Velocity Banking & Debt Snowball To Pay Off Debt Fast

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[@garrettpatten6312]

Okay I've been going down this rabbit hole in youtube for a few months now. Lots of great ideas out there but they're all presented as stand alone concepts. I'm no math wiz, though I do nerd out on this stuff, trying to compare one strategy to another with my actual finances, the math gets a little confusing and I'm not sure if I'm doing it correctly. This is the first video I've come across where someone actually puts all these ideas on the table and actually compares the outcomes using real numbers. I'm really hoping to master these concepts so I can help other people in my life - i'm discovering basically no one I know can help me because they are also ignorant on these topics. So if i'm going to educate myself I might as well learn enough to turn around and help the people in my life. Thanks for the great video!

[@DenzelNapoleonRodriguez]

I’m am glad this really helped you on your financial journey. If you have any request for certain videos just let me know in the comments or attend my livestreams and I am happy to serve

[@plants4thewin]

Glad you circled back on the avalanche and snowball. You need cash flow and discipline for velocity to work. Those two methods are an awesome test.

[@celiaferreira2028]

Wow. New to VB wstching you couple weeks. It appears if you work FT, learning& doing this is the PT job after work (until you are seasoned). If you watch netflix/tiktok/IG/etc& drinking/etc, then you not utilizing time well for financial freedom/Infinite banking via TOOLS (VB, snowball, etc). Thank you Denzel for the way your channel/videos/services are layed ❤️🙏

[@couplescreatecashflow137]

Denzel, you are an inspiration to me and my efforts to teach others about the way that Velocity Banking can lead to freedom from debts and an abundant life. Thanks and God Bless!

[@billjohnson6875]

Great clarity, confirming I need to be in the Velocity Banking world

[@Ozibiey]

But why would you trade that 4.63% mortgage for a 1st Lien HELOC at 5.9% if your income stays the same? Sure the payment at $2900/mo is a lot, but at that point there is a lot going to principal. It’d be best IMO to go for a refinance or a recast at a lower rate than 5.9%. Income is too low including the reduction of expenses after extinguishing the mortgage to get the borrowing cost in the first lien 5.9% HELOC lower than 4.63%. You could get a 2nd Lien at that 5.9% with the equity you have, and use chunks to pay off the mortgage periodically while making sure the loan from the HELOC is lower than 4.63%. If you make the calculations, you’d see that a 1st lien on this much money really is not going to help you and you’d just end up paying more in interest than if you’d just do debt snowball or velocity banking with a 2nd lien HELOC.

[@DenzelNapoleonRodriguez]

Let’s talk about that good ideas by the way. I’m not disagreeing with you I think both get results I just choose to go a different route because I am thinking long term. With a first lien HELOC my closing costs will arguably be much less than the costs of a refinance that is one thing to factor in. Second is with a first lien HELOC I remain liquid and have access to more capital for future investments so the play may not just be to pay off the mortgage but turn around and use the equity I build in there to give me access to capital invest in future projects for more cashflow. 3rd is when you only look at interest rate you are only factoring in one metric or benefit. I prefer to have options and access to capital remaining liquid which I don’t know how to put measurement on that overall. Lastly with a first lien HELOC event at a higher rate we have to look at the net cost of borrowing in a year along with not having an escrow account which allows more money to sit parked in the HELOC throughout the year bringing my daily interest costs further down which can have an impact on overall net costs to borrow from year to year. I like your idea on the second lien they can certainly do that as well in my mind I was just thinking a bit further out and considering that the goal the client has here on the board is to invest in more real estate so taking all the time to pay off the mortgage may not be in their best interest but rather paying a significant amount down where you would have access to a solid 200-350k to invest for cashflow production

[@slt7829]

Inspirational information but overwhelming. I will chew the meat and hope for the best! Thanks for sharing!

[@RedDragonProtection]

I like how you explained the combination. I've been searching videos for about a year now trying to figure out how to do what this video shows. The HELOC has not made sense to pay the house off in full. My expenses woukd actually go up. Last night I figured it out after watching a chunk video. This video shows almost exactly what I figured out last night for my expenses. You helped explain what i was thinking... CC chunk- velocity banking... pause... CC chunk - velicity banking... pause... HELOC...

[@RedDragonProtection]

Now I have to watch the numbers part again and allign with my notes and make sure my plan is solid.

[@DenzelNapoleonRodriguez]

Good work I think the case study videos help people out the most

[@carwen40]

Brother! I'm currently watching this video for the first time. We NEED YOU in our lives. This is of the LORD. I believe he wants me and my husband out of debt. Where do we start? Can we talk to you?

[@DenzelNapoleonRodriguez]

Happy to help here is my calendar link to book a consultation. - calendly.com/denzelrodriguez/60min

[@DenzelNapoleonRodriguez]

Please also register for my ministry of finance here - www.denzelrodriguez.com/fgm

[@carwen40]

I did…thank you for responding

[@carwen40]

@@DenzelNapoleonRodriguez...Will do! I'm on a string of 12-hr shifts. I will speak with my husband and plan a day.

[@salwestpoolservice7563]

Isn't that if you get $450k from the house value they would give you only the difference from that minus the balance owed on the mortgage, thus you can't pay off the mortgage with that money. It's not enough. Clarify please!!

[@aprilm4423]

Kingdom Citizen? Nice!!

[@joelrflores]

Great information!!

[@JeffMalott]

Velocity banking seems to assume one wouldn't just use up all the available credit in the HELOC or PLOC (since those habits are why you are here, it seems unlikely they wouldn't)

[@DenzelNapoleonRodriguez]

You make a good point that is why from my point of view as a financial coach I help people build their foundation first make sure they have discipline good habits etc. I encourage people to learn and become masters over their money so they are not afraid of debt. They actually know how to use it to their advantage and operate better than majority of people in America

[@JeffMalott]

@@DenzelNapoleonRodriguez Thanks for the reply, it is an interesting concept for sure.

[@aprilm4423]

Can you SWITCH debt tools? If so--and we probably can--I think I would use the zero card, then pay it off--while addiing to a life insurance policy. Then, as soon as possible, change tools to the life insurance. I think it would work. Please advise.

[@markomonstar4526]

I didn’t understand how PLOC $1268.30 balance was zeroed by May?

[@deannacarter5479]

Denzel, pop that mic off to the side please...other than that, the vids are great and informative!

[@DenzelNapoleonRodriguez]

Yeah I stopped using that mic to many problems

[@JOHNLEE817-79]

I have a question, I know I'm late to this program. But, is gas, groceries, etc. Included into expenses?

[@DenzelNapoleonRodriguez]

Yes include everything to know what your true net cashflow is each month. You don’t want to say you have 1,400 a month in cashflow but then didn’t account for gas and groceries or something else then you’ll mess up your velocity banking numbers if you practice the concept

[@MrTalkingtrue]

Heloc 1 Position. Transfer everything over to the heloc and in the last month , transfer 0% 21month credit card over to the heloc what’s left and pay down your heloc

[@M_SC]

Can you pay a heloc with a credit card? I can’t

[@DenzelNapoleonRodriguez]

You cannot it’s the other way around you use the HELOC to pay the credit card

[@EnriqueOrtiz-nf8lv]

We’re about to close on a HELOC in a week. It’s $100,000 line of credit but in order for me to use the product and qualify I had to pay down a couple of liens and credit cards against our property. Am I a good candidate for velocity banking? Please help!

[@fortgrove3166]

Why dont you simply pay a little more principal each month than use a HELOC?

[@michelleadams5609]

Why anyone would risk their house over some debt is beyond me.

[@garrettpatten6312]

Very interested in the ministry side of things. Been stumbling onto Myron Goldens videos. I understand the Lord does not want us to put worldy things over God and family, but I don't think the world was created for us to live in suffering and poverty just for the sake of assumed piety. 1st Timothy 5:8 "But if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel." Man when I read that verse I was brought to tears. That's me, I'm not doing what I'm supposed to provide for my current and future family. How can I remain financially illiterate and irresponsible by telling myself "the love of money is the root of all evil" I tell myself it's okay I'm broke I'm not lusting after worldly things. And I do honestly enjoy my simple lost cost life style. But then to find out by completely ignoring my financial responsibilities I have denied the faith and I am WORSE than an infidel? Man my heart was broken when I realized thats me, a denier of the faith worse than an infidel. I'm looking around now at where the money is being concentrated in this world, it is being concentrated in the hands of evil men like Larry Fink and Jamie Dimon, who use that concentration of wealth to destroy America, to destroy the family, soon they will use it to end your right to worship Jesus Christ. They are the money changers setting up markets inside your churches and your homes. I'm looking around man and people of faith, of all faiths, are getting their butts kicked by the money manipulators. All the money in the world for war, no money for peace. Why is that? The people who want war have all the money, the people who want peace don't have a dime. Peace is WAYYYY more profitable than war. We need to increase the financial literacy and liberty for the men and women out there who want peace and righteousness. The Bible tells us to know the truth, not to remain ignorant with our heads in the sand. God bless you!

[@123Cookies-v7m]

When you do velocity banking are you allowed to use the credit you build up for whatever you want to, or does the bank have to approve of it first depending if they think it's going to be put towards something that's a good idea or not?

[@DenzelNapoleonRodriguez]

You can use your credit score for whatever you want.

[@123Cookies-v7m]

@@DenzelNapoleonRodriguez Credit score? I don't think I understand...isn't that a type of rating? What I was talking about is the actual credit amount that's built up when you do velocity banking. I first thought that you could use that money for whatever you want, but then I started hearing that the bank has to approve the amount depending on what you're going to use it for or not?

[@DenzelNapoleonRodriguez]

@@123Cookies-v7m ok now I know what you mean and that would be correct but it also based off other factors as well DTI, utilization, payment history, credit behavior. These are all factors including in getting approved I have a playlist here that breaks all of this down kzbin.info/aero/PLnF-b0Fck4LiPKf81FbCgtRQaoYf4bzmT&si=Pyv9xDAy9e_pg-N8

[@VIEWMARY001]

your white board organization :) ---

[@Hyper_Driven]

Honey lemon and ginger tea for that throat.

[@nomadnomad3109]

If i have a 35k limit on cc...if i can do a 0% cash advance and pay off a student loan and a car (total 33000) would that be something that you do with velocity banking? And basically after those 2 otems are consolidated on there attack the card doin velocity banking?

[@DenzelNapoleonRodriguez]

Run the math and tell me if the balance is paid off before the zero interest expires. If it is not paid off in full tell me how much left would be owed and what the interest rate on the credit card goes to. From there tell me how much your income, expenses, and cashflow is and that will determine if this makes sense to do or not

[@garrettpatten6312]

Yeah you wouldn't want to get hit with 25% interest on a remaining balance of 20k or something like that.

[@MJYouAreNotAlone1]

This is too confusing for me😬

[@tracymaxie3641]

Don’t combine the two. Show using one or the other. Too many moving parts for every one to understand . Write down in order from 1st step and so on.

[@DenzelNapoleonRodriguez]

@@tracymaxie3641 if you were my client I would meet you where you are at and break down the numbers for you to understand. For this client on the board I explained it to them where they understood. I recommend watching some more case studies that just incorporate one strategy then two.

[@thebethleybunch]

When you’re not good at math, I’d rather pay someone to do this

[@anonymoustrucker1782]

Do all credot card companies offer a convenience check?

[@leahrabeauxvezinat8871]

There is a fee to use them

[@anonymoustrucker1782]

@@leahrabeauxvezinat8871 youre not talking about a cash advance are you?

[@leahrabeauxvezinat8871]

@@anonymoustrucker1782 convenience checks are the same as a cash advance.

[@burtonic2641]

seems like they should downsize their house....how does a person making 66k aford a 368k mortgage.....this seems odd...explain

[@job92544]

It seems to be in the average range. About 33% of their income

[@6figurespharma]

I don't understand why you're making things so complicated and confusing for most people. Unless you deliberately want to teach in a confusing way for some other reason than educating, it doesn't make sense to me. One thing that stands out to me is that you didn't mention one of the most important things to discuss. That is, what kind of returns are they hoping to achieve? Are they aiming for a 12% return, a 20% return, a 40% return, or something else? In my opinion, the strategy they should use depends on the type of return the client wants. Because beating inflation matters. Otherwise, it doesn't really matter which tools or strategies they use. When I watch this example, I can see why most people struggle to stick to a strategy. It's because it's too difficult and confusing for them to follow. It may be easy for you, but for most people who have a job and a family to take care of, it would only lead to failure and a massive headache and time wasted. There's something about this presentation that doesn't feel transparent enough. It seems like it sets most people up for failure. The more moving parts the less chance of success. I'm just a big proponent of simplicity. But to each their own.

[@DenzelNapoleonRodriguez]

I appreciate your comment. You are correct maybe I’m not that good of a teacher yet. I’ve been doing it 5 years maybe I just need more practice doesn’t hurt to keep getting better. On the other hand maybe it is simple, easy to understand and I’m actually serving thousands of people achieve what they want. That last part of your comment is key to each their own. You couldn’t be more correct. For the audience I serve they comprehend exactly what am I saying and are achieving great results. In this case study I set the stage and expectation that this client wants to pay off debt. You comment went immediately into inflation and returns which has nothing to do with the goal of the client. So from my position when I am helping someone I am aiming for the goals they set out which was how do I pay off debt fast. We combined two strategies to do so and are achieving results.

[@Kraden26]

bruh! 🤯

[@DenzelNapoleonRodriguez]

This was a good video for you