Laura Pitko, I am highly grateful providing such an idea that is highly appreciated. Your simple math and very effect way, sounds good.

Can the credit card be from.any bank

Ok its been 6 years. Who followed this? did it actually work? are you more in debt? please chime in.

Beautiful teacher.

It's called Velocity banking for anyone who wants to know.

I’m so happy to see this video this is one of the first videos I each on my journey financial health 🙏🏿

Great video! 2024

All you idiots saying to transfer line of credit into your account to make the principle……you are the reason America is stupid and doesn’t know basic math, interest and tax deductions..

Payoff your 30 year mortgage in 1 day……write them a full amount check…..you’re welcome

I can answer this quickly: have a high income and low expenses. If you only make enough to cover your mortgage, groceries, other essentials, and maybe a little extra for gifts or charity, this just is not going to happen.

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

Hi Laura, First of all, I would like to thank you for your clear explanation of how to accelerate and pay off a mortgage in just a few years. Since I didn’t have a car loan or credit card payments, I applied for a $20,000 credit line and purchased a multifamily duplex in Sacramento, CA, at the end of 2017. At that time, I bought the home for $340,000; today it is valued at about $560,000. To earn extra income alongside my full-time job, I started a side gig and followed your guidance and principles. As of today, I have only $50,000 left on my loan. The journey has not been easy; I pushed myself to my limits, which required focus and discipline. Thank you for the valuable video you released. Because of your advice, I am where I am today.

In the 50's my late dad worked a modest job, mom was a housewife, and they lived a nice lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Luckily, I've just received an inheritance of $500,000 and concerned how to use money I didn’t work for. Should I pay mortgage since I’m still working, or do I invest in stocks rather than just staying 100% cash?

Hi Laura. How can we use line of credit as checking account? I mean how cam we deposit our in come to line of credit instead of to checking?

Great Video. I have watched several videos on this exact topic. You did a great job breaking it down. Kudos.

what if your mortgage agreement doesn't allow you to pay a lumps sum off the principal?

Can you do one video on how to use this system to pay off my credit cards and car loan with 20k per year.

Didn’t realize this video was 6 years old when I clicked. A 200,000 “home” today would be a portapotty nowadays, very hard for anyone to be able to make payments of this level on roughly a 500-600k home and have anything left over

Lol what are you talking about. Stop trying to scam people. The reason why this is a requested video is because you make no sense. First off, you are excluding the interest on the mortgage that hasn’t been paid yet woh the line of credit. Secondly, use that mortgage calculator you love to use and change the payments to $3200 and see how long it takes to pay off. You are not comparing apples to apples here so you just look stupid to anyone with any remote knowledge of how this works. With your method, of include the mortgage interest for the balance that was not paid by and while not paid yet by the line of credit , the interest paid is actually $50529.24(I’m assuming her line of credit calculations are accurate), and it takes 6 years and 10 months to pay off. Now, if you just apply that $2000 of directly to the mortgage each month instead of the line of credit, the interest paid is $39769.36 and paid in about 6years and 4 months. There is no way that paying chunks of a loan at more than triple the rate will ever save you money. What you are doing is purposely not mentioning things to trick people into paying for your services. I’m other words a scam.

😍😍

you are clueless. Please stop scamming people. Not knowing when a balance is paid off is not what simple interest is or why simple interest is charged. A line of credit can also be amortized. It just isn’t a mandatory part of the payment terms. Saving and investing is not considered an expense and thus this persons initial cash flow is not $0. An expense is something you pay and your money is gone and you can’t get it back. Yes you can lose the money with an investment, but this is different than something like buying food or paying a loan. You are correct that most people have zero cashflow, but this is because they are spending every penny they have after the essentials on luxuries and other junk. By your logic, it would be better to get a $200k line of credit instead of a mortgage. But his isn’t the case. This is common sense. How is the interest of the line of credit being paid? It actually takes more than 6 months to fully pay the line of credit. You are using a 0% rate for the line of credit calculation. If you include the interest you have to pay, it would be at least 8 months depending on the interest rate. Rich people do have money that “sits”. They just have enough money/income that they are able to invest a ton of money while still having a good chunk of money for emergencies. And where is the income tax being paid? Or are we trying to avoid the government when paying off the mortgage! Any money for house repair/maintenance? Zero savings for emergencies? And I’m talking about more than that “cushion” . That isn’t how banks make money. Well it make a them a bit of money that way. The vast majority is through mortgages that is financed with different means. And with your example, the point of saving money is to have the money available to pay the entire car in cash or a big chipmunk of it and avoid that 5.5% as much as possible. What is the point of saving for emergencies if you are not going to use it for emergencies? Lastly, use a mortgage amortization calculator. If you pay $3200 a month (the $1200 base payment + the $2000 that she is effectively paying to the line of credit), the amortization is about 6 years and 4 months. And this actually includes interest as opposed to her calculations using $0 interest on the line of credit. If it takes 6 years and 4 months to pay off a $200000 balance at 6% , how does it take the same amount or less as she claims when you are putting chunks of that $200000 into line of credit at a much higher rate? It makes no sense. This is complete bs. Also, If you can pay a mortgage off in 5 years, you either don’t need the mortgage in the first place or you have enough income that you are better off investing instead of paying off the mortgage.

Make more videos again!!!!

To achieve a secure retirement, aiming to save at least 15% of your income in a 401(k) is advisable. Online tools can assist in calculating the best savings strategy for you, considering factors like age and income. Consistently saving this percentage can help build your retirement fund effectively, thanks to the benefits of compound interest.

The lights on the bottom are out LOL

why use the credit line if the same money can be applied as cash (from checking/savings) every month as extra mortgage payment. Depending on your mortgage amount and interest, each additional mortgage payment that you make will be equivalent to 24 months worth of payments in the amortization schedule

How do you do this method and the one with the mortgage together? Would we use 2 separate cc for this or can we still use one?

I could have had my house paid off by now. Way too complicated.

How do I deposit to my line of credit?

Show me how to use this for my credit debt

Please come back… love your information

I work retail so your plan wont work

great e ducation and food for thought for building wealth

Like your videos, good job, interesting insights.

thanks for this video it’s great! however i dont see/understand where the credit card apr comes into play. you talked about the 5K in income used to pay down the credit line and the 3k in expenses. where is the interest payment? did i miss something?

The “paying off the mortgage early” is situational and not the best choice for everyone. I have no intention to pay off my 2.75% mortgage early. I can use the additional $ to help make me $. Equity in your home is not helping you make more $.

You paid down 3k but you stated at the beginning there is 5k of monthly expenses. $600 gets covered by the payment and you used the card for 3k of expenses but what about the remaining $1400 of monthly expenses? 🤔

Good concept but in the example you are not factoring back in the monthly interest on the 12k so you are not going to pay off 2k per month but the fact that you put down 5k per month will reduce the daily interest and therefore the monthly payment.

The bottom line ypu need extra $$$$ to pay off your mortgage faster. There are no other way lol.

Sweet jesus!!! You are gorgeous! Aghhhh 😩❤️❤️

I love you ❤ Please marry me 💍

Omg you are soooo gorgeous!!! I just fell in love!!

I find her so sexy! Definitely my dream women! Intelligence is sexy asf!

Love that jacket ! ❤

Damn Laura

What does this stupid brat know about mortgages.

Laura, thank you for this video of paramount importance. A very interesting new concept. And your presentations are always so well organized and your calm style is so pleasant.

Laura, thank you for the nice presentation. You are a great teacher. A few years ago I did something similar to what you are explaining. I bought a house for cash, but I was $100,000 short, so I took out a bank Line of Credit for $100,000. It was at 9%, but now it might be lower, like 7%. If I had taken out a loan I would have had to pay a 2% cap and closing costs, adding up to thousands. Then, as you explained, I would have paid thousands in interest for years. The credit line is great because it is a 2 dimensional loan. I put all my income into it and paid my expenses from it. Interest is charge only on the current balance. This I paid off the line of credit real fast.

I'm in poverty.

pd. house off in 3 years, put 20% down, did not buy a stick of gum, no car payment, no credit payment, also above $5k did not take out FICA, etc. taxes i.e. $5k is gross not take home pay work ton overtime no eat out cut expenses everywhere or we bought townhome $29 first then when sold we kept that for future home, then $90k home-etc. you can also do this and sock away money each time you sale for the next house