We are going to let our money work for us! Watching your videos have opened my eyes and to think differently about our finances. You are a blessing and I believe God brought your videos to me. I claim "Poor No More in 2024!"
"Let your money serve YOU!" "Poor NO MORE in 2024!!" Cristy Vann, you are A W E S O M E !!!!! You make this make SENSE! Thank you SO SO MUCH for your gift! Happy New Year!
She's wrong. She's wasting money. Buy and hold a broad collection of US S&P 500 company shares, or buy into an index fund...and you earn about 10% annually, over 25+ years. It's literally ten time better. That means, for every dollar that you spend on your mortgage, you would make $10, if you bought US stocks and held them, long term. I don't work for a bank. I don't have a college education. But I'm well on my way to retiring a multi-millionaire.
@@rwj-kthxbye I didn't claim that she said not to invest. But she is giving advice on how to pay off debt, instead of advice on how to invest. And my point is that if your goal is to have more money, then my advice is better. If your goal is to have less money, her advice is better. Your call. Paying off debt is a financial mistake.
@@princessportt No. Please do the math. If you want to have as much money as you possibly can, 30 years from today, then paying off your mortgage early, guarantees that you will have LESS money. Doing what she describes in the video will cost you hundreds of thousands of dollars in lost investment gains, at the minimum. It could cost you millions, depending on your current age and how much you can invest.
got a PLOC from my CU in the last couple days. Christy you've literally changed my life. no reason i can't be completely debt free within 2-3 years. i was just using my money wrong.
Mrs. Vann when I sat down and looked at my credit card statements and so how much I was paying in interest I wanted to cry. Watching your videos has opened my eyes. Thank you! 15:05
I agree I had Financial anxiety because of this but now I want to know what’s going on with my money. I feel more in control than not knowing. The problem is learning how to control your finances so that you don’t feel anxiety. 2024 here we come.
Found you in August, after several videos started in September. You saved me around $750 per month cash flow, all interest saved with a 0% balance transfer, and my credit score jumped 4+ points! Seriously, God bless You Vann❤🎉 2024
I feel so bad for those elderly people that are closed minded and do not want to try and change their financial habit. I tried with a friend and she blew the VB altogether. Don't know how she blew it. It makes me sad. I wanted her to be debt free. Thank you for teaching us the smart way to crush debt. GOD Almighty wants us to be debt free. ❤
Just encourage watching more videos - it took me 6 to have my brain click LOL We all have been taught in schools that same way, that's why its hard to break that thought pattern but once it happens its such a stress reliever! Budgeting is a must I will agree, but its easy enough to get that inline once we see our progress.
@@astikennel - I was given an impression she won't watch the VB videos because it is against her upbringing. I will lead by example as I share my debt freedom testimony. Thank you for the encouragement. I do not want people struggling financially. ❤️
"Freedom from debt" is English for "slavery to bad financial advice". Do the math. Open two web pages, one that calculates interest on a loan or debt, and one that calculates profit on an investment. Then use the debt page to calculate the result of borrowing $10,000 at 30%, today, and paying it off over 30 years. Then, on the investment page, calculate the result of investing the borrowed $10,000, at just an 8% APR return, for 30 years. Borrowing money at a horrible interest rate, and using it to buy and hold a US stock market index fund for 30 years will earn you tens of thousands of dollars more money than the horrible loan ever costs you. (And so, obviously, if you can get a better loan rate, then you would just get to keep even more $ from your investment.)
She was raised with wrong information and can't see pass past experiences. My fiance is the same way. I don't push him. He's in his mid60s an never learned to use CCs. He is stick in cash only mindset. @@casseophealejarde-khaizen
Thank you for making these videos!! I didn’t know this was called velocity banking! About 20 years ago I used this method to get out of over $71,000 of credit card debt in a little over 5 years! AND I DIDNT EVEN STAY FOCUSED! ( unforeseen expenses DID come up) Now, I have very little debt and I’m using points on a credit card to pay for my daughters college education!! It amazing what you can do if you understand the WHAT and HOW!! God Bless you! And thank you again!!
I started doing this about a year ago. My husband wanted everything charged on the credit card and then paid with checking. I balked at it but as I understand if your credit card info is stolen you are only liable for $50. If your debit card info gets out they can drain your bank account.
Noooooo! Please don't pay off any debt! Please, for your own good, don't throw money away. Do the math! Or give me the numbers, and your age, and I will DEMONSTRATE how paying off debt will CAUSE YOU TO LOSE HUNDREDS OF THOUSANDS OF DOLLARS in investment gains.
The point of velocity banking is to pay off bad debt, with better debt. While maintaining savings, and optimizing your cash flow. Saving thousands in interest.
@@joehenry9546 but paying off a lower interest debt with a higher interest loan sounds like exactly the opposite. And if you go look around, you can find videos that do the math correctly, which shows it doesn't work.
@@joehenry9546 do you want to have more money in 30 years, or less money in 30 years? Because paying off debts now will cause you to have less money in 30 years. But investing that money, instead of wasting it by giving it to your lenders, results in MORE profit, more gain, more money for you
Believe it or not, when I was talking to a bank employee she suggested that since the credit card from them gets cash back, to charge everything to the card and then make just one payment to the card, which is exactly what you teach.
What your doing is incredibly valuable. We can't assume people know what they don't know.what you font know can and will hurt you in most situations in life. learn the truth and teach others is what it's all about. Blessings.
Thank you lord for helping us with our finances I'm so greatful for the real life angel blessings this cool lady shares .Brilliant! I'm so greatful and glad I seen this before "consolidating"
Christy could you do a video on how to teach our young adults what to do before they get their first car loan or credit card? I have 4, 2 with student loans.
Thank you. I’ve been binge watching your videos for the past few days. Just picked my jaw up off the floor. When putting my money in the bank, then looking at the interest it was paying, something in my gut was telling me this can’t be right. I have a blazing inferno in CCs on one hand, and a bucket full of water filing with dripping water in the bank. Bless you for telling us, without baiting us to sign up for a program. Bless you 🙏
I know I keep saying it, but as I watch your videos I get more and more encouraged!!!!! You are an answer to prayer. Thank you. May the Lord bless you and your ministry!!!! Yes, what you do is a wonderful ministry to us all!!!!
You’re VANNtastic! Thank you so much for what you do. I love your passion in this video. My wife and I are going to make positive changes because of you.
Thank you for such a valuable information. My husband is 66 and I am 58 and we have been paying on our mortgage for 26 years. My stomach just sank. And then I watched this email about credit card debt. We have recently incurred credit card debt due to health issuesand I was wondering what to do about all of that. You were an answer to our prayer prayers
These are great except in most cases today you can’t pay a credit card with a credit card so you can’t put your whole income in to the first cc payment. This is great if you only have one cc
Thank you so much for making these videos. I'm looking forward to applying your tips into my financial future. It's a shame that so many people are sheep and just do as their parents did and don't challenge the rules as adults
I just wanted to see THANK YOU! My wife and I have instituted using our HELOC to begin paying off our debt. We have a long way to go, but I feel much better now thanks to you. Have a fantastic and blessed 2024!!
This is the hardest thing for me to explain to couples that I help with their finances. So many people have heard save save save all their lives yet they don't see how much they are losing. Even taking that savings and paying on that highest interest cc would also result in over 100.00 a month in extra cash flow. Great video as always.
No. They're just not investing their savings in the correct asset, which should be a US total stock market index fund, which has historically returned 10%, over any 25 year period, forever.
We need help with this. We have a mortgage of $275,000 at 7.5%, a HELOC of $50,000 7.5%, and truck loan of $15,000 ($479/mo)….and we’re paycheck to paycheck, no extra at end of month. How do we pull out of this?! Get a 0% credit card? I don’t understand…. :(
@Jesus-kt5dc thanks for your response but the HELOC already has a $50,000 balance. :( Wasn’t sure if I got a 0% credit card if I could move around funds at all or if there was any way at all to pay off principal faster on any of these loans by manipulating what I’m paying and when/using other avenues etc?
Thank you so much what a blessing to find this information I tell everyone about your videos, I’m currently waiting on my HELOC I don’t have a lot of bills but I now know how to finish renovating my home❤❤❤❤❤❤❤❤❤
One of the simplest ways to save interest is to pay your credit card early. Even two weeks early will drive down the amount of interest you're paying. Ideally, pay it the day after the closing date.
Dear VANNtastic, You are doing a wonderful job. David Kiyosaki in his book, 'Rich Dad, Poor Dad,' talks about not buying your residential home, but buying a rental property first. I would love it if you could do a review of 'Rich Dad, Poor Dad,' for your VANNtastic podcast.
God Bless You, Christy! I'm fairly new to your channel & have never heard about "LoC" before. I can't say I totally understand the concept yet. I see the results you discus, I must just glitch-out or something when the "LoC" is introduced. I'll keep focusing in on what you are sharing & sincerely appreciate you help.
LoC → Line of Credit. How do you SAVE by taking out a line of credit w/ a higher interest rate? Mortgages, for instance, have the interest FRONT-LOADED. That means you pay a shitload of interest and very little principle at the beginning. GET THAT PRINCIPLE DOWN...FAST! You get that principle down fast by using ALL of that LoC to pay a CHUNK of money towards a money problem (like a mortgage). You just knocked off a LARGE CHUNK of that principle in one payment. Lower principle = much lower future interest payments which is were we get our asses kicked.
Credit cards are LoC’s - this lady is a deceiver. Pay more against your debt and they’ll be paid off sooner. There are smoke and mirrors here, but no magic.
@@RobertDinTulsathe line of credit serves no purpose other than opening the opportunity to lose money to interest on another loan. Maying more against your principle works. Interest is not “front loaded”; the more you owe, the greater that interest. If you pay a “chuck” with another loan (LoC) at a higher interest rate, it will cost you more- unless you pay that off quickly (but you could have just paid the original loan down more quickly with the same money). Do the math that she leaves out.
@@RobertDinTulsa Do you have more than 30 years left before retirement? If you want to have more money in 30 years, then invest in a US total stock market index fund, and buy and hold it, with every penny you can get your hands on. It returns an average of 10% annually. Look it up. The US stock market, on average, over 25 years, is practically guaranteed to return 10% APR. And gaining 10% annually on any investment is better than paying off any debt in the US. I can demonstrate that borrowing $10k at a terrible interest rate and using it to buy and hold the index fund is much, much better than paying off any LOC or mortgage or credit card, over that 30 year mortgage term. Paying off mortgage debt is a financial mistake. Having less debt makes people feel better. But it costs people a lot of $ in the end. Do the math.
This method turns debts that could be making you money, into debts that cost you money. It's like selling a stock investment because the price is low, without consideration to whether or not it could or will go back up. It literally locks in losses, financially. Just like selling a stock because the price is low, whereas waiting until the price is higher can feel stressful, but earn you a lot of money.
Christy! I did it! I just have to figure out how many months it will take. On one card I owe $1200 on at a rate of 29% I completely eliminated the %! It was like a month or two but, by putting my bills on the card it stopped the charges! I even had a cash advance fee ammt. Next I am working on my bigger Ballance after the small card is paid off. Or I might split the bills like you showed. The other card is 6,000 at 29% so I will prob make a huge pot with the smaller card once it’s paid off and then put all bills on the large one. (And make my normal cow size pmt lol) hope it’s paid off in a year or so. 😂❤
Thank you for these videos! I’ve seen a few and started to follow your information and looks like I’ll be paying off 2 cards in record time. My question is what to do once debts are paid and where to properly invest extra money. I hear IUL’s and Roth IRA are where to build wealth for the future.
Please look into investing any extra $ into a US total stock market index fund, if you have at least 25 years remaining before retirement. It's practically guaranteed to yield a 10% APR, over any 25 year period. Look it up. You can use the IRA account to buy the index fund. I'm not familiar with the IUL, but I've never found any insurance product that does not cause the investor to lose money or make less money, in the end. Never.
I will continue to mention the same thing, I am in so much debt that no financial institution will give me a line of credit, the only way to get out of debt is to have another source of income and be able to pay off those credit cards. A bank employee told me to do what you are teaching yet I don't have a card with $20,000 limit, so what do I do???
I'd say they have a much bigger problem to deal with like how do you end up with that much credit card debt? If they don't learn how to curtail spending they'll always just be chasing their tail.
Hi Christy, we just found you a few weeks ago and I'm so excited and ready to get started and have filled out your worksheet. I'm wondering when your calendar will be back up so I can send it to you? I'm 75 and my husband 77 and he is still working so that we have a retirement fund, that seemed impossible until we started listening to you! Bless you and thank you!
Hello, and thanks for all you do. You have educated and helped me. My question is though, I am not eligible for a line of credit, but doing my best to get out of debt. May you please do another example of how to get out of credit debt with very low income. The best way to approach it ... thanks.
Start with a restricted credit card, citi bank has them. You send any amount of money and that’s your limit. After a few months of paying it they turn it into a full credit card and send your money back.
@@astikennel yeah my credit was horrible last year, like 400 something and i owed money. Got one of those cards and paid off my debt, don’t owe anyone anything now and got a good credit score.
Can you please explain why you pay down the LOC with the full cashflow and then (immediately?) pull back out the money for your expenses. I am sure there is a logical reason, however, I can't find the explaination anywhere.
watch another of her videos. z they’re very short and she mentions it all the time. Basically putting the $ back into the LOC makes the “payment” on it. Then just pull the $ out as needed to pay the regular bills.
I started using velocity banking on my channel and next week will do a month but the changes so far are amazing on my credit, and how much I’ve paid off so far!! My main goal is to be debt free and save to buy a house. But what is the right way to buy house?
Hi! I’m a new viewer and subscriber. I have a question about HELOC. One lender told me it is a form of second mortgage as collateral against my property. Would this work with velocity banking concept if I needed to pay down credit card debt? My lender said their HELOC program allows for checkbook banking, which I imagine could satisfy the debt tool and bill pay component of velocity banking. Am I on the right track with this? Thanks so much! I love your channel!
I get paid once a month. I'm used to paying all my bills when I get paid. So when I put all my extra $ on my credit card, I proceeded to pay all my bills immediately, like usual. WRONG. Card company charges interest on daily balance. So, I put all my monthly bills, utilities, internet, cable, etc, on autopay where they charge my card On The Due Date. That saves you interest. I paid my water bill on the 3rd but it wasn't due until the 24th, so I ended up paying interest for 21 days, that I didn't have to pay. Hope this helps
Make sure that you aren't paying your utilities early. Pay them on the due date. Or better yet, set up auto pay and let them pull your payment on the due date. No late fees if you forget.
If your goal is to have more money, to have a better financial position, then making minimum payments on your mortgage will be a smarter option than anything in this video. You then use that extra $ to buy US total stock market index funds, and hold them. It's not complicated. And it makes a HUGE difference. Do. The. Math. Get your monthly payments on your mortgage as low as you can possibly get them, for as long as you can possibly get them, and use the excess $, AS SOON AS POSSIBLE, to invest in the index fund.
I just started watching some of your videos and I am seriously thinking about implementing your plan. Although I am a little bit nervous about doing so , I thought i would try it for at least a month beginning in January to see how things go. I am not as bad off as some your clients. I only have one credit card with a balance of over 6,000 dollars. My minimum payments are 209. 00 a month. the 209.00 a month is stressing me out because I work in a convienance store which doesn"t pay much and I have a monthly car payment of 300.00 per month. So basically I am living paycheck to paycheck. My goal is to pay down my credit card down quickly and than after i pay the credit card off , I would put extra money towards my car payement ,
QUESTION ..Christy how do u keep a separetae c. Card or checking account for business expences and put all ur income ...minus mortgage...onto a card? I have a small etsy shop with its expenses.. how do u keep them both would u kindly do a video with someone having a business too? Since for now the personal money is starting up the business...and want separted for tax reasons love ya! Thx!
So they're taking their existing cash flow and just applying it to their balance in this example. Why do other examples that have positive cash flow get a line of credit and pay into that rather than just taking their cash flow and paying the debt?
Thank you so much for what you do. My husband and I want to start this process, we are currently doing debt consultation and have realized we will be in debt forever. We want to do the velocity banking method through my husband's 401k, any advise on how that process for this will be? We can't find any videos with using 401k. Please advise if possible, can't wait to hear what you have to say.
So, if I have $6000 in credit card debit, $6000 in income, and $6000 in a PLoc. If I throw the credit card debit in the ploc and pay the $6000 in income, it brings me to a 0 balance, but how do I pay my monthly bills the next month, if I used all my income to get the 0 balance?
We are going to let our money work for us! Watching your videos have opened my eyes and to think differently about our finances. You are a blessing and I believe God brought your videos to me. I claim "Poor No More in 2024!"
@OLSkoolRnB SO HAPPY FOR YOU!!! God is SO Good!
I’m so happy you 8:01 8:01 is
"Let your money serve YOU!" "Poor NO MORE in 2024!!" Cristy Vann, you are A W E S O M E !!!!! You make this make SENSE! Thank you SO SO MUCH for your gift! Happy New Year!
She's wrong. She's wasting money. Buy and hold a broad collection of US S&P 500 company shares, or buy into an index fund...and you earn about 10% annually, over 25+ years. It's literally ten time better. That means, for every dollar that you spend on your mortgage, you would make $10, if you bought US stocks and held them, long term. I don't work for a bank. I don't have a college education. But I'm well on my way to retiring a multi-millionaire.
@@agnosticmoron6711wait, what? When did she say not to invest?
@@rwj-kthxbye I didn't claim that she said not to invest. But she is giving advice on how to pay off debt, instead of advice on how to invest. And my point is that if your goal is to have more money, then my advice is better. If your goal is to have less money, her advice is better. Your call.
Paying off debt is a financial mistake.
Yessss 🙌🏽
@@princessportt No. Please do the math. If you want to have as much money as you possibly can, 30 years from today, then paying off your mortgage early, guarantees that you will have LESS money. Doing what she describes in the video will cost you hundreds of thousands of dollars in lost investment gains, at the minimum. It could cost you millions, depending on your current age and how much you can invest.
got a PLOC from my CU in the last couple days. Christy you've literally changed my life. no reason i can't be completely debt free within 2-3 years. i was just using my money wrong.
Winning!
Mortgage paid off by mid-2024 - HELOC paid in full by the end of 2024!
Mrs. Vann when I sat down and looked at my credit card statements and so how much I was paying in interest I wanted to cry. Watching your videos has opened my eyes. Thank you! 15:05
I agree I had Financial anxiety because of this but now I want to know what’s going on with my money. I feel more in control than not knowing. The problem is learning how to control your finances so that you don’t feel anxiety. 2024 here we come.
Found you in August, after several videos started in September. You saved me around $750 per month cash flow, all interest saved with a 0% balance transfer, and my credit score jumped 4+ points! Seriously, God bless You Vann❤🎉 2024
I almost kracked a rib laughing when she said, "you're 61 years old and you're not going to retire for another 325 years!" That was the money-line...
Been there, done that...credit cards are a poisonous trap.
I feel so bad for those elderly people that are closed minded and do not want to try and change their financial habit. I tried with a friend and she blew the VB altogether. Don't know how she blew it. It makes me sad. I wanted her to be debt free.
Thank you for teaching us the smart way to crush debt. GOD Almighty wants us to be debt free. ❤
Just encourage watching more videos - it took me 6 to have my brain click LOL We all have been taught in schools that same way, that's why its hard to break that thought pattern but once it happens its such a stress reliever! Budgeting is a must I will agree, but its easy enough to get that inline once we see our progress.
@@astikennel - I was given an impression she won't watch the VB videos because it is against her upbringing. I will lead by example as I share my debt freedom testimony.
Thank you for the encouragement. I do not want people struggling financially. ❤️
"Freedom from debt" is English for "slavery to bad financial advice". Do the math. Open two web pages, one that calculates interest on a loan or debt, and one that calculates profit on an investment. Then use the debt page to calculate the result of borrowing $10,000 at 30%, today, and paying it off over 30 years. Then, on the investment page, calculate the result of investing the borrowed $10,000, at just an 8% APR return, for 30 years. Borrowing money at a horrible interest rate, and using it to buy and hold a US stock market index fund for 30 years will earn you tens of thousands of dollars more money than the horrible loan ever costs you. (And so, obviously, if you can get a better loan rate, then you would just get to keep even more $ from your investment.)
She was raised with wrong information and can't see pass past experiences. My fiance is the same way. I don't push him. He's in his mid60s an never learned to use CCs. He is stick in cash only mindset.
@@casseophealejarde-khaizen
Thank you for making these videos!! I didn’t know this was called velocity banking! About 20 years ago I used this method to get out of over $71,000 of credit card debt in a little over 5 years! AND I DIDNT EVEN STAY FOCUSED! ( unforeseen expenses DID come up) Now, I have very little debt and I’m using points on a credit card to pay for my daughters college education!! It amazing what you can do if you understand the WHAT and HOW!! God Bless you! And thank you again!!
This woman is a genius. I’m starting to
Manage my finances and credit better - she has helpful tips and accelerators to get the job done
God showed me the path to financial wisdom. Thank you for sharing ur knowledge.
I started doing this about a year ago. My husband wanted everything charged on the credit card and then paid with checking. I balked at it but as I understand if your credit card info is stolen you are only liable for $50. If your debit card info gets out they can drain your bank account.
Thanks for the advice! I'm gonna drain my savings and pay off my LOC. There really is no point of saving if you're paying interest on debt. ❤
Noooooo! Please don't pay off any debt! Please, for your own good, don't throw money away. Do the math! Or give me the numbers, and your age, and I will DEMONSTRATE how paying off debt will CAUSE YOU TO LOSE HUNDREDS OF THOUSANDS OF DOLLARS in investment gains.
The point of velocity banking is to pay off bad debt, with better debt. While maintaining savings, and optimizing your cash flow. Saving thousands in interest.
@@joehenry9546 but paying off a lower interest debt with a higher interest loan sounds like exactly the opposite. And if you go look around, you can find videos that do the math correctly, which shows it doesn't work.
@@joehenry9546 do you want to have more money in 30 years, or less money in 30 years? Because paying off debts now will cause you to have less money in 30 years. But investing that money, instead of wasting it by giving it to your lenders, results in MORE profit, more gain, more money for you
Believe it or not, when I was talking to a bank employee she suggested that since the credit card from them gets cash back, to charge everything to the card and then make just one payment to the card, which is exactly what you teach.
Hallelujah Thank you my dear blessed Lady! May the Lord protect and shine on you for being a giver. Happy New Year 2024!
Christy I have been with you for months now, velocity banking is a game changer! I am rolling into being debt free soon! Thank you again!🙏🙏🎄
Thanks to your videos, and applying this strategy, I'm going to be debt free January 1,2024!! Thank you Christy!!!
What your doing is incredibly valuable. We can't assume people know what they don't know.what you font know can and will hurt you in most situations in life. learn the truth and teach others is what it's all about. Blessings.
This may be my new favorite channel, thank you for making 2024 look bright
Thanks for watching!
Well i'm going into 2024 with the bulk of my bills at 0.0% and I have a PLOC. Very excited of what's to come.
Christy, You are a blessing and I am so thankful I ran across you and your teachings. God Bless you and Thank you for all you do.
Thank you lord for helping us with our finances I'm so greatful for the real life angel blessings this cool lady shares .Brilliant! I'm so greatful and glad I seen this before "consolidating"
Yeah this was so obvious to me. The moment my card charged me interest, i paid it all off in one go and went to use another card that didnt charge me.
Christy is on 🔥! Love it.
Christy could you do a video on how to teach our young adults what to do before they get their first car loan or credit card? I have 4, 2 with student loans.
When i saw the long figures I knew it was gonna be someone who actually would help me. I watched 1 video over and over until i got it. Thank you.
Thank you. I’ve been binge watching your videos for the past few days. Just picked my jaw up off the floor. When putting my money in the bank, then looking at the interest it was paying, something in my gut was telling me this can’t be right. I have a blazing inferno in CCs on one hand, and a bucket full of water filing with dripping water in the bank. Bless you for telling us, without baiting us to sign up for a program. Bless you 🙏
This woman is amazing.
I know I keep saying it, but as I watch your videos I get more and more encouraged!!!!! You are an answer to prayer. Thank you. May the Lord bless you and your ministry!!!! Yes, what you do is a wonderful ministry to us all!!!!
You’re precious @ruths ❤️
You’re VANNtastic! Thank you so much for what you do. I love your passion in this video. My wife and I are going to make positive changes because of you.
Thanks for the pep talk Coach!
These teachings are very helpful in getting started and keeping motivated 👏🏈
I want to win financially!!!
Thank you for such a valuable information. My husband is 66 and I am 58 and we have been paying on our mortgage for 26 years. My stomach just sank. And then I watched this email about credit card debt. We have recently incurred credit card debt due to health issuesand I was wondering what to do about all of that. You were an answer to our prayer prayers
We're not mad at you... We were there!!! All true.. love these videos!
These are great except in most cases today you can’t pay a credit card with a credit card so you can’t put your whole income in to the first cc payment. This is great if you only have one cc
Thank you very much for this information and for how kindly and easily you communicate it !
Thank you so much for making these videos. I'm looking forward to applying your tips into my financial future. It's a shame that so many people are sheep and just do as their parents did and don't challenge the rules as adults
I just wanted to see THANK YOU! My wife and I have instituted using our HELOC to begin paying off our debt. We have a long way to go, but I feel much better now thanks to you. Have a fantastic and blessed 2024!!
First month and going well and strong.
Just finnally am understanding how and why this works. Thank you
You're like Jesus coming to preach finance. I'm glad I found you!
This is the hardest thing for me to explain to couples that I help with their finances.
So many people have heard save save save all their lives yet they don't see how much they are losing.
Even taking that savings and paying on that highest interest cc would also result in over 100.00 a month in extra cash flow.
Great video as always.
No. They're just not investing their savings in the correct asset, which should be a US total stock market index fund, which has historically returned 10%, over any 25 year period, forever.
I so love this video Christy. You are a God send and an Angel.
BEST Christmas present ever!!!! Thanks Christy, going into 2024 with a new attitude toward MY money!!! Much gratitude!
We need help with this. We have a mortgage of $275,000 at 7.5%, a HELOC of $50,000 7.5%, and truck loan of $15,000 ($479/mo)….and we’re paycheck to paycheck, no extra at end of month. How do we pull out of this?! Get a 0% credit card? I don’t understand…. :(
@Jesus-kt5dc thanks for your response but the HELOC already has a $50,000 balance. :( Wasn’t sure if I got a 0% credit card if I could move around funds at all or if there was any way at all to pay off principal faster on any of these loans by manipulating what I’m paying and when/using other avenues etc?
I wish I knew all about this way before! THANK YOU for the priceless information
Christy you are a God send thank you!
Thank you so much what a blessing to find this information I tell everyone about your videos, I’m currently waiting on my HELOC I don’t have a lot of bills but I now know how to finish renovating my home❤❤❤❤❤❤❤❤❤
You are very loving. ❤ Thank you for these videos.
What a champ!!!
Cristy, You are such an inspiration!!! I've learned so much from you!! Thank you!!
We love vann
Wow Mrs Vann, I have no words how to said “un millón de gracias por la información ” from the button of my ❤️
One of the simplest ways to save interest is to pay your credit card early. Even two weeks early will drive down the amount of interest you're paying. Ideally, pay it the day after the closing date.
Thank you Christy Vann you’ve taught me a priceless lesson.
Amazing content this channel will blow up!! Awesome value
Dear VANNtastic,
You are doing a wonderful job. David Kiyosaki in his book, 'Rich Dad, Poor Dad,' talks about not buying your residential home, but buying a rental property first. I would love it if you could do a review of 'Rich Dad, Poor Dad,' for your VANNtastic podcast.
THANK YOU SOOOOOOOOO VERY MUCH FOR TEACHING THIS!!!!!!
I needed to hear what I always knew again. Thank you maam😊😊😊
You are awesome!
You’re dumbing us up!Thank you and God bless you!
It is working for me too
Awesome Educational Content, Happy New Year Van And Remain Awesome.
God Bless You, Christy!
I'm fairly new to your channel & have never heard about "LoC" before. I can't say I totally understand the concept yet. I see the results you discus, I must just glitch-out or something when the "LoC" is introduced. I'll keep focusing in on what you are sharing & sincerely appreciate you help.
LoC → Line of Credit.
How do you SAVE by taking out a line of credit w/ a higher interest rate?
Mortgages, for instance, have the interest FRONT-LOADED. That means you pay a shitload of interest and very little principle at the beginning. GET THAT PRINCIPLE DOWN...FAST!
You get that principle down fast by using ALL of that LoC to pay a CHUNK of money towards a money problem (like a mortgage). You just knocked off a LARGE CHUNK of that principle in one payment. Lower principle = much lower future interest payments which is were we get our asses kicked.
Credit cards are LoC’s - this lady is a deceiver. Pay more against your debt and they’ll be paid off sooner. There are smoke and mirrors here, but no magic.
@@RobertDinTulsathe line of credit serves no purpose other than opening the opportunity to lose money to interest on another loan. Maying more against your principle works. Interest is not “front loaded”; the more you owe, the greater that interest. If you pay a “chuck” with another loan (LoC) at a higher interest rate, it will cost you more- unless you pay that off quickly (but you could have just paid the original loan down more quickly with the same money).
Do the math that she leaves out.
@@AdamAnthonyAdventures Thank your for your valued opinion.
@@RobertDinTulsa Do you have more than 30 years left before retirement? If you want to have more money in 30 years, then invest in a US total stock market index fund, and buy and hold it, with every penny you can get your hands on. It returns an average of 10% annually. Look it up. The US stock market, on average, over 25 years, is practically guaranteed to return 10% APR. And gaining 10% annually on any investment is better than paying off any debt in the US. I can demonstrate that borrowing $10k at a terrible interest rate and using it to buy and hold the index fund is much, much better than paying off any LOC or mortgage or credit card, over that 30 year mortgage term. Paying off mortgage debt is a financial mistake. Having less debt makes people feel better. But it costs people a lot of $ in the end. Do the math.
Thank you Christy! Velocity banking is my New Years resolution for myself! Goodbye Citicard!! 😊
Awesome! Love your information and honesty
"Nowhere to hide, when it's raining inside"......stress. Get debt free and back into the sunshine!
This method turns debts that could be making you money, into debts that cost you money. It's like selling a stock investment because the price is low, without consideration to whether or not it could or will go back up. It literally locks in losses, financially. Just like selling a stock because the price is low, whereas waiting until the price is higher can feel stressful, but earn you a lot of money.
2nd video I watched and I LIKE YOU !!!
Thank you so much
Christy! I did it! I just have to figure out how many months it will take. On one card I owe $1200 on at a rate of 29% I completely eliminated the %! It was like a month or two but, by putting my bills on the card it stopped the charges! I even had a cash advance fee ammt. Next I am working on my bigger Ballance after the small card is paid off. Or I might split the bills like you showed. The other card is 6,000 at 29% so I will prob make a huge pot with the smaller card once it’s paid off and then put all bills on the large one. (And make my normal cow size pmt lol) hope it’s paid off in a year or so. 😂❤
Thanks Cristy 🙏!
Proverbs 22-7 The Rich (lenders) own the poor (borrowers,) don't be a slave to the Rich.
Thank you for these videos! I’ve seen a few and started to follow your information and looks like I’ll be paying off 2 cards in record time. My question is what to do once debts are paid and where to properly invest extra money. I hear IUL’s and Roth IRA are where to build wealth for the future.
Please look into investing any extra $ into a US total stock market index fund, if you have at least 25 years remaining before retirement. It's practically guaranteed to yield a 10% APR, over any 25 year period. Look it up. You can use the IRA account to buy the index fund. I'm not familiar with the IUL, but I've never found any insurance product that does not cause the investor to lose money or make less money, in the end. Never.
Can you show more where people don't have savings and HELOC'S. I have a HELOC, BUT IT'S MAXED OUT!
I will continue to mention the same thing, I am in so much debt that no financial institution will give me a line of credit, the only way to get out of debt is to have another source of income and be able to pay off those credit cards. A bank employee told me to do what you are teaching yet I don't have a card with $20,000 limit, so what do I do???
I'd say they have a much bigger problem to deal with like how do you end up with that much credit card debt? If they don't learn how to curtail spending they'll always just be chasing their tail.
Hi Christy, we just found you a few weeks ago and I'm so excited and ready to get started and have filled out your worksheet. I'm wondering when your calendar will be back up so I can send it to you? I'm 75 and my husband 77 and he is still working so that we have a retirement fund, that seemed impossible until we started listening to you! Bless you and thank you!
After January 1st! Thanks for watching! @user-wf9vv6ug1p
Hello, and thanks for all you do. You have educated and helped me. My question is though, I am not eligible for a line of credit, but doing my best to get out of debt. May you please do another example of how to get out of credit debt with very low income. The best way to approach it ... thanks.
Start with a restricted credit card, citi bank has them. You send any amount of money and that’s your limit. After a few months of paying it they turn it into a full credit card and send your money back.
@@BasedGodGotenks A secured card is pretty easy to get and certainly can work well
@@glycyldi Nothing here is a gimmick sorry to disillusion you, its just making OUR money work for US instead of the banking system - its JUST MATH
@@astikennel yeah my credit was horrible last year, like 400 something and i owed money. Got one of those cards and paid off my debt, don’t owe anyone anything now and got a good credit score.
@@BasedGodGotenks Well Done!!
If my bank will not let me deposit my income into the HELOC, I guess look some where else?
Can you please explain why you pay down the LOC with the full cashflow and then (immediately?) pull back out the money for your expenses. I am sure there is a logical reason, however, I can't find the explaination anywhere.
watch another of her videos. z they’re very short and she mentions it all the time. Basically putting the $ back into the LOC makes the “payment” on it. Then just pull the $ out as needed to pay the regular bills.
I started using velocity banking on my channel and next week will do a month but the changes so far are amazing on my credit, and how much I’ve paid off so far!! My main goal is to be debt free and save to buy a house. But what is the right way to buy house?
Can you take a buch money to the bank and tell them you want it to go to principle only? will they let you do that? I hope.
I'm so unsmart could you please do a video step by step starting with walking in the bank. What do I do what do I say when I go there.
Hi! I’m a new viewer and subscriber. I have a question about HELOC. One lender told me it is a form of second mortgage as collateral against my property. Would this work with velocity banking concept if I needed to pay down credit card debt? My lender said their HELOC program allows for checkbook banking, which I imagine could satisfy the debt tool and bill pay component of velocity banking. Am I on the right track with this? Thanks so much! I love your channel!
I call credit cards evil and it is legal loansharking....
I was paying my bills with CC what i did wrong was fail to deposit my income to cards, just made bigger payments.😢
Hi I have always been told to pay a extra payment by the end of the year .That wood cut along of years off your mortgage
WHAT DO YOU THINK?
I started your program a few months ago and am still not able to get out of the hole. You strategy makes sense I must be doing something wrong.
I get paid once a month. I'm used to paying all my bills when I get paid. So when I put all my extra $ on my credit card, I proceeded to pay all my bills immediately, like usual. WRONG. Card company charges interest on daily balance. So, I put all my monthly bills, utilities, internet, cable, etc, on autopay where they charge my card On The Due Date. That saves you interest. I paid my water bill on the 3rd but it wasn't due until the 24th, so I ended up paying interest for 21 days, that I didn't have to pay. Hope this helps
I don’t qualify for an LOC and I have been putting money on my credit card but I end up using up to my limit to pay everything.
Make sure that you aren't paying your utilities early. Pay them on the due date. Or better yet, set up auto pay and let them pull your payment on the due date. No late fees if you forget.
If your goal is to have more money, to have a better financial position, then making minimum payments on your mortgage will be a smarter option than anything in this video. You then use that extra $ to buy US total stock market index funds, and hold them. It's not complicated. And it makes a HUGE difference. Do. The. Math. Get your monthly payments on your mortgage as low as you can possibly get them, for as long as you can possibly get them, and use the excess $, AS SOON AS POSSIBLE, to invest in the index fund.
Thank You Very Much.
I just started watching some of your videos and I am seriously thinking about implementing your plan. Although I am a little bit nervous about doing so , I thought i would try it for at least a month beginning in January to see how things go. I am not as bad off as some your clients. I only have one credit card with a balance of over 6,000 dollars. My minimum payments are 209. 00 a month. the 209.00 a month is stressing me out because I work in a convienance store which doesn"t pay much and I have a monthly car payment of 300.00 per month. So basically I am living paycheck to paycheck. My goal is to pay down my credit card down quickly and than after i pay the credit card off , I would put extra money towards my car payement ,
QUESTION ..Christy how do u keep a separetae c. Card or checking account for business expences and put all ur income ...minus mortgage...onto a card? I have a small etsy shop with its expenses.. how do u keep them both would u kindly do a video with someone having a business too? Since for now the personal money is starting up the business...and want separted for tax reasons love ya! Thx!
I would like to know this as well.
:"WE": appreciate you!
So they're taking their existing cash flow and just applying it to their balance in this example. Why do other examples that have positive cash flow get a line of credit and pay into that rather than just taking their cash flow and paying the debt?
I paid off 2 credit cards this month using this method 1.5k and 2.1k, I put all my extra cash on the cards
Thank you so much for what you do. My husband and I want to start this process, we are currently doing debt consultation and have realized we will be in debt forever. We want to do the velocity banking method through my husband's 401k, any advise on how that process for this will be? We can't find any videos with using 401k. Please advise if possible, can't wait to hear what you have to say.
How can I reduce my interest payments on my car??? I just refinanced, and still paying 17% interest 😮
So, if I have $6000 in credit card debit, $6000 in income, and $6000 in a PLoc. If I throw the credit card debit in the ploc and pay the $6000 in income, it brings me to a 0 balance, but how do I pay my monthly bills the next month, if I used all my income to get the 0 balance?
You my #1 content creator. I put a ring on your finger. If you need anything done in this world war or peace. From NYC. With love...