Pay Off $12k with ZERO Cash Flow within 10 Months!!
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- เผยแพร่เมื่อ 28 ก.ย. 2024
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If this is taught in high school, millions of people would be debt free! Don’t know why I didn’t see this beforehand(younger). Thank you!
They don’t want us to teach this in school
they should teach to avoid getting into debt.
Look at the history of public schools. Look who designed them and for what reason and you’ll find the answer.
"The Truth About Why They Don't Teach Money In School"
Thats on purpose
i want to thank you!!! i suck with my money and enjoy learning how to work my money now!!! i should pay everything off in 6months.
I LOVE your videos and the way you just cut to the chase. Thank you ! Knowledge is power and freedom
I appreciate that…You are so welcome!
I used to do this all the time but never knew how to effectively teach anyone else. I thought that as long as you paid your statement balance by your due date, then they can not charge you any interest. That’s what I teach. I tell people they can max out their credit card after they report to the bureaus also. This way their utilization is low and their credit score is at its highest.
Thank you for the breakdown and your patience.
How is utilization low if they max out their credit card? Not getting that.
@@smartfinds2020 because you pay that particular credit card off on full by you due date and they will report that $0 balance to the credit bureaus. Once they report the $0 balance, then you can use the card or max it back out. The credit card company only report your credit card balance once a month once you receive your statement.
@@smartfinds2020 she is saying you can max out a credit card but pay it off before the statement ends to avoid interest and high utilization being reported
@@MT89259 correct. This saves even more money and protects your score.
What she showing on this video is different though. She’s not paying the credit card balance to $0 before statement/due date. She have high balances left over
Can you do an example for a person with multiple credit cards with large balances?
She did one with two credit cards with high balances.
Velocity banking doesnt work as well on very large payments like a mortgage unless you are bringing in very large monthly incomes.
I haev multiple cards. I am starting with the lowest card, then going from there. I tried to add large amounts to each card and found I was still behind with new expenses. So, I worked on one card while just paying the minimum amount on the other card. It has been 2 months and 2 cards (4300 and 5900) will be paid off soon. I cannot wait til the rest of the cards are paid off.
You have to do the snowball method
It works the same way. You basically consolidating all debts by putting them on a zero percent card or balance transfer credit card promotion.
Thank you! I was scared to credit cards until I saw your videos ❤
So glad I came across your channel. Thank you for sharing this wisdom!
Woohoo!🎉 Now they have some nice cash flow. Love this video.
so $2200 for a mortgage/Day Care/and another "higher" car payment?? this is a load of crap!
Wow! I just found your channel and I think this is new and exciting (a little frightening), but a total life changer. My one question is where do we put our surplus after paying the credit card debt off?
If you can visualize yourself paying this off you are good
I am in a Negative cash flow for a while now! I am to the point now where all my expenses are Credit Cards Bills. I would try this if I could figure out how to pay the CC bills with a CC.
😭😂😭😂 I could've sworn she specifically said by getting a credit card convenience check at the start but i could be wrong lol 💀
I love your videos I only have two more loan payments left so exciting
Please beware people, the interest continues to accrue so long as you have a balance. If you’re carrying an average balance of 6k a year @ 21% she doesn’t talk about all the interest you’ve accrued over 365 days. You’re better off throwing additional cash flow to one debt at a time using debt snowball and paying off your credit card balance in total every month
Well, maybe. But if you can consolidate multiple debts into one place (one credit card), then you're paying only one interest fee and making only one payment a month. If you continue putting the same amount of money into that one account for each monthly payment, you'll still pay it off much quicker there by eliminating much of the accrued interest you're talking about.
You didn't watch the video 😮
@@explorster3998 i did watch the video, you just don't seem to understand finance..she thinks you create cash flow by taking your taking your paycheck into the line of credit... that's not true, that's the same thing as taking your existing cash flow and throwing it towards a principle balance. the other thing is in what universe can you pay off a car loan with a credit card? where you're ultimately going to get charged fees and a higher interest rate on a cash advance and possibly not even be able to get such a large cash advance in the first place.
@@herbankidd You need to study finance more bro
//e interest continues to accrue so long as you have a balance. // It does but the card is getting paid off faster providing you don't keep overspending. It took me years to pay off a 10K card. With this method within 5 months the card is coming down quickly. Of course interest accrues. It was accruing anyway. As for the LOC, one you put your check into it, you pull back what you need for the week. You do this until it is paid off. Just like the credit cards. You are not using both the checking account and credit card for purchases. You mess yourself up that way.
Credit to you for your flow...
Thanks!
Thank you so much!
Do you have any videos on using this system to expand cashflow capabilities? I basically have one monthly expense, and use my credit card to generate cashflow via cash advances. It is the only way I can secure funds and expand my investments and livelihood (property purchase, home remodel, and pay the one household expense) via credit card.
thank you so much for showing me this relatively simple way to pay down my credit card debt faster. Income is 4K/month, very little cash flow, and 20K in CC debt. Paycheck to paycheck. CC balances never really go down despite paying $600/month towards them. This gives me hope.
This gives me an idea. I have a CC offer for $15k with 1.9% interest and 5% fee for 12 months. I'm gonna input this on excel to see if it would make sense to use that to pay off a $7K loan I have at 8% interest.
She obviously doesn’t understand the definition of cash flow
Yes she does. You don't. If you eliminate ant payment obligation, that $ is now available for you to use (cash flow available to use)
@@luvmypets3194 you haven’t eliminated a payment. You just “robbed Peter to pay Paul” . You’re just getting deeper in debt by making a smaller payment on het consolidated debt plan. Pay off your cards directly, skip the smoke and mirrors. Go for the lowest interest rate. Basic
Wiki: the total amount of money being transferred into and out of a business, especially as affecting liquidity.
This appears only to work if you have a credit card, which I don't. However, I have been sucked into one of those impossibly high interest rate short term loans (Speedy Loans) that now i can't seem to get off my back. It's about $550/month and is using all my cash flow to pay. I don't want to spend thousands in interest but don't know how to get it paid off quickly. Any plan for that? And yes, I know I was an idiot to allow myself to get into this predicament.
Same thing happened to me with speedy cash. They sued and closed all my accounts and took everything with court order. Good luck
We were able to get out of that cycle by getting an unsecured "grand" loan ($1000) from our credit union. The payments on that loan were only $23./week directly debited from our checking account. For our credit union, the only requirement was a steady income with direct deposit paychecks.
Move that olan to a credit card...if you can!
This really looks interesting.
Do you provide a spreadsheet to setup debts and income for velocity banking?
When you figure the amount to put on the credit card from the paycheck, are you including the amount of the cc payment for the card you are paying expenses from or not?
The amount you put into the credit card satisfies the minimum payment as long as the amount you put into it is more than the minimum payment.
How do you do a balance transfer
How on earth does that 1028 get added to the 2200 as income? This person does not now magically have 3228 to pay toward the credit card bill each month. How wrong of you to mislead people into believing this.
their income was $5,000 a month.
@markchandler-fb1fm People are hilarious, aren’t they??? 🤣🤣🤣
How long did the go without food and lights b4 they finally had an incoming cash flow?
those are figured into the expense every month.
Hi Christi - how are you figuring interest on the balance each month? I can't seem to figure out how you are doing that. Thank you!!!
She takes starting balance, the lowest balance after you deposit your income to the card, and then the final balance after all expenses paid. 3 numbers each month. Then average them. Take that average times your annual interest rate (APR). Then divide by 365 days in a year. Then times 30 (days in a month). That is the total interest charge for the month.
@@strantheman thank you!!!
@@strantheman that is correct
Thank you @strantheman
Where did the $2200 Credit Card expenses come from? I'm confused ughhh
That is their monthly living expenses
Seems like a scam to me
You are adding the mtg, etc of 2200 to the cash flow, for a total of 3,228?! How do you pay your mtg with a CC? I am missing a step, or got lost?
When a line of credit is used, you can put all cash into LOC. You would need convenience checks to pay with credit card. Thanks for watching
Can't pay the truck loan with a CC...
@trmoore0922 bless you…it’s not 12%. It’s amortized.
Can we do this with a business?
Absolutely!!
Wow thats a ultra aggresive tactic
Get paid
Whole lot to the loan straight away ,with this tactic my checking account balance woukd be -£1000 at the start of the month 😂😂😂😂
Once again, a VB video where the person has access to $14k.
This is such horrible advice. The real payoff in the video isn't until around month 12 (the circled $2065.04 would jump to over $4200 with the next month's expenses and drop only $3200 with the payments...) If they kept all the loans separate, paid the minimums ($644, $100, and $284) and then applied the remaining $2200 ("cc expenses") toward the highest interest loan (the Upgrade Loan in this case), that would be paid off in month 2. Then if they apply the $2200 plus the freed up $284 to the next highest (the Credit Card), they could keep it paid off beginning in month 9. Then all remaining income could go to the lowest interest loan (the truck) and have everything paid by month 11 (earlier than the video's actual payoff).
Hint: moving money from low interest rates to higher interest rates (12% truck shifted to 21.325% credit card) isn't a good thing.
She sounds so drunk. I would never trust her math. Thank you month 8
I’m going to try and apply this concept and pay off my debt, thank you Vanntastic!
God bless you!!
This is great but seemingly you would need a large enough line of credit or credit card available to do this 😮
It doesn’t have to be large. You can start at any amount. You currently have an as your credit builders. You can increase your line. Thanks for watching!
how do you get a loc with a low credit score
One that meets your monthly income would be great, but any line will work!
You have to LOOK. Credit unions are best! May take some time to build credit, but it’s worth it. Be encouraged!
Ive been turned down recently for a line of credit. I have an 11000 cc limit with 2800 availability
Pretty awesome. I just started this 2 days ago. I've been watching your videos for couple weeks.
mom needs to sit down write down all the expenses she has in order to go to work everyday and include the daycare, summer camps, on the run and out of exhaustion lunch and dinner purchases, gasoline, car insurance, maintenance on the car, hair appointments (because we cant go to work looking horrid), taxes. i did this and found just staying at home and doing some odd jobs i would bring home the same if not more that if i went to work everyday. get rid of the new cars, you may have to get rid of a second car if you have to keep the truck payment for the hubby. kids and family are better off with mom home not stressed as much too. make an extra mortgage payment every year it will be paid off before you know it.
I guess I’m a dummy. I can’t figure out what you mean by “ bypass the bank and put your paycheck into a credit card..”
Just don’t follow…and I’m a college educated pharmacist…
You money or course goes into you make account. Use it immediately to make a CC payment of you living expenses + cash flow.
I am fascinated by this method I’ve never heard of before. I have a question to clarify something you said. You talk about transferring the income into the credit card which satisfies the payment. You simply mean transferring a payment of the amount of your income to the credit card, which then takes care of the monthly payment that was due, for that month, correct? Meaning, there’s no “special transfer” that you are referring to.
Right. Thanks for watching!
I have an automatic payment from my checking account to my credit card to come out on the 21st of each month, should I stop the automatic payment, so the credit card wont take another payment again on the 21st.
Would love to work this strategy. The problem is I can’t put my income into one credit card because I have several credit card payments and a personal loan.
That leaves me with very little cash flow.
@@martglobal Of course!
@georgewalsh5529 have you found a solution yet? I have 2 credit cards and a loan. I was thinking of getting a 3rd credit card to help reduce the other 2 credit cards with the velocity method. Then when my credit score goes up I would then get a loan with lower interest to pay off my current loan which has higher interest 🤔
I love math, and I have debt adding up on LOC and 2 CC, and i have 1k cash flow. I just made an excel budget plan to visually watch what i am spending too much money on. (eating out/Mall). These are amazing videos to study our budgets, so we can pay off debt successfully. By utilizing the accounts we have with the income we have. Also to find out the nitty gritty of what we spend on. I found out, i was doing a half #@$ job of velocity on a LOC but got caught up in the auto payment from Bank account, which threw everything off again. I am studying your videos (binge watching all) So that i can think like you do, and see the bigger picture. Its helping immensely. Its a different way of thinking. I cannot wait to see my own progress in the velocity adventure.
What a great channel! Especially during these times, with inflation. Families are struggling i am sure of it. Hope this reaches a lot more people!
That is so dumb! Why would you put your car loan that has 12% on your CC with 21%?! You are paying way more interest for the life of the loan!
My guess is cause the interest is calculated different on a loan versus credit card and even though the CC interest is higher...the loan interest calculation is higher over time. But I'm still trying to get all of the process...it's alot going on! 😂😂😂
simple interest will save you a lot of money.
This is genius. So grateful I found your videos. I already started doing it
This is an awesome tactic but 98% of people will not follow through.
I don't understand why you say it is paid off at 10 months. You stopped with a balance of 2,065 but didn't add the 2,200 expenses, nor the interest, so the balance would really still be about 4,300. I wouldn't think it was paid off until you reached the point that the balance was negative after accounting for the 2,200 expenses and interest that month.
As a separate way to check, consider the the starting balance was 12,420 after consolidating to one account and you has a cash flow of 1,028 per month paying down the balance. Consider the case where the interest rate was 0%, it would take just over 12 months (12,420 / 1,028 = 12.08). If you sum up all the interest values you showed over the 9 months, they total over 1,028, so you will need more than a month of the cash flow value to cover the interest. Therefore, it will take at least 13 months total to fully payoff the balance.
Hello Mrs. Christi, I've been exploring ways to optimize my payroll process and was wondering if you could provide some insights on transferring payroll directly to a credit card or line of credit and making all payments through it because the bank can not do and not exceed. I believe this could streamline my financial management.
Could you shed some light on this topic through a video or share any resources that might be helpful?
Thank you so much for your time and expertise. I look forward to hearing from you and learning more about this fascinating subject.
Hello. I do not think that is possible. For myself I transfer monies from my bank account to my credit cards/LOC that are attached to my bank. Otherwise a payment can be made on a credit card/LOC that is not linked to your bank account. Hope that helps.
Cash flow. And then stop wasting your time with this video . Go figure out how to make more cash
Hello Mrs Christi, thank you very much for your videos, I will see more of them and start right away with velocity banking. Just a short note on your month 5, interest (136.97$) have to be less than in month 4 (124.19). Once again, thank you very much
but wait ... at about 5 min you said they had to leave out the 2200 but you added it into what they were paying down on their credit card? Income 1 (payment on card) should be 1028 not 3228?
The $2200 is what they use for cc expenses. That leaves them $3k from their income. Cash flow of $1028 added to $2200 is $3228/mo as their cc payment.
Hi Mrs. Christy, how are you doing today? I'm so confused about everything. Is there anyway I can send you a copy of my income, ccards, and bills so you can teach me how to do this? We never have enough money to cover bills and make it from month to month. I'm also trying to raise my 4 grandchildren right now. I pray for the good Lord to help me in this situation, and he sent me you. We never an extra penny for anything. Such as clothes, sometimes food...ect. please help.I can send you what ever you need to get me started with a plan. I just don't know where to start and I can follow from there. Thank you in advance. 🙏
Hi Mrs. Christi,
I have a $5000 line of credit debt.
My income is $2408.95 per month from 2 sources. One source of my income goes into an account on the 15th of the month and the other source goes into a different account at the end of the month. My LOC debt is with the second account. Which is a bank. After tithe and rent, my expenses are $1088.95. No cash flow. Im a widow and live alone. So no dependents. Just me. Help me get rid of this $5000 LOC debt. Oh yes, I forgot, the interest on my LOC is currently 11.69%. And I do have another credit card that I'm pretty good at keeping at 0 balance or close to 0.
You didn’t mention the payment on the LOC, but that could become additional cash flow if you start using LOC as your source or paying expenses. Thank you for watching.
@@VanntasticFinancesThe balance owing on that LOC was at $13,000 in June of 2022. I've managed to "find" money to pay it down to $5,000. I guess I should just keep doing what I'm doing til the debt is gone. The current payment is just under $55 a month. Interest only.
With all due respect Lise,are you tithing because you are commanded to by your Church?,because tithing is was an Old Testament concept,there were actually 3 different tithes under the Law :for the Levites,the Temple,and for the poor;it was basically a tax under the Mosaic system…so 30% was going out.. giving under compulsion is not correct,giving from the heart and as you are able is the New Testament way…thanks for your time
You are indeed VANNTastic! I liked how you came up with a real solution to the 0 cashflow! I saw another video where the guy was proposing 0 cashflow only to halfway through the video tell people they'd need to find a way to get that some cashflow somehow!
You may have just changed my life….😮
My house payment,credit card payment and car loans will not let me pay with the credit card the only thing I can pay is the utilities bill they will only except checks or automatic withdrawals from checking
That’s why you request a check from your credit card company to pay off the car payment it’s a cash advance basically
@@debbievinsant4610 can't usually pay off a house with a cc so you would minus payments from your income you're putting in on the cc.
Are the bank charges included in the expenses. Here in SAfrica the bank charges are terrible. Also what I have seen is that inflation has increased my expenses by 100%. Utilities that I can't avoid and food. Even the reserve bank admits the government is driving inflation.
Looking up best credit cards for these strategies is confusing, does anyone have any tips on what to look for
VANNtastic! - I am so glad I found you channel today. I have watched several videos already.
Good stuff keep up the good work!
So unbelievably simple😳
Isn’t it though? Thanks for watching.
Great explanation..
Thaaanks! And thanks for watching!
Found u recently been praying for a way out of my cc delima I was on ramsy plan lol and got one card paid off still quite a few 2 go. Then a few emergencies and feels like I am getting nowhere. I am committed to this and I will check back in few months to update!
Shame on Dave Ramsey. He knows about this and should have been teaching this all along. They want us to be dirt poor.
I don't see you adding back the 21% interest on the CC every month. You add the payment and assume the CC will go down by the payment amount but it will not after adding back in the interest on the CC
No that's not the payment she's adding each month along with the expenses. That's the interest on the average balance on the card for the month.
You are literally rewiring my brain
Someone who has taken out two loans doesn’t have a card with 14,000!!
I have multiple credit card I don’t have much available credit on them how can I combine them so I can use velocity banking?
Try this video 👉th-cam.com/video/AlwPHOaZ_B0/w-d-xo.html
They need real help😢
Please help me understand. In this example, you said the income is $3228 but the expenses is only $2200 because there is another car payment and other things they can't pay with a credit card. So how come you're putting in the whole $3228 in there if they need to keep it out of the credit card paymnent since they can't pull it out again?
Their income is roughly $5000 per month minus their mortgage etc they can't pay with a CC and that's where they get the 3228. Then they spend 2200 throughout the month on gas groceries etc.
what do you mean by " income transfer satisfies the payment"? Do you put it in as a regular payment on the line of credit or a principal payment?
regular payment
Why are you using a 4% check when you can use a zero percent balance transfer check?
There is almost always a one-time transfer fee of 3%-5%.
Came across your channel 2days ago and haven’t watched anyone else since lol
Thank you so much! LEARN and get out of debt quickly! 😁
Why not
Just say that you will pay down the credit card balance with the $1K cash flow (less interest)?? It’s just easier to understand that way.
So you factor into your expenses - food, gas, and extras?
Yes. Thanks for watching
How do you get your income to go directly to a credit card without it being deposited into the bank first
It gets deposited into your bank first, then after it's deposited you transfer the money to your credit card as that month's payment.
Hello I get paid weekly and have two credit cards one limit being 1250 one being 1000 should i do a balance transfer, and does it make a difference weekly doing velocity banking?
If you can resist spending more money, and qualify for a new card,
Definitely get a balance transfer for one of the cards and pay the minimum on that one and put all your money to paying off the other one, velocity banking or any other way you like. Before the balance transfer offer is over.
There’s never any mention on how the interest rate makes a difference for people who get paid every week or 2 weeks and because of that I’d be very very careful and cautious at starting velocity banking before you know more. That’s the same for me.
I have a maxed out Ploc of 15k, and only 1 cc with $2000 available and a lot of cc/loan debt. Which one should I use to start??? Thank you.
Ohmygoodness! Start with the PLOC!!!
Call me! You should be able to move very quickly with a PLOC!
@@VanntasticFinances She said that her PLOC was maxed out so how is she going to start with a PLOC?
Please do several cards with very high debt on the cards.
You do the same thing. You start with one card and keep going.
How do you do this, if you have no revolving credit and paycheck to paycheck? Meaning maxed out cards?
Another great video. Do all personal line of credits have a Variable rate (APR may vary)? Also - is this better than having a car loan fixed rate?
Please do more scenarios….Im struggling….
New here! These videos give me hope....thank you!
Do you have a program that teaches this? It would be worth every penny!
I have 96,000 student loan debt any suggestions for how to pay this other than a traditional route?
You need a Line of Credit 😊
The interest rate on student loans is low relative to commercial credit. I would keep it at your current servicer and request an income based repayment plan until your income increases. If you pay it on time for 20 years even on the income based plan, it can be forgiven. There is a program for public service forgiveness with 10 years of payments. You can google for details on those programs.
Could you take income from checking as it comes in and pay into credit card?
Where did $1028 come from?
What is a convinience check???
I noticed the interest went up from month 5. Was there a reason it went up.
Probably because when you make additional chunks, it raises the balance for that month. So I figure in extra interest just in case.
Question: How does adding the $7k truck loan amount to the credit card balance remove the credit card payment of $100? The credit card balance has increased, meaning the payment would increase proportionally, right?
true the card did increase but the payment is being met the minute you pay anything over a 100 dollars like the 644 would wipe the 100 payment off which in turn is cash flow now along with the other loan
Why are these terrible habits encouraged? People should systematically pay off debt and learn to live below their means.
Problem is a lot of people are not making enough income, got sick and were oowork for a while and didn't have any or enough income. There are millions who work but because living costs are so high their income doesn't pay for necessities. You take a family of 3, their income is $3000/mo. rent $1500. How do you live on what's left? They are the working poor. Sad in this country for anyone to be in this financial condition. STOP FUNDING USELESS WARS !
I have a question. How does the income transfer work with Navy Federal. I already have a direct deposit going directly to a check account. How the the income deposit work if your credit card is with Navy Federal?
Just make a bigger payment to your credit card from your checking, excluding payments that need to be taken out from your checking. Like other loans that can’t be paid with a credit card. The rest of it put on to your credit card.
Good job calculating the credit card interest. A lot of velocity videos glaze over this.
Thanks!
That’s where I’m having difficulty at. How did she calculate the credit card interest? What’s the formula? I’m timing 21.325% by balance left over on credit card but I’m getting another number.
@@jmoney1339 exactly!!
Does this person not have any rent? All that’s being accounted for is $2200 in cc bills which would never include rent/mortgage
They left these amounts in the checking account. They only deposited the amount they could use a credit card to pay kept things like rent, electric in the checking account.
I am paying 6 credit cards and have $96. Left after making those payments. I don't have any more to put on a card. Is there a sinario where I can do velocity banking?
you would need a loan that you could pay the other balances off with.
So you can use a credit card to pay off a vehicle loan at a bank? They will let you do that?
bank doesn't care where the money comes from. CC company will issue a check to the bank to pay the car off. you can't just walk in the bank and hand them your cc if that's what you are asking
So just want to get this straight I could take a cc in to my bank and tell them I want to let’s say put 8k on my auto loan and they would do it???
@@MrLocomechanic You would call the CC company tell them you want to pay off a loan sometimes they will pay it directly or send you convenience check to take to the bank.
Ok great thank you!
Where do you get the line of credit from?
You ask your bank.
Please explain how you take money from a CC and pay your mortgage? Is there not a fee to do this?
You don't for some things. You leave the money for rent/mortgage in your account and put the rest of it onto your credit card.
Do anyone know if Chase offer a convenient checks or is it cash advancement
All major banks offer convenience checks but not sure what to do to trigger a 0% offer, convenience check. I can say Citi, Capital One, Discover and Pen Fed offer me 0% intro offers for 12-15 months.
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Smoking🎉
❤ great information
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