I was approved for a $500 ploc due to my credit being hit by bankruptcy. However even with a small line of credit, I’ve been able to start paying off debt. Just started in December and paid off a 1300 loan. Now I’ve written out a plan to use it to help pay off my auto loan fast. It won’t be as fast as it would if I had a higher credit limit but it will help tremendously. Just have to be strict and stick with the plan.
Im annihilating my mortgage and car payment with about 3k. I assume its by design we are never explained how interest works and how a 30% CC is a fraction in interest compared to like a 5% mortgage at min monthly. There are people with almost 30% 5 year car loans
Did all my comments not come thru. I'm saying I really appreciate all that you teach us and for as old as I have become, this is an enjoyable lesson to for show family and friends.
I keep asking on your videos can you please do a video of what to do once you have paid off your debt. All your videos end once the debt is paid off but your method shows that we put our income into the LOC and draw our expenses out of that same LOC. so once that is done the LOC will continue to have a running balance. Is this what should be happening? But what if someone doesn’t want to have any debt after? What should they do with their next paycheque? And should they now take their expenses out of a chq accnt? What next?
I hope someone with experience in velocity banking answers your question. I've been wondering that too! I was thinking that once your debt is paid off, of course you can still use your credit card, for example, but then pay the entire balance off at the end of the month. In theory. Just my 2 cents. :)
Using your example, if you took home $4000 a month and only spent $2,800. Why not just pay $1200 dollars a month against your car loan? $1200 x 13 months would pretty much get you there anyway. I’m not completely understanding this.
In theory, you could do that. But the whole point of VB is to kill the interest. Over the course of the traditional car loan, you would be paying 2145.00 in interest. With VB , paying 140.00 interest per month (which you wouldn't because it would be less each month), you would still save 325.00 over the 13 months. Hope that makes sense and helps. Take care.
Christy I’m glad you are doing car loans but I’ve been wondering about LEASING A CAR INSTEAD FOR A CHEAPER PAYMENT and safer car every 2 years trading it in. I drive a lot 15k a year and I’m sick of my 544 payment on a Nissan rogue suv and I’ve seen cheaper payments for leases 350-400. Also sick of car repairs -new tires, brakes, new batteries, 80k brake flush and trans flush and all those expenses plus worrying it will start breaking down because it’s high miles. What do you think about this?? I didn’t see any lease vs buy car videos from you is a lease really dumb? I still owe 23k and I need a safe car with a cheaper payment. Getting a old car I can’t do because they break down all the time and leave me stranded and unsafe on the side of the road.
You absolutely should lease a car if you don't plan on keeping a brand new car for at least 8 years, however, you need to shop around to ensure your monthly lease payment is no more than 1.5% of the price e.g. If price of car is $50,000 the lease payment should be no more than $750 out the door.
I don’t have an opinion on car leases. The miles are so minimal that MOST end up spending thousands more for mileage…So it depends on individual situation.
Am I correct that in this scenario of 7% loan at 46 months, and increasing the interest to 14%, actually equates to 23 month of interest at 7% paid in full in 13 months?
Although you have 300 in savings sitting there doing nothing and not earning you much, in reality, the interest you're being charged on your CC is costing you every month, as well as the monthly CC payment. Look at it this way, say you had to pay your CC interest fee each month out of your savings, how long would your savings last? Just use your savings to pay off the CC and use that newfound money to add to cash flow to work for you. Hope that helps.
bro her window joke, vry tru joke jokes being true make them more funny but she’s right if i just throw out 1000 dollars out there on my damn main street that’s rlly helping people at the same cost of getting a PLOCK 1 or 2 months later like what fr i could do that
I was approved for a $500 ploc due to my credit being hit by bankruptcy. However even with a small line of credit, I’ve been able to start paying off debt. Just started in December and paid off a 1300 loan. Now I’ve written out a plan to use it to help pay off my auto loan fast. It won’t be as fast as it would if I had a higher credit limit but it will help tremendously. Just have to be strict and stick with the plan.
leeeeeeezzzGO!!!!!
Im annihilating my mortgage and car payment with about 3k. I assume its by design we are never explained how interest works and how a 30% CC is a fraction in interest compared to like a 5% mortgage at min monthly. There are people with almost 30% 5 year car loans
I'll be 72 y/o this weekend but still kicking. I have a plan in mind.
Did all my comments not come thru.
I'm saying I really appreciate all that you teach us and for as old as I have become, this is an enjoyable lesson to for show family and friends.
@alla THANK YOU!
Its simply amazing! Watching your videos from Canada.
I keep asking on your videos can you please do a video of what to do once you have paid off your debt. All your videos end once the debt is paid off but your method shows that we put our income into the LOC and draw our expenses out of that same LOC. so once that is done the LOC will continue to have a running balance. Is this what should be happening? But what if someone doesn’t want to have any debt after? What should they do with their next paycheque? And should they now take their expenses out of a chq accnt? What next?
I hope someone with experience in velocity banking answers your question. I've been wondering that too! I was thinking that once your debt is paid off, of course you can still use your credit card, for example, but then pay the entire balance off at the end of the month. In theory. Just my 2 cents. :)
This is a good time to do OMAD intermittent fasting. Save money on food, prescription drugs and have better health.
Blessings mil gracias😊
Thank you. You're an answer to prayer!
Using your example, if you took home $4000 a month and only spent $2,800. Why not just pay $1200 dollars a month against your car loan? $1200 x 13 months would pretty much get you there anyway. I’m not completely understanding this.
In theory, you could do that. But the whole point of VB is to kill the interest. Over the course of the traditional car loan, you would be paying 2145.00 in interest. With VB , paying 140.00 interest per month (which you wouldn't because it would be less each month), you would still save 325.00 over the 13 months. Hope that makes sense and helps. Take care.
20:50
Christy I’m glad you are doing car loans but I’ve been wondering about LEASING A CAR INSTEAD FOR A CHEAPER PAYMENT and safer car every 2 years trading it in. I drive a lot 15k a year and I’m sick of my 544 payment on a Nissan rogue suv and I’ve seen cheaper payments for leases 350-400. Also sick of car repairs -new tires, brakes, new batteries, 80k brake flush and trans flush and all those expenses plus worrying it will start breaking down because it’s high miles. What do you think about this?? I didn’t see any lease vs buy car videos from you is a lease really dumb? I still owe 23k and I need a safe car with a cheaper payment. Getting a old car I can’t do because they break down all the time and leave me stranded and unsafe on the side of the road.
You absolutely should lease a car if you don't plan on keeping a brand new car for at least 8 years, however, you need to shop around to ensure your monthly lease payment is no more than 1.5% of the price e.g. If price of car is $50,000 the lease payment should be no more than $750 out the door.
I don’t have an opinion on car leases. The miles are so minimal that MOST end up spending thousands more for mileage…So it depends on individual situation.
Don’t buy a used Nissan.
Am I correct that in this scenario of 7% loan at 46 months, and increasing the interest to 14%, actually equates to 23 month of interest at 7% paid in full in 13 months?
I reached out to my credit union. They offered me a over draft protection. When i mentioned a peloc. Is that considered the same thing?
Really should have an editor put time stamps on the video. I don't want to sit around waiting for the fluff to get to the important concepts
Wow so impatient
@@truckercowboyed2638it’s OVER AN HOUR LONG.
I AM DISCOURAGED I can’t get a HELOC or LOC Everything is so high . WHATS THE KEY……
Hi.. I have $300 saved..but I own $300 on a cc I want to be sure with your response that to pay the cc instead of leaving the $ on my saving.. 😏🙂
Although you have 300 in savings sitting there doing nothing and not earning you much, in reality, the interest you're being charged on your CC is costing you every month, as well as the monthly CC payment. Look at it this way, say you had to pay your CC interest fee each month out of your savings, how long would your savings last?
Just use your savings to pay off the CC and use that newfound money to add to cash flow to work for you. Hope that helps.
Thank you..thats what I thought too I was waiting for a 2nd opinion before I do that 😊 @@richardhurst8109
Hi, what are good banks that offer personal line of credit. Thank you
Try credit unions
U.S. bank . Credit union will offer better rates and link your checking to your ploc. 😊
What is money max?
Save the most you can....
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It is exhausting.
Really can't afford to buy groceries it's crazy😂😂😂😂😂
bro her window joke, vry tru joke jokes being true make them more funny but she’s right if i just throw out 1000 dollars out there on my damn main street that’s rlly helping people at the same cost of getting a PLOCK 1 or 2 months later like what fr i could do that
❤