I did a 8 year car loan 😅

Yeah if you can’t afford the method then most likely can’t afford the car.

Credit unions generally offer personal lines of credit (PLOC)

You can do this with a credit card if you have good credit and are in good standing. It would be more difficult to do again and again but you could easily perform this method with a personal line of credit from your credit union and the interest rate would be much lower than 21%

@@benspurgeon6273 maybe, but even better to pay cash for the ride and invest that $2k/ month OR at least encourage the listener to consider investing the $2k + $540 payment after the car is paid off. Good strategy though. 👍🏾

I would never take out a cash advance and my bank only allows 500 a day only if you have the cash for it a day that means atm fees and interest and 5% or 10$ whichever is great if you go to the bank could have fees and is the same and might not give you 10k I wouldn’t do that

@@sylviaz4951 not at all you apply for a personal line of credit it is a revolving credit line. There are no fees involved with using it. It works very similarly to a credit card.

It’s a line of credit (LOC) that’s a revolving credit. Works like a credit card but uses a daily simple interest instead of an APR. You still need to be somewhat aware of your budget. Otherwise, you risk maxing out the LOC like a credit card and go further into debt. This method is better than Dave Ramsey’s method if you are semi-financially disciplined.

Sylvia, Im not 100% sure but as I understand it, your putting your entire paycheck on the line of credit. Then you pay all your bills from the line of credit. Whatever money is left over after all your monthly expenses is what will be paying down your line of credit. So in this video they have 2000 left after all monthly spending. So 2000 cash flow. If you only have 500 left after all your bills and miscellaneous expenses then your cash flow is 500 a month.

If you have a personal line of credit, all your income goes into the line. You then take your car payment out of the line and transfer it into your checking account to pay your car loan. Your personal line of credit becomes your new checking account. All your income goes in and you transfer your expenses out into your checking account to pay bills. Cashflow stays in the line of credit. In this example, your Cashflow is 2k and that stays in the line to pay it down every single month. I hope this makes sense.

Yes it can seem confusing. Nothing was missed. But your timeline is pretty close. Day 1, 10k towards principal and balance down to 22k. In month 6 your line is clear again. Now another 10k chunk towards the principal. Now it's down to 10k. Another 5 months go by and now your line is free again the beginning of month 6 which is the one year mark. ******It is important to note that monthly car payments are still getting paid every month. So multiply 5 x $348 and then 6 x $496. This is an addition to your line of credit chunks.****** So we are talking about and additional $4700 and some change off the principal within those 12 months. So now we are at month 12 and you make your last chunk. The last chunk probably will be less than 10k but let's just say 10k because life happens. Car is paid off. So technically, the car will be paid off in a year but you you still have to pay off the line of credit from the last chunk of 10k. So this is correct. So after a year your car is paid off and your Cashflow will rise to $2540. It will take around 4 months to pay the line off and now you are free and clear to invest in assets. I hope this makes it more clear to you. Have a great day!!

@@aliltussin3509 thank you for the response I be wondering I only owe like $43135.67 on my mortgage, I have a 10k line of credit I am paying off some bills right now and should be done in August once I am done in August I wonder if it worth me doing this with my mortgage due to the fact I don’t pay interest for my mortgage before anyone jumps I own a habitat home for 14 years and I owe 10 more years I want to be done sooner than 10 years anyone has an idea

It can be confusing at first. You have to keep watching and go back and watch older videos. It will click eventually. Also, writing it down helps a lot. Keep it simple and use this example. Major numbers are Income-5k Expenses-3k Debt-32k Cashflow-2k Line of Credit-10k Remember you put all your income into the line of credit. You will also have a checking account with the same bank. You transfer money from the line into your checking to pay bills. The 2k in cashflow stays in the line to pay it off. Month1. 10k goes to the principal of the car. Now your line has a 10k balance. Your 5k of income goes in the line. Now it goes down to 5k. Then your expenses of 3k comes out of your line and you transfer it into your checking to pay bills. ****The car payment is part of that 3k and not in addition to it. This is important to note.**** Month 2. The line balance goes back up to 8k. Same thing. 5k income in. Balance goes down to 3k and 3k comes out to pay expenses. Line balance is now 6k. Month 3 repeat. 5k goes in, line balance goes down to 1k and expenses of 3k goes out to your checking to pay bills. Line balance back up to 4k. Month 4 is a little different. Your line balance is only 4k and your income for the month is 5k. You pay off the line and you will have 1k sitting in your checking. 3k will come out your line to pay bills and the balance will be 3k and then you transfer that 1k in your checking to your line which will lower the balance to 2k. **** It may be tempting to pay your bills with that 1k sitting in you checking but don't do it. Have all your expenses flow from your line of credit and don't mess up the flow. Keep it consistent.***** Month 5. This is your complete payoff month since your Cashflow is 2k and you have a 2k balance left on the line. Repeat what you did in the previous month 4. Month 6...your line is free again with 10k and you repeat the same process and put another 10k on the principal of the car loan. Write it down and do the math. It helps a lot trust me. Just remember the flow of the money. Take money from the line and put it towards the principal of the car. Put all your income into the line. Then transfer your expenses out of the line in your checking to pay bills. Rince and repeat. Basically divide what you owe by your Cashflow to see how long it will take you to pay off the chunk you made. In this case it is 10k/2k=5. Simple math.

It's confusing at first, but I am sure if you rewatch it a few times, you'll see the trick

If you can afford to pay $2000 a month on the line of credit why not just pay that directly to the car payment each month? $2540 a month car payment wld do the same thing maybe even faster....​@@raybaez8676

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