Let’s Fight Interest Like It’s A Thief!
ฝัง
- เผยแพร่เมื่อ 8 ก.พ. 2024
- 📝Download My FREE VANNtastic Finances Worksheet: vanntasticfinances.com/resources
📞Book Me For 1-1 Coaching: calendly.com/vanncwi
💻Website: vanntasticfinances.com
📧 Contact Me: vanntasticfinances.com/contact
👕Shop From My #VANNtastic! Online Store: vanntastic.myshopify.com/
Join my PRIVATE FACEBOOK GROUP here👉 m. groups/2517512...
🏦 INFINITE BANKING CONCEPT
moneyschoolrei.com/christy
GET HEALTHY! While Losing Unwanted Pounds- OPTAVIA!
Go Here coach.optavia.com/120001158182
FETCH! Come save money with me! Sign up w/ code 1EQG55 & get 100 pts:
referral.fetch.com/vvv3/ref
AGELESS INSTANTLY! Eye Bags BE GONE! Go Here 👉 instantlyageless.com/ref/967/
Christy Vann and its affiliates do not provide financial, tax, licensing, legal or accounting advice; the information presented on this web site/TH-cam channel are presented for information/educational purposes only, and following the advice in this video is the responsibility of the viewer and not the video creator. By participating in this TH-cam page, you agree to comply with the following guidelines. In any case, the information provided is “as is” with all faults and without warranty of any kind, expressed or implied. In no event shall Christy Vann, or any affiliate organization be liable for any damages, lost profits, or lost data even if we have been informed of the possibility thereof. Linked Items may create a financial benefit for Christy Vann. Christy Vann is an affiliate of Unstung Marketing LLC and may receive compensation for referring you to their services.
![[UNCUT] รัฐสั่งหยุดปล่อยคลื่น! แต่หยุดพลังปะทุ “น้องหญิง” ไม่ได้ I คนดังนั่งเคลียร์](http://i.ytimg.com/vi/RmQh47eIiV0/mqdefault.jpg)
I just laugh at people in the comments to your videos; “but you didn’t calculate interest…but you didn’t do this right or that other thing…blah, blah, blah” C’mon people, you need to see beyond your blinders. Just take a calculator and figure it out the specifics to your particular situation. This woman is just showing us what options we have to get out out of the debt hole. Use your heads and stop whining! 😤
@@user-qz2mr1bq2y
Then YOU do a video to "prove her wrong"!!!
@@user-qz2mr1bq2y
I asked at a bank about loans being "amortized" and they told me IT'S TRUE!! I was looking for a personal line of credit and we got one at a different bank because ours just offers "loans"!!
I remember seeing that big paper the bank gave my parents when they bought their house in the 90s!! Yes, it was amortized, and to this day my sister is still paying it down, though my mom and dad are gone!! The interest these banks charge is highway robbery, and it's INSANE!!
Good one!
@Eileen-to1gu It’s $169 now, but I get what you mean. Keep watching… the concept will clear up for you. God bless you on your journey.
@@user-qz2mr1bq2yYou're absolutely correct.
I’ve done her method with every car I’ve ever bought since the 1994. And Christy is spot on . I just made my last payment on my current vehicle by setting up monthly auto payments in the beginning and was adding 1/3 a car payment extra each month from date of concept. my current monthly statement showed my due date as March of 2025. This stuff works. I’m here because of her methods for tackling credit cards… never say you can’t teach an old dog new tricks because Christy has taught this grandma that I can take control of how much I pay the CC companies… by using velocity banking. Thank you Christy you’re an angel for putting this info out to us & offering further services. I’m so glad I found your channel!
@Bridget8782 Thank you so much for your kind words!
For the uninitiated, she accomplishes this with a personal line of credit. The idea is that you use the line to make the chunk payment and pay all your monthly expenses. Then, you put your entire income into the line each month. Use the line each month to pay expenses, repeat and put your income in. Keep paying it down enough until you can put another chunk payment onto the mortgage. This is how you get ahead. :)
Can this be done with a credit card?
@@momster05Not really because the interest on a regular credit card is too high. A credit card is usually used in conjunction with a line of credit for this strategy, however. Paycheck goes fully in line of credit, regular purchases go on credit card, line of credit makes payments on credit card.
You saved my life with this comment lol needed that extra but of clarification, you’re a legend
My mouth just dropped! 😮
Makes so much sense 😅 when you change the way you think about debt payments.
Exactly ! 😅
It makes sense because it works. I have been doing it for three years.
So grateful for the breakdown! This allowed me to share with others who aren't "getting it" - keep teaching so more of us get out of debt!!
😮 ok now i just feel stupid because i did not figure this out before you explained it.
I think showing an actual schedule and showing us what skipping is would be helpful.
Thank you for teaching velocity banking to me... I have been paying my loans wrong
Not to mention u can knock out the pmi off your payment as well once you lower your mortgage balance
Great point!
@@ReynaDPerez I try my best 😂…❤️❤️
Didn't think about that, but you're right. You increase your cash flow, by default lowering the ADB. Have a great day.
@@Jesus-kt5dc rock on
@@Jesus-kt5dc anything helps
still need more info on the "skips amortization schedule", and involving a HELOC too would be nice. Thank you!
Thanks Christy it makes so much sense
Makes very good sense!!😊
Well we went online and it looked like making extra 1500$ principal payments would pay off our mortgage in 10 years. We calculated it compared to making 2 10,000$ payments per year and it wasn’t much difference. Saved maybe an extra couple of grand in interest doing it the way you show compared to how we would do it. I guess I don’t understand how it would save us if we use a line of credit because right there would be the extra interest we would be paying. I want to do this the best way possible. We have only lived in our home 2 years 2 months and still owe $295k, but our interest rate was 3.375%. Also our bank’s personal loan is no longer a revolving line of credit. It’s one lump sum deposited into our savings.
Your interest rate is not 3.375 Go find your documents and look for the TIP - Total Interest Percentage Please be sitting before reading this LOL
Amazing Educational Content
They don't even use their own money, it's our own money.
Talk about insult to injury! Criminal
What you mean use your own money? Are you asserting that you have $300,000 in your saving and refuse to pay cash? Most ppl use mortgages or loan to not touch their cash- but there is interest fee to do this . If you have $300,000, place it a high interest CD, borrow or pledge CD, the interest you pay will be offset by a pct of interest you receive on CD. So banks do not have money- they loan out other ppls money from you and me.
If you are paying anyone interest, you are using their money.
Hey Christy, I'm trying to do this with CC. I can't get a Heloc or Ploc. Cards are almost maxed out. HELP!!!
Check out her previous videos she gives soome great advice and shows u how to use a card to pay off your debt.
@@juniormorrison2422 I’ve watched a lot of her videos and I get what she’s saying. But I need like my situation broken down to see how it will play out. I’ve started but feel like it isn’t working out
Thanks Christy.
She so good! Im in love.❤
Christy, once all the debt is paid off, where should we put all the extra cash flow?
Retirement account or real estate. Just my opinion.
Isn't that a wonderful question to be able to ask? Wow if like most people going from living paycheck to paycheck to wondering what to do with left over money. ❤❤❤
Assets.
@starrgurl6603 Great question! I use Infinite Banking policies to gain wealth. You can also use the technology platform and gain more properties. There are several options. But definitely keep your money working. Lazy Cash doesn’t do anything for you.
Thank you!❤
I’ve been researching making lump sum payments on your mortgage and it looks like some banks will let you do a recast which will lower your mortgage payment after a lump sum.
@Dystopiancircus and what would be the point in that? What fees would you assume by doing a recast? Why not just put the loan into a line of credit and do your chunk into the line without paying any recast fees?
@@VanntasticFinances you have a point.
It’s a $250 fee each time you put down 10k to recast.
Thanks🔥
Mind Blowing Content, Christy $300,000.00 - $6,000.00 = $294,000.00 .....There's away... Thank you
Thank you for your work!!
I have a question, does it matter if you have the mortgage for 3 years??? I am working on getting a HELOC my credit score went up 46 points in 4 months, I was using my overdraft to pay down my truck loan so I’m getting the hang of it…Thanks to all the videos it is fun when you start to see a change moving faster….
No. Ideally you want to start as early as possible on the loan/mortgage. So starting in year 3 means you're still attacking the front loaded interest portion of the mortgage. So it's ideal for your scenario if approved for the HELOC. Hope this helps, have a great day.
Thanks I will keep you posted… Have a Blessed Day!
Very interesting wow so would this work the same for a car if you made extra payments? Thank you for all the knowledge you have been sharing.
Yes, any loan product. Specially if the loan is new. Have a great day.
Great information!
Love this example. It's black and white.✅ Thanks🎉 But I still want to know the LOC monthly payment amount.
@barbaracarbo. The monthly payment has been satisfied with income transfer into the line of credit. Your interest is calculated and added at next statement date. Thank you
@@VanntasticFinances I completely understand that. But I would still like to know the monthly payment amount and the interest since we're borrowing from the LOC. We want to know the length of time to pay down the LOC.
@@barbaracarbone4658LOC usually charge you 1-3% of the balance, every month. So a LOC asking for 2% of a 10K balance is 200.00. The line at 11% interest and 10K balance is 91.66 a month. So you're paying 200 a month and charged 91.66 in interest. But don't forget that this is if you carry the balance the whole month, but with velocity banking you're not carrying the balance. Hope this helps, have a great day.
Can you please address where the mortgage interest lowers someone’s tax bracket and offsets total spending? When does it makes sense to have higher interest so you pay $10,000 less in taxes for example?
Will the process work in Canada??
I have looked into the HELOC for a VA loan. I’m not seeing any option for that with a VA loan. Is there something like this that works for a VA loan to help get rid of as much interest as possible ?
A Home Equity Line of Credit is the equity you have in your house, it has nothing to do with your current mortgage holder or type (VA loan)
Hi Christy. Can you link the Carl’s loan amortization website you mentioned? I haven’t had luck finding it. Thank you.
Karl’s Mortgage Calculator is an IPhone App
Hi, I am from Canada. I would like to Kano how can I pay my mortgage faster when my bank only lets me pay 20% of the principal, yearly. I have to renew my mortgage every five year. What can I do to pay my mortgage sooner? Thanks.
i still don't know where you get the $4+ of reduction each month
Can somebody please tell me the actual equations I would need to figure this out on my car loan and my credit card/line of credit? I get the concept I just need to know the equation.😊
❤
I thought if you pay off a chunk of your hoke mortgage it doesn’t reduce the monthly payment it just brings the end date in a little closer. Is that right? Or does paying a chunk lower your monthly payment? Im confused now
Thats right, shortens the end date and more of your monthly payment goes to the principal. The payments stay the same.
what is the total interest and how many months saved overall when making extra $500/month for the first year? You aren't comparing this accurately. The $500 per month extra will ALSO move up the amortization schedule
@@Savannah-ed4rv She is also not showing the interest amount that is charged on the HELOC. One just needs to "run the numbers" on a mortgage calculator to show the savings on the extra $500 /month
At the end of 12 months - paying chunk of $6000 at the beginning: $290,026.34. If paying extra $500 per month: $290,892.98. But the interest paid on the HELOC also needs to be added. I wish she would compare apples to apples
If you look at the video under the second column, she wrote down the interest saved using the $500 month as $54.84. I can tell you from my experience of paying an extra payment a year divided out over 12 payments, the benefit is less. If I go to my amortization schedule and put down a chunk at once it puts me months ahead faster which leads to less interest paid.
How do I start
Hi,Will the new amortization show in my statement after I make that $6K chunk?
Thank you
The payment stays the same. You're probably thinking recasting. Have a great day.
Does anyone know if all He-Locs are on an amortization schedule?. My banks are
Helocs will have a repayment period and it is based on an amortized schedule. The point of using a Heloc is pay off all the debt you can before that 5, 7, 10 years comes up. Before the repayment period you only pay interest on what you borrowed. The whole point of getting a Heloc is to get away from wealth robbing amortized loans. Good luck.
HELOCs/PLOCs are on an average daily balance👍🏻
Should I have gotten an interest only instead of a principal and interest heloc? Hope I didn’t make a mistake!
@@avaraquel I'm sorry, but I do not know the answer to your question : /
I found an amortization schedule calculator and calculated the difference (on a 200k loan at 2.75%) between 10 extra $500 payments and one extra $5000 payment. The difference is around $100.
Both options saved 13 months. Both options saved about 6k in interest.
I think the lesson here is do whatever you can to knock down that mortgage. If velocity banking helps, do it. If making an extra payment helps, do it.
Either way, you win because you gain time and save money.
Your interest rate is not 2.75 Go find your closing documents and look for the TIP - Total Interest Percentage
@@astikennel Dude, I went to school for business finance and I work in the Finance department of a large company. I know EXACTLY what the difference between APY and TIP is and how they correlate.
I also know EXACTLY when Christy is bullshitting people, which she frequently does.
In this video, she is ABSOLUTELY bullshitting people. In her previous video with Chris Naugle, they were pretending that paying down the mortgage in 30k increments via a heloc was better than paying 10k cash per month. It is not. Paying the cash quarterly via a heloc does not differ significantly in time or interest when paid monthly (which was my point above). The mortgage gets the same benefit either way. The customer would pay interest on the heloc, though. So there's no reason to use it in that scenario.
After they put out that video, they got flak, so now she is putting out a very deceptive video telling you that you're going to have VERY different results when you pay it in one chunk with a line vs when you pay it monthly with credit. You're not. Monthly principal payments go toward the amortization just like the chunk does, but she pretended they didn't. She pretended that a 6k chunk will save you thousands in interest over 12 monthly $500 payments. Go use the amortization calculator (just google them, they're free). Other commenters did, and figured out the same thing I did.
Don't trust. Verify.
I don't think your calculating the jumps with the $500 towards principle
I think thats the difference, even in the example, the principal isnt moving down $500. I think velocity banking still works but the example is wrong.
I was told to use zero percent credit cards for twelve months or more and just shuffle through changing out year by year. $10000 At a time.
You aren’t chunking $500 on the principle. The example she is showing is just adding $500 to your current payment which doesn’t all go directly to the principle like the$6000 chunk does.
@mhillman6789 When I make an extra payment, they give me the option to put it directly towards the principle. Small or big amount. That's why I read the amateurization paper. Send to get the exact amount
First. 😂