Tomorrow (9/25/20) I will send an electronic payment which will zero out my debt weapon, a CC. As far back as 2006 I have carried a balance on this card and as recent as Nov 2018, as high as $20K. THANK YOU, THANK YOU, THANK YOU Denzel for showing me the way !
One point you didn't even bring up about debt snowball, it is almost impossible to put all your cashflow every month on your bills. What if you need cash? Most people will only put say half of that $560 and keep the rest on the checking just in case they need it. Then what happens is it gets spent on whatever. Velocity banking makes it easy to put every last dime on your debt, why because you still have access to the money. Boooom!!!
Good Afternoon: Denzel I happy to now say that I am now a proud member of the community after making my first financial contribution this morning to the community.
AMAZING!!!! Strategies learn a lot of ways velocity banking can help someone plus in the state of new York...great work Denzel you make life much easier..
So if I have 54k student loan debt and I chunk $10,000 and bring it to $44,000, i've pushed out the due date but the remaining balance is still acruing interest. at 6% compounding... although I reduced my first month's interest payment from $270 to $220, what is happening during those 6 months i'm paying down my PLOC? I'm acruing $220 interest each month so when i'm ready to do my next chunk I'm going to have $1320 worth of acrued interest add that on top of the %7 interest on this PLOC it averages out to about the same in interest if not more. No real saving? It almost seems like the debt tool HAS to be at a lower interest rate than the debt you're tackling for it to be worth it. Student loans and Mortgages don't seem to be affected much by velocity banking unless you can get a 0% interest debt tool.
Why does this client have this many tiny debts open, knowing there are interests associated with them? Didn't client know this? She appears to enjoy using credit, and didn't care whether they're eating into her overall cash flow or not.
Yes there out there in the marketplace problem is most of them costs thousands of dollars and the softwares I have seen I can beat them with just pen and paper. So I make these videos to show the calculations that the software is doing automatically and save you the difference.
I’m working with a company right now that is developing a software that will be super affordable like a 100$ subscription plan and that will be a game changer.
Here's the part I don't understand, you are transferring money to your PLOC before the statement arrives and that stops your interest payment. My HELOC is different as it looks at a avg daily balance. So paying it early reduces the avg daily balance but I still owe something for interest. Is a HELOC then just not that great of a solution and I should go to a PLOC instead? Anyone have a contact for this type of PLOC secured loan where they forgive the days you used the money but because you transferred money in, your interest is zero? Like a credit card basically.
You are great teacher and for the past several days I have been watching your videos non-stop on my tv. I am definitely going to subscribe and probably seek financial advise but here is my situation that I am seeking your advise on.
Hi Denzel, Thanks for the incredible videos! I actually was inspired by you and other creators here and decided to finally start a TH-cam channel. I would love to grow even more with the TH-cam community, and I’m looking forward to that. Thanks again!
you get to pull it out back the amount you needed to pay your bills/expenses what happen will be you CF (remaining funds after payments of your expenses) will be the factor of building your funds to make your chunks in the future. you must know identify the following: your net income; all expenses/bills every month and CF cash flow what is left after paying all your expenses for the month. You should know also how much is your debt. B.B. Adams
I'm a fan of your content I really love watching them all, it's something I look forward every time. I hope we can connect and work together! Have you considered hiring a video editor?
Question I just turned 63 I had a stroke I hate banks can I put enough money into my or some type of account and use it as my PLOC thanks for get back I know you're busy
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Tomorrow (9/25/20) I will send an electronic payment which will zero out my debt weapon, a CC. As far back as 2006 I have carried a balance on this card and as recent as Nov 2018, as high as $20K. THANK YOU, THANK YOU, THANK YOU Denzel for showing me the way !
You should provide a program/curriculum to help FA's lead their clients through this.
Oh wow, all I need is a line of credit
One point you didn't even bring up about debt snowball, it is almost impossible to put all your cashflow every month on your bills. What if you need cash? Most people will only put say half of that $560 and keep the rest on the checking just in case they need it. Then what happens is it gets spent on whatever. Velocity banking makes it easy to put every last dime on your debt, why because you still have access to the money. Boooom!!!
Good Afternoon: Denzel I happy to now say that I am now a proud member of the community after making my first financial contribution this morning to the community.
Preach, Amen Credit Pastor
AMAZING!!!! Strategies learn a lot of ways velocity banking can help someone plus in the state of new York...great work Denzel you make life much easier..
So if I have 54k student loan debt and I chunk $10,000 and bring it to $44,000, i've pushed out the due date but the remaining balance is still acruing interest. at 6% compounding... although I reduced my first month's interest payment from $270 to $220, what is happening during those 6 months i'm paying down my PLOC? I'm acruing $220 interest each month so when i'm ready to do my next chunk I'm going to have $1320 worth of acrued interest add that on top of the %7 interest on this PLOC it averages out to about the same in interest if not more. No real saving? It almost seems like the debt tool HAS to be at a lower interest rate than the debt you're tackling for it to be worth it. Student loans and Mortgages don't seem to be affected much by velocity banking unless you can get a 0% interest debt tool.
very nice clear explanation. Also great example to use. your going to help her BIG TIME! great job!
Awesome!
IN THE NAME OF JESUS!
"THY KINGDOM COME. THY WILL BE DONE IN EARTH, AS IT IS IN HEAVEN."
AMEN!
With all that debt and that income...how did this person get approved for a PLOC? Wow
She's got connections :)
JK. I too got approved for $15k ploc two years ago when I least expected it due to my debts. Weird.
Why does this client have this many tiny debts open, knowing there are interests associated with them? Didn't client know this? She appears to enjoy using credit, and didn't care whether they're eating into her overall cash flow or not.
Holla from Brighton Beach. I have a PLOC from Bethpage for $20k :)) Also, waiting for a response from PenFed for $15k PLOC.
Keep up the great work! Quite fascinating to see it that complex! I also do finance videos.
Is there a velocity calculator available?
Yes there out there in the marketplace problem is most of them costs thousands of dollars and the softwares I have seen I can beat them with just pen and paper. So I make these videos to show the calculations that the software is doing automatically and save you the difference.
I’m working with a company right now that is developing a software that will be super affordable like a 100$ subscription plan and that will be a game changer.
@@DenzelNapoleonRodriguez was just thinking like a well programmed Excel sheet 🤷🏿♂️ but a software could definitely work
Here's the part I don't understand, you are transferring money to your PLOC before the statement arrives and that stops your interest payment. My HELOC is different as it looks at a avg daily balance. So paying it early reduces the avg daily balance but I still owe something for interest. Is a HELOC then just not that great of a solution and I should go to a PLOC instead?
Anyone have a contact for this type of PLOC secured loan where they forgive the days you used the money but because you transferred money in, your interest is zero? Like a credit card basically.
You are great teacher and for the past several days I have been watching your videos non-stop on my tv. I am definitely going to subscribe and probably seek financial advise but here is my situation that I am seeking your advise on.
Hi Denzel,
Thanks for the incredible videos! I actually was inspired by you and other creators here and decided to finally start a TH-cam channel. I would love to grow even more with the TH-cam community, and I’m looking forward to that. Thanks again!
Good stuff!
Do you have an examples of how to velocity bank Mortgage only no other debt? Thanks
I’m confused, if you’re putting your entire paycheck into the line of credit how are you making the payments on the remaining bills🥴🥴🥴
you get to pull it out back the amount you needed to pay your bills/expenses what happen will be you CF (remaining funds after payments of your expenses) will be the factor of building your funds to make your chunks in the future. you must know identify the following: your net income; all expenses/bills every month and CF cash flow what is left after paying all your expenses for the month. You should know also how much is your debt. B.B. Adams
I looooooove your personality/ humor. You always brighten my day and lift my spirit so, THANK YOU FOR THAT.
My son I'm ever grateful to the Lord Jesus Christ for you. In Jamaica we say 'blessings pan top a blessings, nuff respect'. Stay bless.
I want to make friends with you, how?
YOU MISSED the 130.00 payment
Watch again. 18:40
I'm a fan of your content I really love watching them all, it's something I look forward every time. I hope we can connect and work together!
Have you considered hiring a video editor?
Question I just turned 63 I had a stroke I hate banks can I put enough money into my or some type of account and use it as my PLOC thanks for get back I know you're busy
You must have an financial institution to facilitate your debt tool a Credit Card should or maybe will help.
Massaka
African