off. Yes interest savings can do it in 7 years. But it is not realistic. People have to enjoy life. Or they buy a bigger home.
From 30 years to 6 years, you can't beat that!!
🤯 The way I just downloaded this video to MP4 and backed it up on my Google Drive and a USB stick placed in a fireproof bag.
🔐
Protect this lady at all costs!
Me too…just Google y2mate and go their site and put the youtube link in their site and download
How did you download the video?
@@Danso-vk4ox There are numerous sites that can produce a downloadable MP4/video file from a RUclips video link. Google search 'RUclips to MP4'.
You must tell us how to perform this magic
@@Danso-vk4ox just Google y2mate and put this RUclips vid link on site and download. Very easy
My husband and I did this method and paid off our 75,000 house in just under 2 years with only 1 income. We then moved up in house and paid off $250,000 in 4 years. We've been 100% debt free for 6 years and he is now early retired with a net worth of $1million at age 53. This method actually works - but ONLY if you focus and do not use the line of credit to live above your income. We used the thought that "Every penny we don't spend pays off the house!"
Any ideas when your first home doesn't cost $75,000 but costs $750,0000 ????
My wife and I pay 50% extra each month to the principal so we can pay off ours early, but this seems like a much better deal. We essentially do this method she's talking about with our credit cards (minus using them to pay the mortgage) for our expenses. Funnel all expenses through them and pay them off each month so we pay zero interest and get whatever cashback deals the card has. The key is definitely to not spend above your means as you'd end up in debt very quickly.
If you’ve used this method, surely you noticed the glaring mistakes in her math. Why aren’t you pointing it out?
Brilliant!!! I am 56 yo and wish I'd had this knowledge when I bought my first house at 20 yo! This old dog just learned a new trick! Thank you for sharing!!
@@TheCarty1986 Takes a bit longer, but the concept is still the same. Although, you can add to it that a HELOC will loan uou much larger chunks as you pay down and gain equity. As our mortgage balance decreased, we upped our Home Equity Line of Credit. Once we got the mortgage under 50% paid off, we were able to "swallow" the mortgage with the equity line.
Take a look at Money Merge Account. It is a software that does all the calculating for you and gives you tips to maximize your interest-cutting.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." - Thomas Jefferson
Happening as we speak! Thanks for sharing this quote.
Damn. It's as if a certain someone from last century fought the banking system and lost. He warned the world and they didn't listen.
@@RoxyCherryRozy Exactly 👍🏻
To fix this I propose a 100% reserve system for on-demand deposits, the abolition of the FED, abolition of currency privileges via exchange rate controls & legal tender's contractual exemptions to competing currencies (gresham's law), the abolition of currency discriminatory taxation, a complete deregulation of the financial sector, & a strict enforcement of private financial contractual arrangements. This would eliminate all fiduciary media & inflationary credit expansion.
@@austinbyrd4164 Totally agree 👍🏻.
I wish I could give this more than a thumbs up.
As a former mortgage lender licensed in 6 states I promise you, this woman is correct. I originate 70 loans a year minimum and I don’t own a house for a reason.
And it's so sad how they make it seem like it's such "the thing to do"🙄 I don't ever let material things reflect my self worth.
So you give money to a landlord instead? Maybe you live in a van down by the river? 🤔
@@mysilentnoise4510 Whether it's a landlord, bank, tax office, or whatever....the money is going to someone who will feed their family. That's literally how this all works.
@@pinkishdiamondz Except you cant sell your lease for $… it’s the biggest waste of them all!
@@mysilentnoise4510 The way the market fluctuates, it's still always a gamble. But I'm not here to argue.
There's a reason for which "they" made sure this country didn't traditionally learn how money really works in high school. Thumbs up if you know we'll be better off as a country by having real conversations and focusing on the truth about EVERYTHING.
I like that "REAL conversations" because most conversations are literally just fake, where people lie back and forth (at their own peril, too) about the issues and then pretend they came to an intelligent solution.
That is the truth unfortunately. The Prussian model America decided to use to inculcate its citizens has done it's job of shutting down people's free will and critical thinking. A lot more people are finally waking up to this all we can do is spread the word and use this knowledge against the powers that be. 😉
They teach this in school. Y’all just don’t pay attention or expect it to be spoon fed in a lesson plan.
@@kowboy702 while I would agree one needs to get off their ads and not expect to be spoon fed the info. It takes a desire to understand and use the many resources available. Public libraries abound that contain this type of knowledge but other than basic finance, like how to manage a checking account etc, in high school during the 70's, unless you chose business classes as electives, then no, it wasn't taught where I went to school. Other school boards around the country may have arranged classes differently. Regardless, the education model used in this country is a mess. I have quite a few teacher friends and family and I've heard a lot of stories from their classroom experience. I think home schooling would be preferable at this point. America has been on the slope of decay for a while now. Its truly become what Orwell envisioned. The technology has been here for a while and gets more and more intrusive every day. We have power each time we choose to make a purchase using the fiat debt system we've all been duped into believing in. It will eventually crumble. They always do.
Governments around the globe are pushing CBDC's as the answer. We should reject this outright if we're to keep what little financial control we have using cash that's inflated and becoming more worthless each day.
So I would say thanks to Christy for bringing this information to as many as possible whether it's new to you or not.
Fractional reserve banking will go down in history as the largest ponzi scheme ever conducted.
It’s the same exact thing with student debt. People pay back what they borrow and still owe thousands of dollars years after school because the vast majority of their money had gone toward interest.
This is predatory.
Yea it’s called Usury which is forbidden in the Bible
@@alpaphoenix3252 Republicans are the new pharisees
🙄It's not predatory. It's business.
@@agisler87🤡
@@agisler87 There is such a thing as predatory business practices genius
Tf first of all, where in the hell are houses only 150k today 🤣?
And second, It's not Banks, it's the heavy Taxing and multiple retaxing
Gold knowledge! Maybe this is the reason why "finance" is the most requested course for HS and college currently today. Kudos to you for sharing your "wealth" with others. Appreciate your contribution to my family.
Another way people get scammed are by vehicles. I simply moved right next to where i work, got rid of my car and now i save 1000 a month and thats not including repairs. Its insane, i also lose weight
Not everybody has that type of privilege/luxury, we're I'm stuck there is no work that will pay enough to cover my bills, i have to travel to work and no I do not make enough to move closer to my job. And no, I'm not going to be able to find a higher paying job in my area.
@@albinoyak2755 dude I lived in concepcion texas which is a town of 35 people corpus christi is the nearest city, which is 1 and half hr away I raised my siblings while saving for 5 years, to get out, if i can do it you can too
@@albinoyak2755 I don't think you know what the word privelege/ luxury means. Get a second job, I lived in my car for almost two years just to relocate. There are people who are in worse positions than you that find a way.
What kind of vehicle are you driving that costs 1000 a month?
@@irrecconI suspect it's total cost of car ownership. There's the car payment, auto insurance, initial sales tax, inspections, tag/title cost, monthly fuel costs, maintenance, and tolls for some folks. When you add it all up, you realize that having a car costs you a lot.
It's not at all practical for me not to own one though. But, some people can sacrifice for a lifestyle that allows them to be without one. I wouldn't assume that it's "privilege" like a previous commenter said. For many that do it, it is only possible through determination and years of hard work and personal sacrifice.
We used this same concept years ago after I took a mortgage brokers course and realized how mortgages were calculated. Paid off our mortgage in less than 7 years. I tried to explain it to people but no one believed me. Like you said, people need the ears to hear, bless you
Did you use a LoC like she mentioned in the video?
@ahavyahyisrael9938 yes, we used a 10K one
Can you explain the LOC better?
For example is it getting a $10k personal loan from the bank?
Does $10k get put into my account and then I put my income into the loan? Wouldn’t that mean I would be paying off the personal loan?
I am open ears, thank you
@@brightboakye3996 The way I see it is that you’d be using your loan as your personal banking. So yes, you’d get the 10k and put it towards the mortgage, then your income and expenses would need to be calculated against that original 10k amount. Your payments would essentially be whatever your cash flow amount is (In this example, it’s $1,100). This would require you to be dedicated to your goal of paying off that loan and not buying extra things for yourself while paying off the loan.
@@brightboakye3996the line of credit is an agreement by the bank to loan you up to a certain amount of money.
It's been traditionally used by businesses (properly) to deal with the variation of income and the expenses they need to pay. A business doesn't necessarily have all the cash up front to pay all their expenses, but they do have ongoing income and value tied up in business assets.
So, the bank agrees to the line of credit, and the business is going to use it to take care of its day to day operations and smooth out the "hills and valleys" in its income.
So they use it just as she's described: they dip into the line of credit, using it to pay things as they come up, and using their income to pay down the line of credit (so as to not carry a balance like most people do on a credit card).
So it is a loan, but it's not the bank giving you all the money up front, but they've agreed that when you need it, they're prepared to front you the cash. And instead of a loan, you decide how you're going to employ it.
The idea of "depositing" your income into the line of credit is that, instead of just sitting in a bank account, that money is actively reducing the credit you're using (credit that is costing you money) while also increasing your buying power (since you're reducing your utilization of it with every deposit you make, you have more freed up credit).
You can accomplish the same thing in a way less complicated way by taking that extra 1100 a month and making an extra payment to your mortgage. Adding the extra payment pays off the loan in 7 years instead, but its way less complicated
i was thinking the same thing i dont understand the point of getting the 10k line of credit as all that achieves is to give you the lump in one payment. i suppose it does force you to actually put the money towards the mortgage in a round about way as you have effectively already paid it. to me it seems far more straightforward to just put that money aside for 9 months then pay it off and keep doing that. i suppose it depends on how your mortgage is setup. ours is geared towards us being able to pay 11k a year without having any fees doesn't matter if you do it monthly or once a year
that $1100 goes towards food, clothing, living etc
@@emersonpavezzi8170 that wouldn't make any sense if they didn't have excess cash they would never be able to pay off the credit. The 1100 is described as disposable income left over after expenses such as food clothing etc
@@emersonpavezzi8170 ..... in this example, the $1100 is what the couple had left over after all bills were paid.......... it was saving or pillow money
@@emersonpavezzi8170 no she specifically said that's money they have after taking care of all expenses
Lady if I ever see you...... I would give you the biggest HUG EVER! THANK YOU, YOUR AMAZING! keep sharing pleeeeeeeeease!
I bought my home in 2016 with a 3.75% interest on $425,000 with 20% down and in July I of this year 2024, I will be making my last payment! People use the system don’t let it use you. Let’s get it. ❤
How did you do that
It's great if you make 500 percent over poverty per month lol. This is only possible for the rich
Did you use this method?
Sounds like you were well prepared
Do you mind answering how? Don't just brag lol
I learned this in my early 20s when I was broke. I retired at age 45 debt free and purchased commercial real estate. My net worth increases $100K every year after a very comfortable cost of living buget. Not bad for a 9th grade drop.
Can ù teach me 2do the same
@@RegandNiq Step 1 is to start a business, any business. Mow lawns, sell shirts. Step 2 grow the business slow and steady with employees making you money. Grow too fast is problems, too slow is problems. Understand you don't have to be a plumber to own a plumbing business. It helps but not required.
@@greenmoxythen what? You make the money and buy random houses?
@@viperrr6886 Houses? Never! Commercial is best. A business will rent the space to make income so is more likely to pay rent on time every time. House renters late pay, no pay, fix this, problems. Commercial 10yr return vs residential 15yr return.
@@greenmoxyokay nice
Omg! I'm a few years into home ownership and you just blew my mind! 😢 Thank you soooo much!
I stopped listening after she claimed that transferring $10000 from a 7.75% loan to a 14% loan was a good idea. Just put the extra to the mortgage, DUH.
I was thinking this too, but I think for most people, doing it in the way she recommends is more feasible. It’d be an approach that would require less discipline, so better for most people.
@@HeathWeaver Ridiculous, it requires securing a LOC every 10-11 months, and resisting the urge to spend the money. It's VASTLY better to just put extra to the mortgage, it doesn't get simpler.
This should be a required class for every student to graduate!
They wouldn't want that, everyone up top benefits from our lack of knowledge 😠
Classes in compound interest by itself should have been a requirement to graduate from high school.
That's what a lot of the student loans crap is about...a lot of people never understood what compound interest was until after they got that far in college. By then, it was too late - thousands in debt.
@@gcanaday1 Definitely. A course in finances would be far more useful than most of the classes they teach in high school.
All wars are bankers wars!
True they need to teach personal/business management skills in high school as a requirement not as an elective. If it still is one.
Also kinda feel allowing this kind of predatory business behavior is wrong.
I can’t even express how moving it is to hear someone giving 15 minutes of solid helpful advice instead of peddling some six hour webinar of the same information, nothing more, at an exorbitant price. You are a treasure to our country and dear to its future. I shared this video with my loved ones and asked them to subscribe. Thank you ma’am!
This is good advice. You actually end up paying even more using this method.
@@Jerrydiehard wait what you do not agree ..how are you paying more...
This is terrible advice. You’re accruing more interest with this elaborately ridiculous and ill-considered plan. You would lose more money by doing what she’s suggesting here because the interest rate of the HELOC/LOC would be higher than simply leaving your total loan amount in the original mortgage at a lower rate.
Just pay extra principal and you’ll save more.
@@kamwow3207 HELOC was a last suggestion. She's explained how to pay down your principal
Give it time, she will be peddling soon. This is nonsense.
I feel like I’m in class…. But this time by my own free will, learning something that will actually benefit me in life ⭐️⭐️⭐️⭐️⭐️
It's great that people are getting this information. A little disconcerting that people don't understand how the biggest purchase of their lives actually works. But great people are getting this information.
I love mature people on RUclips making genuinely smart and helpful videos on RUclips without clutter
If mature you mean tricking people into paying more in interest when they could just take the extra 1,100 every month and put it against the mortgage and actually pay it off faster, then sure.
Under what she's telling people to do, people are paying $9,000 more in interest than if they were to just take the $1,100 extra every month and make an additional principal payment. No line of credit needed.
@@dakattack8900what is this called?
@@dakattack8900 geez bro chill. You ever wanted a snowcone or had a brake line go out? Better to have and not need than to need and not have.
Also, I may have initially misinterpreted what you typed there. I c u now :) carry on then!
Good 💯 information
@@dakattack8900nothing worse than being house rich and money poor … but sure, put ALL the disposable income into the principal. Or ya know, leverage it like she’s suggesting in the video
"The more ignorant you are, the more exploitable you become." TY Ms. Vann for creating this RUclips channel.
This definitely shows a lot of ignorant people can’t do math. Just pay $1100 a month extra and skip the LOC.
It's BRILLIANT!!!
My HELOC was $25K @2% which was instant equity, because i bought a home where the owner was under water.
Believe this woman!
IT WORKS. 👍
God Bless you young lady. I've been trying to get this through my kids' heads for years. You just did me a huge favor. Subscribed, bell rung, commented, upvoted, liked, shared .... may the algorithm gods smile favorably upon your channel.
It’s crazy how many financial traps there are out there to make us stuck and pay the government/banks every penny we get,I appreciate this woman for being educated and kind enough to share this information
Who are the biggest banking families?
Why are these names always tied to the global elite being corrupt and draining humanity for over 150 years?
People need to stop calling people crazy and do some research, we USA is being ran as a corporation
I remember every year my dad looking at the yearly statement and noting how little actually came off the principal. I decided early in my life i would not become an indentured servant.
That genuinely makes me sad😢😢
Indentured
@@user-sk2fh5cl8y dumbass is spelled with 2 ss's.
I mean this isn't that bad
@@user-sk2fh5cl8y r u happy?
They sincerely don’t want people to know this because if they did, it would have been taught in school.
Correct me if I’m wrong but if your mortgage is 135k and your interest alone is 213k that is not 60% interest. That’s close to 150% interest. Your interest alone is 1.5 times higher than your actual house cost. 100% interest would be $135k. This is just so insane.
My takeaway here is to pay double your monthly mortgage to pay off in 7 years. And save 23 years of payments. Then hope your home value reaches the full amount you paid (135k+interest 36k) and then you’ve made your money back.
We cant predict the unexpected and this is why people go in foreclosures. During that 30 years u can lose ur job, get injured or sick and then u cant pay that mortgage. Sure u can sell that home but what will u be left with? And then you go back to renting?
So this is a good idea if u can afford it.
if you double your monthly payment on a 30 year mortgage wouldnt it still take 15 years ?
I have a better solution that is more reasonable:
Paying an extra $300 a month on the loan leaves the couple with $800 a month in cash flow.
It saves $119,000 in interest and is paid off in 15 years without juggling a line of credit loan as well as having all their money tied up each month.
For more info:
$400/mo saves $132k and is paid off in 13y 2mo
$500/mo saves $142k and is paid off in 11y 9mo
$600/mo saves $150k and is paid off in 10y 7mo
Choosing to pay extra is more feasible in case an emergency comes up. Then they're not beholden to two loan payments at once. They can just skip a month or two of extra payments and resume when the problem is solved.
I think if you really want to go for max savings, you'd do this $10,000 chunk repeat payout scheme. I think it's really about chipping away at the principle as fast as you can. But you're right in the fact that this is a bit of work to set up. Not that hard though.
@@SeanWork No. For all the reasons I explained.
@BeyondMillennium I thought the same as you. Why tie up your excess cash in another loan instead of a savings account. You could build it up quicker because you are not wasting money on another interest payment. This velocity banking is nothing more then moving debt around while still leaking cash lol.
The issue with the approach in the video is the same with a lot of finicial advice, it lacks flexibility.
You could take the money and put it in the stock market and be better off. Not only is there better options but I'd say this example is unrealistic. As you said what about 'emergency' expenses?
Not to mention most people don't budget properly imo. Does the expenses include car repair, taxes, etc. There are a lot of expenses I find most people don't actually account for. They just treat it like a surprise expense that month even though it's not surprising at all.
@@devinkipp4344 I agree with you for the most part, but I'd say that $300 a month knocking down $119k in interest is a better return that the stock market will give in 15 years.
I had $3500 stolen from me from Key bank. The bank would not refund it. Do not bank with KEY. If i can stop one person from banking with them id feel better
They must not be fdic insured? 😮😢
@@timekabolden5309 No they are just like any bank. They did their own investigation and made it sound like I was involved somehow and said they wouldn't refund the money.
Don't feel bad bro. I have 3.8 million seized on me because Bitchen was hacked like a couple months ago or so. Now i can't withdraw any money. Can't tell me a time limit IF I'll ever even be able to get those funds back.
@@SuaveHousexxWho bitcoin ?
You can fill out a police report against them. That usually turns it around...
Thank you soo much. I'm 38 and needed this REAL BAD!
Thank you 🙏 I sincerely from the bottom of my heart ❤️ appreciate your video. Keep up the great work 👍
I got my real estate license a few years ago, and when I was going through my class they explained the math for an amortized loan.
Once you do the math, you’re paying more for interest than you are for your home.
That was the start, but after a few other revelation I was so appalled that I couldn’t even practice real estate once I had my license.
It felt so disgusting to involve myself (for profit) with something that was so obviously unethical.
You are the change in the world you want to see, good on you for making your choice
No we need people like you as real estate agents. You can teach buyers a better way to borrow.
Same here. I actually went on to have a career and didn’t realize how much of a scam the industry is until I was a few years in. I quit.
So what? That's the risk they take loaning idiots money over 30 years. Do you have any idea the risk of a fixed rate mortgage over 30 years? In Europe most mortgages are variable rate....because rates change. In the US the interest rate risk is on the banks, not the individual and that's costly. The banks take on huge risk taking such a long fixed rate loan and they are going to charge you to buy your house for you.
@@AEVMU >in Europe
Filtered.
This is something that no one in a bank will tell you. I've long said to people around me that mortgages are a scam and you will pay for your house 3 times. Not a single person believes me they are being robbed blind.
AND AFTER YEARS OF PAYMENT, PEOPLE ACTUALLY THINK THEY OWN THEIR HOME!😂 THINK AGAIN, STOP PAYING YEARLY TAXES AND THE HOME GOES ON THE CHOPPING BLOCK 😊.......SO , YOU REALLY ARE FOREVER RENTING YOUR OWN PROPERTY!!!! MEANING, SOMEONE ELSE CAN POSSIBLY GRAB IT , IF YOU S.L.I.P. ON THY PAYMENT HAHAHA 😆 HAHAHA, WELCOME TO CAPITALIZISM.
@@lindar6326 valid, but our monthly expenses would be a fraction of what they are now by following this.
People don't realise that compound interest is a thing, and as little as 2-5% can grow exponentially just after 5 years into esentially doubling or tripling the amount you agreed to pay on initially.
@@shroomer3867So what can we do? I knew over 16 years I haven't even paid off anything because of interest only mortgage 🥺
A lot of people know they are getting ripped off, but they are ignorant of ways to get around it, until now.
This is an amazing video! 🎉🎉🎉
Thank you!!
No more knowledge keepers, spread the wealth!!
Great info... even greater delivery! THANK YOU !
Mic drop!!!🔥🎤 👋🏾 Doing the lords good work! God protect this woman 🙏🏾✨
I’m completely blown away by this info!
😂😂😂 Amen!
Knowledge is Power!
Many times, it's what you don't know that can make or break your finances.😊🎉
Any help for renters who would rather do so?
It's incredible what the system is designed to do to unsuspecting people.
Wow... I wish I had known this 23 years ago when we bought our home
I don't know who this woman is, but I feel like giving her a big hug and a kiss right now. Thank you so much!!
I've been debt free for over 10 years and people still can't understand how I've done it.
The idea of working for 3 or 4 months a year just to service debt is pure insanity.
I've lost jobs and been unemployed for a year at a time and still no debt, just savings.
Its a great feeling not having interest payments to think about.
Please explain how you can go without income for months at a time and not be evicted. Are you on welfare? Are you married to someone who pays your bills? Are you retired?
@@selohcin Like I said, no debt and maintain savings. Just because I have money doesn't mean I spend money. People think they need all the streaming services, I use none. People think they need to drive a newer car. Mine is older with low mileage and has been paid off for years. Could I have a bigger house? Sure, but I don't need a bigger house. Spend less than half of what you make and save the rest.
I have a good friend who makes 85k a year and is broke all the time. I have made 85k a year for a couple years before the company goes broke and I have 50k saved. My cell phone is 30/month because I pay a month ahead and paid for my phone up front. I don't have cable because why would I?
I don't eat out because I can cook for myself for a third of the cost.
Its not hard if you decide to do it. I value freedom above all else, and not being a wage slave is freedom.
@@selohcinno they don't I don't why should they we don't need help we help are self....😊
@@selohcin Savings. Save money instead of accumulating debt. Stop spending on things you don't need. Then, when you're unemployed, live off the saved money until you find another job. Oh yes, and possibly use the government programs that you qualify for between jobs.
You can also get into a trade union. Work 5 to 8 months out of the year and make near or over 100k, 200k + and get laid off. Then get a paid vacation for the next 6 months or so drawing max unemployment. If you don't want to work your life away and still make a healthy income.
This is ridiculous and sickening. 😢 I plan to own a home in a few years, once I build up my credit. People truly do perish because of knowledge. Thank you for the knowledge!
They perish for a lack of knowledge .
You do not need credit to buy a home.
Credit is why we're suffering. It's the lie we're led to believe is there to help us.
This is bad advice, isn't it? Please correct me if I am wrong. run the numbers. Essentially you are making $5500 in early payments to your total owed money after 5 months. Then you are making a lump sum payment of nearly all your income for month 6. This is not wise. You should have made your early payments to your mortgage of $5500. Yes, open your HELOC so you can have available money in case of a difficult month. Basically, on the 10K that was not in your mortgage for 6 months, you saved about 350 in interest. But you paid $469. Not sound advice here.
Sorry. I am interested to see if you delete my comment!
@@cherylaguilar5421 I don't think you understand. In the scenario, They already made an 'early' payment in the form of $15,000 down payment. The LOC isn't used for anything extra. (That's where credit fails you, and profits them most). The 10k lump every 7 months accelerates the reduction of of the mortgage's capital debt. Paying off the LOC $1100 a month is less effective than using the full monthly paycheck ($6k was it?) as is lowers the average for the LOC's interest charge. It's still a net reduction of $1.1k/mo off the LOC, with the appearance of an average payment of $1428.57/mo towards the mortgage, which is still a net positive for them. HOWEVER, each 10k slide of the amortization table saves a mountain of overall interest, so more of the capital is paid off faster, with less interest being incurred along the way.
Thank You - our society is so “Programmed “ sheeh Dept Free 2024!!!
I vote for that!!! Thank You again
Whenever somebody shares life altering knowledge, I can’t help but feel an immense level of gratitude. Thank you for sharing this information with us. You genuinely care. May God bless you and your family
I don't even have a home / mortgage, but I felt like I was just lectured by a caring aunt who truly wanted the best for my future. I feel as if my brain just had a firmware update.
You're doing a service to mankind. God bless you. Love from India.
I just figured out that my mom and dad paid $180000.00 for their Veterans loan home that they bought in the exact year of 1971 at a total cost of $18000.00 dollars their monthly payments were $500.00 a month for 30 years, only $50.00 a month went towards the house!!! What a F-ing rip-off 😮
I'm so sorry; that is a travesty!
$500 a month is $6k a year... $6k times 30 years is $180,000... so what are you on about 😅
@@TruthOverFactread it again foo
@@BenJahMoNomad YOU read it again FOO LOL...
@@TruthOverFactSince you are unable to read. Let me explain. Her parents paid 180k for an 18k house.
Thank you for sharing!
I paid cash for my little old house 25 yrs ago, with no payments. I don’t even pay for insurance. Trucks and car paid for with cash, no credit cards either. Paid for my college degree by working… no loans, no scholarships, just work. I hate banks and keep very little in any account. I hold cash, and metals, and collectibles.
The last part of the equation 4969-4969 forgets you have 4100 in expenses with only 5200 in income - 4969 - 4100 = -3869. Approximately every 6 months, you get a 3rd paycheck, which you’ll be 2600. 2600-3869=-1269 that you are still short.
From what I can tell, just adding the 1100 to the principle directly is a faster method to paying off along with the 2600 extra pay check approximately every 6 months.
Thank you for being one of the few with a brain in this comment section.
Exactly my thought. Directly applying $1k per month is nearly equivalent to 10 months of principal without all the hoop jumping. I am currently adding 4 months extra to my principal with zero "lines of credit."
i also noticed this, because she summed 6 months of income and only 5 months of expenses it would still have a balance of around 3900 on the line of credit at the end of the sixth month when you add the sixth months expenses. would be cheaper to directly contribute the 1100 cash flow to the principle rather than paying the interest on the line of credit
Can you help me understand what she’s talking about with the LOC cause taking it out and paying back sounds like it’s adding unnecessary steps
@@fabio6492 It is. Don't get a line of credit. Just take whatever surplus and throw it against your mortgage. Or whatever your highest interest debt is.
My older sister taught me this many years ago about paying as much as possible to the principle. The loan stuff to speed that up is crazy
We bought a home for 405k a year ago. We were looking at the TIP......$814k . Our interest rate is 5.25%. I said wtf
You get similar results just by putting the extra $1,100 into the mortgage each month. Since the shown method is using all $1,100 extra from the monthly budget and using it to pay the Line of Credit, I did the math on using that same $1,100 and just paying it into the mortgage monthly. You pay the mortgage off in 7 years, 3 month, and save $172,275 in interest charges. No line of credit needed.
Besides, her Line of Credit math is wrong. You can't pay off a $10k loan in 6 months when you only have an extra $1,100 each month. And that's ignoring interest charges. You'll need over 9 months to do it. Meaning just taking your $1,100 each month and putting it directly into the mortgage is just as good, if not a better option
I was thinking this same thing and seems to be more doable without having to get another line of credit
I think what you missed is that extra or left over $1,100 is yours to spend where ever else needed. The balance of the loan is going down each month by your income paying into that acc or loan. Secondly the interest rate is based off the balance each month, not the $10,000 you initially started at in month 1
God you are bad at math.
@@maitiurice The example in the video is taking a $10,000 line of credit and using $1,100 in extra income to pay off that line of credit in 6 months. How is that possible? 6 x $1,100 is on only $6,600. That’s pretty simple math.
As for the the ‘similar results’, you can use an online mortgage calculator to plug in the same numbers from the example, see the total interest and end date, and then do the same thing and add $1,100 in principal-only payment each month (there’s a box for that in the calculator). Compare the end dates and the total interest spent between the scenarios. You’ll get the same results I did.
It’s not me who is bad at math, it’s the video.
@@NikolaConductor yeah, cuz I've got time to teach you math. Go back to school buddy, you need it.
30 year mortage, student loans, 401Ks, Soc Sec, whole life imsurance & W2 wages are all a scam
Ponzi schemes
Wow
What would you say is not a scam?
@@Eche888😂😂
@@Eche888 Not much. Most people have no clue how any of those things work. Whole Life Insurance policies have two parts. A death benefit and an annuity (savings). You make a monthly payment and part of it goes towards the death benefit and the rest goes into the annuity at a specified interest rate. The selling point is that you're covered in case of death with the death benefit portion while building up a nest egg for retirement through the annuity. Other than a select few companies, they don't tell you that upon the death of the insured, the beneficiary only gets the greater of the two, not both. Example, upon the death of the insured you have 100k death benefit. if that person has 75k saved in their annuity, the beneficiary gets the greater of the two, or the 100k. So, they really only paid out 25k since they kept the 75k in the annuity. Should your annuity pass the death benefit in value, say 105k, they give you the 105k that you've been building up for years which they've been using to invest, but no death benefit. Pretty fucking slimy. The banking system is even worse. Here's a summation.
ruclips.net/video/UhtlhQpOGlk/видео.html
You do understand that the bank doesn't collect ALL THAT INTEREST. You have forgotten something called Taxes and Home owners insurance which no bank will loan you any amount of money on any home unless it is properly insured and that is not cheap you can cut that estimate of interest down by at least half. The bank pays this for you as well as the land taxes on your property and both those amounts can fluctuate from year to year as well. Those amounts are included as a portion of your payment. Anyone who has ever bought a home will know this.
Where have you been all my adult life ❤❤❤thank you so very much for this information 😊
Just checked on property apps: the interest is more or less 100% for a home. How is that LEGAL
We are looking at a house now and with this market if you do a 30 year loan and never pay a penny early you will pay 1.5 times the cost of the home just in interest.
You're talking about governments who colonized, massacred, committed genocide all over the world, enslaved millions, assassinated, created coupes in middle east to destabilizeand put their puppets in there to rule and silence their countries as they steal the resources. AND they didn't give a damn about thousands of children massacred by Israel, US and europe governments but when it's money like their ships full of oil/cargo was at stake...well, they went to war and bomb Yemen. You're talking about the most ruthless mobsters, thugs in the entire world who went and killed 4 million Iraqis, who bombed Hiroshima where generation are affected for the rest of their lives and who want to preach morality. The scum of the earth don't care about legalities but what they can get away with on the back of civilians, even if it means drawing blood from their bones.
Well it's been illegal throughout many time periods and places for the last 2000 years. Usury was illegal under Christian kingdoms and both Catholic and Orthodox, Jews were allowed to practice it though... strange.
@@JohnDoe-le8fythe small hats are your overlords. They are steering this country down into a dark hole.
Because the fed spent too much money during Covid causing massive inflation, and this is their way to get it back.
I am really glad that this video popped up in my feed I really do learn a lot with RUclips videos
Thank you for explaneing this like you did. I seen it but couldnt explain it to my wife in a way that she would take me seriously, just forwarded this video to her.
This should be taught in every high school. You are amazing!
This. It's also why they don't teach you about the dangers of credit cards, loans, making and keeping a budget, etc. My son just turned 18, and our mailbox is flooded with credit card offers. I throw them in the trash and don't even give them to him.
Putting the income into the credit line is genius. The stupid part of it is it was right below our noses, and no one tells us! Thank you, thank you!
It's not genius. And she's just another snake oil salesman under capitalism.
This is something they don’t teach in College unless you are in Finance, or Business Major.
No... It's not. If you think using higher interest rate debt to fix your debt works... I have some snake oil to sell you. What would really save money is using your income to pay off the lower interest rate mortgage directly instead of using a high interest rate loan to pay off the mortgage. The only reason a mortgage has a "higher" interest rate is because it is the (rate)*(the number of years). Taking out more higher interest rate debt just means that you get to pay more debt on the way to paying off the house! Just save up and pay off the mortgage!
I don’t understand how she put the income into the LOC. looks like she subtracted it. That’s where she lost me.
@bubbleboy821 the idea is the mortgage is not the actual lower interest rate as she states. 7.75 interest calculated over 135k loan is greater than a 14% interest on a 10k loan. The lower number doesn't mean less interest when it's calculated over the amount owed. Additionally, at 1100/month it would take 10month to save 10k when the HELOC can allow the 10k to be paid up front, paid off within 7 months as she stated, allowing the 10k HELOC to be used again for a 2nd time in the amount of time it would take to save 10k once saving the 1100/month income.
How she's adding/subtracting the HELOC figures is throwing me off a bit but I can see the value in the strategy
I’m not too savvy when it comes to numbers. So I’m gonna rewatch this a few times before I try to put it into motion for what is now, my 70K mortgage
Don’t take a LOC if you don’t have to. Still focus on paying down principal, but simply use your monthly cashflow.
Wow. Thanks for the powerful information!
Idk how I came across your channel but im about to binge watch everything on here. When I bought my first house in 2016 at 25 I threw up after closing when I looked at the amortization table. You don’t know what you don’t know until you do.
I have no mortgage $125k house, no CC debt, no vehicle payments. I haven't had a vehicle payment since 2008 when i said never again.
Petersons are something else.
You must have 2 mil in the bank
How did u no longer have to pay for the vehicles?
Amen! Especially if the heartless repo men come through.
@@crystalsmith9038only buy vehicles you can pay with cash or once you pay one off. Keep up maintenance .
My only gripe with this is that the 6mo payment on the LOC will get the balance to zero but you will still need close to $3000 to cover your expenses at the end which won’t zero out your balance. If you can find a way to make an extra $3000 in those six months ($125/wk), then you can keep this exact plan and the numbers check out but without it, it takes longer than six months to pay off the LOC. So doing this plan for 6.5yrs means doing the LOC strategy 13 times. That’s 13 times you will need that extra $3000. Which means you will have to come up with an extra $39,000 over that time frame that’s not mentioned in this video. So instead of saving about 176k you end up saving about 137k which still is amazing. If you can make the extra funds this is well worth it and is still worth it if you can’t it just throws the numbers off quite a bit.
Yeah I'm having trouble understanding how the 10,000 is getting paid off every 6 months.
No bank can suck the life out of our finances like government. Banks, yes. But government is the number one plunderer of the wealth one earns during one’s very limited productive years.
The flaw is the last payment of $4969. That would leave you without living expenses. It’s foolish to think you can pay off a $10,000 loan in six months with only a free cash flow of $1100 per month. It’s absurd, especially at 14% interest.
This lady is wrong here. However she is right about paying off chunks of the mortgage, if your mortgage allows that. Pay down your mortgage ASAP.
I figured the same thing. Good catch!!
Yes, I was thinking the same thing. Just because she paid off the line of credit in month number 6, then where are you supposed to get the money for your living expenses that month? In her scenario, they get added back onto the line of credit. Continuing with this behavior, you would then pay off the line of credit again in month 7, pay your living expenses again, and keep going until you can pay your own living expenses without the use of the line of credit, which would take approximately 10 months. If you're going to do that, then you may as well save up $10,000 in 10 months and put it on your mortgage and be done with it.
Not a flaw. At income month 6, you have fully paid the LOC, but you are correct in that you will still need to pull out monthly expenses. Keep doing this and at month 10 the LOC will be fully paid and no more expenses will come out. You've basically paid off a $10,000 LOC in ten months using your extra $1,100 cash flow. but that is if you only want to do this process one time. Once you fully pay off the LOC with your income at month 6, open up a new $10,000 LOC and repeat the process, taking your month 6 expenses out of the new LOC and pay into the mortgage with the rest.
@@JonathanRickner there absolutely is a flaw, if you take out another LOC at month 6, take out 4k expenses out of it, then you can only pay $6k into the mortgage. The whole premise of the video is that you can pay $10k every 7 months, it's even written on the whiteboard. Don't get fooled by math parlor tricks, pay directly into the mortgage and skip the LOC interest.
@mariusnicolae9892 that's what I was thinking. If you have 1100 expendable income, just dump that into the mortgage every month. Just don't do it as an auto payment. You might need a bit extra every now and then.
I’ve been doing velocity banking for several months now and it’s been amazing! I have freedom now. I don’t worry. I still regret all the money wasted and wish I had know this when I was younger but we all have expenses. I am down $10k and can’t wait till payday! I don’t use spreadsheets (mathematical challenged). Don’t need them. I’m not stressed or spending hours trying to snowball finances on paper. Using a ploc from my credit Union. Now I’m using my rewards card for expenses and now have rewards I use to lower that payment. This is crazy smart. This has been a well kept secret the rich use! I thank God for Christy and for RUclips putting her in my queue months ago. Divine intervention. 👼🏼🙋🏼♀️
Amen to that! Divine intervention!
Oooh wee! You're doing great! Great inspiration for the rest of us, too.
I agree it is divine intervention. I was praying just today to God for guidance about my debt and buying a home and she just popped up and this video has answered my prayer and my questions and now I understand why it popped up so suddenly.
You would almost certainly save the same amount or more by putting that money away in a safety fund and after 2 years refinancing the remainder of the mortgage into a 10year lower interest mortgage and then paying it off early with the mortgage insurance savings and the extra monthly income you are actually paying on the ploc.
If you saved your extra monthly income into either a 401k or a broad market mutual fund, your money should earn a good return on investment. And be a safety net.
Then when you paid all of your monthly extra onto the newer lower interest and lower insurance rate loan you would both cut it's time, AND the safety net money (with her example it would be about 27-30k) would continue growing independently to provide for any unexpected financial issues. And at the same 6-7year total mark you would still be able to pay off the entire mortgage with the safety net money if you chose.
An amortization table isn't that hard to set up.
You can probably find one to download & plug in the payments & it'll update everything else.
Imagine being a carpenter paying off your house that you grew up in losing it because of stupid taxes and still not owning a home. 45 years old. I feel like a real idiot. Bad decision-making all the way took over the payments on the mortgage from my parents when I was 19. Everything just went to crap. I am a total sucker and I can teach people a lot. I could build a house right now from myself. It just sucks pain and rent. And what the materials cost so i'm still trying to figure it out
Thank you for the great advice, may you be blessed with much more.
Am I missing something? How is the family in the example to pay their expenses on month 6 when they put $4969.00 towards the LOC from their $5200.00 monthly income and pay off the LOC? Wouldn't that leave $3869 in unpaid expenses for month 6?
You're not, this is the error in her math. If you consider the missing unpaid expenses it actually takes ~88 months to pay off the mortgage using this method. This is more than it would take if you just applied the $1100 excess directly to the mortgage every month (~86 months). This is what happens when you combine shaky math with trying to pay a lower interest loan with a higher interest loan.
@@derekmcdanell6972the $1100 excess? You mean all of their extra disposable cash? Why would they just give all that to a mortgage payment? They have to live and life happens vacations birthdays etc. Hello?
@@maverickbull1909 That's literally what she advertises in the video. Don't blame this guy
Found the same error... pray nobody takes this advice and get's caught month 6 without enough to cover expenses.
Thanks I was looking for the error.
I knew something was up because their monthly cash flow is only $1100. In 6 months that's $6600. So unless an line of credit is literally a free money glitch something was wrong in her math to somehow pay off $10k with interest in that time.
This is why I had massive home buyer remorse after closing on my first home in 2016. It saw how I signed my life away. This information would have helped me so much if I knew this back then.
You can still reduce the years. If you can make 1 or 2 extra payments a year. You'll still take 7-9 years off your mortgage.
@@michaelshea1683please explain how?
Her math is bad. She figured the $1100pm savings into the LOC option, but not into the regular mortgage option.
She’s trying to tell you that borrowing money at 17%, to pay into a loan to save 7%, is good.
She’s wrong.
In 2018 I decided to take a real estate course. By the end I decided I did not want to be a relator lol. I realized it was robbery. I mean the name speaks for it self: mortgage… it’s a death pledge….literally look at the etymology. Anywho, after learning about real estate, I knew I’d be riddled with guilt if I were to go forward.
Refi @ a 15 year once interest comes down...this reduces the interest tremendously.
You... My dear, are an ANGEL straight from heaven!!! I'm going to put this into practice right now!!!
thank you for giving us this information.. i am from asia and we all have the same way of paying bank interest in our house mortgage.. we needed this to understand how we can make our life easier.. thank you again
After finding your channel in the spring of 2023, I’ve used velocity banking and have saved over $25k and knocked 7 years off my mortgage. This has literally changed the entire trajectory of my life.
It amazes me how NONE of my friends and family have any money or retirement, yet are too lazy to spend a few hours to save themselves. I even offer to walk them through the whole process! I guess you can’t help people who don’t want to help themselves. 🤷♂️
Tried to show my daughter on pencil and paper, but I guess since you can't show it to them on a spreadsheet, it's not worth knowing. You're right, "don't want to help themselves."
Wow!!!
I actually took a different approach. I leverage my credit score, understanding VB and LOC to help family members that I trust to help them get out of debt. I'm essentially my family's central bank. I help them pay off debt and charge them only half of what the bank was going to charge them. I then leverage the interest gained, not to pocket but to help the next family member pay off their debt and pocket half the interest the bank was going to charge them. Rinse and repeat. So far so good.
No you haven't 🙄
I agree! My parents were here last weekend and we watched several videos together. The only thing they took from it was "oh so just basically debt consolidation? this is nothing new". They still have a 40k mortgage along with health issues. I want nothing more than to help them so they can retire, but they just want to stay stuck in their ways. So frustrating.
I found this at the age of 47. Wish I found this at 27.
Thank you.
57 here
@@mygoodlife204 better 47 and 57 than 48 and 58 :D
At 27, you wouldn't have listened....
@@williamheckman4597great way of thinking
@@williamlane9140 Why? I wouldn't say that. If you're unaware of this at 27 (which most people are) you just simply don't know. It doesn't mean you wouldn't listen if someone explained this to you in detail.
Ummm. This was absolutely fawking divine. I was meant to find this!! Thank you Universe 🙌💓🙌
exactly. i've been knowing this too. the funny part? i'm 10x better off than some who work twice as hard for half as much, so i take it. with a smile.
Loc isn't paid in 6 months. You forgot they have 4100 of expenses on month six and that needs to be accounted for as they have no money as they used their money to pay loc.
I ran this in a spreadsheet with her numbers. You could only pay the $10k every 9-10 months. It would take ~7.5 years to pay off this mortgage. If you took that extra $1100 and just paid that toward the mortgage every month, you'd actually pay off the loan two months faster, but you'd have paid $4k more for the overall loan.
Worth it. Build your wealth, not the Banks.
@@magma9138 I would rather people build their wealth by having investments. Paying off debt feels nice but isn't always the best. Considering 12k a year will turn into a lot more than the interest saved.
@@mrdanwilson1 Does the $4k you pay more on the loan take into account the interest you paid for the LOC along the way? I think if the interest was included, it would probably be cheaper just to pay the extra $1100 a month to the mortgage
I’ve run the numbers as well. I agree her math is incorrect. LOC is paid off every 9 months. This method costs the borrower about $3,500 more than just paying an additional $1,100 towards the mortgage every month.
Cash flow: $1,100
Would take approximately 9 months and change to pay off a $10,000 line of credit. No?
yep...she's dead wrong...that last month with a 0 balance, you'd need to still spend the 4100, so +4100, and it would still take another ~4 months before you NET a 0 balance on that line of credit before you can dump another 10k on the mortgage, otherwise your balance will jump to 14100
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On month 6, when the LOC has 4,949 and the income going in is over 4,949 the balance goes to zero... but you still have the 4100 monthly expenses that have to get paid. You're disappearing about 5k in what they owe over 6 months. You can't pay of $10k in six months with only $1,100 a month. You could do this over a whole year but not every 6 months.
How is nobody else seeing this? How is she ignoring it? Even with their cash flow, that leaves $3849 .
Even if done every 7 months as she says, month 7 would reduce that to $2749, plus interest.
That’s some $22,000 in principal alone remaining at the end of the 4.5 years
But also
How can you even draw the $10k LoC down again if there is still $2749 outstanding??
@@brenfaltermeyerdude, I'm glad I'm not the only one seeing this glaring error! For a minute I thought I was just retarded and not catching on.
Thank you. I watched the video and no matter what voodoo i perform, I cannot get $1,100/month to pay off a $10,000 loan in six months. The $10,000 is either going to the mortgage, or it is going to this loan. It cannot be going to both.
@@brenfaltermeyer glad some of us are seeing it and saying something.
For real. Only explanation is a safety fund that can cover it, which would defeat the whole purpose of this "strategy"
This is why I've been banking with credit unions for the past 12 years now. I learned this lesson when I first bought a new car off a lot and got charged 18% not really understanding what that meant until a year had passed and I realized that though I have paid over $5,000 on the car note only a thousand of that was actually to pay off the car.