How To Use A Line Of Credit
ฝัง
- เผยแพร่เมื่อ 4 ต.ค. 2024
- JOIN THE FINANCE GEEK MINISTRY HERE 🤲
👉 www.denzelrodr... 👈
VELOCITY BANKING PRE-GAME WORK
👉 • Velocity Banking Prega...
BOOK A CALL WITH ME HERE 1-1
👉 calendly.com/d... 👈
LEARN HOW TO BECOME DEBT FREE & BUILD FINANCIAL FREEDOM HERE
👉 www.denzelrodr... 👈
WORK WITH DENZEL 1-1 HERE
👉 www.denzelrodr... 👈
CONTACT DENZEL HERE
👉www.denzelrodr...
FIRST LIEN HELOC RESOURCE BELOW 👇
👉 www.flhambassa... 👈
INFINITE BANKING PRE-GAME WORK HERE
👉www.youtube.co...
DESIGN YOUR HIGH CASH VALUE LIFE INSURANCE POLICY HERE
👉 www.denzelrodr... 🏦
HELP SUPPORT THIS CHANNEL HERE
👉patreon.com/DenzelRodriguez👈
FOLLOW ME HERE 👇👇👇
FACEBOOK- / velocitybanking
INSTAGRAM- / denzelnrodriguez
LINKEDIN- / denzel-rodriguez-840b33a5
CLUBHOUSE- www.joinclubho...
RUMBLE- rumble.com/c/c...
ODYSEE- odysee.com/@Th...
BITCHUTE - www.bitchute.c...
WEBSITE- www.denzelrodr...
#VelocityBanking #InfiniteBanking #KingdomAuthority
#TheFinanceGeek
BY ACCESSING OR USING THIS WEB SITE, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS AGREEMENT. IF YOU DO NOT WISH TO BE BOUND BY THIS AGREEMENT, YOU MAY NOT ACCESS OR USE THIS WEB SITE.
Denzel Napoleon Rodriguez and its affiliates do not provide financial, tax, legal or accounting advice the information presented on this web site/TH-cam channel are presented for information/educational purpose 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 Denzel Napoleon Rodriguez, 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 Denzel Napoleon Rodriguez
5 years later I am here and I am grateful for this video, I will be back in a few months on how it’s going with my car loan payment using this method. I am so excited ❤
I like his voice. Not annoying, not splurring words: subscribed.
I love everything about this video: your voice modulation, the strategies of using the LOC, the illustration and figures in the white board., very well explained! Excellent.
I really appreciate your video brother. Excellent teaching, learned tons and encouraged me to get a good debt. Could not make it simpler. Thanks!
Thank you for this example. I’ve been looking for some thing like this so that I can show my husband.
I have 12k Visa and that’s my pretend HELOC. Income in-expenses out. Guys have 680 to get aHELOC. Better to use the Visa, because lenders try to get you to take out a loan. Like Christy Vann says - NO to loans. They don’t even “understand “ the difference in savings between amortization interest vs. Simple interest! It’s about making YOUR $ work for YOU! Well done young man for a fine explanation of using a credit card to do this! Banks don’t want us to do this!
I really like you as a person. I wish we were bro’s! I have my HELOC in place, dumping all my income into the HELOC and I’ve started crushing debt. With a cash flow of $2500, I took my 23k HELOC and paid off my car ($20k). It didn’t leave much wiggle room and I know I’m past the 2/3rds rule. I wanted my first chunk to make an impact and I have income potential to create an additional $20k over spring and summer. This year will wipe out 3 credit cards, car and at the end of 2020 start chunking the house. Thanks for your videos man! I can listen to you all day!
You could of also puthelicopter. Or less down payment on a rental house with the heloc.
Can you send me how you donthis monthly?
How’d everything go
Man you are a really great teacher. This expample made me comfortable to get started with a line of credit to be debt free ! God Bless You :)
Yup yup. I've seen several doing velocity& none come close to this guy. His channel will grow fast during needed time. HE knows how to talk to his audience ❤
Thank you I hope I’ve improved over the years
I have watched many of your videos. This one is by far the best. It really spelled out the difference from just paying extra vs velocity banking. Thank you!
You are the man. You broke this down very well.
thank you
This young man is saving my life I’m so embarrassed not understanding that having him explain helps me save face 😅
I love your videos, Denzel! I am cheap, so the more free videos the better! I need to play these over and over again until it really takes hold in my brain. The best part is i am able to use the BANK'S money instead of all my own. Thats why it is called leverage! I will be indebted to you for sharing these eternal principles with me. So i will be in your SCHOOL for a long time!
OMG!! I am terrible at math. This is the first time I have EVER been able to understand and follow this in a meaningful way. In addition to being a math and money wiz, you are a gifted teacher. I FINALLY GET IT. THANK YOU!!!! Keep up the great work!
I am with you I was doing this for a long time, but I did it in the wrong way. This is the more clear explanation from Denzel Rodriguez.
This is my new favorite channel!!
We are building Kingdoms!!! Thy will be done, on earth. As it is in Heaven!! Let’s go Denzel!
You are an amazing teacher. I’m so glad I found you and Christie.
I’m happy we can be of service to you
I like how well you explain the details, I have seen others cover this material that left me wondering how to actually put it to use. Thank you!
Nice info, Don't be reluctant to try out this credit repair agency PATCHCREDIT EXPERTS, they took care of every issue concerning my credit profile within few weeks of working with them. From clearing debts, removing unwanted collections, student loans, marked late payments as on time payments, increased my credit score and credit limit. You can as well contact them via their email ( PATCHCREDIT at GMAIL COM ) or via cell 323 325-5254. Tell them a previous customer referred you.
My man, you explained this method so simple. The best video about this system I have seen. Appreciate you.
The more i watch your videos the more i keep learning. Thank you!
Soak it in and start take massive action it’s economy is going to shift and a ton of opportunity is going to reveal itself.
Thank you Denzel for such a thorough and life changing explanation of how to leverage money to pay off debt.
Wow! Im a teacher and this well explained. I just do this every month? And my bills are paid while saving interest? This great. New subscriber.
Yo.. after like 3- 4 videos maybe twice each, I can successfully say that you pulled by brain out of my head, cleaned it and put it back in only to boot me back up. Great stuff and I will definitely give this a shot. I currently have a 8 month emergency fund and will knock out some CC debt that I have before jumping into owning my first house. I look forward to seeing this work for me at the end of this month.
Thanks!!!
It took me a couple days to understand it but wow this is life changing info finally I can properly get ahead and build wealth like banks and major institutions do a huge thank you for your videos liked commented and subscribed
God bless you my brother. I'm 42 make great money and a great credit score and yet I couldn't save money always paying my bills on time and work just to pay bills and now it all makes sense why.. wow, what a game I've been playing this whole time. Now I shall be the game maker. Thank you for your wisdom and for sharing it with me. I'm going to pass this wisdom on to everyone I know. Game changer.
I don't owe any debt but thank you for this video. My brother told me to watch Line of credit videos on youtube and I'm glad he told me and I'm glad I stumble upon your video
This was the video that got my interest started. I learned so much. Thank you 🎉
Definitely becoming a patreon after this video..shared it with my fiancé too..thanks for the video young brother..it is truly life changing..have almost doubled my cash-flow in one month thanks to your detailed videos
wow that is awesome I appreciate you taking the time to watch a lot of the videos and can't wait for you to be a part of the community I have so much more to give to you.
I have been watching your videos with absolute fascination. I live in the UK so things work a little different here for us. So no HELOCS available. However, you have shown how credit cards can be used successfully. I plan on using velocity banking in the New Year to start getting rid of debt fast. I have a credit card with 20K limit so i intend to take out £10,000 and transfer as PRINCIPLE only onto my mortgage of £98,640 then balance transfer the 10K debt from my MBNA card to another card with 0% for a promotion period. They usually give you 12- 18 months. Then its a case of hammering down the debt using velocity banking. I am SO EXCITED and SO FIRED UP by this strategy that i can hardly go to sleep without pouring over your videos as well as Mike Adams videos. Yours are very detailed and tackle specific cases. Absolutely ..... thank you from the bottom of my heart Denzel for teaching your strategy to so many many people out there. God bless my friend! Hope to chat again once i get this thing rolling.
This is great explanation!!! The question is how first 7k payment is better than 7 1k payments on each month
The total interest saving for 7k is $209.47 bigger but the interest for the line of credit would be about $300 - 350 for 6-7months. The latter seems better to me
I’m with ya, he says how the interest savings from the $7k chunk payment ($10,900.44) is better than the interest savings from a monthly $1k extra payment ($1684.10). But you can only make the 7k chunk payment once every 7 months... I don’t see there being very much difference between the 2 methods.
Because you don't understand compound vs. simple interest. With compound interest, you pay interest on the total loan including the accumulated interest. That is then calculated over a term. Simple interest is calculated out daily so if you borrow 7K, and put back 5K the next day, you are charged interest on 7K for 1 day and on 2K the next day. In the 1k monthly method, you'll pay interest on the full 100K for 30 days. Then on 99,600 (because 400 went to interest) for 30 days. Then on 99 000 for 30 days in month 3, etc.
Thanks so much for this particular video, Denzel, and mucho kudos to you. I had a phone conference call with you late last year and became a Patreon subscriber right away. I'm halfway through paying down my first chunk payment from back in late October, ahead of schedule. This particular video was particularly instructive because I had always wondered how the maths worked out as far as the "cumulative" simple interest on my LOC was concerned. The way you've explained in this video now makes it very clear to me. You've made it stunningly obvious here, how much more advantageous it is to deal with a simple interest debt rather than a compound interest debt. Thank you for all your good work, and please keep it up. I remain a very happy and satisfied subscriber.
I have been using this system to pay debt for a while but now I understand how much more I can do. Thank you so much for doing the math for me.
This is the best explanation I've seen on TH-cam. The is very valuable information here! I have been dealing with the catch 22 issue of knowing I need to pay off debt but also wanting to invest. I had a feeling that there was a way to do both but didn't know how until now. Thanks for the help man!
Thankkkkk you sooooo much for this knowledge, and breakdown👏 🙌 You are a light when I lost hope. Truly grateful for you, sir.
I needed this information.
Great video, new subscriber - I've been using this method for about a year now with credit cards. I leverage my income for 6 months only. I learned this from another creator on YT, he calls it the paycheck parking method. I used this method and the snowballing debt method for 5 years to snowball myself out of 400k worth of debt. However now I've been able to throw money into investments. As my income gets bigger and my expenses stay the same/slowly rise my income is snowballing into a problem, the of too much money problem (taxes). Soon I will be forced to buy assets for tax benefits or pay the irs. Love the content keep it up. My #'s are: Income 8k -10k (depends on hours worked), expenses 2k, and Cashflow 6k - 10k (depends on hours work)
In a word OUTSTANDING!
Omg your a genius. Beat the system!
Denzellllllll THANK YOU FOR THIS KNOWLEDGE!!!! GOD BLESS U MAN
Damn! Thank you so much for the clarity. I’ve been so skeptical of velocity banking for the longest time. Especially when they mention leveraging whole life cash value policies. I would actually give credit to the other TH-camr who spiked my interest but you sir took away the fears. Thank you so much!
Respect ! That’s all they can say with a big thank you. Stay blessed
Props to you Denzel, never thought of this clever system. I'm 57y/o and I owe $167k on a rental, using this system home will be paid in $4.4 years w/savings of $52k. My live-in home owes $268k using same system will be paid of in 8.5 years w/$135k in savings. I start next month.
New subscriber and my mind is blown ! Thank you for this information ! Look forward to working with you !
Amen brother. God bless your heart and may the Lord continue to illuminate you. Knowledge and action is power!
Man thank you so much I got chills because I've finally understand.
The reason this works so well is gives us the tool(loc) to put all your extra income...every dime into one debt at a time. This is almost impossible without using a LOC. The snowball method is fine but no one can put all the money they have extra each month on a bill, you need back up money incase life happens. In fact dont they say to save 1000 bucks emergency fund and then snow ball. That 5.9 years for the snowball method would be more like 7-8 years if your lucky in a real world scenario. Denzel good work
this is true real-world debt snowball would take longer even if velocity banking took longer I still have 2 year jump start
🌟 Awesome explanation! 👌🏻 seen several videos and was kind of confused, but I now understand the process completely. 💡!😉 and I assure you dear Denzel I’ll be putting my numbers together this next days (debt/inc/exp. Etc.) be contacting you with much hope for my way to success and financial freedom. 🙌🏻Amén.
Thank you for explaining so calmly and straight to the point. 👏🏻👏🏻👏🏻
I was able to… “absorb it” 😬
God bless you. ✨
Wow very detailed informative video. Thank you so much for sharing this info. I appreciate and respect what you're doing, keep up the good work!
Keep up the work bro! Your videos are very informative!
Thank you.....God Bless You!!
Dave once said, “don’t find a financial sales man, find a financial teacher’. All these TH-cam so called gurus out there selling bs and here you are guiding people with no greed. You’re that teacher Dave was telling people about. Keep it up. I like all your strategies. To all TH-camrs ignore those TH-cam gurus, I’ve been to their classes. Believe me they are all running Trump University 2.0.
Well Trump IS a billionaire so....🤷♂️
Can't win if you never play the game.
Denzel, you are the man! You just got a new subscriber. This video just helped me so much.
C. Brooks awesome 👏 enjoy
Just found you. Thank you for explaining it so thoroughly. I’ve heard of this before but have struggled with understanding this concept. Plan on reaching out to my credit union soon.
I dont care I am running towards nearest bank ! After making so many mistakes on my finances, this wont hurt at all !😃
I'm thinking this will work for a business loan as well. Using a LOC to pay off the loàn gives you the flexibility to grow the business. 😉👍
Thank you very much. It helped me soooooo much. Very well explained.
Glad it helped stay focused keep it going
After video after video after soo many videos i finally get it, thank you soo freaking much!!!
This is the key to the Kingdom!
Thank you Denzel for this video!! It's really well explained! Thank you
Master Denzel... I've figured out the numbers.. blessed thanks to you and all... very greatfully honoured.. God Bless
Thank you Desmond! You are a wonderful teacher and person. You are a blessing! How would I complete the same scenario if I get paid biweekly? Should I pay back into the LOC biweekly. I was putting my extra cash flow towards the principle every month? Should I just make the reg payment and then chunk when I get back to 7k in LOC? Thank you!
Dude you the man. Love your vids. Much respect
Great video! Very informative and educational. Just wondering, how can you start saving (e.g. for emergency funds, travel, savings account) if you put all your income into the LOC? Thanks in advance. Appreciate it
@@cieledelacerna3162 you could simply classify savings an expense so it would come out of the line of credit into let’s say a high yield savings account and now you have a emergency fund outside of the line of credit
Denzel, I was doing the math and it doesn't make sense. You keep saying would you rather pay the daily apr on the loc or the 416.67. But once you make the payment of the 7K, the next month you will reduce it to $387.50, so if you add the 47.53 that equates to 435.03 by next month which is more. Could you please elaborate or tell me what I'm doing wrong
Raul Nava after the first month the cost on the interest goes lower and lower because the line of credit balance gets lower each month. Also remember and account for the amount of interest we save on the debt itself after chunking that is a cushion for whatever interest I pay on the line of credit
You have me excited to try this! Thanks for sharing!
Thank you so much!!! It was so informative and helpful 😊 👍👍👍
Your attention to detail is phenomenal! Thx u!
Brother you are next level!
Sir please speak up a bit more louder . I had to put my volume at 100 on my living room and got hit by an ad and blew up my speaker . Great strategy by the way . You just need to speak up a bit more louder.
lol
Now do one where you get paid weekly but your mortgage pmt is bi-weekly. Can you do your whiteboard drawing to show?
You're so good at explaining thing, fire video
Thank you
I love the way you broke this down but I have really concerning question because I'm trying to implement this strategy for my mortgage. You put this example on a teacher that gets paid once a month, which technically they can throw a lump sum at the L.O.C. every month but I get paid every week. Isn't the interest going to be more even though still minimal and me only being able to pay a piece at a time versus throwing one chunk of income a month hinder me more if any?
I was thinking and trying to figure out the same. Getting paid weekly do we save our paychecks until the end of the month? So when we make that one payment to the line of credit is all at once? I guess you would need to make sure your due date is around the time you’ll have more then one paycheck saved up? Idk.
Hey Denzel, i find you brilliant! Do you have any video or could you do one on how to use these strategies to multiply money, considering a person without debts to pay
Thank you for taking the time to explain the concept in a simple and concise manner Den!
On the other hand, any strategy on how to land that non-credit card line of credit (that becomes your checking account) from a bank in general? Thank you!
That's the question I had as well... Some hints would help a lot, @Denzel
A credit union
Great presentation of the velocity banking concept. I have an ATM related business that has just taken off. Cash flow is great credit is not so good. I am in the process of exploring ways of raising capital for my business to expand. I have no interest homes or cars but am exploring ways to leverage business growth by purchasing ATM equipment and providing cash related services at more retail establishments. My business is like a velocity cash flow business in terms of how much cash flow and ROI I am able to generate. I had to sacrifice my personal credit to get to this point and wish to get this under control quickly so I can grow my business. Perhaps we can speak about this in more detail. I would be very interested in your advise about how I can accomplish this in the shortest possible time period.
17:00 Thats such an excellent point that the "just pay extra principal payments" people dont factor in. VB makes your credit go UP, the LOC will go UP, and your cashflow will go UP.
Love your voice. Very soothing. You should be a teacher.
thank you :)
Your the best Denzel.. thank you bro
So the best case scenario would be if you just set up all your bill paying, groceries ect either the day before or the day after you make all these payments and transfers? I live far from town so I usually only run errands 1-2 days per month anyway. Then I wouldn't end up paying more than 1 days worth of interest correct?
If you are running those bills through a credit card then no interest has to be paid and you just pull from the line of credit the day before or the day the credit card is due to reduce interest costs even further. I wouldn’t over complicate in the beginning understanding the strategy first is key and making small steps to put in place
Thanks for the great break down during this video. It all makes sense to me!
Thank you
Thx DNR. Thanks for another informative video. How's moms? Ten ten ten thousand savings! Keep it up bro. God bless.
I'm doing velocity banking, thank you for explaining well. I have a question on the deposit of income. When I transfer all my income to heloc, there's a drop down to choose, interest only, principal or regular payment. Which one I pick? TY!
I always do principal first so 100% of income goes into the principal then you withdraw bills for expenses. At the end of the cycle on the due date interest will get charged to the HELOC
@@DenzelNapoleonRodriguezFinally an answer to the question. People always ask and I didn't know how to answer. So is it always principal first or is their an exception.
I’ve been cramming all of your free courses in my head while I been on the road wish I could have found this in 2018! Quick question when you are paying the chunk are you putting the whole 7k on the loan which will push your payments back or 7k on principle and continue to make monthly payments that setup is about the same as my 100k mortgage
This is what I want to know as well. Is the $7k payment made towards your principle balance?
Adventurous crafty Mom I saw another video where they said put it toward the principal.
Yes, you must call the financial institution you have the mortgage loan with and tell them you want to make a payments towards the principle. If you don’t call and tell them and just make a high payment it goes towards the interest & principal, and defeats the whole purpose. And That will be a big mistake!!!
After 7 months, the difference in the principal between applying $1,000 a month or a one time payment of $7,000, is $88.72. Then there is the interest for 6 months on the LOC while it is being paid off with the $1,000 Cashflow.
Good job Denzel, just drop the cents. Trust me it will save you so much time.
Thank you so much.
Question: so do you pay the loan $5k / month or $7k?
the problem with my line of credit,it takes too long for the money to be available,and to go in,between the payment time and the time it takes to be available again takes days ,sometimes i week or more ,so it makes it very hard to take money in and out fast enough
What bank is this and what is the name of your line of credit
Great stuff Denzel!
Is the monthly payment for the LOC just the interest for that month??
Well explained thanks a lot
watched many of your videos, just taking in this all in, keep it up
You're the man. keep it up....
THIS WAS EXPLOSIVE 🔥🔥🔥🔥🔥
This information is gold. I’ve been doing it for a month and already got credit cars paid off and more money in my checking BBC account. Also used my side hustle to open a second back account with chase and earned $200 in free cash within 2 weeks lol
Great work, I'm on that path now.
This is great. I believe him.
I still dont get how you can pull the 5k out and use it for your expenses and not have to pay it back? Can someone explain? That's the one part I'm stuck on
SEE THE VIDEO ONE MORE TIME AND YOU WILL GET IT, YOU PUT THE 5K INCOME IN YOUR CHCKING ACC. , TO LATER PAY THE L.O.C. THE STUDENT LOAN FROM THE LINE OF CREDIT, WITH THE 7K CHUNK, YOUR INCOME KEEPS PAYING THE L.O.C. LATER YOU PULL 1000K TO PAY YOUR EXPENSES, EVERY WEEK FOR 4 WEEK WHICH IS YOUR 4K MONTHLY EXPENSES...AND SO ON...
Yes, by putting your income into your (line of credit). So you are paying it back. But when you pay it back you can continuously reborrow and repeat paydowns as it is a revolving line of credit.
I think you’re asking the wrong question, that’s why you are confusing yourself, and so does the ones that are trying to explain things to you. 😂 You’re not pulling the full 5K out after paying your LOC, coz, your expenses are just 4K. You, however, are pulling only 4K out, out of the 5K that you paid to your LOC. So technically, you are paying at least a thousand back each month. But in order for you to save on interest, like what he said, you need to put everything in the LOC, since the daily interest on the 7K that you borrowed is just $2.49. This will help your save o money compared with the first scenarios or example. Now, you would need to put all your income, which is 5K, to your LOC, and would only have to pull the payments on your expenses when it is needed. This allows you to pay less interest on the LOC on a daily basis. Coz you are getting charged based on the balance. Thus, saving you money on interests, since your LOC is a simple interest account and unlike the amortization which compounds very quickly and charges you a lot on interest in the first two years and so on. Then, all you have to do is to do this process again once you fully paid your LOC. Then make another 7K out, and on and on, until you fully paid your student loan. Hope this helps! 😇❤️
You do have to pay it back the whole point is it’s a rotating account so that you can use it over and over. The more that you use the account to rotate funds the more credit they give you now the key here is if you can use some of these funds to create, more revenue other than your paycheck that helps as well but once again, the real benefit here is to be able to borrow back from yourself because of the amount of money that you’re depositing into that credit account it eliminates 97% or take but typically about 97% of all the interest that you would have paid. So you have to pay it back, but you get to borrow it and then you pay it back and then you get to borrow it again.
@@ChangeYourWater_ChangeYourLifeit also opens you up to more risk in the event that your cash flow suddenly stops or falls short. Examples: loss of job, a medical emergency, emergency expenses(car repair, home repair).
A lot of instances can really mess someone up using this method. Mathematically it can work to reduce interest and pay off faster, but it is an added expenses if any of the above, or more, happen to someone.
Risk vs reward fs
I’m a career banker....Great content....Keep up the good work!
Ah another GC fan! I've got the 10XFam sticker, too.
Hi Denzel, really like your videos! You always start with the 4 numbers, how about Savings?? How does the picture change if this person has a lot of cash in hand? Should Savings play a role in this or Savings should go to the IBC policy? Thanks!
It can be either or in some cases both
Awesome video! Thanks for the info! I have a question about using the strategy for house buying. Should a person leave as big of a down payment on a amortized mortgage as they can or put the smallest accepted down payment and use the rest of the money they have saved to start chunk payment on a simple line of credit ? I always thought the biggest down payment would be best but say you leave 20%, well then you’d still have amortized interest on 80% of the house. Now I’m thinking it may be better to leave 3.5% down and use my additional saved funds to chunk down the mortgage using LOC . Any advice ? Thank you !
The larger the down payment, the more equity you would have to obtain a Heloc. If you already have another line of credit, that has available funds, then you can use that instead.
Enligthening in managing debts translating it to some investment.