Robbing Peter To Pay Paul MAY NOT Be Such A Bad Thing🤔

  Рет қаралды 34,348

VANNtastic!

VANNtastic!

Күн бұрын

Пікірлер
@5scapetheMiddleClass
@5scapetheMiddleClass 11 ай бұрын
This is awesome. In 4 months, you will save 82 months! That's practically 7 years. She's right they don’t teach us this, and I'm an accountant 🥴.
@xrisdavid785
@xrisdavid785 11 ай бұрын
Just off the top of my head.....w/o whippin' out a spreadsheet....this couple can chunk 10k more at months 5 & 9 in this 1st year....so that's 40k of principal they're saving amortized interest on. Keep those 3-4 10k chunks going year to year.....and the house is paid off in 4-5 years.....saved maybe 250k+ in amortized interest So now they're only 75, she's finally retired.....and they can enjoy their lives and their new home....though by the looks of it they're payin' $1225/mo on taxes & insurance. See? Not only are the bankers thieving us on interest, the insurance companies & local govt are soaking us too ! This is where INFINITE BANKING comes in with flying colors.....a limited pay whole life policy becomes YOUR BANK....where you can loan yourself money at no interest.....and where you can be "self insured" without having to fight for a claim. BUY IT & STUDY ------> infinitebanking.org/product/becoming-your-own-banker/ You're a smart fella....accountant.....get well versed in VB & infinite banking.....then you can work for yourself as a financial consultant helping folks get rid of their debts !
@elainerobertson7329
@elainerobertson7329 11 ай бұрын
You're the BEST. You're so passionate about velocity banking because you care about people. This year, 2024 I'm contacting you regarding my situation. Thanks, Christy Vann!🎉🎉🎉🎉
@jpg7616
@jpg7616 11 ай бұрын
@myesha2088 … they would have saved more by just paying their extra income straight to the mortgage. This only “works” because they have like $4k/month of excess income. All it does it take someone from $227,500 @ 6.75% and turns them into someone with $217,500 @ 6.75% + $10,000 @ 10.99%. Which will obviously pay more. 4 chunks would make them have $187,500 @ 6.75% and $40,000 @ 10.99%. Then just paying off the $40k faster. The more chunks you do, the more you shift to 10.99% instead of 6.75% If you have the extra income to pay that off quickly- just put it on the mortgage directly and you save more
@jerrylundegaard2592
@jerrylundegaard2592 11 ай бұрын
This is voodoo. In this case the people have a total of $5,215 ($1456 + $3739) available each month to pay off the mortgage. If they pay only $3,851 a month, the loan will be paid off in 72 months and the total interest paid will be $49,800. Awesome they will save 288 months. And they still have nearly $1,400 a month available. If the paid the full $5,215 toward the mortgage it would be paid in a little more than 48 months and the interest would be $32,728.27. And all without the gymnastics shown on this video. In finance it rarely makes sense to pay off debt with debt at a higher interest rate. All those numbers on the white board do do alter the fact velocity banking is voodoo.
@ericroberson4270
@ericroberson4270 11 ай бұрын
Wow, it's about making the money liquid! Paying it, the way she showed makes the money revolving, direct payments is a one way strategy that locks up your funds!!! This is how the bank makes their 💰
@casseophealejarde-khaizen
@casseophealejarde-khaizen 11 ай бұрын
Robbing is a sin. We are also commanded not to borrow so I'm with you on crushing debt fast. May the Lord Jesus give us strength as we crush our debt and be free. Amen! ❤
@leebooker6138
@leebooker6138 9 ай бұрын
Thank you 🙏🏾.
@D-NICE79
@D-NICE79 11 ай бұрын
I see Vanntastic I click play. Thanks
@luvmypets3194
@luvmypets3194 8 ай бұрын
Me too!
@ThomasDingel-l1r
@ThomasDingel-l1r 11 ай бұрын
Their cash flow times five months is 18695 so just pay extra on your principal . I had a 7 percent on my first house and did bimonthly payment and paid it off in 16 years
@kingfekyefe9204
@kingfekyefe9204 11 ай бұрын
That’s an option. Van is teaching VB. I guess at this point it will be the individual’s decision on what option to go with based on their circumstance. I’ll do VB.
@barbaracarbone4658
@barbaracarbone4658 11 ай бұрын
No comparison to the amount of interest saved with the Velocity way.
@jerrylundegaard2592
@jerrylundegaard2592 11 ай бұрын
Oh please, you dare challenge the Velocity Banking guru? It does not take a genius to understand you do not pay off a loan at 6 percent using a loan at 11 percent.
@jerrylundegaard2592
@jerrylundegaard2592 11 ай бұрын
@@kingfekyefe9204 "Van" simply proves KZbin is, at best, a dubious source of financial information. If you do VB you lose, it is that simple. The one exception is if the new debt being used to pay the existing debt has a materially lower interest rate. No sane person considers a 10.99 percent rate better than a 6.75 percent rate.
@DougSims
@DougSims 11 ай бұрын
⁠@@barbaracarbone4658except that it is comparable. Do the math with just paying the extra cash flow on the mortgage principal. It is almost exactly the same and you don’t have to do weird tricks to pay your mortgage and expenses with a LOC. Also, this couple isn’t going to live for 30 years (statistically), so why don’t they live with the mortgage and enjoy life with their cash flow?
@lewisteixeira1012
@lewisteixeira1012 11 ай бұрын
The pitchforks are coming!!
@nocount1
@nocount1 11 ай бұрын
These are novel ideas to me. Watching your videos, I'm slowly understanding these approaches. Thank you!!
@Vegannan
@Vegannan 11 ай бұрын
Who on earth thought a 30 year mortgage was a good idea for a 70 year old couple? Bless them !
@ricardorgm30
@ricardorgm30 11 ай бұрын
The sons, with a good life insurance.
@beckybanks9611
@beckybanks9611 11 ай бұрын
Amazing! So thankful your teaching can help this couple…
@waywardsuol
@waywardsuol 11 ай бұрын
I like the concept but I don't see how you pay for a mortgage with a credit card. My mortgage has to be paid directly from a checking account and does not take credit card payments. The banks that I have talked to are all pushing loans and nobody is extending lines of credit and those amounts that I have found.
@mamari64
@mamari64 11 ай бұрын
You can’t pay with a credit card. She’s using a line of credit - you might have to take the cash out of the line of credit then pay the mortgage. I don’t think you’d want to do a cash advance from a credit card to pay a mortgage but it’s a good question to ask Christy. A line of credit works differently than a personal loan or credit card.
@mamari64
@mamari64 11 ай бұрын
US Bank offers lines of credit. Possibly Sofi online banking… you’d have to do some research. Banks push credit cards and mortgages because they make so much more money off of them!
@kuiperdasniper
@kuiperdasniper 11 ай бұрын
What is the difference between using LOC chunks and just using all of your cash and throwing that into the mortgage instead?
@mccarthurmcchickey10
@mccarthurmcchickey10 11 ай бұрын
“I AM EXCITED ABOUT MY FINANCES!!” 🥳🥳 thank you Christy. This information has changed my financial life
@albertc.8820
@albertc.8820 11 ай бұрын
Thank you for your awesome presentation!
@Annakrueger822
@Annakrueger822 11 ай бұрын
I recently inherited almost $500k. I REALLY need to make this money work for me, and not just disappear over time. I've been scrambling for somewhere to put the money, where can make an effort to use the gains to pay bills so I can quit my job. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? We have a 13% RPI rate so cash is tough.
@MichealTanner141
@MichealTanner141 11 ай бұрын
I've got a couple of good ETFs in my portfolio and I still got other share holdings doing incredible numbers. I'm up 47% YTD! I'm also well positioned with good blue chip companies and I have stop losses in place.
@Byrondavis89
@Byrondavis89 11 ай бұрын
Amazing well done! Which companies have performed best for you?
@MichealTanner141
@MichealTanner141 11 ай бұрын
I'd say your lA is doing a great job protecting your portfolio. More still impressive as you're making fortunes in these turbulent times!
@Bradleyschaeffer376
@Bradleyschaeffer376 11 ай бұрын
I'd choose expertise any day because finding the right balance between investing and living is very important to me.
@Annakrueger822
@Annakrueger822 11 ай бұрын
and who is that?
@Good_News
@Good_News 11 ай бұрын
Can't they pay 5.000 on the mortgage on month 3 and then keep paying 5,000 a month every time they have it in the LOC to pay that off even faster?
@jeremyfogt6798
@jeremyfogt6798 11 ай бұрын
$20,000 / 5 is $4000 magically she paid off $20,000 with only $3,739 a month with paying $443 in LOC interest. I don't understand why she keeps showing it like this. It is better to just pay the $3,739 to principal. She doesn't even talk about the real benefit of an LOC. You should be saving for emergency/vacation/holidays and such. With the LOC, the LOC is your savings account in that if you need it you just use the LOC instead of a savings account. This will of course extend the time to pay it off each time but her explanation only takes into account that all your cash flow goes to the LOC with no emergencies. Or you could look at like if you have a savings account you can put it directly to the mortgage and use the LOC as the savings account they way I stated earlier paying the mortgage off even earlier.
@weightlosswithjohanna
@weightlosswithjohanna 7 ай бұрын
Watch one of her videos that include the amortization schedule. I believe the title is "They're Robbing Us" or something like that. You'll understand why it is effective when you see how many years of the amortization schedule get knocked off by chunking.
@maniphaces
@maniphaces 5 ай бұрын
@@weightlosswithjohanna I will say there does seem to be something to the logic of just applying the 3,7379 to the loan- my calculation is rough but lets say its the 1,475 which is the mo payment, + the cash flow of 3,739 = 5,214 ..that means in 2 months you could have 10,428 paid toward the loan- which does the whole amortization thing- so it took one extra month to get the jump but you are there now and you didnt have to spend the 10k LOC which is still there untouched- no interest paid on it. at this Rate instead of paying 10k every 5-7 months you pay 10k every 2 months- assuming no emergencies or extra spending comes out- over time you actually pay the loan off quicker paying even less in interest on the home loan and none of the LOC if its never used. That's my understanding of it at least.
@m.asmaro6855
@m.asmaro6855 11 ай бұрын
Thank you so much for sharing your wisdom with us. May the Universe guide and protect you. Much love from the Low Lands❤
@Linda-s5j9d
@Linda-s5j9d 11 ай бұрын
All I can say is …… WOW!
@MaxGrey03
@MaxGrey03 11 ай бұрын
Can you do a video comparing using this VB method against just putting the cash flow directly to the mortage as extra payments?
@nothing_burger
@nothing_burger 11 ай бұрын
I've wondered this very thing and video after video, this same question/scenario gets asked but falls on deaf ears. Perhaps showing the actual math may render her business model/YT channel obsolete if the truth were revealed. Nevertheless, we could use the same tool she recommends (Karl's calculator), punch in the numbers ourselves and compare results. I've not done this myself yet, but I suspect the results would be very similar. Therefore, the bigger picture benefit by deploying the VB strategy would be establishing and growing a relationship with the banking institution using by using the LOC to periodically chunk.
@zilvarro5766
@zilvarro5766 11 ай бұрын
She won't because it would be better than her method. The massive savings solely come from putting the monthly extra savings towards the mortgage. The loc actually loses you money because the interest is higher. So applying the monthly extra savings directly to the mortgage is the way to go.
@candykerr1663
@candykerr1663 10 ай бұрын
The difference is amortized interest versus simple interest. I think you are the ones thinking you're smarter than everyone else. Ugg@@nothing_burger
@SS-gd4vm
@SS-gd4vm 11 ай бұрын
Wow..!!! Mrs. Vann, you are incredible! Thank you “Instructor Vann”.
@billmartin3198
@billmartin3198 11 ай бұрын
Assuming one has the means wouldn't it make more sense to "borrow" the $10k from yourself at 0%? Regardless of where you park your money you've got the same amount coming in every month.
@kingfekyefe9204
@kingfekyefe9204 11 ай бұрын
Key word here is “assuming one has the means”. Most home owners will have access to a LOC that can start the process. If one has savings to start, that is also fine. This process is great for special circumstances when one has lots of debt. Van’s message is simple. Do not pay all that interest. Whichever way you take is yours to follow.
@pencilhead5278
@pencilhead5278 11 ай бұрын
Your passion is admirable, thank you for sharing.
@SM-fx6yo
@SM-fx6yo 11 ай бұрын
can you please do a video applying this to pay off a car?
@kuiperdasniper
@kuiperdasniper 11 ай бұрын
Another point that maybe you made in another video, would it be in your best interest to forego the down payment if possible and instead use the 20% down once the loan is secured to skip several years of amortization?
@glendagray1046
@glendagray1046 11 ай бұрын
You have taught me the power of knowing math to understand how money is made in interest payments; and thank you for this knowledge ❤
@yolandamfarrell01
@yolandamfarrell01 8 ай бұрын
Good illustration on this couple’s situation
@gerartsmith
@gerartsmith 11 ай бұрын
What I think I missed in this video that you mentioned in the last video I watched; were these folks going to get repeating lines of credit every so many months until the mortgage was paid off ? I’ve recently subscribed and have watched only 2 videos so far and this concept is new to me.
@tinaf600
@tinaf600 11 ай бұрын
You have a new subscriber. I can't wait to show this to my husband.
@VanntasticFinances
@VanntasticFinances 11 ай бұрын
@tinaf600 Excited for you!!
@RobertDinTulsa
@RobertDinTulsa 11 ай бұрын
How did the mortgage change from $1,475.56 to $2,703?
@itsnotlevel2
@itsnotlevel2 11 ай бұрын
i just looked at that too.....hmmmmm 🤔
@LV-1969
@LV-1969 11 ай бұрын
That may include the mortgage, property taxes, and insurance
@gaiasmedicine
@gaiasmedicine 11 ай бұрын
I'm wondering the same thing! I'm confused. 😕
@lordfarquaad8601
@lordfarquaad8601 11 ай бұрын
She switched the labels around, that's their monthly
@RobertDinTulsa
@RobertDinTulsa 11 ай бұрын
$4,100 living expenses - $1475.56 Mortgage = $2,624.44 Other expenses. Neither of those ($1475.56 or $2,624.44) are used in the velocity calculations; switched or not. They simply aren't there. The numbers are close...but different w/ no explanation.
@ThomasDingel-l1r
@ThomasDingel-l1r 11 ай бұрын
I don’t agree with the term front loaded you pay interest every month based on principal amount so more you owe more interest is . Why don’t they put their cash flow to the mortgage ? Lastly why do they have a mortgage if they are getting ready to retire sounds like they should have planned a little better
@carmenmonroe7
@carmenmonroe7 11 ай бұрын
You know, in life, things don't always go as "planned". Maybe you're inexperienced in "life happening to you". Keep living... That's not the focus of this video. You're not here to judge people planning "better". You don't know what may have happened and why this couple desired this home, at this particular time.
@clintsmith9662
@clintsmith9662 11 ай бұрын
You are a god send.
@VanessaBertucci
@VanessaBertucci 11 ай бұрын
You're awesome! Got my HELOC and a 0% interest rate CC this month. Going to attack the mortgage with two debt weapons. 2024 -SLAVES NO MORE!
@nothing_burger
@nothing_burger 11 ай бұрын
"Debt weapons" ... You've been watching VIP Financial videos too I see
@vadehj3288
@vadehj3288 9 ай бұрын
Wow, thank you so much for open my eyes i appreciate it. Everything teaching us
@truthseeker4504
@truthseeker4504 11 ай бұрын
Your education is invaluable! I'm sharing with those that have the credit score for LOC! I'm working on improving mine to get on the Velocity banking level!!
@allme7425
@allme7425 10 ай бұрын
Fantastic truth!! Jana, TX
@m.j.mcintear793
@m.j.mcintear793 11 ай бұрын
Ok my issue is I'm on disability but I'm a student. I want to do this but I need to know how can you help someone like me? Young working from home?
@kxk2328
@kxk2328 11 ай бұрын
The % disclosed in the back of your closing statement isn’t the APR rate/interest rate. This figure represents the total amount of interest you will pay over the life of the loan, expressed as a percentage of the loan amount. It does not represent an annual rate, but rather the cumulative cost of the interest over the entire term of the mortgage.
@kxk2328
@kxk2328 11 ай бұрын
If you borrow $100,000 at a 6.75% interest rate for a 30-year term, you won’t just pay back $100,000. Over 30 years, the interest adds up. •If the total amount you’ll pay (principal + interest) over the 30 years amounts to $210,000, then the interest alone is $110,000. •This $110,000 is 110% of your original $100,000 loan. Hence, the total interest paid over the life of the loan is 110% of the principal.
@nicl3296
@nicl3296 8 ай бұрын
I am so excited to do this.
@TomSosnoff-pk9cl
@TomSosnoff-pk9cl 11 ай бұрын
Listen Vann, Lenders don’t “front - load” the interest at all. The reason it takes 30 - years to pay off a traditional P&I loan is because the interest on that type of loan is calculated on the Daily Balance and charged monthly in arrears. And because you only affect the Daily Balance once a month and only by a very small amount each time, the Daily Balance of a P&I loan remains the same and remains high throughout the entire month. Consequently, more of your payments go toward servicing the interest on your P&I loan rather than reducing the amount owed until the twenty - two year mark. At that point the loan starts to reduce quite dramatically because more of your payments start going toward reducing the loan balance rather than being consumed by interest because it hits a mathematical critical mass point. It’s NOT a conspiracy. It’s NOT magic. Its just math.
@thetapheonix
@thetapheonix 10 ай бұрын
It's not a conspiracy but it isnt 'math' as you say either. If the interest rate is 6.5% you will not pay that total amount of interest on the loan. I discovered this on my first car note. I had a $10000 note @6.5%. That should be $650 in interest. My payments were $310/mo for 36 months. The total payback was $11160. Whatever bull shit math you want to explain, that payback was not 6.5% like the bank said.
@Ann-pn9or
@Ann-pn9or 11 ай бұрын
can you tell us HOW to get a line of credit, like what does it take?
@astikennel
@astikennel 11 ай бұрын
I found my TIP Total Interest Percentage 96.183 but the interest rate I was 'sold' is 5.125 And I initialed the page so at least it was in my hands LOL -
@sigma8627
@sigma8627 11 ай бұрын
I'm not sure how this is confusing, based on your numbers you likely got a 20yr loan. The 5.125% is the interest/YEAR... Does anyone think that's the TOTAL interest for the loan (the 5.xxx)?
@astikennel
@astikennel 11 ай бұрын
@@sigma8627 my note is 30yrs. I was never informed about the TIP and had no knowledge of how this all worked, now I do
@passionfashions3018
@passionfashions3018 11 ай бұрын
My math tells me that $3,739 extra cash flow every month will allow one to pay a $20,000 chunk in about 5 months and some change anyhow. Why go through all this? It’s not like they saved any money in those 5 months, the mortgage interest savings happens in the long run. Nothing but math manipulation here. Simply put, to save on mortgage interest, you need to have extra cash to throw at the mortgage.
@thedeleted1337
@thedeleted1337 11 ай бұрын
Going to assume its because not everyone has $20,000 lying around. You can borrow from a bank and you're completely fine as long as you can afford it.
@weightlosswithjohanna
@weightlosswithjohanna 7 ай бұрын
Accountability. It's hard for a lot of people to save that money if they have it. Also why not build your credit score? It's not going through a lot, just changing where your checking account is. You do the same amount of work using a checking account. Just use a line of credit as a checking account and you don't ever have to take out a loan again once your credit line limits get high.
@deannapendergrass2170
@deannapendergrass2170 4 ай бұрын
Thank you for sharing this video! I do have a question on how to use this method to pay down credit card debt when you are paid bi-weekly.
@DTurk
@DTurk 11 ай бұрын
Please continue to post these scenarios that show the interest saved by making chunk payments. How would that work for 5k chunks?
@jpg7616
@jpg7616 11 ай бұрын
You don’t need to do chunks. If you have $3739/month of extra income just pay that as your “chunk”. No need for complicated “line of credit chunking” methods. An extra $3739/month would have the mortgage gone in just over 4 years with about $34k total interest
@reddirtgreenthumb3553
@reddirtgreenthumb3553 11 ай бұрын
So, from what I’m understanding from watching all of her videos for the reason to do velocity banking instead of what you are proposing here is this: when you make extra payments directly to the mortgage company , you have lost access that money. So your cash flow is now not available to you at all, in case of an emergency. If you do velocity banking, that money is always available to you in case there is something that happens. And we know life happens.
@kimmmac1031
@kimmmac1031 11 ай бұрын
Thank you so much! You are very inspiring ❤ it makes me want to cry for all - it is criminal what the banks have done to people, me included. 🤬
@jessiecurl1843
@jessiecurl1843 11 ай бұрын
I find it wild that someone 70 years old would want a 30 year mortgage.
@wes__ai
@wes__ai 11 ай бұрын
should've gone for the 40
@javantedavis1999
@javantedavis1999 11 ай бұрын
Can you please do a video explaining “line of credit” what it is? How do you get it? Whats the best place to get it? What if you have good credit but a stay at home mom if u can still apply? Ect. Thank you
@xrisdavid785
@xrisdavid785 11 ай бұрын
The MOST EXCRUCIATING thing about VB is -----> TIME.....the slow passing of to be precise. Y'see Christy here wipes out debts in 5-10 minutes.....it takes us months ..... years even...... Be great if we could speed time up to wipe 'em out as fast as Christy --- LOL Even so.....VB works !! DO IT !!! You'll SAVE a ton of interest !!!
@jerrylundegaard2592
@jerrylundegaard2592 11 ай бұрын
OK Dave, do the math. Use the process shown in this mess to compute the interest paid under the terms of the loans. Then use a simply loan calculator as compute the interest paid by using the existing cash flow to pay done the mortgage each month. No voodoo required, Dave, just the math. No hard, Dave, mortgage calculators are readily available.
@jayricku83
@jayricku83 5 ай бұрын
What is the best timing to deposit into Loc and credit card pay down? Just a day before Loc due date & credit card due date? Thank you! Your videos are so awesome !
@tonyp9179
@tonyp9179 11 ай бұрын
Where do you coach women's volleyball?
@masterj7048
@masterj7048 11 ай бұрын
So after using this system and being debt free how do I proceed buying a 90k car or 450k house would I continue using this system or is there another way to set things up first besides paying cash out right?
@kathleenkatori
@kathleenkatori 11 ай бұрын
Thank you Christy so much for all you do really makes you think twice before you buy a home ❤️
@margaretsinden7755
@margaretsinden7755 11 ай бұрын
Was their monthly house payment 1475 or 2703? I see two different amounts. Or wait. It still adds up to 4100 in expenses.
@SuperMetalLicious
@SuperMetalLicious 11 ай бұрын
Confused. What type of Credit are they use for the $10,000?
@TylehurstXL
@TylehurstXL 11 ай бұрын
Excellent concept, what is the uk version of a line of credit? 🇬🇧
@tiffanybobash9541
@tiffanybobash9541 11 ай бұрын
Do you have an excel sheet to use this system with??
@focusedfreebird
@focusedfreebird 9 ай бұрын
Amaazing!!!!! Thanks for sharing!
@RoyalRockRealty
@RoyalRockRealty 11 ай бұрын
Buying a home is never a bad investment as long as you us this principle to get out of that 30 year mortgage. Renting is just as bad as staying in a 30 year mortgage bc you are throwing your money away, not gaining equity and being at the mercy of the landlord. What would happen to you if they decided to sell the home you are renting?
@barefootgardens22
@barefootgardens22 11 ай бұрын
Question: Would it be better to pay 20% up front on a house OR pay 3.5% up front then throw chunks at it every year? Thank you!
@chazdomingo475
@chazdomingo475 11 ай бұрын
It's always better to self-finance unless you can beat the interest rates.
@chrissampson7569
@chrissampson7569 11 ай бұрын
Wait. They have a mortgage of $227,500 @ 6.75% and pay $1475.56 per month, whereas I have a $178,000 mortgage @ 3.875% and pay $1415.90. Now I'm feeling like I got a bad deal.
@mamari64
@mamari64 11 ай бұрын
Are your property taxes and homeowners insurance included in your payment?
@RandomLuminosity
@RandomLuminosity 11 ай бұрын
escrow
@kingfekyefe9204
@kingfekyefe9204 11 ай бұрын
I guess only P+I
@LV-1969
@LV-1969 11 ай бұрын
@@mamari64 100% correct. A lot of people don't realize that a mortgage is just part of the monthly bill. I used to live in an area with high property taxes. The property tax on my home was almost the same as my mortgage payment.
@jeremyfogt6798
@jeremyfogt6798 11 ай бұрын
Do you really think she is including those in the monthly expenses, I hope so but doubt it. @@mamari64
@edgarngotho9909
@edgarngotho9909 11 ай бұрын
Question is if they had 20,000 cash for down payment, how do they apply it?
@lovnmyworld1922
@lovnmyworld1922 11 ай бұрын
I have a HELOC large enough to purchase a home instead of getting a mortgage
@lovnmyworld1922
@lovnmyworld1922 11 ай бұрын
@Jesus-kt5dc Yes, I'm actually doing this to help out my daughter to get into a place of her own. Without having having to waste her money on a mortgage
@WhatDadIsUpTo
@WhatDadIsUpTo 11 ай бұрын
7:15. . . Off-the-wall crazy here . . . What I find "crazy" is how people in their 70s are THAT MUCH in debt. I'm their same age.😮
@harrison4ever125
@harrison4ever125 9 ай бұрын
I dont understand the bit about applying monthly expenses to the line of credit. I understand that you would apply your monthly income to the line of credit. But then how are you using the line of credit to make payments on bills and day to day expenses?
@relie6476
@relie6476 11 ай бұрын
I am still having trouble understanding how you got to the numbers on the last month. Don’t they still have bills to pay? How are they going to pay those bills if they sink all of their money into paying the loan? This mathematically doesn’t pan out. Somebody bring me up to speed if I’m slow, here. Wouldn’t it make just as much sense to simply save $10,000 rather than pay interest on a $10,000 loan over a 6 month period?
@SoulOfGreatHero
@SoulOfGreatHero 11 ай бұрын
The line of credit is like a separate pocket. I am going to use imagination here and hope you are able to follow along. I give you $10,000 in a plastic bag. I tell you to label this “LoC (Line of Credit)”. You dump that $10,000 on your coffee table. YOU ARE FREE TO USE THAT MONEY HOWEVER YOU WANT. BUT! Whatever you take, you must pay back in interest. You decide to take $5,000. That is only HALF of the $10,000. SO. You still have $5,000 to use. But you now have $5,000 you need to pay back. Let’s use the example from the video. You have a job, or whatever. A source of income that you take home $4,700 at the end of the month. You set it up so that YOUR PAY CHECK. Goes DIRECTLY to the LoC. So, your total line is $10,000 You took out $5,000. Making your balance $5,000 and a remaining $5,000 you can use. You just got PAID $4,700. So now, basically. Your balance is only $300 you have to pay back. BUT! YOU CAN STILL USE $9,700. Unlike a credit card, the money that you PAY BACK doesn’t go away. It doesn’t disappear. You can pay the $5,000 on the first of the month. And the next day take back the $5,000 and use it to buy a pool. So long as you pay something by the time it’s the first of the next month. I am dumb. And only attempted to explain this the way that I understand. But I hope it answers your question of “how are they paying bills if all the money is going to pay the LoC?” I’ll say it again. You can IMMEDIATELY take BACK the money you paid into the LoC. it doesn’t disappear and the bank says “thanks” and pockets the money. You simply replenished the coffers and can access the funds again.
@kingfekyefe9204
@kingfekyefe9204 11 ай бұрын
Assuming you have the savings sitting in an account I guess that will be the optimal scenario. Use your savings to pay down and replenish over a period and reuse. But how many people have that much savings just sitting? So even if you don’t have the savings, the LOC can get you to start right away rather than waiting for 6 months to save up.
@childofgodbro
@childofgodbro 11 ай бұрын
Van did it again! ❤
@aishamiller8078
@aishamiller8078 11 ай бұрын
Good morning! What can we do if we don’t have a mortgage. Because I rent and looking to get out of debt with your help?
@quinton3997
@quinton3997 11 ай бұрын
Never use bank credit line they will rip you off
@shannonroberts7242
@shannonroberts7242 11 ай бұрын
You said you asked the lady to go look up her exact interest payment, I thought you were talking about an older couple
@josemendez7821
@josemendez7821 11 ай бұрын
My wife and I are ready! We’ve completed the worksheet and have many questions! Can we email you the worksheet?
@awaterproofing
@awaterproofing 11 ай бұрын
So just ad 20k and will knock your mortgage down 82 months?
@leokrysam8197
@leokrysam8197 9 ай бұрын
How do I get a line of credit
@jpg7616
@jpg7616 11 ай бұрын
All this does is take someone from $227,500 @ 6.75% and turns them into someone with $217,500 @ 6.75% + $10,000 @ 10.99%. Which will obviously pay more. 4 chunks would make them have $187,500 @ 6.75% and $40,000 @ 10.99%. Then just paying off the $40k faster. The more chunks you do, the more you shift to 10.99% instead of 6.75%.
@kuiperdasniper
@kuiperdasniper 11 ай бұрын
Yes, but the difference is those chunks knock years of amortization schedule off the map, the most important years being at the front end of the mortgage therefore requiring urgency of cash input which is accomplished by LOC
@jpg7616
@jpg7616 11 ай бұрын
@@kuiperdasniper … that’s not how it works. Yes, it knocks down the amortization schedule on the mortgage but it creates a NEW amortization schedule on the $10k. Amortization schedules just show interest vs principal over time. The only way you can save the interest is to pay the debt off faster. Which is what she’s showing. This is a person with 1000’s of extra income each month who is paying down debts quickly. THAT is what saves the interest - not the line of credit “chunk” You don’t need to take a loan to “chunk” - just pay extra on your mortgage. If you have the extra income to pay the $10k off early, you could have paid off the same $10k on your mortgage - all at a lower rate.
@jpg7616
@jpg7616 11 ай бұрын
@@kuiperdasniper … the most obvious example I can give here is to make it almost ridiculous… If a $10k chunk is good, then a $20k chunk must be better right? If $20k is good, then $100k would be better right? So why not go extreme and do a $227,500 “chunk” with a Line of Credit at 10.99%??? You’ll entirely eliminate the interest charged on your mortgage, won’t you? Yes. It’ll pay off the entire amortization schedule! That part is true… but what about the new $227,500 you now owe? How much interest will you pay on that? It doesn’t just go away unless you pay it off. A $10k “chunk” does the exact same thing, just on a smaller scale. Which she conveniently gives the person $3-4k/month to pay that off quickly. What if you only had an extra $100/month? Now you’re paying for 30 years to get rid of that $10k chunk at such a high interest rate. You end up paying more interest on the “chunk” than if you’d just have paid that $100/m on your mortgage the whole time.
@hanoodabomb
@hanoodabomb 11 ай бұрын
I was really confused watching this video and I had the same questions as you all. But after thinking about it I think possibly the main point is you can put all of your extra money towards the mortgage payment in order to pay it off quickly. For example, if your mortgage payment is 2000$ and after paying expenses your cash flow is 1000$, no sane person would use the entirety of this left over cash flow money and put it into the mortgage loan. Because of security reasons. What if an accident happens? What if you suddenly need more money? If you give the entirety of your left over money (cashflow) to the mortgage payment, you're screwed if something comes up. However, if you put the entirety of your leftover money (cashflow) into a credit card, then you'll still have access to that money if a need occurs because you're just paying off the balance of the credit card. So you can still have access to that money by using the credit card to pay for stuff. If there are no sudden needs to access the funds, then the entirety of everything you've earned that month will go towards paying off the mortgage. So by using her method, you can use the full 100% power of your earnings 100% towards paying off the mortgage. If this shaves off 20 years of mortgage payments, it will probably save you big time. @@jpg7616
@patrickandcourtneyl1348
@patrickandcourtneyl1348 11 ай бұрын
What do you mean when you say "their income goes into the line of credit"?
@passionfashions3018
@passionfashions3018 11 ай бұрын
I heard keeping a balance in your LOC can affect your credit. The banks can also close your LOC at their discretion.
@nothing_burger
@nothing_burger 11 ай бұрын
Yep, they can turn a HELOC into a HELoan at any time
@jeulihonodel7626
@jeulihonodel7626 11 ай бұрын
how do you make a chunk payment from a LOC or credit card?
@kentuckyprepper1792
@kentuckyprepper1792 11 ай бұрын
Could you do a video on buying a house when one is debt free with a monthly expense deficit of 700 dollars? Would you get the mortgage and then chunk using LOC?
@kentuckyprepper1792
@kentuckyprepper1792 11 ай бұрын
@Savannah-ed4rv That sounds logical at first, but there are added costs due to renting such as storage, increased utilities, loss of income potential, etc.
@LV-1969
@LV-1969 11 ай бұрын
I bet the banks hate these videos...
@luispatino3180
@luispatino3180 11 ай бұрын
To the people who arent willing to sit down and do the math thenselves and just want the comment section to do all the calculations for them, VB is not for you. It requires you to make more income than expenses, it requires a budget so you can pay your monthly expenses AND pay back the LOC. It requires discipline AND patience. But you will be rewarded by paying off your home faster and save $$$$$. But if just sitting down and running the numbers is already too much for you, dont even risk it. You risk going into the negative on your payments and losing your house.
@thetapheonix
@thetapheonix 10 ай бұрын
If you have positive cash flow every month why not just use that to pay the mortgage principle directly? Why do you need a HELOC to do that? I dont see the benefit of using a line of credit which requires the positive cash flow if I already have a positive cash flow I can just use to pay the mortgage note with faster.
@russellhunter8460
@russellhunter8460 6 ай бұрын
Say your cash flow is 4000 You spend all that on mortgage... Something comes up now what. You use loc as new checking account. You got a 10k loc You chunk 4k on mortgage and something comes up... Wait if needed you got 6k to tap into Well you should have savings! Well most don't have jack if they drowning. I see both sides and still on fence with this honestly.
@maniphaces
@maniphaces 5 ай бұрын
@@russellhunter8460 if your cash flow is 4k and you put that on the loan, you can still have the LOC but not spend it, leave it there for the emergency- an untouched LOC does not draw interest. 4K plus whatever chunk of your monthly expenses goes to your mortgage say the 1,400 in 2 months is more than 10k both options work- but depending on cashflow, just paying using that and not the LOC can be more beneficial.
@jabassuzuki7654
@jabassuzuki7654 3 ай бұрын
I really like to learn from their videos and I already paid for a windows of put in my house they were $8.000 main plus 9.9 of interest and I did it with zero interest cards and now I have a hilok my house
@MaryJW
@MaryJW 11 ай бұрын
Question for someone that knows? :) I opened a 25k PLOC thru my credit union, but I can't get checks or a debit card to use it as a checking account to do velocity banking. I can only make transfers into my checking account from my PLOC. Do I just make a million transfers during the month, from the PLOC to checking for all of my expenses as I deposit income into the PLOC? I can't seem to think my way thru this....yikes!
@MaryJW
@MaryJW 10 ай бұрын
@Jesus-kt5dc thank you so much for answering my question!
@carissadconqueringchaos2041
@carissadconqueringchaos2041 11 ай бұрын
If I am ever fortunate enough to purchase a home I’m following ALL your advice! Tired of renting😢
@aprilm4423
@aprilm4423 11 ай бұрын
#carissaconqueringchaos2041: Start following her now. You can use a PLOC (personal line of credit) or a credit card to pay off debt. Go for it; I have faith in you! 😉
@wes__ai
@wes__ai 11 ай бұрын
@@jdrankwalter ah yes The Ramsey Formula .. sell courses to amass a $200M net worth 🐑🐑🐑🐑 .. cUz DeBt BaD!!
@Jisbrowsing
@Jisbrowsing 7 ай бұрын
Can I just pay towards the principal more often?
@patricia739
@patricia739 11 ай бұрын
I’m loving your advice! My question is, that $20,000.00; was that paid directly on the PRINCIPAL of their mortgage, or was it paid just on the mortgage total amount? I’m planning on doing this. Thankyou! ❤️
@dangoqueen5691
@dangoqueen5691 11 ай бұрын
any additional payment should always goes to the principal.
@liquiddaughter294
@liquiddaughter294 11 ай бұрын
​@@dangoqueen5691, I can't figure out where the second 10k came from? What am I missing?
@stephengilstrap
@stephengilstrap 11 ай бұрын
What other type of loan can you get thats simple interest besides a mortgage for purchasing a home? I have whole life policies that I use for smaller purchases for now because I dont have enough cash value to buy a home (I already own a home) Eventually I will buy a rental home using my cash value.
@kathleenbrown6734
@kathleenbrown6734 11 ай бұрын
I never got an answer. you went right by my question. I give up. in another video.
@thehappysheep2023
@thehappysheep2023 11 ай бұрын
I have an honest question Where did they get the $20,000.00 chunk from in order to do that?
@c3hanvinmotion435
@c3hanvinmotion435 11 ай бұрын
Their personal line of credit (PLOC) loan is for 20000..they use it
@abeldumaup
@abeldumaup 11 ай бұрын
Hi Christy! I have my numbers ready and have applied for my HELOC. Been trying to schedule an one on one meeting but there's no available dates. How can I reach you directly to schedule an appointment? My wife and I are super excited about this strategy!
@jaym7369
@jaym7369 11 ай бұрын
Just pay extra (towards Principal) every month on your mortgage. No LOC interest.
@zilvarro5766
@zilvarro5766 11 ай бұрын
Yeah don't do her LOC scheme. You can get the same benefits by just putting the extra income directly towards the mortgage. No need to pay extra interest for the LOC.
@katwusyk
@katwusyk 11 ай бұрын
Would you ever consider chunking, from your line of credit, into investments such as dividend paying stocks? (As part of your retirement income plan)
@itsnotlevel2
@itsnotlevel2 11 ай бұрын
Wouldnt that depend on the dividend interest amount vs the line of credit interest?
@texastanglerssalon6733
@texastanglerssalon6733 11 ай бұрын
Hi , I just want you to tell me to do . I know you have coaching. Can you just give me a plan ?
@MrYz250fman
@MrYz250fman 11 ай бұрын
Couldnt believe what they were sold? More like couldnt believe they agreed to be sold a terrible mortgage.
@ThomasDingel-l1r
@ThomasDingel-l1r 11 ай бұрын
How does she think you should get a home without paying interest ?
@ThinkingFresh
@ThinkingFresh 11 ай бұрын
You’re still paying interest, just the amount of interest paid is less
@rnarzu
@rnarzu 11 ай бұрын
This couple is either optimistic and hopeful buying a 30 year mortgage at 70
@RDTengineered
@RDTengineered 7 ай бұрын
CAUTION. HMM used $20000 of LOC money in 2 chunks and paid it back in 5 months with $3739 cash flow available per month. $3739 * 5 = $18695... You can not pay back $20K + interest with $18695.
@ratify7457
@ratify7457 2 ай бұрын
The illustration is pretty clear that it is possible to use the simple formula. Also, I understand that I have to return the principal amount I've withdraw from the PLOC account. How would I apply this financial strategy when using my own money, making PLOC to myself?
@RedDragonProtection
@RedDragonProtection 11 ай бұрын
My wife can't see this... She thinks it's a scam and won't work... Can you run my numbers on my car loan describing how this works for her? I have everything set up to start, including a new credit card with 12 months 0% interest to swap the car loan onto.
@RedDragonProtection
@RedDragonProtection 11 ай бұрын
@Jesus-kt5dc Thanks... but actually, my Bronco balance is $18k. Chunking my $5000 paycheck will pay off the Bronco in 4 months, while I use my 0% CC for all monthly expenses... I have my CC set up as overdraft protection for free, making it a zero fee and paying the Bronco with a CC... I use my 0% interest CC for monthly expenses, making miminum payments ... On month 4, I attack this CC Like I did with my Bronco, but more cash flow. I have my spreadsheets all worked up, but she doesn't want to get into debt to get out of debt 🙃
@RedDragonProtection
@RedDragonProtection 11 ай бұрын
@Jesus-kt5dc Thanks. I've been benge watching multiple channels to find the best strategy. Combining the best I've found. I'm trying to get started for January... I only have my car and house debts, but not much cash flow. So, I think I figured it out.
@itsnotlevel2
@itsnotlevel2 11 ай бұрын
Vann, I understand most of what youre showing but I dont get the income INTO the line of credit part....sorry. Are you using the line of credit to pay all of your bills and expenses and then putting all your paychecks into that? Thats the only part I dont see.... 😞Thanks!
@LaRhondaPeake-xj3ue
@LaRhondaPeake-xj3ue 11 ай бұрын
Watch all the videos
@futuretechnology7679
@futuretechnology7679 11 ай бұрын
Wisdom.
@BillRalens
@BillRalens 11 ай бұрын
I don't know... that sounds like some unrealized capital gains. We may have to hire some IRS agents and can somebody get Larry Fink on the phone...
@tamtam4049
@tamtam4049 11 ай бұрын
Remind me again how people are obtaining the LOC? This couple has good credit so they can get a loan. What about the folks that can't
Wait! Why Have I Not Heard This Before??
14:10
VANNtastic!
Рет қаралды 38 М.
99.9% IMPOSSIBLE
00:24
STORROR
Рет қаралды 20 МЛН
Don't underestimate anyone
00:47
奇軒Tricking
Рет қаралды 29 МЛН
Why no RONALDO?! 🤔⚽️
00:28
Celine Dept
Рет қаралды 102 МЛН
10 Mistakes That Can Derail Your Debt Payoff
11:09
Rachel Cruze
Рет қаралды 361 М.
How to FINALLY Get Out of Debt | 7 Steps to Debt Freedom
21:58
Rob Berger
Рет қаралды 473 М.
Gone are the days of old! Velocity Banking is in!
16:31
VANNtastic!
Рет қаралды 24 М.
The Secret To Winning Financially… Isn’t a SECRET At All
15:06
THIS is how you cut that DEBT DOWN with VELOCITY BANKING!
26:05
VANNtastic!
Рет қаралды 19 М.
POOR NO MORE in 2024
15:04
VANNtastic!
Рет қаралды 37 М.
You’re Not Poor…You’re Getting ROBBED!
17:39
VANNtastic!
Рет қаралды 2,6 МЛН
5 Multifamily Mistakes to Avoid
25:26
Commercial Property Advisors
Рет қаралды 24 М.
Couple Almost Homeless From Mortgage - Til Debt Do Us Part - Mortgage Meltdown
22:09
Should I Use My SAVINGS to Pay Off Debt?
9:07
VANNtastic!
Рет қаралды 39 М.
99.9% IMPOSSIBLE
00:24
STORROR
Рет қаралды 20 МЛН