Thanks for watching!

@@yooniiverse you are welcome.

Some of them with bonuses have an annual fee. If you pay this one the second year, you get a free night that costs up to 40,000 points.

I cancel about the time the annual fee comes due and then wait a year or so and apply again. Wife does the same thing.

@@chrishackslife3138nice! How do you paid the annual fee right away? Do they charged it next billing cycle like other banks?

@@joeatellez1688 I canceled before the fee was due, and didn't have to pay it. Basically leaving the card open for 12 months(ish).

Dividends in the retirement fund can be a great source of income that can keep you from withdrawals. Check out my latest video that shows the 4% rule doesn't really have to be a 4% rule.

That might be the case, but it is a primary residence.

Hope you get some solid value out of it.

It all depends on the definition of rich. Billionaires might not have much of a clue. Millionaires are frequently ordinary folks who just have made some good decisions.

If that is the total amount you have to put toward your mortgage (including your regular payment), it will probably be slightly longer, as there will be interest in every payment. If that is extra cash flow in excess of your regular payment, it would likely be less. Specific interest rates would impact it slightly, as well.

That could work, but it might get you finished with your mortgage a bit earlier than you think because you'd get ahead in the amortization schedule earlier.

There's also the issue of market returns. San Fran and LA are definitely more expensive than other parts of California.

Pay off a house? Or use the velocity banking method?

It avoids complicating the issue, for sure.

If you take just 8% per year on the account balance, you won't run out of money, but you might take a major cut to your quality of life if the market has a couple of down years.

Even if you adjust for account balance, you'll take a major haircut to your income in a down market.

That's a good point. Thanks for watching. Be sure to subscribe if you've not already done so.

Maybe, although I've usually heard "smash" that like button. Go ahead and subscribe anyways...lol.

That's not totally untrue, which is interesting when compared with his view on debt. He views debt as unnecessary risk. Yet, an 8% withdrawal rate is relatively devoid of risk.

Getting the 12% return year in and year out is the issue. Lower returns leads to a rapidly depleted nest egg.

Thanks. I like much of what Dave Ramsey says, as I noted near the end of the video. Thanks for watching. Be sure to like and subscribe (and share) if you've not already done so.

Yeah, but this advice is terrible, there’s a consensus with actual CFP’s. But you do you

He's got some really good advice in some important areas. This is not it, though. Thanks for watching. Be sure to like, subscribe, and share if you've not already done so.

There are different strategies that might make it slightly quicker, but yes. You just have to put the extra money toward the principal.

I assume you're talking about regular principal reductions causing an increase in your equity position? It is indeed guaranteed, and if you can pay it off in full, you have what's likely your biggest expense taken out of your budget overnight!

@@chrishackslife3138- if you make/invest regular principle only payments the actual return is higher than just your loan interest rate because the tax portion of your regular mortgage payment becomes smaller. End result is that you get the benefit of the mortgage payment principle amount growing for each payment. Effectively this counts towards your return on the investment because the money you pay anyway is now working for you.

The principal would go down slightly more by paying $1k a month, rather than waiting to make a larger lump some. The reasons for this is tied to the fact that monthly interest is calculated on the outstanding balance. By paying $1k today, the balance on which the bank charges interest would be less, resulting in less interest next month. Thanks for watching. Be sure to subscribe if you've not already done so.

@chrishackslife3138 so that sounds good for say a specific "snap-shot" time-frame......per month for say 12 months. Does the same overall benefit still Hold for when you consider the Whole term that it will take to pay off the full loan amount? In other words if two individuals buy the same house, side by side, for the same Loan amount, same, interest rate, same 30 year setup, resulting in a standard mortgage payment of $1,000 per month and one of them gives $1,000 Extra towards the principal Each month until the loan is fully paid off, While the 2nd individual instead puts a bulk payment of $12,000 towards the Principal each 12 months till the loan is paid off...........which of the two individuals Saves the Most Interest in the end?

The first. The outstanding debt is reduced every month, rather than on month 12, 24, etc. The first individual who might start with a $200k loan @ 6% today would pay off in November 2023 and save $164,268 in interest by paying $1,000 every month. The second, with the same loan and paying $12k in month 12, another $12k in month 24, etc., would end the loan in May 2034 (6 months later) and would save $158,854 in interest costs, about $5,600 less in interest savings than the person who paid more every month.

@chrishackslife3138 interesting. What month/year does the loan Begin for your last response. The 2023 pay off your is throwing me off as we are in 2023 right now.

That should have been a November 2033 payoff for a loan starting in October 2023.

It's more than doubling the actual payment. It's adding $2k per month more. That was estimating a $200k mortgage with a 6% rate. The would be the same regardless.

Nope...just submitted additional payments when they I had them available. I have a video on velocity banking. Just paying extra accomplishes the same thing without going through the hoops.

@@chrishackslife3138 After having seen velocity banking (but unable to try it, quite yet) I think I disagree with you. Dare you to watch--just WATCH!-- Christy Vann of Vanntastic! It truly is turbocharged debt repayment. I hope you rethink your choice about using it. All you have to lose is heavy debt. Would you be willing to do a short term, trial run--maybe 6 months? Compare your accomplishments with VB versus without VB? God bless, no matter what you decide.

They claim the difference in the interest accrual allows you to get ahead of the amortization schedule. You absolutely have to still pay it back. It makes no sense to me when just paying the extra principal accomplishes the same thing without the extra hoops.

Thanks. Be sure to subscribe and share.

Paying any extra will help cut interest costs, even if it isn't $28k.

Thanks for watching. It will be several years, but smaller payments now add up to big interest savings over that time. Be sure to subscribe and share!

Definitely a possibility.

The video doesn't support that strategy. It literally makes no sense to me either, and the math of paying $2k more a month under the scenario shows that just paying down the mortgage achieves what the HELOC method is supposed to achieve.

@@chrishackslife3138 they only thing that made sense to me is she looked good. If she was presenting that argument to me AND having sex with me I would have a hard time arguing her "logic". Otherwise, it seems like a half-baked scheme. Lol

@@callmeishmaelk767 LOL. It just seems like a convoluted way to pay an extra $2k per month...achieves the same basic result with more hoops and risk.

Hope it works well for your travel goals.

That can work, but if you pay off the 50K in installments, you'd save more on interest.

The "banking velocity" folks assume $2k in positive cash flow. The video is intended to show that just paying the extra $2k without going through hoops accomplishes the same thing.

@@chrishackslife3138 ooooh

Yup that’s a huge amount to pay every month Not realistic How about $200 a month

@@nk5726 It would knock nearly nine years off the term of the loan. You could pay off $200k @ a 6% rate (the parameters in the banking velocity video) in a little more than 21 years. With rates exceeding 7%, the numbers would now be a bit different. The $200 would make a bigger dent, but the normal P&I payment would be higher.

Only if you don't set aside some money for savings/investment. If all of your net worth is your house, you're broke.

@@chrishackslife3138 that's the beauty of a heloc, it stays liquid and can be utilized any given time and day

The breakfasts in Europe are definitely better than those in the US. Lots of meats and cheeses. If you held off for a year to use the points, the bonus could be used with the 30k anniversary points to extend a vacation at a nice property. Thanks for watching. Be sure to share and subscribe.

@@chrishackslife3138great video, are these 30,000 points carry over even if you don’t use then within the 12 months in the calendar year?

@@DZtoUSA I think they should be good as long as you have a qualifying activity within 18 months. Those with no activity over that time will lose all points, bonus or regular.

@@chrishackslife3138 thank you for your reply. I appreciate it

Glad you found the video useful. Be sure to subscribe and share with your friends and family.

Glad you found the video useful. Be sure to subscribe and share so more people can get the message.

Making annual payments as opposed to monthly [payments will pay your mortgage down faster and you'll pay less interest. The math is unquestionable. Plug it into any mortgage calculator.

If you divide the annual payment by 12 and make 12 additional monthly payments, you'll actually decrease your balance quicker and the amount of interest you pay.

Say your normal Total monthly payment is $1,000 . Assume, for discussion sake, that you can Afford to contribute $1,000 each month towards the principal. Would you save more doing that Each month, say for 12 continous months OR just saving those 12 $1,000 contributions and putting the Bulk $12,000 towards the principal at the end of the 12 months? This might have already been presented and answered but in a different way, I just want someone to respond to see which of my two proposed methods is more beneficial in Time & Money saved?

Probably after it goes to Fidelity first. Not entirely sure.

Booked 'em through the hotel's concierge.

Congrats on paying it off.