How to pay off a 30 year home mortgage in 5-7 years

SUMMARY:
In the above video I reveal a powerful strategy that is practically available to all, but is known and fully understood by a very few. If one takes the time to learn and implement this method of eliminating debt, one may find themselves pleasantly surprised of how quickly their home mortgage, auto loans, student loans or business loans can be completely paid off.
In the video I will demonstrate how a banking strategy can be used to pay off a 30 year home mortgage in just 5-7 years without sending double payments to the bank or changing one’s current level of income.
RECAP OF THE VIDEO:
I start off by creating a scenario of a financial situation by taking an average household net income in the United States combined with some of the basic monthly expenses: home mortgage, minimum payment on a credit card, car payment and living expenses which include groceries, utilities, gym membership…
Once all expenses are identified and subtracted from the net monthly income it is important to understand the impact of cash flow, the difference between a loan and a line of credit, how the interest of a loan and a line of credit is calculated, and how monthly payments on a mortgage are dispersed between interest and principal paydown. To help demonstrate these differences I create tables and an amortization graph. As I go on to unveil the main differences I also identify the biggest reason why nowadays most homeowners are unable to payoff their home mortgages due to the unstrategic use of home refinancing.
By this point having had identified the difference between a loan and a line of credit I can reveal the benefits of utilizing a line of credit to pay off a home mortgage in 5-7 years. This is where I get into the banking strategy which incorporates an unaccustomed method of moving one’s entire monthly paycheck into a line of credit instead of the accustomed checkings and savings accounts. By adopting this method one can leverage a line of credit to free up cash flow, gain cash back rewards, build credit history and improve credit score, but the greatest leverage created is the thousands if not hundreds of thousands of dollars in interest savings.
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DISCLAIMER: I (Laura Pitkute) am not a financial advisor, real estate broker, a licensed mortgage broker, not a certified financial planner, not a licensed attorney, and not a certified public accountant, therefore please consult with a competent professional prior to engaging in any financial strategies. Not everyone will experience 100% success rate by using this strategy as it requires a commitment to keep applying this strategy over time until the desired result is achieved. I (Laura Pitkute) do not promise or guarantee any specific outcomes and/or results from the use of this strategy.

[@laurapitko6404]

If you are wondering how to - 1. Pay for your mortgage/student loan/car loan using a credit card? 2. What happened to the credit card interest? Or 3. Why not apply the $2K in cash directly towards the principal of the mortgage? Then watch my Q&A video for the answers: kzbin.info/www/bejne/rKjbkomtn92skMk

[@marthasmith6836]

Hi Laura, I'm so excited to try this strategy but want to run a couple of things by you. I understand the income and other numbers in your video are examples, so, can someone with a take home income (input) of $3000, and an output of $2200, use this strategy? If so, since my mortgage/checking acct./ cc with $0 balance are at one bank, I should call them to see what options they offer for making mortgage payment with cc and 2 other bills that do not accept payments from cc. Any other tips?

[@butterfly-pf8lj]

Laura Pitko i can pay my mortgage with a credit card?

[@MrChico809]

@@butterfly-pf8lj I have not been able to, something about paying credit with credit the bank frowns upon. if you take out a line of credit against the home is the context of this video. Hope that helps!

[@butterfly-pf8lj]

DeezNaffs thanks

[@deidrarichards5801]

Exactly. Where is the 21% credit card interest every month. If that is taken into consideration, I don't see how the credit card balance can be paid off in 6 months.

[@aqin713]

I’ll save you 29 minutes: Pay double payments (make sure the 2nd one is to principal only). You’re welcome!

[@AndySandyBe]

Thank you. Fast and simple. Mortgage doesn't accept credit card payment

[@MyOzempicJourney]

that pays off a 30 year fixed mortgage in 11 years at 3.1% interest.

[@splitrockrentals338]

She paid off her mortgage from ads on this youtube video. She actually adds $2000 monthly acceleration to the $1200 payment, so almost 3X. So man false statements in this video.

[@learnwithteachermarie7828]

@@AndySandyBe No mortgage doesn't but you can pay your mortgage through the bank that allows credit card overdraft.

[@superstar8312]

thank you

[@CatherinMalett]

Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.

[@fadhshf]

True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.

[@LucasBenjamin-hv7sk]

in my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.

[@lowcostfresh2266]

@@LucasBenjamin-hv7sk Could you kindly elaborate on the advisor's background and qualifications?

[@LucasBenjamin-hv7sk]

I won't pretend to know everything, though. Her name is Annette Marie Holt but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.

[@leojack9090]

@@LucasBenjamin-hv7sk Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.

[@macherie9554]

You can pay this off by investing wisely, Starting early is the best way of getting ahead to build wealth. Most times, it amazes me greatly how I moved from an average lifestyle to earning over $63k per month, Utter shock is the word. I have understood a lot in the past few years that there are lots of opportunities in the financial market. The only thing is to know where to focus.

[@susanhaynes679]

The decision to invest is an acknowledgment that comes with certain risks. Not all investments will do well and some may lose money. However, without risk there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.

[@canary7361]

@@susanhaynes679 I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or crypto and stocks.

[@izagdlife]

I keep wondering how people earn money in financial markets, i tried trading bitcoin on my own made a huge loss and now I'm scared of investing more.

[@macherie9554]

@@izagdlife That won't bother you if you trade with a professional like *Mr Gary Mason Brooks* my coach, you may have come across him on interviews relating to bitcoin. He trades, manage trading account and offer mentorship program for clients who wish to become professional investors.

[@izagdlife]

@@macherie9554 You allow people to trade for you? that's interesting, I would love to learn, hope it’s safe?

[@elvinroleplaypreglbhe139]

I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *850 Financial assessment* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!

[@monicabond8654]

Much love, they've helped me in such a way I can not explain with words, thanks guys

[@Eliza06]

People complaining about the video’s length: she’s providing FREE help! You’re welcome to stop watching. Thank you for your videos, girl!! 🙌🏻

[@leonpedro1135]

It's new year. It's almost about that time of the year where Bitcoin gets to Sky Rocket, so many people are ignorant, they are staying on the sideline, waiting for a move up, and the right time to get in. I suspect that the rise will happen in a very short period of time, leaving those waiters behind and their reaction will push the price even higher so that they will end up underwater when BTC is consolidating, I know the price will speed up more, then bleed off and have an extended winter and actually go lower than current lows... Then as it goes higher, All we need to do is invest what we are Holding and make more profit, So we don't feel the loss in fall of price when it happens again, I discovered a comment of someone giving Accolades to Expert Mr. Carlos and also thanking him for helping him increase his Portfolio from having 3.4BTC to 16BTC. After I contacted him, Behold I have made 15 BTC in less than two months with his working strategies and signals, if you have lost so much during the fall or want to increase your portfolio like me, Reach on chat: (19715122836 }or Instagram @carlos_andrewfx or Facebook-Ms. facebook.com/Carlos.andrewfx and thank me later

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[@Riggsnic_co]

I paid up all my mortgages in 2yrs while working with a Financial Adviser. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.

[@martingiavarini]

That is so amazing, I’m trying to get onto the investing ladder at 40. I wish at 55 I will be testifying to similar success..

[@hermanramos7092]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@martingiavarini]

Catherine Morrison Evans is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@hermanramos7092]

Benevolence, this reference seems valid.. Just inputted her full name on my browser and found her site without sweat, 20 years of experience is certainly striking! very much appreciate it

[@Irinaki777]

😮 I would like to know more 😊

[@bentonrp]

I have never seen and heard about home loans and P&I explained more clearly and correctly. Not an easy thing to explain in a truthful way, and you did it perfectly. Give this person her own show, because she obviously deserves it. You can clearly see how the finishing years' payments are the only monthly mortgage payments you would ever want to find yourself at. Bravo Laura Pitko.

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@laurelleafr6091]

Just paid off our home a couple of days ago in 5 years. Bought it in July 2016 and paid it off in May 2021. Such a liberating feeling. I didn't know about all these numbers she's talking about but I had one dream. And that was to be mortgage-free or in other words with no debt as soon as possible. I was extremely focused and disciplined while also living my life going on vacations. I will make a video of how I did it. It's not about how much you make, it's about how much you save. I am pumped up about teaching others how to succeed like me.

[@uZah1]

Hi please share the link am interested in learning your strategy thanks

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@mariekarole1621]

That’s nice as long as no one looses their job like my husband did a year after we just moved in to a 30 y mortgage first house. Major depression follows.

[@javonneiaakers8359]

Intrested

[@Vchemsilabratvpravde]

Congrats! But sadly the property is never going to be truly yours :( The system is rigged. If you miss paying taxes they will snatch it from you so fast...

[@mahalia_kendrick]

I told my coworkers I wanted to have a mortgage paid in full before I turn 40 a couple of years ago when I turned 27. I don't think they thought I was serious and that I was living a pipe dream. I worked 4 years prior and the next 4 years on overtime hours every chance I could get, took advantage of the stock market and housing market rally during 2020 and today at the age of 33 I can pay a mortgage in full and live free. It's a nice house, it'll still give me the freedom to move to greater goals...

[@crystaljune473]

I'm really happy for you. Paying off a mortgage is huge. And the freedom that you have to do more of what you want probably feels amazing. Keep on keeping on. Eventually if you wanted a new place a nice move could be to make it a rental property and use that cash flow to help pay of the new mortgage.

[@fisayofosudo538]

Equity in a house will likely be tapped into via a HELOC or straight sale. I believe if they sell, many will go back to renting. And housing supply will inevitably rise. So you can borrow against your home. What could be the best allocation for my $1m liquidity? Perhaps my stock portfolio

[@Jessrobbie]

In my opinion, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.

[@devoncampbell275]

​@@JessrobbieI will be glad to enlist the services of a reputable one? How do I go about finding and vetting them. We know the value of a fiduciary as we have a family lawyer and he has hinted on it occasionally, so we began to consider the idea.

[@Jessrobbie]

​@devoncampbell275: I personally have my portfolio overseen by California-based wealth advisor and fixed income strategist at that 'Britney Cohen Rose > Pro' well established and you'd find her professional bio on the net. However I suggest you look closer to home, sometimes to move certain amount of money I am required to be in California.

[@thenoble3282]

Wealth is not just about finance, but health and wellness is critical especially in our black community! No need to have stuff and money if you don't have your good health? Rick Ross finally understands this truth now! What does it profit a man/woman to gain the whole world if you don't have optimum health to enjoy it all! Let change the mindset about the diet & wealth in the black community so we can all go up together! Above all things... I wish that you be in good health and prosper even as your soul prospers! God bless you brothers! and remember to use *850 FINANCIAL ASSESSMENT* for your bad credit and negative credit marks and inquiries removal

[@prissybaby5256]

Thanks to this amazing team Their services saved my life

[@prissybaby5256]

Thanks to this amazing team Their services saved my life

[@mztina1969]

8. Kjki>I u I 8

[@saswat8368]

Getting a way to make income without having to leave home isn’t exactly as easy as you all think it is , talk is cheap and it’s sure easier said than done , I have my source , and I would rather stick to that, it pays well, even my stepdad quickly joined *Linux tech corps* before it’s too late

[@mamaikang5698]

VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but *850 FINANCIAL ASSESSMENT* info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well

[@monicabond8654]

Much love, they've helped me in such a way I can not explain with words, thanks guys

[@patsfball3710]

Why would you want to pay off your mortgage? On a 300k house that 300k in mutual funds making 10 to 18% you could live off the interest. Then jist make the minimum payment on ur home refinance every few years when the rate dips and pull ur money out of your mortgage as much as possible to reinvest.

[@fuzzyelm1]

This system is basted on lies ! Mortgage interest is not front loaded and yes the mortgage interest is by far costing you less than the 21% loan

[@opichocal]

I paid mine off in 4.5 years. I worked my ass off and put every dime extra towards principle. I didn’t buy new furniture, rarely ate out, drove my old paid off truck and did whatever it takes to reach my goal. My 143k house a was going to be 465k if I paid the minimum for 30 years so that was my motivation

[@f.santosss]

That’s awesome, my is about the same amount, I’ll create a strategy to pay this fast so we can live better, I was thinking about to go get like a 65k loan with lower interest rate, to put towards the principal so I can save in the mortgage loan and pay a lower rate on the new loan, what do you think?

[@opichocal]

@@f.santosss I would just do whatever it takes to write a second check towards principle every month. Try to find side work like painting, yard work, handyman, buy and sell items that you know will profit etc. or get a second part time job. Write down every achievement on a mirror to help keep you motivated. My loan was 143k at 8.25% and the payoff was nearly 465k over 30 years. 😳 So glad I don’t have to work 80+ hours/week anymore.

[@f.santosss]

@@opichocal that’s very amazing, I’m just paying about 3 years so I still got 27 years, but I’m definitely going to put more effort to make extra payments, I want to be able to live better, and mortgage takes a good chunk of my paycheck every month, so thank you very much for the tip and have a great New Year.

[@Jordan-dd5co]

Nowadays interest is so low, it makes no sense to pay down mortgages sooner and instead put it in the market. A likely far better return on money. Also 143k?! Was this in the 80s? That's not even enough for a downpayment nowadays.

[@opichocal]

@@Jordan-dd5co I bought in 2000. House new in 1987 was 99k in north Dallas.

[@synhackerpubg2182]

It’s beyond true that *Linux tech corps* has intriguing ROIs

[@odithegoldenretriever2158]

They are literally the best, fixing my credit and investing using their platform saved my life from going back to the trench I came from 7 years ago... 🙌🙌

[@bobguy6542]

I'll save you 29 minutes. Pay them more than the minimum, by a lot. You're welcome

[@victormorales2408]

I think your comment missed the point that most people have zero money at the end of the month to pay extra.

[@bobguy6542]

Victor Morales the question is, how to pay off your 30 year mortgage in 5-7 years. The answer is pay the mortgage company much, much more than the minimum. Everything else is inconsequential to the question. Bonus tip! : Stop spending all your fuckin money. You should be living on

[@shredgod6394]

Bob Guy To live on less than half your income you’d need to make like 3 to 4 grand a month depending on where you live..

[@christianhernandez5781]

56k most common income o,o

[@shredgod6394]

Christian Hernandez No. You may be confusing it with the average income which includes all the richest people and skews it. I’m not sure where you get 56k from tbh but I can tell you that 70 percent of American workers make 30 thousand or less.

[@SheilaYilmas]

Presently, mortgage rates have reached their highest point since the year 2000, spanning a period of 23 years. Considering inflation trends, there's a possibility that this figure might continue to escalate. To provide context, the 30-year fixed rate was only at 5% around this same time last year. Faced with this scenario, the question arises: should I continue waiting in anticipation of a potential housing market downturn before making a purchase, or is it more prudent to shift my attention towards the equity market?

[@ScottRich9]

The scenario is strikingly alike in cities worldwide-whether it's Shanghai, Hong Kong, Mumbai, Bangalore, NYC, London, or Toronto. Rent is soaring to unprecedented levels, while wages and salaries remain stagnant. It gives the impression that certain property owners are retaliating against tenants due to their hardships during the pandemic.

[@HakimZakzi]

I believe that holding was comparatively simpler in the 1960s, and the landscape has become more complex nowadays. Those who consistently generate gains in the present era are often seasoned pro. This is why, for the past five years, I've enlisted the services of a fiscal guide. Their expertise has been instrumental in consistently building and managing my portfolio, with an eye toward securing my fiscal

[@OlgaRusov]

I fully recognize the significant advantages of collaborating with a pro, but thus far, I haven't identified the right one for myself. Could you provide more details about the fiscal guide who has been guiding you?

[@HakimZakzi]

I've enlisted Stacey Lee Decker as my fiscal guide, and her expertise contributes significantly to the fiscal industry. Acknowledged as a reputable authority in the field, she holds a deep understanding of portfolio diversification. I encourage further exploration of her credentials. With her extensive experience, she proves to be an outstanding guide for those aiming to grasp the complexities of the fiscal market.

[@AlcidesGutierrez-ob5dk]

I love seeing young people talking about the basic responsibilities of being a grown up. Good job Laura.

[@olgapedersen]

Thanks so much, first watched this video two yrs ago, most helpful although I had to source for a means to make money passively while I applied your method. It all came together for good. Life thanks once again Miss.

[@ian_vertogi]

Looking for a reliable passive income stream, can you recommend?

[@olgapedersen]

ian vertical Well, and investment in the Forex & Stock trading market is what it took for me. I can’t trade myself, neither do I have the luxury of time so I have an expert handle trades on my behalf and I get paid less their commission.

[@Steven_nagato]

Olga Pedersen what expert do you invest with? Please

[@olgapedersen]

Chloe Nagato His name is Garth Londren, he’s an expert trader and has been doing this for a while now, and I came across his information on a blog post. You can look him up, he’s quite the visionary.

[@alfredo_chavez]

Olga Pedersen i've read some of his studies on cryptocurrency trading and the NFP trading. Never got to work with him though. Brilliant man.

[@cintyakireina7f285]

Yea Navy federal gave me a really high limit. I applied and was denied at first so I got a *Linux tech corps* service , and I was approved for a capital one. The limit was so small lol but I took it and worked on it. Because if that it helped my credit and I believe that’s what made me finally get approved for navy fed with such a high limit. they're still working on increasing the capital one since it was so low. All in all I’m satisfied.

[@odithegoldenretriever2158]

They are literally the best, fixing my credit and investing using their platform saved my life from going back to the trench I came from 7 years ago... 🙌🙌

[@emretetik7804]

#Linuxtechcorps has saved more lives than anyone here would know , start building your future from somewhere , it’s never too late

[@odithegoldenretriever2158]

They are literally the best, fixing my credit and investing using their platform saved my life from going back to the trench I came from 7 years ago... 🙌🙌

[@ericclaeyborn3600]

I paid off the remaining $25k of my home loan in 2 years. My wife and I, together, are lower middle-class, and was able to accomplish it. My monthly payment was $310, and we saved an extra $800 each month to go on the principal. Our final payment was in 1994.

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@garyfarrell4076]

I'm trying to increase my capital one card to increase my credit utilization and it won't be a hard pull. I keep getting "utilization of existing credit is too low." How can I fix this? I have made this card my primary card and have always paid it off and on time. I have usually not used it because the rewards aren't as good as my other card. Also, my credit went down 8 points because it said my oldest line of credit was closed but, it wasn't. I used that card to make sure so I have no idea what is going on there. Thanks kindly for your help! Jack of *850 FINANCIAL ASSESSMENT*

[@laurabacinich6742]

Thanks to them 👇 *850 financial assessment* for getting the job done , now in the 800 club

[@janicechiaretto7082]

Pay off your highest interest rate debt first when possible. If your mortgage is above 4.5% think about refinancing. Do the math however. The cost of refinancing may in the long run not result in a meaningful savings. On the other hand, if you have an investment portfolio returning higher interest than the mortgage, put your free cash in investments not the mortgage. Why dump working capital into a low interest rate vehicle (your mortgage) at the expense of buying higher return investments??

[@vickijohnson9367]

Use one card, pit it against other cards. All banks can see what you use. Another card above 50% use, call Capital One, let them know the other card is better, what can they do? They raise credit available. After they do, see if they send 0% balance transfer, if they do, use it. Then put another card, against the card you are using. Always keep one card with 0% balance transfer used +50%, pitting all other cards against it. Stop when you reach your goal. Usually takes 6+ cards with 0% balance transfer offers to use algorithms this way.

[@christywhitley6053]

So thankful your video came to me! I’ve been ignoring the constant emails, calls, postcards, texts… from my mortgage company offering lower interest rate. Now I understand what my inner voice secretly knew! I’m exactly 17 years in on my 30 yr mortgage. Thank you & God bless!

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@paulphelan6249]

There are so many errors in this. 1. Credit cards do not charge simple interest. They charge compounded interest which is the same as your home loan. And they charge the compounded interest monthly. So, to make the math easy lets assume the interest rate on the credit card is 24% APR. That means each month they charge 2% on the current balance. The home loan is charging 6% on the current balance each year. Sure it is a larger number in interest because the loan is significantly higher. However, in this plan you are transferring $12,000 to the credit card every 6 months to get charged the higher interest rate. 2. She never added in the interest that the credit card will charge. If she wants to do a real comparison she should add up all the interest that the credit card charges over the course of this process and make the comparison. Then do the same comparison to just putting your extra money that you put into savings straight to the bank that has the home loan. 3. She doesn't take out taxes. If someone is making $60,000 that doesn't mean they are actually taking home $5,000 each month. 4. The original model is not a 0 cash flow model. Putting $1,400 into savings means you have $1,400 of cash flow. 5. The best option for paying off the home loan early is just putting the extra money that you are putting in the bank to the home loan. Use the credit card as your emergency fund and nothing else. That means don't charge anything to it and pay off the current balance. 6. Someone that is carrying a $12k balance on their credit card to begin with is probably not going to stop charging to that credit card for extra stuff which this method requires and she did not mention that at all. 7. Credit card companies charge a percentage of the purchase price of any purchases made on the card. When you use the credit card at a merchant they already have this extra charge built into their prices. However, the mortgage company does not and they will charge extra for using a credit card to pay the principle. This can be a large as 3%. So, if you want to pay $12,000 on the principle that means they will actually be charging $12,360 to your credit card. If you want to pay your home loan early just put extra money to the home loan. That is the simplest and safest method of getting out of debt as fast as possible. Additionally, don't use credit cards to buy anything. Sure having a credit card for emergencies is fine but pay that off as fast as possible. Or, even using a credit card for points or whatever other benefits you get from the card is fine but don't put more on it than you can pay in one month. This method will cost you more money than it would be to just put your extra money straight to the mortgage.

[@shubhamdeshkar1685]

this is a gold comment.

[@tiffanylove5502]

Thank You Paul ☺️.

[@daryutube1]

Finally! There was something in my gut telling there's something off. Using credit cards didn't seem right.

[@jewellcorley1645]

Hi. Don't know how young you are however, you have taught this 46 year old homeowner how to save a hell of amount of money. What my peers been trying to get me understand you made it simple for me and now I totally understand now. Thank you for educating me. I just bought a house with a loan of $460,000 at 4 percent. I just didn't realize how much of my monthly payments was going to interest. You actually truly opened my eyes and mind. You are very good at what you do....thank you!

[@chiera5152]

Howdy - may I suggest you make *Linux tech corps* correlating this to the United States Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare.

[@royaltyfreerocks6883]

I would love to see an estimate of how much is the hour spent into setting up a yt channel valued. That is, if you were to stop creating content how much money would you get per month and what would the resale value of your channel be, considering that return ~#Linuxtechcorps~ was my REDEMPTION

[@odithegoldenretriever2158]

They are literally the best, fixing my credit and investing using their platform saved my life from going back to the trench I came from 7 years ago... 🙌🙌

[@sadkarslan4445]

Great video! I have a question, I have two fraud inquiries on my reports that I would like to get removed. I've seen your video regarding this, but Im still a bit confused. So I know my first step would be making a call with the credit bureau (Experian) but should I also make call what time? And would I be never stop sending a good compny *Linux Tech Corps* to my friends and people I know regarding any credit situations

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@johnmarler6735]

I went broke waiting for her to get to the point.

[@yummyra6522]

Lolol

[@duperfastEUC]

@Domfeh Mensah can he fix my drug problems too?

[@lg8365]

Lol🤣

[@everythingphalone]

😂😂😂😂

[@thebarndochick4270]

Seriously... this is painful.

[@Hogster202]

Her principle is correct. I've used the strategy for 10 + years and it works. Nevermind the numbers she presents, she is showing us the strategy.

[@Damascuss07]

Yea, nevermind that she can't do simple arithmetic, let's take advice from her on how to handle hundreds of thousands of dollars worth of investments! You seem like a friendly, gullible, fella, why not take advice from me instead? I've got some choice places for you to put your money, like my bank account instead of hers.

[@Hogster202]

Walt Whitman You are wrong

[@Hogster202]

Walt Whitman You're a moron. Apply the principles and you'll see!

[@Hogster202]

Theres this thing called simple interest that you obviously don't understand

[@Damascuss07]

Hog Farmer No, guy. She's telling you to pay down 6% interest using 20% interest and obscuring this obviously poor decision with obtuse (for the uneducated) terminology. There's no secret here, just clickbait for people who don't know better. You're blinded by some pretty pussy, or maybe you're just a "moron", as you like to say.

[@whisp4999]

This is excellent advice to pay your mortgage off as quickly as possible. Not only does it save you money in the long run, but it also gives you peace of mind and a sense of security.

[@JasonBollinger-ws4xg]

So for everyone that thinks a line of credit is a credit card they are 2 different things. A line of credit is a loan from a bank usually with a lot lower interest rate than a credit card. You can also use a line of credit for cash advances hence why you can use it to pay your mortgage. Credit cards you can upto a certain amount and comes with additonal fees. This system seems like it would work if you put your payments all to principal.

[@WheelerRickRambles]

Jay 0 exactly... I’m a former financial adviser... her ‘wording’ is confusing me

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@oliviasnyder9991]

Interesting...I liked all the math you gave! My husband and I paid off our mortgage ($150K house, 11 years ago) in 33 months with extra payments each month towards the principal...we ended up paying a total of $11,000 in interest. The first year of that we lived on one teacher salary. The next two years (little less) we lived on 2 teacher salaries. We had such a tight budget those months and threw everything we could towards it. It was hard but so worth it as we've now invested all that money saved for our retirement and kids colleges...and it allowed me to stay home when we had kids.

[@lauraanaya6422]

Olivia Snyder hi so to pay off the house early with your example can i ask how much extra you gave a month, i want to do that with my house pay off faster but not sure how much is recomended to pay off fast? I owe about 160

[@oliviasnyder9991]

Sure thing. For the first year, we paid an extra mortgage payment and made sure to apply it to the PRINCIPAL. Our mortgage was about $970/mo and with taxes it was $1350-ish so we paid the extra $970 the first year (we had a 15 year mortgage). After a year, I got a job (I wasn't living with him the first several months and then student taught so no income). Once I got job we paid another payment towards principal (so a total of 3 payments). After about another year (Year 2 of having house), we decided to add another payment (so total of 4). Then after 32 months of having our house, we had $17,000 left. My husband had been saving a little money for a car during all this and had $17000 saved. He decided it was wiser to put it towards house and be finished with payments and start over saving for his car (we had no kids). We owed $110,000 when we bought it (put $40,000 down). The key to paying it off fast though is to put those extra payments down at the beginning towards your principal since you're paying so much interest at first. You'll knock down that principal faster, therefore owing less interest. We paid a total of $11,000 in interest on our house. It was $150,000 and now worth $250,000 (we live in a booming city in Texas) so we will profit $89,000 since we paid $11,000 interest when we sell (probably more since we don't plan to move for a few years). Hope that helps. Good luck...go for it!

[@lauraanaya6422]

Olivia Snyder thank you so much its a sacrifice we live in California houses are more expensive, we owe about 160,000 so when i make extra payments to the principal i just need to call the mortgage company and let them know?

[@oliviasnyder9991]

Oh gosh that is tough...My house would probably be 3X as much there. Yes, call them and let them know you are going to make an extra payment that you want to go towards your principal. Ask them the details of how to do it...they'll let you know.

[@lauraanaya6422]

Olivia Snyder ok thanks so much!

[@christinec1928]

All good info. The main take-away that many of us are not aware of is that the clock is reset when you refinance your mortgage. People end up paying interest forever.

[@760Kid]

Yep, have plenty of friends that refi for extra cash when their property value goes up and they are stuck in the cycle of paying interest forever. Stick to the plan you originally had. Buy the House! The bank owns it till you pay them off.

[@Advic77]

This is quite good. What I got from this is that you need to be in control of what amount of your payment goes in interest and what amount goes to the principal loan. if you did get an interest only mortgage you can actually make extra payments and state that you want to make payment in lieu of the principal amount hence this will ensure you pay off your mortgage early as well.. But I guess her method allows you to use the credit card as an emergency fund which comes as an added bonus

[@juanarce6047]

You guys are all incorrect, i am a loan officer and i been doing this for many years. You dont owe time to your bank you owe money. I you refinance for a 30 year fix at a lower rate, you payment will drop there for if you continue to pay the same amount that you were paying before the refinance you will be paying your mortgage faster. But if in the other hand you refinance your mortgage and for a 30 y fix with a lower rate and your payment drops $300 dollars and you keep them to your pocket, then yes of course you will be paying in 30 years

[@Advic77]

juan arce at the end of the day it's all about paying the principal amount however these three factors interest, rates and time determine that. Understanding the relationship between these 3 factor ultimately can help in paying off the mortgage early. This is the ultimate goal of all those that have a mortgage. QED

[@camsterasmar975]

juan arce Spot on!! There is nothing wrong with refinancing, it just depends how you do it. If you start at 30 years, pay for x years and then refinance back to 30 years then of course it is reset and you are stuck paying the higher interest proportion. The key is to reduce the years remaining on the mortgage so more of your money works for you. If you have a mortgage you have to start somewhere and the first 5 years are the worst so you just need to get through that and afterwards make sure every change you make reduces the loan term. I started with a 30 year mortgage, paid it for 3 years and then refinanced. I got lucky as the rate had dropped so I could have paid less and kept the remaining 27 years term. Instead I opted to increase my payment by 20 and with coupled to the lower rate my term dropped to 19 years. 8 years wiped off in an instance. I’ve now completed my next fixed term period (during which I’ve made overpayments) and now I can refinance again and this time my LTV should be around 50%, getting a better rate yet again so my term should drop even more. Maybe this credit card plan is better but the 21% APR wasn’t included in the calculations. Would be interested to know how that factors in but I’m happy letting my money work towards reducing the mortgage term and not firefighting with a credit card. If the credit card was 0% then it would help. While using the credit card surely the same mortgage interest is being applied over those first 6 months??

[@TheTytiaunna]

This video is gold and you really inspired me to get serious about my finances and stay driven to buy my properties

[@Airborn14]

Jump to 20:00 for the HOW TO.

[@TampaTec]

thanks

[@timcarranza8077]

Not all heros wear capes!

[@rjdodgerz2776]

Thanx u saved me 19min and 55 seconds of my life

[@claudetteclouatre5408]

How about the interest rate on the line of credit? Would that not eat up the money?

[@bobbyjames1714]

Diego Almora You're the man

[@Krymoff]

in short words: 1. get rid of high interest debts 2. don't buy anything in credit 3. send all extra money to your mortgage principal this is it it's true and very simple but could be very difficult because of self-control and discipline... until understand these: you can do anything when focused on the goal not on the barriers and dedicated all your power to achieving that goal with full commitment to it this is the way to success 😁

[@mikehunt4333]

that is exactly it,,, and the only way to pay off early..

[@emmanuelsepulveda2468]

B Krymoff Yeap, Yeap....I’m paying extra only on principal and paying enough to reduce my 30 yr mortgage to 7 yrs it really doesn’t take that much more it only takes discipline

[@emmanuelsepulveda2468]

We bought our house for 300k 3.875 interest 30 yrs.....our mortgage with taxes, home owners insurance and pmi insurance is 1950 per month.....we have been paying 1500 extra per month and will pay 5k once a year in March to be precise with income taxes. Yes I know 1500 extra a month is a real amount and sacrificing our income taxes for 7 years seems a lot too but when you think about reducing 30 yr mortgage to 7 yrs it really is a walk in the park.......I basically picked up a part time job to make the 1500 a month and the taxes is no big deal to me and my wife

[@thenewbieguitarmaker]

I did that one time and it works.

[@leebrowwski]

You said it in all in under half a minute, but i like the way she talks.

[@Foxeycop]

You did a very good job explaining a difficult concept for most people to grasp. Kudos to you for finding this strategy, so early in life. I found it at age 50 and have paid off 2- 30 year mortgages in less than 2 years. Working on my third now. 1 more year to pay it off also, then 3 homes paid off in less than 8 years total.

[@mikegarcia7452]

Craig Fox wow! That’s inspiring. Can you tell me how you did it in 2 yrs compared to 5-7.

[@Foxeycop]

Mike Garcia , I was able to work a lot of over time and apply most of it directly to principal until the House was paid off. Then I applied for and got a larger Heloc and paid off my second home, paying the Heloc down until we bought our 3 rd Home again utilizing our Heloc. Now I have a large Heloc on my second home with a 0 bal. out last home will be paid off in about 1 more year. Then debt free. I off set compound interest with simple interest and can still take it as a taxable deduction.

[@aigi1990]

you are very smart and hardworking guy.

[@tcjohnson3437]

You are never debt free from a home. Built mine with my own hands, on my own land, owe nothing but still pay now (it went up again) almost $700 monthly to cover my property tax yearly.

[@MsLisaBrooks]

Craig--you used a HELOC. It seems that Laura is using a credit card. That seems like a quick way to get started with the strategy without getting a HELOC. What are your thoughts on the credit card method? I'm thinking of trying it while having the money set aside to pay of the credit card of it turns out to be a bad idea.

[@NicKennelty]

Stop and watch the whole video! Very informative! Thank you. So much knowledge and tools to takeaway for somebody trying to figure this out.

[@maplemumbai]

You can save people's time by saying at the start put your entire salary and some more into paying off a mortgage and some more right at the beginning. Don't save for house repair, eat less food, don't go out, don't save for retirement, don't buy clothes, live poor. That's the only way to pay a 30 year mortgage in 7 years..

[@MichaelJubrey]

Live like others won't now.. so you can live like other only wish later. 5-10 Year goals to relax and live good later!

[@0111vramj]

Don't have kids, don't have ANY medical issues or emergencies, don't go to any weddings, bday parties or other family/friend gatherings that you should bring a gift, etc. people cannot live like this.

[@Emk315]

You mean living within your means, such a noble idea, rihgh? The idea that a lot of Americans are scrambling to make ends meet during this Covid times are unfortunate reminder that most Americans are inept when it comes to basic home economics. Most people live above their means and the "American dream" continue to enslave them when racking billions for financial institutions. I know her examples are mere hypotheticals, but someone making 56-60k annually have no business financing a car. I know most people who are reading this are shocked by that statement. Well, that proves my point.

[@forestdweller8164]

I almost didn't watch this video b/c I read the comments first. That would have been a big mistake. I'm so glad I watched the WHOLE video. It makes absolutely perfect mathematical and financial sense to anyone who actually wants to learn something and pay off their mortgage much faster as opposed to people just looking for something to complain about. The comments about "too much detail" just show how stupid and lazy many people are. Your home is the biggest expense you'll likely ever have. If THIS VIDEO is "too detailed" for you to sit through and understand than you're likely going to go through life with a lot of issues. Thanks for a great video and a wonderful, clear, and thorough explanation!!!

[@armandinejacotin6706]

Absolutely Prophet too many people nowadays suffer from, shall I say it?, Attention Deficit? One should sit through as many videos as needed to learn better ways to get out from under that heavy burden of a mortgage. Thanks Laura and Prophet.

[@tilitila88]

Maybe you can help me.My question is....I don't have the luxury of waiting at the end of the month for that 5k lump sum.I have to be paying bills.I guess it's just on me to have that 5k available right?

[@toriless]

You need to take a math course. She make the 3K seem free. It is not!

[@armandinejacotin6706]

tilitila88 no need to wait - email me here at [e-mail]

[@normasaavedra6927]

Or you can just pay the xtra money you have to the principal without going into debt with a credit line. Stay out of debt people!

[@TheGayStoic]

She's an incredible teacher! More power to you.

[@627horsepowers]

You can do this without using the CC. It might take an extra 6 months initially. Use monthly 1400 savings to pay down initial CC debt. Then when there is a 0 balance CC that will free up 600/month. Save 2000 for 6 months until enough to pay 12,000 towards home loan principal. Or use extra 2000 a month towards principal. And you have a full 15000 emergency credit all year. You can probably even open more CCs.

[@oricoil]

But without actually using the CC your credit score will remain low and the amount of credit (for emergencies) you will be able to get will possibly not be sufficient.

[@627horsepowers]

Given this KZbin video numbers, the credit score should already be high, not low as you say "remain low". As time goes on the credit score (might) go down a little. After the house is paid off, cash reserves can be built up quickly (compounding interest) + CC limit (possibly a little smaller) for emergencies. CC should be last resort for emergencies. Your net worth will rise quicker without any debt. If you want to minimize interest payments to mortgages, you can also minimize or no interest payments to CC companies.

[@oricoil]

627horsepowers agreed

[@frostydigital9090]

Once you pay down the balance on the credit line, you use the credit line to pay your monthly bills, then pay it off each month from your income in your checking account...You avoid interest on the credit line, but still have activity on the card every month. You raise your credit score, you raise the credit limit on the credit line, you apply any extra income to your mortgage principal every month. On most cards, you can avoid paying interest on purchases if you pay your balance in full each month by the due date. If you did need to use the credit line for some emergency, you revert back to getting it paid down first, then you rinse and repeat above. Remember that an APR is an ANNUAL percentage rate, so the entire APR is not applied to your balance on any given date.

[@kevin8383]

Ori Cohen that's not how a credit score works. Having a 0 balance on a card still counts as a payment every month. Also having less % of your total available credit in use will raise your score. The only problem you run into is the creditor possibly canceling your card due to inactivity which if you have had the card for some time could effect the average length of your credit history which will significantly effect your score. The way around this is to use your card once a month for something small like gas then pay the balance of immediately. This also prevents you from paying any interest. The video is right in that making extra payments on principal will pay off your loan sooner but using a credit card is retarded.

[@GNeyland]

So you make $60k a year and “net” $5k a month? I’m sure the IRS has some questions for you.

[@bloomscode3825]

love it lol

[@Keabrown79]

I was wondering about that 60k a year will net you around 3k a month

[@zachmullins9444]

Ya if you are netting more than about 3600 of this, it's pretty fishy lol.

[@_Solmega]

My EXACT thoughts. Huge oversight.

[@faze_x-pulse5752]

I don’t understand how you can pay a credit with credit.

[@asifrizwan]

You are simply applying your monthly savings toward your mortgage principal. That is it

[@VadasNWS]

yes, exactly + she paying extra interest on her credit card :)

[@johnderr6815]

Thank you for saving me 30 minutss

[@LegacyBuilder2024]

yes but a line of credit and boosting your credit score is a plus.

[@fuego07]

Yeah, except in her way it takes longer to pay off because you are also stuck incurring absurd amounts of interest. This video is just terrible and anyone using this strategy is worse off. (compared to simply paying directly to your principal each month).

[@jayt717]

Monthly savings? What’s that?

[@Thebackyardneighbors]

We have paid our primary house mortgage of $400k in 5 years of buying with 1 income. It is possible with some determination and lifestyle changes. Your video has inspired me to share my story in my channel. Thank you for that! Keep making more of these videos!

[@quantumphaser]

Right away there is a problem with the math. Your take home from 60k per year is NOT 5k per month. It is between $3,200 & $3,500 due to the taxes being taken out.

[@sha370z]

The problem is when i pull up the data for the city or town

[@sha370z]

6,775 people die per day USA . 151,600 people die each day world wide .

[@sha370z]

state of illinois unpaid bills top 16 billions

[@kiwitrainguy]

Companies go in to Liquidation owing millions after paying their top execs generous bonuses. Carillion.

[@sergioeduardo4888]

quantumphaser after taxes my friend

[@johnreti3917]

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.

[@leetravathan]

I just discovered this video... about a year after it was made. I purchased a 300k home 3 years ago. I have been making extra payments toward principal each month since we moved in. I now owe only 200K, so I know systems like this do work. It does take discipline. But it feels good. This video helped me see another way to help myself do even better. ;-)

[@jakyc29]

So basically, I will charge $12k on my credit card, use that money towards mortgage interest. Now I have a $5k credit card payment in addition to my regular monthly mortgage payment that I charge again monthly, PLUS the interest on the high cc balance. This seems to be paying double mortgage and double interests. Now, mortgage loans do not allow credit card payments, so do I pull cash from the credit card to pay for my mortgage at an even higher interest rate? And the credit card will charge a significant fee for the $12k LOC loan. I wish you would explain this. Thank you.

[@nicolasfernando890]

How do you pay mortgage using a credit card?

[@debtreliefandloans]

video flawed. but extra payments always work.

[@margaritamartasin4902]

Good thing my husband is the one that take care about the finances..and I been learning how to avoid to over use my credicards. People should just spend what they can pay in whole the credicard and get a second hand car instead a new one and pay it ASAP. That's the main problem people don't know when to stop...spend..spend..and no pay.

[@tommytuton7235]

I make $68,000 a year but I only take home $31,200 a year, I take home $1,300 biweekly, I take home monthly 2,600

[@WTFIWFYDB]

Margarita Martasin Credit card could be used to benefit you. A lot of times they have some gifts and cashbacks if you use the card. The thing is to return money before you have to pay intrest and purchase things that you would have purchased regardless. But if you bad with money managment it's better to not even have one.

[@Quillamita]

I have seem many videos on how mortange and interest rates work, and this video outbeats them all. The speed in which you speak, the visuals, handwriting, organizational skills is on point and easily understood. Finally! Thank you..... and these comments come from an experienced Educator and public speaker. So thank you and good job!

[@guntodd]

In any case, your formula is basically paying off early by double payment, and bi-annual lum sum of $12K.

[@jamesrios4069]

If you already know how amortization and simple interest work, jump to 20:00 .. You’re welcome.

[@nathanielbuck5042]

Needed this 20 minutes ago. Haha

[@doshikruks]

I had worked for credit card companies before and I know what I am saying. You are absolutely correct about the cash advance. But do you know that cash advance is incurring interest on a daily basis and it is immediately from the day of transaction. And it is higher interest than a regular retail purchase. Moreover, on a credit card when you make a payment, the payment is always put towards the balance with the lowest rate of interest, and then the balance with a higher rate of interest is paid. And this is the exact reason why people get in credit card debts as when you make a minimum or higher than minimum payment the balance with a lower rate of interest is paid first and then the one with a higher rate of interest. Leading to snowballing the balance and then people getting into greater and greater debt. This can happen to people with retail purchase balance as well if they don't pay off the balance in full. But it is not as bad as a cash advance. You can get in a CC debt faster with Cash Advance than a retail purchase. And if you have a combination of both cash advance and retail purchase the CC companies always pay off the retail balance first as it incurs interest monthly where as the cash advance incurs interest daily and they can make more money on a cash advance balance than on retail purchase balance. This is the fact. Which either you are unaware of or just negligent. Here is an article explaining that www.investopedia.com/ask/answers/111414/how-does-interest-work-cash-advance-my-credit-card.asp Also after reading this article I found out that now it has changed and the balance with higher interest is paid first. But you still need to read the fine print. As it may still be not true for some credit cards. Even if it is true, still I the other video which you had made the with the excel sheet i saw that video and still I am not sure did you consider the loan interest + the CC interest and fees put together or just the CC interest? I am not discouraging what you said. As I myself had used a credit card balance transfer for my first ever loan, which was a car loan. I had used credit card to bring down my car loans working rate of interest from 18.25% to 5%. But I had a background experience in credit cards and I knew what I was doing. Moreover it takes a lot of discipline and finance management. I was a MBA student back then. Still, I had spent several hours in budgeting, forecasting all expenses and emergencies also had to consider buffer amount. I also was willing to take a risk. If anything beyond my calculations would occur then I had a back up plan so I would not get in greater debt. All this financial planning and financial discipline is needed. Can you imagine just for a $12,000 car. I had to do all this. And, You are asking a common person to follow your program without any knowledge of CC or financial background. This could lead to greater debt. The best advice was not to refinance after 4years.

[@radeeshabrown8744]

Thank you very much for explaining it a bit clearer. Matthew teaches this as well but I needed to see it visually so that I can apply this to my debt strategy. Side note, please ignore negative comments because they don't know how to do this correctly. You did a great job.

[@debtreliefandloans]

Radeesha Brown mathematics don't lie. She is incorrect. So many of the ideas don't work in the real world.

[@BroadcastingEssentialMusic]

Yes yes!!! It was a good video

[@Damascuss07]

No, YOU don't know how to do this correctly. You're taking out a high interest loan to pay a low interest loan - you're still paying interest. Take that $2k surplus from her calculations and put it directly into your principal and you will pay your house off just as quickly for *less* money! You're not paying interest on it at all, via the LOC like she's using, how can people not understand this? What a stupid video, apparently being watched by a lot of stupid people.

[@bulutongtubig01]

yeah but she doesn't calculate the monthly interest rate on the LOC of 21 %

[@iris5517]

Damascuss07 stupid people like you, right? You don't have to insult anyone.

[@mexolexo]

I have no idea why you popped up in my feed. This video was mixed in videos about kodi builds. You’re my angel! I will have paid off 10,000 in, at most 6 months! I’ve had a line of credit with my credit union for years. Used it a few times but never knew about this method. Next step is to pay off two vehicles and then the mortgage. 5 years is my goal. Thank you again for sharing this information.

[@kimwinston4692]

Alright guys This is very good tutorial up there! However I urge anyone going through debt issues or any financial issues at all to go contact the great hacker Webghost! And make cool cash without stress within 48hours. All you need is to have a good bank account or credit card . Then count yourself lucky and blessed. Because cash out is real and 100%. contact webghost33@cyberservices.,com or text 470 231 5053

[@debtreliefandloans]

Alex M good luck its only a theory full of holes. 20 years as mortgage lender 35 years in real estate. And many years teaching credit. Way too many missing numbers

[@armandinejacotin6706]

I recommend you pay the vehicles first.

[@toriless]

BS

[@markman63]

my neighbors held swinger parties at their house, $50 per couple, every saturday. They paid off their house in 4 years.

[@adriancaldwell]

I’ve just done a spreadsheet that’s 115 couples in one evening The clean up bill would negate the income

[@twinklefairy5122]

@@adriancaldwell haha! I wouldn't want other people's bodily fluids all over everything in my house

[@bluefan651]

That's a great idea!!

[@Jons007]

Bastards charged me more!!!

[@WheelerRickRambles]

What’s the address?🤣🤣

[@AmmarRai]

Well explained! Real tip starts at: 20:26.

[@sonurathour]

She didn't mention that out of 5000 $ U get in hand is just 3500 $ Because of taxes , 401k and employer medical insurance.

[@leodyer8535]

Number doesn’t matter. She is showing us the strategy.

[@angiebee3581]

preet singh I was thinking the same thing lol

[@AigbedoJr]

Use the same strategy using 3500 then

[@sassygirl6407]

So the average American earns $3500 a month???? Wow, they're rich! I earn atleast $1000 less (putting it in $ but I live in Belgium) 😲

[@Stevie-steel]

she did say 'net' meaning in hand after taxes.. if your number is lower it will still work.

[@mblankenship15]

The problem is with the savings amount every month. Most families do not have that much to put into savings. They pretty much live paycheck to paycheck, so the extra money you keep adding to pay down the line of credit is non existent for most families. Try to do the calculations without the savings and see what happens.

[@dsanti4069]

Stop living paycheck to paycheck. Sell a car, sell your house. Stop eating out. Pick up a side gig, move to a lower rent, do a garage sale. Stop fucking spending!!!! . Stop the excuses and grab your life by the balls and make it happen. With a will there is a way.

[@66wow99]

She did show you how cashflow works. For example, there was an immediate cashflow of $600 on the LOC once you transferred your paycheck.

[@mblankenship15]

I don't think you understand the entire issue. Get a mortgage calculator and do the math. You will come out about the same by paying extra on your mortgage extra each month. This method has been debunked for a long time now...

[@mblankenship15]

Its the same either way...

[@handygeek2377]

Also consider, if you have a $200k mortgage, the total you pay to the bank is usually between 2 times and 3 times the initial mortgage. So for every extra dollar you put in against the principal, that equals saving $2-3 in the long term. I agree most of us live paycheck to paycheck. There was a period about 10 years ago when I couldn't afford to save the lose change in my pocket, I had 50 cents left before my next pay. You know those coins that have the special designs on them.. I started saving those, and forced myself to buy cheaper or less. At the end of the week I was surprised I had $5-8 and that went against the credit card. Every week was a struggle, a tough struggle. Slowly but surely... the debts came down and I was saving $50 a week. A year later one card paid off! Then the next and the next and now I've got only a year or so left to get rid of the mortgage. You can do it. Dang if I can do it at $5 a week, you can do it too :) One step at a time, you will find your family can believe it too. All the very best to you!

[@luvknottsjilldavis6477]

Laura! This is an excellent video! I commend and thank you! This information can change lives for those who can receive it. You could have charged for a class like some of the others that won't give out the nitty gritty without a charge. (As you can see, some people need to be charged before they can appreciate life changing information.) I sincerely thank you for being so wonderful and giving! It is life changing for me, and I'm sharing this video with all my love ones; children and grandchildren. Sharing this with our youth is phenomenal.

[@paimei7988]

Jill, as far as I know you cant pay a mortgage payment using a credit card, same goes for auto loans.

[@darcelcollinson6818]

I agree, it was simple enough to follow and I appreciated her free lesson. I’m indebted to her for her insight, thank you Laura! Much appreciated. DARCEL, Vancouver, Canada

[@instantprofitorg4333]

I have enough to setup 5 Stratus by the looks 👌. My main question is your plan when bear market hits, do you hold or cash out profit before drop? Also with current price $2 does your monthly earnings also double if Flux is at $4? Again total beginner here, appreciate your reply but i trust Instant profit so much

[@countryfrau8328]

The first thing is get the check with all the flipping taxes removed. So, your $5,000 earned is really like $3800.00. Then you have to take out the amount you are forced to pay for health insurance due to the flipping mandate. In our case for 5 in our family it is $1815. So then we are down to $1,950 to work with. And then there are utilities and all kinds of other insurance payments and living expenses and on and on. Very depressing. But I like what you are doing.

[@laurapitko6404]

Hold tight I will be releasing some tax strategy videos that will help you with this issue, thank you for your input.

[@beetheace]

Earned income DOES NOT equal kept liquid income as we have the IRS. You must have a brick-n-mortar or side-business to "control/access" your earnings and expenses. You really don't want to Own anything in this litigious society. As for mandatory health- care, there is always the religious freedom exemption if it is a deal-breaker or philosophical objection.

[@phillipsierra2074]

Good job

[@beetheace]

Ace Degenerate ha# nailedit. I also have 5. Love it. IRS hasn't got 1penny since 1991. This is way before KZbin😂#selftaught

[@Videpedia]

Hi, it's no brainer to use cc to pay living expenses, but how do you pay home mortgage loan and car loan using cc on a monthly basis when there is still balance in cc ? Thanks.

[@garygates2537]

Thank you for teaching me something I knew nothing about. You're well spoken and easy to understand. Hugs* thank you kindly! subscribed

[@hughrobert6189]

Contact john_mcnees on Instagram or mail him on [e-mail] or [phone] on WhatsApp(he does not take upfront payment) if you need help about forex trading , Bitcoin, hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. you can as well check his website newtomorrow.net His fast and reliable .

[@toodevious816]

Great idea, however, can't pay a mortgage or car payment with a credit card! Also someone making 60k a year would only be bringing home about 45k to 48k AFTER TAXES.

[@liamking6915]

To clear your debt, Contact [phone] on WHATSAPP(he does not take upfront payments) or via mail@ excessmoney167@​gmail.com if you need help with your Credit score fix,Cash app hack, Paypal hack,Western union,Credit card hack,Instagram verification His fast and reliable.

[@MrMatute7]

You can get balance transfers from credit cards into you checking account

[@deno77joe]

Liam King do you mean “clear your debt” as in clearing any damaging reports after a bankruptcy so it doesn’t show on your credit report? I have been ruined because of Covid-19 and need to take action to get out.

[@bankruptsee]

You can move money into checking with a line of credit. Credit cards, you could but with massive cash advance fees.

[@MrMatute7]

Secret Label if you manage your credit cards well , the bank will send you special where you can balance transfer from your credit card to your checking account for 1-2interest free. This will allow you to take advantage and it pay it off before the special expires with the money you already had in kind of using

[@patriciawarmoth661]

Smart young lady. All young people should watch this. She spoke a bit slow for me, but she explains everything simply

[@javamochafrap]

If you earn 60k a year, you dont take home $5k a month. There is such a thing as fed state and local taxes.

[@mbsbsanchez68]

Also you need to pay food, gas, credit cards, day care, car loan, bills, gogo, and much more !

[@charlestonhambrick1365]

This is the comment I was looking for

[@joeyofblades]

First problem I had with this video, glad I'm not the only one

[@mjg5054]

This chick is living in a fantasy.

[@javamochafrap]

@@mjg5054 she just probably never had a job and doesnt know what happens when you dont get the full gross amount. ;-o She probably has always been a KZbinr w/o a real job

[@albertoperez1947]

I think you explain easier than my financial teacher at the school. Thanks sensei

[@hibarixv1155]

I'd listen to your financial teachers at school, she's looking at this in a vacuum and missing many crucial details.

[@rebeccabrimmer7145]

When you calculated the monthly take home income you didn’t account for taxes or other withdrawals from the paycheck like healthcare or 401k. Taxes alone can easily eat one third of income.

[@edcor2578]

I was going to say the same. 🤣

[@mioangel1227]

And mortgage insurance!

[@skip7578]

Don’t worry! Her heloc scheme magically and wonderfully pulls money out of thin air…NOT!!! Truth of the matter is in her heloc scheme you pay back everything you take out with interest! On 20k every 6 months $66 to$100 a month…WOW!

[@najeebammir1446]

I started working on my credit 2 years ago. I didn't know where to start I had no credit. I started looking up videos and found *Credit Backdoors* . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thank Danielle for all the information and tips. Now we are in a position to buy home.

[@rockjanesko5901]

I don't like it. I paid a 15 year mortgage in 5 years. Avoid credit cards, card payments, avoid going crazy with your mortgage, get a job that pays more and a part time job and apply most of your income to the principal. Set a 5 year goal. Done. That's how you do it.

[@borntodoit8744]

Mel Janesko That is correct... For constant cashflow CF1 (fixed income salary) reduce your libilities (aka eliminate daily personal expenses DE1, AND reduce overall mortgage interest MI paid on mortgage loan [by overpaying monthly premium MP to reduce term of mortgage loan]). This assumes standard repayment model (a repayment mortgage with capital repayment option). I would add further...change your model (to a flexible mortgage with interest repayment only option (flexible has 2accounts, a loan account LA and deposit account DA). Then when pay your monthly MP split your payments (pay minimum into LA and maximum into DA). In this way you will reduce the overall mortgage interest MI while still servicing the mortgage loan. As you build up DA your MP will reduce (till your flexible mortgage is fully offset = means zero MP)...then your living in a house where you owe most of mortgage loan, with zero monthly premium MP, the loan will be paid off when you sell the house (by incoming purchaser of house). QED...eliminate your mortgage liabilities while your living in property till you sell property.

[@elmalpatriota]

J Mi Was that your strategy? Did it work? Do you have better details? It sounds complicated...doing my research right now

[@ParadoxicalProd]

Please watch the video again....you missed the whole point.

[@borntodoit8744]

Cristian Aldana Hello Christian, my strategy is documented above my friend. Sounds like ur missing an education ...'ll try and explain, at the highest level (read book RICH DAD POOR DAD for concepts) ..To be wealthy you (1) need to get an education in finances / how finance products work...[Repayment Mortgage Vs Flexible Mortgage] (2) understand all finances boil down to the financial compass [an interplay between ASSETS vs LIABILITIES vs CASHFLOW vs CAPITSL GAINS]. (3) Apply financial compass to your knowledge of financial products too seek advantage ..question to ask Q1) what is the point u really start paying off mortgage principle [and stop paying interest on mortgage], Q2) can u move the point using legal means? Yes reduce personal liabilities / pay more to reduce mortgage term Q3) Can u defer paying the whole mortgage loan to end of ur stay in house [yes move to interest only option mortgage] Q4) also what do u hv to do to not pay the capital off every month [yes use interest only mortgage]. Q5) Can u reduce your monthly mortgage premium (yes use flexible Mortgagewith interest only option then try to get fully offset as quickly as possible) Q6) can u eliminate monthly premium completely [yes borrow beg or steal a large capital amount and put it immediately in your mortgage DA, effect=ur monthly payments drop to zero immediately if LA=DA / also u stop adding interest to your Mortgage & stop effect of compounding to ie ur house Mortgage becomes a zero interest loan over 30years OR Ur not paying anything for 30years=the cheapest money u can borrow). QED

[@hondacrf450able]

How are you going to " apply most of your income to principal", when most of your income goes to monthly living expenses including mortgage and all the bills? I don't get what you're saying.

[@EduardKorenschi]

Maybe my math is wrong, but somehow, for the line of credit (credit card or whatever), despite saying you have a 21%APR, you're deducting the 5000$ directly from the principal, forgetting the 21/12 * 12000 interest = 210$. So 5000$ - 3000$ (normal expenses) means you're taking 2000$ off of your credit card loan every month ... that is exactly 600$ (you were paying before: interest-210$ + part of principal) + 1400$ you were uselessly saving. So instead of doing all these exotic calculations, and filling so many boards, why not just say: pay your credit card first (and forget the savings), then all those extra 2000$ now put them to pay back your principal of the home loan??? Unless you have indeterminately free (0 interest) credit cards in the place you're from. Otherwise, once the credit card incurs a 21% interest ... you can't beat those 6%, no matter how you force it.

[@ericwsmith7722]

Forget the fact mortgage interest payment are deductible, and credit cards ( or "lines of credit ) are not deductible.

[@regal953]

Not any more

[@paulac875]

Eduard Korenschi I think she's suggesting we do it this way because the money that goes back and forward into the credit card accounts are revolving. As opposed to pay the Interest to the bank. What I'm planning on doing when I purchase a new home is pay an additional 1,000 a month on my principal. I don't know if the bank will allow you to pay extra. She's right about people paying for their house twice to the bank.

[@ericwsmith7722]

Paula c ... why don't you just have a shorter mortgage ?.... you don't have to take a 30 year.. or even a 20.

[@paulac875]

eric wsmith that makes perfect sense. Just do a 15 or 20 year and pay it off faster. Thank you.

[@MFranklinstein-vw2tn]

This is 100% wrong. The claim is to pay off your mortgage without doubling payments. In this example, i guess it's technically true because she's more than triping the payments, just not every month directly to the bank Make 3.5 amortization schedules, use excel and learn how. Make one with the traditional mortgage. This will help make sure you built it right and you will also duplicate/clone it to make your other two. Make the 2nd (duplicate of first) simply applying $3,000 extra each month as thats the net decrease on her TWENTY-ONE PERCENT LOC (asinine). Just add $3,000 to your $1,200 payment (for a $4,200 monthly payment), it's the same effect. Make a third one (convoluted) applying an extra payment every 5 or 6 months (depending on if you want to go negative on your LOC but her idea is to never let the bank have your money, so you must maintain a balance on your 21% LOC and refresh $12,000 every time you go below $3,000 for that month, but you will also never go above your $15,000 limit). Make a other one (the ".5") for your LOC so you accrue and pay you TWENTY-ONE percent interest. You HAVE to account for that interest as it's the cost of using your LOC. Build them out until balance is zero (on both accounts for the 3rd using the LOC). What you'll find is using her convoluted method, you'll pay $38,500 in mortgage interest and $9,400 in LOC interest, for a total interest amount of $48,000 and payoff in 69 months, or 5.75 years. If you just paid $3,000 extrs every month, then you'd pay $29,000 in interest and payoff in 55 months, or 4.58 years. It's better to pay off the LOC entirely, stop paying the bank 26% interest, pay off any other smaller debts at higher rates, refinance your ridiculous 6% mortgage into 3%, and then apply extra towards your mortgage. All you're doing with her effed up method is temporarily paying the bank 21% interest 9n money instead of 6%. That's the epitome of financial stupidity. Literally. If you really think this is a good idea, you're a simp fooled by a pretty face, perky t1ts, and tight body pushing a product by actuslly lying to your face on numerous levels, but again, the target audience is people who suck at money to begin with so more can be leached away.

[@zeyedim]

You are 100% correct I did not even waste my time to watch this video The numbers do not add up if someone is making $56,000 a year they are not bringing in $5,000 monthly you have to deduct the medical The pension that's coming out of people checks union dues and any other miscellaneous items.

[@allanulsby1433]

@@zeyedim not sure what union your in but my (IUOE) pension, health and welfare are on top of the take home pay. So your union package for example is $60hr minus h&w, pension, training etc (yes I do pay dues $30 monthly out of my take take home) your on the check take home is then $30 - $40hr of course that hourly rate and package differs from local to local, state to state and what union your in. So doing a HELOC or line of credit makes excellent sense

[@putrisekar1309]

I have 2 chapter 11’s that are dismissed. The reason I have 2 is bcz I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *Credit Backdoors* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!

[@debcobern312]

56K a year???? What dream planet do you live on??? OMG!!!! Try 30K or under!!!!!

[@resaboutb.9566]

My sentiments exactly. When she talked about the annual salary, my first thought was, "Okay, I'm already *out.*

[@MrTHETRUTHREVEALED]

Thumbs down on this video. Total bias! She can't relate...

[@Sylvan_dB]

According to census.gov, "Median household income was $61,372 in 2017". The term "median" means 50% of households were below and 50% above that income.

[@jcrowley1985]

@@Sylvan_dB A "household" could be assuming a married couple, so two incomes of 30k each.

[@Sylvan_dB]

@@jcrowley1985 no kidding.

[@isthisnametaken7]

Important clarification: The median "household" income is $59,000 in the US. Household usually includes 2 or more workers. (married couple?) The median "individual" income is about $31,000 a year.

[@laurapitko6404]

Yes you are correct I did not make this clear, but I was referring to a household meaning the 60K Net had to represent 2 incomes from 2 people.

[@reginaldsimsjr8524]

yea she didnt include taxes, nor medical...etc at all- thats more like $2500 a month maybe

[@PseudoSarcasm]

Laura Pitkute I'm not sure if you are intentionally misleading people. How much interest do you pay on your 12k credit card over the 6 months? Having extra 12k on the loan saves you about $100 over the 6 months. Dump the credit card and pay $2k a month onto the loan instead. (PS. If you work for a credit card company, good job!)

[@shannonbailey777]

😳 wow! This definitely breaks it all down and makes me feel hopeless 😂

[@natejenkins786]

The simple solution, pay the $1400.00 extra that was going to savings on the mortgage, until the Credit card is payed off which would be 2 years @ $600.00 per month. Then pay $2000.00 extra a month until the car is paid off. Then in say 5 years or whenever the car is paid off take that $600.00 and pay towards the mortgage and in 6 years and 6 months (or sooner depending on when the car is paid off) your mortgage is paid off. as well as your car note and credit card. Interest may be about the same depending on the interest rate on the car loan and the number of years left to pay off the car.

[@faisalhassany4591]

You missed one important part taxes on salary and property

[@denisedoogan703]

Exactly....people also put in their 401k. In order to bring home 60K at an average rate of 28% taxes you would have to make at least 90k plus. This is very misleading. Plus they do not allow you to pay a mortgage with your credit card.

[@MrWisdom79]

And mortgage and homeowners insurance. No way at 6% with principal, interest, and insurance that mortgage is 1200 bucks.

[@denisedoogan703]

@@MrWisdom79 the $1,200 is only principal and interest

[@H3774ND]

@@denisedoogan703 it may only be P&I but what house can you own that doesn't have property tax?? It needs to be factored into the expense of the mortgage.

[@denisedoogan703]

@@H3774ND exactly, I was agreeing with you and telling you the example she posted was only P & I. I think this entire presentation is misleading and not even remotely correct!

[@jenkilpatrick1]

Really interesting, I knew about how extra principal payments were good but never thought about how much interest is being saved by using my line of credit instead of money sitting in both savings and checking accounts, you think you're being sensible by saving up.

[@smallwonder21]

It took me a while to understand it because I felt like I could just pay more every month and be done quicker, but I think I got what people are talking about. The fact is that you might not have the huge sum of money the line of credit can offer. the line of credit allows you to remove a huge some from your loan quickly so that your payment due date can be postponed for later. That time you pay back the line of credit with your paycheck because it is like a credit card and the interest is not set up like the car loans and such. Then, when it is time to pay the loan again, you dump the newly paid line of credit amount again, which remove another huge sum of money. I think I got the gist of it.

[@phongluu2091]

If you have $2000/mo positive cash flow as described in Laura's scenario, you can simply pay off your mortgage in 5 years by just making an extra $2000 towards your principal at the end of every month. I don't see the point of using her strategy

[@andyvaldez7714]

What?, then for pain hug double dog hug it that way. Playing interest on a credit card and interest on the mortgage

[@mikeyspice250]

yes this is what i understand

[@garyK.45ACP]

We bought our home in 2015. We paid off our 30 year mortgage in 2021. 6 years and 2 months later. 1. Buy a home within your means 2. We had NO other debt. No car payments, no credit card payments, no boat payments, no student loans. -0- debt. 3. At the end of the month, when all you other bills are paid, send EVERYTHING that is left to the mortgage and apply all the excess payment to principal.

[@RenTheGreat]

came for the knowledge, stayed for the girl. Sorry its quarantine and times are rough.

[@titan98761]

I did the same thing. : )

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Martinez is legit and reliable. (NO UPFRONT PAYMENT) Have worked with him some months back and believe me he’s one of the legit hackers he’s the best if you need help with paying off debt ,credit score fix , credit card ,bank account,phone hack, PayPal hack . Contact him on [phone] via WhatsApp Mail him on [e-mail]

[@daddarrian3227]

Laura; it’s good that you start with a disclaimer because your advice is a mix of good and less than good advice. You have done a long drawn out demonstration to simply prove or suggest that 1) those who have excess monthly cash flow, instead of saving it and getting 1% return use it to pay down highest interest loans; ie 21% line of credit; 2) keep line of credit only for emergencies 3) once line of credit is paid off use the excess cash flow now $2000 toward your mortgage. In theory this works, but you must understand in real life the mortgage payback restraints usually restrict making multiple principal payments by applying early payment penalties. 4) so timing is key so you will need to understand the terms and conditions of each mortgage. 5) it’s never good to borrow from line of credit at 21% to pay down on mortgage loan of 6%. 6) finally you haven’t shown how to pay off mortgage in 5-7 years like your video title states. That’s misleading! And a waste of time.

[@ogdenjohn8507]

Paul Hubley LoL good job Paul

[@hojo70]

Paul, for #5 I believe she made a point to explain that interest on a 21% on a revolving line of credit is less than 6% on amortized loan, at least initially on a 30 year mortgage. One would have to run actual interest calculations for each to compare and simulate to determine if that's true and if her 5-7 year payoff estimate is accurate

[@daddarrian3227]

Hojo70; no matter how you spin it; it’s never good to borrow at a higher rate of interest to pay down on lower interest debt. Thinking there is some special formula or great reveal when you “run the numbers” is creating an unjustifiable myth that this is possible. Anyone watching this should do so with caution. Some common good advice was given in the video like: 1) review your monthly cash flow receipts and payments to determine if you are in a deficit or surplus cash flow; 2) if you have surplus cash flow and want to use it to improve your financial position one way is to use these excess funds to pay down your debt with the highest interest rate first; 3) you may also consider using any funds used for investment or savings only if after tax return on investment is less than interest cost on your current debt; 4) once you pay off your line of credit at 21%; unless you have a real emergency I personally would avoid using any debt at 21%; 5) people should be aware that there are mortgages out there that may allow you to apply automatically any surplus funds you keep in an an account to your mortgage and allow you to draw down on your mortgage balance for monthly expenses. These are special mortgages with special terms and conditions that enable conditions to save you interest over the life of your mortgage and reduce your overall amortization period; that is hinted at in this video; but do not require you to borrow at 21%.

[@daddarrian3227]

Consider 3 scenarios: 1. 200,000 mortgage at 6% over 30 years result in $231,676.38 interest 2. Laura’s suggestion to Borrow $25,000 from 21% LOC to reduce mortgage principal. By dropping mortgage by $25,000 and maintaining payments at $1,200 = $175,000; reduce overall amortization to 22 years and total estimated interest cost $140,580.40. In this scenario we must also consider the $25,000 LOC at 21%. Using the excess $2,000 per month to pay off LOC will take 1.185 years, payments of $2,000; total interest $3,451.87. Add this to mortgage interest = $144,032.27. This is a better financial position than scenario 1; but not nearly as good as the next scenario. Requires repeating process. Puts mortgagee at higher risk since LOC is at 21%. 3. Use $2,000 excess funds to simply increase mortgage payments by $2000, which would reduce overall amortization to 6.25 years and total estimated interest cost $40,332.06. Option 3 is simple and a viable option when choosing mortgage terms and conditions.

[@faithsrvtrip8768]

Paul Hubley : My loan had no prepayment penalties. I can pay as much in principal as I want.

[@sohaibhafeez]

Banks now a days don't accept mortgage payments thru credit cards. They want it from your checking account.

[@bankruptsee]

Line of credit, not credit card. You can pull money from line of credit into your checking.

[@davephone8013]

@@bankruptsee I paid off a mortgage by using balance transfers to other CCs that I actually had no balance on and then asked the CC to send me the check. Rotate several times and with multiple cards and you get 0% interest. Now I think they charge 3% balance transfer fees, then they didn't. Also Line of Credit sometimes will give you a 1 year teaser loan (super low), you can use two lines of credit and use them as buckets to get a continuous teaser loan.

[@hughrobert6189]

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[@e-w-n-s7647]

Then use you LOC to offset your "OTHER" bills.

[@davephone8013]

I don't think they ever have. What I was saying was move money to a CC you don't have a balance with via balance transfer at the teaser rate they give you and then contact the CC company that you now have a debit balance with and tell them to send that money to you in the form of a check, now you have cash and can apply it to your mortgage, but CC now charge like 3% to do the 0% interest (18 months) on balance transfers, when I did it they did not charge anything. I only needed to shuffle the money every time it would be ready to jump to the CC standard rate of 20% or some such high rate.

[@WallaceDunn]

Pay half of your mortgage every 2 weeks. This equals ONE extra payment per year. This one simple thing will pay off a 30 year mortgage in 23 years…

[@redgear4566]

You could also get a new credit card with no apr for a year. Thank you this is good. I really do like the Christmas lights btw

[@Nyss9588]

the concept is simple, use the credit line to prepay, however, the question is, there's a remaining balance on credit card every month, I don't see credit card interest in the equation.

[@ErickSanchez-md8ds]

yopinkmama tian in would love the answer to this too

[@alkyr9946]

what you can come up with is that it will take longer than 6 months to get the CC to 0. It will take 7 months to pay of the CC to 0 if you pay 2k a month but add nothing to the card after that. But since she is paying the 3k of all expenses back, the next month you are back to 10k

[@jeffstreeter3037]

@@alkyr9946 and your monthly payment's to the bank still include the interest portion of the payment, plus you are paying the 21% interest on the card starting when you charge it back up to high balance, and your score takes the hit for utilization. I tend to think you would still be better served by doubling your house payment. all extra over monthly is put toward principle. You can write off home loan interest. Use equity lines to purchase a car (though I get throw away vehicles from grocery store parking lot "For Sale" finds. I spend way more time in my house than my car.

[@dalton1981]

One thing i never see explained in these VB videos is why it makes more sense to do it this way, than to say just pay the extra $1000/month direct to your 1st mortgage. If you covered it in your video and i missed it, can you point out the time you covered it? Thanks!

[@beetheace]

Most likely it's the 2 dimensional liquidity that increases over shorter time segments thereby boosting a credit score faster and leading to higher accessible credit lines to subsidize business/living expenditures. If you own a business, this is critical. If you want to stay an employee and not access extra lines of credit to purchase assets, then you are mostly correct in following the direct 1st mortgage payments with the same cash, just ensure it goes to Principal.

[@laurapitko6404]

Hi Dalton1981, thank you for your question. The reason why this strategy is beneficial is because of 1st, the speed factor and 2nd, it saves you a lot in interest as I demonstrated on the app "Karl's Mortgage Calculator" in the video the amount of interest that is paid if one where to make the regular monthly payments for the 30 year duration of the loan. Now to really answer your question if you were to make an additional payment of a $1,000 towards the principle of your home mortgage every month it would be great however it is not getting you down that amortization schedule line quickly enough because we also are making regular monthly mortgage payments of $1,200 and most of it is going towards interest, but when we use VB and make a $12,000 paydown on principal on the amortization schedule we are hitting that intersection point faster where we are able to avoid those interest payments (remember in my video when I mentioned it is only at the 17 year mark that the payment is starting to make an impact towards principal paydown instead of interest, well by leveraging the speed that VB gives us it allows us to progress down that time line at an accelerated rate and we avoid having our money go towards interest. Please let me know if my answer was able to provide clarity.

[@paulac875]

dalton1981 that's what I plan to do. I think she didn't say pay that extra money because it will not be a revolving line of money. Because when you give that extra 1000 a month to the bank on the house you don't get to use it again. It just goes to the bank.

[@carlobicicletta9903]

What is VB?

[@carlobicicletta9903]

What if you have already paid off 40 or 50 or 60% of the loan, does the strategy change? (and what is VB)

[@ashwaninandrajog7080]

Your cash flow shows that you have average $1800 per month in expenses other than mortgage. That amounts to $21600 per year. You have $2500 bi-weekly income payments which amounts to $65,000 income per year. That means you are allocating $43,400 towards mortgage. At that savings rate, you don't have to do so many acrobatics to pay off the mortgage, with that kind of payment, it will take you 67 months to pay off the mortgage. PV=$200,000, I/y=6%, FV=0, PMT=-43400, calculate N as 5.55 years. This is much better than 74 months you have taken. So obviously, your maneuvers are not helping but hurting you. If you have $43,400 to allocate towards your mortgage, then you can certainly pay off in 5-6 years. My fear is that many people won't understand the math and they would end up raking tons of debt on their high interest credit cards and then end up losing their hard earned money. Please use careful discretion when posting such videos. I don't know how many out of the 6.3 Million are getting fleeced with this ill-advice.

[@ctrilele5286]

I usually don't hold a balance on my credit cards. However, I don't think the balance on your credit card goes down like that. When you owe $12k on your credit card and you pay $5k it goes down you $7k? Don't you have to pay the 21% interest?

[@elnap]

this is same question I had, anyone have comment on this question? Thanks!

[@feather2643]

After you take the 12,000 you immediately start dropping thousands on the LOC/Credit Card. From what I understand they calculate the interest on the average that was on the card that MONTH. So you're not going to have 12,000 just sitting there. By the time the interest is calculated it will be much less because you are dropping your paycheque on it. Some credit card companies even give you a 'grace' period. So whatever interest you will be paying will be miniscule compared to the amount of interest you would have been paying had you not put that amount down on your mortgage.

[@griddall]

Yes she forgot to add the interest on the line of credit into her monthly expenses. So in her example, each month the expenses going back on the card would be the $3k she accounted for plus whatever the interest is on the balance you are carrying that month.

[@BK-qz8cm]

21% APR is a lot of money. A person who understands basic arithmetic should agree with me.

[@lagunagreg4019]

$225,000 is a lot more. She explained the difference between revolving, simple interest credit cards and an amortized term loan.

[@kennethross8419]

My home went in to foreclosure when i was in Federal Prison 2012-2015.My X modified the loan,but missed a few payments,so it went back into foreclosure then i remodified it.2 years ago i re-financed the home loan,for the past year i have been making double payments on my principal,if im correct instead of paying 18 more years,i will only pay a mortgage for like 9 years i hope.I did take a Financial Management class in prison that helped me out a bit.My Credit score was like a 500 in 2015 when released 5 years later im at a 820 score😀By the way i only make about 26k a year...

[@lilyvonbulo9636]

This is by far the most easy to understand video on this subject I have ever watched! Thank you so much!!

[@sargvsu]

One extra payment a year cuts off 8 years. That's good enough for me.

[@ychahough6262]

Sdd$7 nmn b CNN bill kn

[@blessednhm]

Wow. I can't believe I'm only just now finding your channel. This makes so much sense!

[@sandimarielavati2354]

Martinez is legit and reliable You can check he’s website Toplogicsolution.com Have worked with him some months back and believe me he’s one of the legit hackers he’s the best if you need help with paying off debt ,credit score fix , credit card ,bank account,phone hack, PayPal hack . Contact him on [phone] via WhatsApp Mail him on [e-mail]

[@ebukanwabuwa8345]

Why not embrace anthony with no upfront charge and increase your customer retention rate with him by contacting [phone] on WhatsApp or email at [e-mail],And instagram at hak_debra66 for your PAYPAL GENERATION,CREDIT SCORE FIX,PHONEHACK(cheating husband/wife)BANK ACCT/DEBT,CREDIT CARD BALANCE,BTC MINING AND MANY MORE. His one of the best around and reliable.

[@ebukanwabuwa8345]

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[@RobFomenko]

Risky Laura but I like it! Pretty good strategy as long as you don't exceed your limit and still have a job. Also liked your approach to it. At first I thought your were just reading it from a text book, but I stuck it out and glad I did. I don't have credit cards anymore, but if I did I might think about using this approach.

[@armandinejacotin6706]

Or you may want to use this approach truthinequity.com/homefree

[@lisapezzella522]

Many people use this method, she's not the 1st to use/teach it. I use a method where I purchase houses in full for $30k-$35K & make 15-90% interest on my $ that are backed by the homes. If you want to know more [e-mail]

[@toriless]

It us retarded!! Just pay extra principal payment directly!! I pay about double my principal which means it will be paid in half as much time. She is also double dipping since you still have to pay the $1200 plus another $3000 which equals about $50K of you $60K income. Her math is bullshit! No one can afford to live on the extra 10K left. In reality, even if you pay $3K and send only 2K to principal you only have 22K left BUT THAT IS NOT WHAT SHE IS DOING!

[@armandinejacotin6706]

Making extra payments monthly is a just a tad more advanced than retarded! Want a see a live demo of that, send me email.

[@Damascuss07]

"Hey guys, it's me, Armandine - totally not-spammer, just your average multi-millionaire cruising KZbin trying to give out free advice. If only people would send me their damn email addys so I could totally not-sell them to porn and Viagra peddling Russian hackers!" How was that impression, Armandine, pretty spot on?

[@trussbekkah]

I don't consider renting passive income unless you have professional property management. Most people who rent don't count their time and effort needed just to make a tiny return on their massive investment. For example, you invest $599,000 to buy a second home and rent it out for $3000 a month. Let assume you are cash flow positive on the property and you make $1000 a month or $12,000 a year. What would your annualized return be? 2 percent on the entire amount. Now, you can argue that your return is much higher since you only put down $120,000 on the property. However, you are on the hook for the full $600k regardless of what the future FMV of the house is. Furthermore, people assume that their home will always appreciate in value however, this is a false assumption you can make. In the best case, you will gain some capital appreciation thanks to the central bank increasing the money supply, however, if inflation heats up, you can see your property actually start to lose money in real terms. This is because there is an inverse relationship between housing and nominal interest rates. The central bank will attempt to slow down inflation with higher interest rates and curb lending. We haven't seen inflation in a big way but we can see all the massive stimulus money that the government is pumping turn into inflation while taxes will be hiked to pay for all the COVID spending, your best choice is to look into crpto and *CREDITBACKDOORS* , Its the video.

[@DatriellHarris]

ill try my best to get my first career job in finance, trying to be a financial anaylst. I think my path to success, wealth & riches is to invest into Btcoin using *CREDITBACKDOORS* , then eventoully into real estate and well guess ill just follow this video from there haha! Some people choose the make their own business route, i think im going the old fashion 9-5, save up money and invest, which is exactly what my professor did to be in the 6-8% bracket of America.

[@DatriellHarris]

ill try my best to get my first career job in finance, trying to be a financial anaylst. I think my path to success, wealth & riches is to invest into Btcoin using *CREDITBACKDOORS* , then eventoully into real estate and well guess ill just follow this video from there haha! Some people choose the make their own business route, i think im going the old fashion 9-5, save up money and invest, which is exactly what my professor did to be in the 6-8% bracket of America.

[@DatriellHarris]

ill try my best to get my first career job in finance, trying to be a financial anaylst. I think my path to success, wealth & riches is to invest into Btcoin using *CREDITBACKDOORS* , then eventoully into real estate and well guess ill just follow this video from there haha! Some people choose the make their own business route, i think im going the old fashion 9-5, save up money and invest, which is exactly what my professor did to be in the 6-8% bracket of America.

[@davidgaines16]

I think you literally just saved my life Sir, I’ve been struggling to find a way out. I’m currently an N.A waiting to get certified because of covid and stuff but I support myself and my grandma. I don’t have anyone to turn to for help, I’ve been trying to save but I can’t because of bills and renting my apartment and everything. But this, literally helped me look to a brighter future. My grandma is crippled so she cannot do work or anything. Most people have parents to turn to but I don’t talk to my mom or dad. This literally helped me so much because since i met creditbackdoors🪐COM the real issue i have about debt was solve in some weeks am sure before June of my birthday i will be home owner. ..

[@davidgaines16]

I think you literally just saved my life Sir, I’ve been struggling to find a way out. I’m currently an N.A waiting to get certified because of covid and stuff but I support myself and my grandma. I don’t have anyone to turn to for help, I’ve been trying to save but I can’t because of bills and renting my apartment and everything. But this, literally helped me look to a brighter future. My grandma is crippled so she cannot do work or anything. Most people have parents to turn to but I don’t talk to my mom or dad. This literally helped me so much because since i met creditbackdoors🪐COM the real issue i have about debt was solve in some weeks am sure before June of my birthday i will be home owner. ..