The Velocity Banking Master Class | Andres Camacho | Skillshare

The Velocity Banking Master Class

Andres Camacho, Velocity Banking

The Velocity Banking Master Class

Andres Camacho, Velocity Banking

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10 Lessons (3h 3m)
    • 1. What Is A Line Of Credit

      21:38
    • 2. How To Get A Personal Line of Credit

      11:12
    • 3. How To Use A Line Of Credit

      23:42
    • 4. Best Personal Line of Credit

      12:56
    • 5. Velocity Banking is Unfamiliar

      27:08
    • 6. Velocity Banking With Capital One

      17:09
    • 7. How To Pay Off Your Car Fast Velocity Banking

      11:14
    • 8. How to Pay Off Student Loans Finance Geek

      19:17
    • 9. How to pay off Debt Fast Velocity Banking

      18:19
    • 10. How To Redirect Money Denzel Rodriguez

      20:02
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About This Class

In this class you will learn all about The Velocity Banking strategy, what a line of credit is, what the difference between a line of credit is and a loan, how you can use Velocity Banking to get out of debt quickly, and other tips and tricks that you can use right from your own bank!

Meet Your Teacher

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Andres Camacho

Velocity Banking

Teacher

Teaching all Sorts of Tips and tricks about money and financial literacy as well as financial well being, using strategies like Velocity Banking to learn more take my class on how velocity banking works and what lines of credit are as well as the difference between loans and lines of credit.

 

IF ANYONE NEEDS TO REACH ME EMAIL ME - [email protected]

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Transcripts

1. What Is A Line Of Credit: one of the most common questions that I get almost every week or every day almost is. Denzel. What is that? A line of credit, man. What the heck is this thing? How do I use it? How do I go about getting it? What are the different types of lines of credits? What is what is what is all right? You know what? I decided to dedicate some specific videos to just the line of credit. Okay, where? I'm gonna break this up into multiple videos and really give it to you everything that you need so that you can go get that line of credit, get the proper debt tool that we need so that we can do velocity banking with and be on our merry way. What is the line of credit? I just want to lay out the criteria. Okay. What you should be looking for when you're reading the terms and agreements when you're setting up appointments with the banker or when you're on the website of that specific bank , a line of credit is a revolving debt. What is revolving mean? Basically means look, if you give me $10,000 okay? You gave it to me. That means I now all you 10 grand. That's alone, right? You just gave me alone for 10 grand. Now, I owe you money back and you set up a fixed amount of payments. What if you have 10 grand, Okay. And I need that tingling. Right. I'm gonna ask you for 10 grand, but I'm gonna say, Listen, I don't need it all at once, OK? I need to grand today. I need to grand in two months and then the rest three months from now. Okay? So what you do is you give me access to a account that I can log into our let's say you're the bank and you're going to give me a separate account. Okay? It's going to be tied to a checking account tied to a savings account. Okay. Tie to any maybe a business account on personal account. Okay. And this account is going to say that I have 10 grand to use at any time If I decide to take 5000 or 1000 or 3000 however much I decide to take, I can pull from this account, which is called the line of Credit. Okay, which has an available credit off 10,000. Okay, when I take money out, let's say I take out five grand. However much I take out, I now Oh, 5000 even though you gave me 10 grand. All right, Technically, you gave me 10,000 to use at any time. I'm Onley using what I need. Okay, so that revolving is It's open. It's available. I can use it any time. I can take money out any time, right? And now here's the fun part when I go to pay it back, Okay, lets say use five grand today, and then in two weeks, I pay it back in full. I'm on Lee going tohave a payment, right? Cause whenever you take out a loan, you're gonna have a monthly payment. Okay, Well, with a line of credit instead of me going 10,000 having a monthly payment based off 10,000 . My monthly payments going to be based off 5000. Now, the interest rate okay, Every loan, every line, every borrowed money has an interest rate. Correct? Yes. Okay, cool. So the interest rate is based off the amount of money that I borrow. Okay, So you gave me the bank. You're the bank you gave me 10 grand and you say, Hey, Denzel, I'm gonna charge you 10% on that $10,000. Okay, Well, if I only use 5000 you're on Lee charging me 10% on 5000 for however many days. I have that balance. Outstanding. Let's go over everything I just said just to recap because I don't want you to get lost. I don't want you get confused. I know this could be very simple in theory, but when you actually do the action work and you call the bank and you ask the questions, let me tell you something. Those people that you're talking to, the banks, you write in that example you the bank that's offer me the line of credit. Majority of the people are not going to even know what the heck you're talking about. So you must be prepared. You must have your proper questions, proper information in line so that when you approach the banker, you can ask them questions in a way that you make them understand so they can provide you the tool that you need. Okay. Like I said, simple in theory, very complex in the action part. All right, so let's just go over it again. Line of credit. It's a revolving debt. The interest is calculated daily based on however much money I have. Outstanding. Like I said, if I hold five grand, I'm told 10% on five grand on a daily basis. So we will break down the math. I'll give you an example. Okay. The monthly payment when I took out that money, it's based off what I owe. Not the total balance. Okay. Also a line of credit. There's no collateral needed. Okay, You have unsecured and you have secure when we're doing velocity banking. It is nice to have unsecured meaning no collateral against the debt tool. You don't have to put anything up like a home. You don't have to put up your car. You don't have to put up your own money to get the line of credit. The unsecured version. Okay, the payments are not fixed. Okay, so if I 05 grand this month, because I took 5000 now, and I pay back 1000 in that same month, OK? Next month, I'm gonna go four grand and some change. My monthly payment is going to be less than the first month that I old 5000. If my monthly payment is less than that means I get charged less in interest. So I in theory, if I do it right, I can save myself a lot of interest savings. Okay, when we apply the velocity banking with it and we'll go over an example. Okay, so we have that laid out. Okay, let's do an example. I have a $10,000 line of credit. Okay? You the bank? You gave me a $10,000 line of credit. The interest rate is 13% right? You say, Hey, Denzel, you're gonna give me 13% on this 10-K? Let's say I took all $10,000 out all at once. Okay? That means that if it takes me an entire year, Okay, let's just say that I took this 10 grand out and I plan on making payments to pay it all off in one year. If I take out 10,000 my interest costs will be $1300. The way you get that math, right, you just take the 10,000 times it by 13%. Boom. You had $1300. That is what we call the yearly yearly cost. Okay. Yearly by the year. Not by the day. By the year. 13 other dollars. How do we figure out the daily interest rate? You take that $1300 divided by 365 days. Boom. You'll pay somewhere around $3.56 a day for however long you owe the 10,000. Okay, now, here's what gets interesting as you pay down this debt, right? Let's say I took out 10,000 all at once in the month of February, Okay? And 30 days from now, I pay back 2000 bucks. Okay? Now I only owe 8000. Now you have to recalculate to figure out your daily interest costs for that month. Right? So you just take the 8000 times it by 13%. You get a number, divide that by 3 65 you'll get a lower number than that. Okay? No. With that being said, that is how the interest works on a line of credit. Why do you need to know this? So that you understand the proper debt tool that we're trying to acquire the main difference, Okay? Because when you go to a bank, there's two types of products. There's loans, and then there's lines. Those are the two main differences. Okay, loan line. What is the difference? Alone, Right is typically calculated amortization. Okay, that word simply means that if you give me the bank $10,000 you charge me the 13% you are handing me 10 grand right off the back, right away, Not 10,000 in an account. You are handing me 10,000. You are putting it into my checking account. Okay? That is not the type of credit line we want. Okay? You want a credit line? That's revolving. Right? So you have this Will this amortization Okay, You need to know the difference line of credit. All right? Loan. You gave me alone the 10 grand at the 13%. You are going to give me a fixed monthly payment. Main difference. Right line of credit payments are not fixed with a loan. Payments are fixed, no matter what. Whether you owe 5000 and five months from now or 8000 or 9003 throughout the payments will stay the same. They won't change. Right. Monthly payment will stay the same every single month. Now, with the line of credit. Since my payments are not fixed, that means that you're giving me the same dollar amount. But I'm going to get charged less and interests now. Why is that? Is there a difference? This is a huge debate that people have on the Internet, and I don't know why. For the life of me at 23 years old, talking of people that are double my age and they can't seem to tell the difference between a loan and a line of credit, they can't seem to tell the difference between daily interest rate and Amer ties. Interest rate. Okay, Amer ties interest rate. The interest is pre calculated. It's front loaded on your monthly payment. Okay, no matter what it's preset in, there has to be paid every single month. The only way to drastically lower that interest rate is to pay off the balance right or to pay off in a significant amount off the balance with a line of credit were getting charged daily interest rate daily. Okay, so if I'm getting charged daily That means my interest needs time to accrue. Okay, I'm going to stress really deep on this because I really want you to get this, okay? People are having a lot of difficulty. People are applying for the wrong crap. Alright, I'm talking to people and you're not getting it. All right, so we need to get it. Okay? Especially if you've been watching you for some time and you're just cool. This That's OK. That's okay. It's going to take time. The more videos you watch, the more committed you get. The more engaged you become, the more questions you ask. It's just like riding a bike, right? You get on it, you fall couple times you get back up. You know, you get become an expert. That's what I want you to do with this stuff. Lines of credit to the loans. All right. I hope I can be clear on that Now we've got the criteria off the line of credit. Now what do you ask the bank? Okay. When you call, there is a couple of things that we can do prior to setting up that appointment with the banker prior toe walking into the office toe walking into that bank. Okay, First things first. These unsecured personal lines of credit, you are going to find them primarily at your local credit union. Okay, There are local credit unions. There are national nationwide credit unions. There are a few major banks that do offer personal lines of credit. What I want you to do first is look at your local credit union. Why? Because typically that local credit union services, the local community on Lee, You have to be a resident to be a part of that specific bank. Okay. Ah, part of that specific credit you. So if that's the case, they provide extra better rates. Better service for those specific residents. That's why I want you to go to them first. Now, another thing going to do is you're going to check your credit. You're going to review. Where is your credit score at? Okay. Where you at? Financially? What's your debt income ratio? What's your utilization? All that crap right from the whole six factors of your credit score. Take a look at it. Learn about it. See where you stand, Okay? Now that you know where you stand now that you have found the local credit union. You can go on to the website. You can go on to the website first and search around for the banking products that they offer. They'll be a services tab. There'll be, it'll say, banking products or banking tools. Okay, look at it. See if you see something that says line of credit. If it says line of credit, click on that. See what it says. There are gonna be many different terminologies. This is to confuse you. Okay, But whenever you see the word line, that is a primary indication that you're on the right track. When you see the word loan, that should be a red flag. Okay. Should raise a red flag and be like, Let me keep looking. Let me see if they altered the word to try to confuse me, Okay? Because they will do that. It's on purpose. It's part of the money mastery game. Okay. Part of life, right? Nothing's fair. You just got to get it down. You gotta learn it, learn their system, play by the rules. You win. So you see that it says line of credit. The next thing you're gonna look for is the word revolving. See if you can find that anywhere in the description off that banking product, they will explain what this is. It'll say, Ah, this is a express line of credit. This is a term loan. Okay, don't let that confuse you. Term loan might just mean a line of credit, Okay? Because lines of credits have a window period. Just like he locks. He looks have a 10 year or 20 year. Right. Or, uh, unsecured personal loan has what, like you could do with a three year. You could do a five year. You could do a 10 year, a seven year right? Or car of five. A seven year. That's just saying term loan. Okay, don't get confused. Look for that word revolving. See where it's that. Okay, So you found the word line. You found the word revolving. Now I want you look for that word daily and this word interests. I want you to look at the interest rate that they offer on this revolving line of credit. Just drop that down. You're gonna need to know that. Okay, then I want you to say all right. Got the line of see the line of credit. I see it revolving. I see the interest rate. Now, How is that interest rate calculated? Okay, this is where you can either Cole, the bank if you don't see it in the description or in the terms and agreement. Okay. But you should see something that says daily, periodic interest rate or daily interest, or it will say a P R K annual percentage rate. Okay. Right in front of a PR. I want to see something that says daily daily A PR is and it and it will do this. You'll see that 13%. But then it will say 0.253812 want, like it's gonna show that. Why? Because basically, what they did was they took the 13% and they divided it by 30 days. Okay. And that's how your interest is calculated. Okay, now you seen all that? Okay, once you have gotten all that information now and you have your notes, you found the crediting. You found that it said revolving. That is said daily that you know, you found the interest rate you found. The next thing is how much do they offer the line of credit. Okay, what is their Maccido? Maybe it'll say three to 50,000 or 3000 to 20,000. 3000 to 25 or 1000 or 25. Ok, get that information now. Okay, cool. Now you're ready to call the banker now you're ready to call the bank, have a conversation to set up an appointment. Why do you want to do that? You want to go into these local credit unions? Because mind you, they don't have customers all over the world. They just have you and the local residents. Okay, The reason why I want you to do this this is all just psychology, which is building report with the bank teller with the bank manager with the underwriters. Get to know them. These people are going to be your best friends. Okay? In terms of doing velocity banking, get to know these people, learn her name, learn his name, set up that appointment so that you can I reiterate the questions that I have laid out for you so you can reiterate all the information that you got off the Internet, plus your research. Everything. Why do you want to do this. You want to be so sure that you have the right line of credit? Why? Because there's many different types of lines of credits. So in another video, I'm gonna go over the different types of lines of credit. Okay. I hope this was really helpful. I hope I managed to go really deep into this. Okay. These are your starting steps. These air, the pregame work to doing velocity banking. OK, my name is Denzel. Hope you enjoy the rest of your day. God bless you and go get that line of credit. 2. How To Get A Personal Line of Credit: Hello, YouTube family. Welcome here for first time. Welcome. My name is Denzel, and we're going to be going over how to obtain a line of credit. Oh, a line of credit. How do I do it? This was a question from a fellow subscriber, so I want to shout them out. Thank you. And let's dive into it. Let's not waste any time, All right? So what we gonna solve for today we have to solve for how do I get a line of credit? Right? What is a line of credit? What do I need to have and how does it work? OK, so a line of credit is multiple of things, Okay? And I listed him out right here. You have personal and business lines of credit. There's unsecured and secured lines of credit, both personal and business. And then you have credit cards which are, like so many different options out there. Okay, so those are your criteria, Basically, if you don't know, for my my students may not understand this, but once unsecure basically means you didn't put no money to get the actual line of credit secured. Means you actually put some of your own money. Your own capital in the bank gives you a line of credit right back for the same amount or a little bit more. Okay, with personal lines of credit tends to be a lower amount than business lines of credit. Reason being as this is more regulated right then, business. Typically, business companies can get like, well over 300,000 300,000 of credit to use for their business, right? And that's that's pretty typical, even for like, startups, because it's all based on a person's personal credit. If they have business credit already. Cool. No issue, right? But the question really is just how do I get it? How do I get started with it right away? You know, apply this into velocity banking, which is what I teach A lot of a line of credit is a vital tool in succeeding with with velocity banking to pay off that increased castle lower expenses and raise our credit score all using our own income. So I'll just let you know what I did to get my own personal landed credit unsecured. Right? So I have a little my little map, okay, and whatever state you live in city town, wherever you live, I want you to go on Google and set the radius like 10 25 miles. OK, North, south, east, west. Right. And I want you to type in the name of your state or city, right and type in credit union. So, Florida, I live in Florida, right? Florida credit unions or Florida non for profit banks. That's what I want you to type in and look up in your area and you find something that's close to you, okay? And you're gonna give them a call before you go there before you actually go to the bank, right? Or the credit union. I want you to call them first and you're gonna ask a couple of questions, okay? Or you go on their website and you could look for it. But it's easier to this call because there usually always nice not for profit banks, credit unions, they they put mawr into, I should say, like customer service and trying to help the consumer out because they're not for profit banks. So all the money that they make, they put back into the members that bank with them that get credit lines in all kinds of different services. So you gonna call? Hey, how you doing? How's your day? Build some report, right? I understand there's a human on the other side of that phone. So if you build report with them and you make a connection, you may not. You may get more than you originally asked for, right? And that's all. What's just being nice? Okay, but the main things you want to ask for is do you have Do you offer personal lines of credit? Okay, most of the time, they're going to say yes, all right. But you need to definitely make sure that it is a line, a personal line of credit because it has multiple meanings. You could be talked big. They could think that you're talking about a credit card or alone, even right? Like a line of credit means toe other people. Oh, alone, right. And that's technically what it is. But there's some difference is that we need to separate right to make sure that we're getting the line of credit that we want to do. Velocity banking. Right. So when you're talking about, you want to ask them is it revolving? Okay, So you asked him. Do you guys offer personal lines of credit? Yeah, we do. OK, Isn't revolving? Okay, if don't be like, Yeah, it's revolving. All right. How is the interest? Calculated? Oh, the interest is calculated. Advertised? Uh, no. All right, call the next credit union. All right? Or you could stay on the phone with them and just say, do you offer personal lines of credit? Calculated simple interest? Oh, yes, we do. We do. We offer that as well. Okay, what are the interest rates on that simple interest? Okay, when you're first starting out, if you're young, like myself or you don't you're older and you don't have a lot of credit history in your name. There's really not much you can do in terms of getting the lowest interest rate. Whatever you get, there is really not a big deal. As long as it's not over like 15% or 12%. That's kind of high for for a personal line of credit, simple interest you want to be like 10% under is is good, but it all depends on where you live in the state. Come like how their averages work. But that's what you would ask is what is the average interest rate on personal lines of credit that are revolving that are calculated simple interest. So those your three cut criteria, Is it revolving? Is it calculated? Simple. What's the interest rate? Right? You want to just try and get the lowest possible you can get and you'll ask them What credit score do I need to qualify for that? Low interest rates. Oh, you need about 6 50 Okay, cool. If you have a 6 50 or higher. Cool. Apply. All right. You don't want to just apply everywhere. Does that hurt your credit? And then that could affect your chances of getting the right line of credit that you originally wanted to do. Velocity banking. So you don't want to get, you know, just applying everywhere. All right? That could mess up your credit. Okay, we're We're simply talking about what you can do on your own without actually paying anybody to do it for you, right? And it's not that hard. I did it. I found my local credit union in my area where I live. And the name of that bank was bright. Start crediting in there in South Florida. Cool during with driving distance. Okay. I called them, I asked. I said, Hey, do you offer personal lines of credit? Sure. Then yes, we do. Is it revolving? Yes, it is. You can use it over and over again. There's no time limit on the loan on the line of credit rate. Is it? Simple interest? Yes. It's simple interest. Cool. What's the interest rate? 10.99%. Okay. All my other debts. Paying 15 2025. All right, so that's Ah, good pushing right there. Good interest rate. I apply. Oh, before I apply. Said, what credit score do I need to apply? Oh, we need, you know, 66 26. 30 or higher. Something that it was a while ago that I got it. But I remember it was definitely above 600 and I got it. I started doing velocity banking. Pretty simple. So you that that's how you can obtain a lion credit on your own without having to pay anyone. You just make those phone calls, call the banks, build report. Be nice. Be courteous. Be respectful. Pasties. Three questions right here. to make sure that it is a line of credit to use for velocity banking. Okay, And then you could either walk into the bank and asked for the person that you spoke to because typically with credit unions, when you call that branch, right it to police the same persons, they don't have a lot of employees. All right, so that's what that's what helps doing all I remember. You cool. That's report. You never know. They might do something that gets you an extra 5000 in a personal line of credit. I did that. It helped me. I originally got of $5000 line of credit. And then recently I boosted it up to 10 just by building report with someone then, you know, give him my business card and talked and made them laugh, right? Simple things. So, yeah, I hope that helps quick video just how to take a lot of credit. Simple things that you can do to get started on your own. The right questions to ask what it iss, how it works. 3. How To Use A Line Of Credit: Now we're at the fun part where we're going to dive into a scenario here. We're gonna put all the information together and really run these numbers to see Does this thing really make sense, or is this kid crazy in the head? I want you to be the judge of that. Let's look at all the numbers here. Here we go. Here's your four major numbers. Your income expense. That cash flow. Okay, let's just say these air your numbers. We got the debt tool from over here. A line of credit. 10-K 30% It's rough. It's revolving. Simple interests. Wonderful. Unsecured. No collateral. Wonderful. We have a debt. 100 grand. Here's the breakdown. $100,000. 5% advertised loan. 20 years. Call that student loans. Okay, here's how your monthly payment is broken down. Okay? Your monthly payment. It's 6 59 96 on the fifth of every month. Okay. And you have interest. $416. 67 cents. So of the 6 59 96 for 16. 67 straight towards interest. P is principle money. That's actually paying off the 100 k $243.29 is going towards principal off the 6 59 96 The goal is how do I get this back into my pocket? How do I get more of this? 4 16 to come here. Two principal. How do I do that? Okay, the most common way that everybody, I mean everybody teaches is to take this cash will right here and to just make an extra payment every single month towards that. Okay, if you did that, you would save the very first month by putting an extra 1000 okay towards your payment. So 1000 plus two six 59 96. You would save $1684.10 on that first transaction. Okay, Not bad. I still own $98,000. $97,000. Okay. And you just keep doing that. If you were to keep doing just that, paying $1000 extra payment every single month on top of the 6 59 96 you would pay off that in 5.91 years. Not bad. Okay, Not bad at all. Now, is there another way? Is there a more effective way. Is there a more lucrative strategy to beat that? Okay, because we want to go faster than that. And the timeline is not the most important thing here. Okay, Have 5.91 years. That's awesome. That's a lot better than 20 right? Sure you can agree with that. Okay, here's the problem. Throughout these 5.91 years, this person right here cannot do anything but just pay. Ah, 1000 a month every single month for 5.91 years. Do you know how robotic that is? How stressful that is, toe actually do that like toe actually commit to do that? You know how non American you have to be, like, how much money you can't spend. Like you have to be so disciplined. Okay. And people say velocity banking, it's hard. Listen, in my opinion, that might be the toughest thing ever to do. Especially in this United States where where you are just being pressured to spend money every single day, Right? So kudos to the person that does this okay, and is happy after that 5.91 years. Because here's the other thing that you must solve for yourself. is during these 5.91 years. Whether you're 40 35. 25. Listen, for the next 5.91 years, you can't invest ah, single dollar into anything. Why? Because you're all your cash flow money left over. After all expenses and bills and debts are paid. All that money is going towards that right there. The debt institution. Okay, so over the next 5.91 years, you cannot invest. You can't save you can't. I don't know how. I don't know. We're gonna get extra money from okay. I can't use my line of credit strategy. Sorry. Can use that. Right, cause we're just making extra payments. Okay. So, something to consider when you're looking at your options, whether to that snowball this thing or do some velocity banking. So let's actually look at the other method. I have this line of credit at 10-K at 13%. All right, let's say that I make a chunk payment I extract. Okay, I take $7000 out of the line of credit. Okay. All right. We got the debt up here. We got the line of credit here, and you got your checking account on God. We've got your checking account right here. So I took seven K out, all right? And I pay that guy pay that that very first month by paying 7000 on top of your 6 59 96 is going to save you 10 1009 $100.44 of interest. If we did that first month, I saved 10 down. Let me say that $10,900.44 my friend. Over the next 8 to 9 months, I'm gonna be ahead of this person, no matter what. I'm gonna be ahead of them because of how much interest I just saved up front because I just cut off the amortization calculator from advertising. I just cut it off. That's why it's so vital. The very first couple years of every amortization debt. It's so vital to pay off that debt in the very first couple years because of how much interest savings that we have now, the next step okay, after making that first chunk payment towards the debt, okay, is now we need to take your income of five grand. Let's say you get paid your teacher. You get paid once a month. Okay. On the fourth, on the fifth of every month, you get paid. All right? And just so happens that on the fifth you have that monthly payment as well. Okay, so let's say we took out the chunk on the fourth. Okay? Took seven chaos on the fourth. I paid the bill. Right. Don't have to worry about it. Tomorrow in the fifth, right? You get your income of five grand lands into the checking account. And what do you do? Make a beautiful little seamless transfer from your mobile app? A boom transfer? That whole five K home right toe the line of credit. So we originally old $7000. Okay. When I put five K back in, here's my balance. $2002.49. That's the balance. How did I get that little extra for costs right there? 7000 times 13%. $910 in interest for the whole entire year, which is better. 9 10 4 16 monthly. 9 10 yearly. 4 16 monthly. And you mean to tell me that there's no difference between hammer ties, simple interest am I crazy in the head, or is it just pure math? Okay, tell me. Work with me here. The 13% 9 10 Now, since the interest is calculated daily and my paying that 9 10 today, no. So have to take the 9 10 divided by 3 65 $2.49 a day for however long I have this 7000 outstanding for Am I gonna have the seven k outstanding for 30 days? No, I'm gonna have it outstanding. For how many days? One day I get paid. Well, that's what balance. Now, let's say every single week you spend 1000 bucks. That's how your bills workout. You pay 1000 bucks. Okay? All your income is in the line of credit. So what are you going to do? You're gonna take another 1000 bucks out each and every week. You can do it all at once. Do I recommend that? No. I recommend looking at it daily. Right? Or every 3 to 5 days. Pretty simple. Choose one. See which one works for you, Okay. Or just go with the 1000. It's not gonna kill you. All right? This is gonna save you more interest, obviously. And that's just gonna, you know, make it a little bit easier. You don't have to log into your account every single day. And that's just pretty, you know, straightforward. If that's how much money you know you're going to spend each and every week. Well, then you just pull that out, let it sit in the checking account, pay the bills, all right? And then all the rest of your money seeing sitting in the line of credit, keeping the balance down. Okay, so let's say one week. Seven days. Okay, You take out 1000. Here's your balance. It went from three. They went from 2000 to 49. Now it's at $3009.97. Okay, so we had some interest costs there. Would you agree? Yes. Which is better. A couple dollars. A couple 100. Break it down. Okay, Now do it again. Another week goes by. All right. Here Another week goes by, Took out another 1000. Look where your balances or 1019 96. Boom. Another seven days were in 15 days into the month. And we keep going. Take another 1000 right you keep taking out money as you need it. Why? Because all your money is in there already. From your income from the beginning of the month. All your money is in there. Here's taking out what you need. Okay. What you don't have to worry about is a monthly payment on the line of credit. You have to worry about it. Matter of fact, it's not even an expense. Why? Your 5000 already paid for the monthly payment for that month and then that same money is being used twice to pay all your bills. Pretty interesting, huh? So look, we keep going. Bounce took out another K. Both took out another K boat, so we went from seven all way down to two, all the way back up to six K. The difference is the cash flow. Does that make sense? You paid $47.53 in interest again, Which would you rather pay? $47. 400 dollars. Okay, you choose. Understand that when I made this $7000 chunk, this drops okay. The very next month, this drops quite a bit. Okay? If I went the extra payment route this drops maybe 10 bucks. Maybe 15 bucks. Doesn't drop a lot. Okay. Yeah, he saved 1600 bucks, but which How much would you rather say? 1600 or damn near 11 grand. Not bad. Not bad, my friend. My friend. That's interest. That interest savings. Okay, not principle. That's interest savings on that 100 K Do you imagine how much interest you would pay if you did nothing but just pay the 6 59/20 years? Oh, my God. You would pay. Probably 60,000 and interests, if you're lucky if you're lucky. Okay, so that's what one month looks like. Seven k chunked I 07 k on the line of credit. All I did was shift debt from that high interests to no interest. Okay? Or very little. Okay. To keep that number small, what did we have to do? Put all our income into a line of credit? Why would I do that? And not just the 1000 again by you. Just putting in cash low. Now you're going to be paying what, 13% interest at 9 10 Divided by 3 65 2 49 Okay, You're paying interest on 6000 over the next 28 days. You don't want to do that. Okay? That's why we dump all the argument income it. So now that was your balanced month one. Okay, so we could safely say if you're putting in 5000 each and every month by month 34 Okay, you would have technically zeroed out the line of credit, and now all you're doing is extracting the money to pay your bills. Okay? My recommendation. Very conservatively. Looking at this, you could make a $7000 chunk every five every six months. Okay? And that loan would be paid off in four years. So almost almost two years better. Okay, but like I said, that's not the most important part here. Okay? The timeline is not the most important part. What's really important is the use of this casual. Did you know that this person can save, invest and spend money? All three at the same time? How? How is that possible? Well, consider this. You've been using the bank's money to pay off another institution, right? In the process of doing that, credit score rises, your credit worthiness jumps. What do you think this credit Union is going to do for you. What do you think this credit is gonna do for you? They're gonna increase your line of credit. You could do it once a year, or you can let them do it for you. All right. I'm pretty sure they'll do it right every like year, so they'll just give you an increase. So not only are we saving way more money, much more money, so much money and interest, right? Not only not only are we saving so much money and interest just by doing this, but we're also building our credit score, which give us access to more capital so that when this is paid off and when my cash flow is $659.96 dollars more. Hey, like, 1600 catchall. Okay. In the process of paying off that 100,000 using the bank's money. Technically, I never lost this. I never lost it. Right. It's going to be right here in the line of credit. We might have ah, line of credit. Over the next four years, we might get that line of credit somewhere around 40 to 50 grand. Could we not 40 50 grand. We could potentially have maybe two or three credit cards under our belt, You know, 10-K each Maybe. I mean, we could we could have so much opportunities available. More debt, more good debt. The leverage here. Very interesting. Very interesting. Gets me excited when I work with people's numbers, and I'm breaking it on the board and just breaking it down day by day, month by month, week by week, just really showing it out. Really? Just displaying number than really, really shedding a light on your personal finances. Right? Because this all isn't Look, this is all we're just We're just talking about your personal money. We're not even talking about investing and making money. Do you know how exciting it is to do velocity banking to make money to invest money? You think it's exciting to become debt free doing velocity banking? Wait till you have options. Wait to your cash flow is 50% of your income. Wait till that occurs. Wait till you have options where you can say All right. I wanna I want to throw some money in crypto. You know what? I just want to throw somebody in the forex. I won't throw some money on a property. I want to throw some money on my kids so they can start a new business or send the college right. You not to worry about that anymore. Debt. Right, cause that's completely wiped out. And you did it in a much shorter timeframe than the other method, which is the benefit. Okay, it's a clear benefit. We also save thousands mawr and interest than this method, which is hence why we paid off the why we got a faster timeline. Okay? And the other thing, the thing that I like most, which is I never I never lost that. I never lost that. All I did was leveraged the money first, okay? And then I placed that money over here toe, Let it sit there. So I never lose that money in the form of interest. Because when I take this money and I when I take this cash flow, my cash and I send it toe a debt directly understand that this money you can never get it back. Once you put that extra 1000 into that 100 you're never going to get it back. You can't recoup the money. The only way to recoup the money is to make more money or to spend less money or two, you know, cut back and do whatever it is that you got to do. But see, in our case, when we're leveraging other people's money first and then just using our money toe, pay ourselves back. Okay? This is a form. This is a strategy off, literally becoming your own bank. Right now, you're learning how to become your own bank. You're learning how to leverage cash flow, leverage, income, leverage expenses. Minimize, eliminate, reduce interest costs. Okay, let me tell you if that if this did not sink in over the whole Siri's that I just did on lines of credits. Okay, this is literally all for you. All right. Take this in. Absorb it. Let's work together. Let's build something. Let's build a kingdom together. Do you want to build a kingdom with me? Listen, my name's Denzel. Be here for the first time. Welcome. This is what we do all day long on our channel is we run numbers, we build kingdoms. We help moms become debt free. We help families all over the United States. and abroad get their money completely. The whole financial house in order. Okay, in a short timeframe, minimizing interests, maximizing cash flow to get the results that we want to get, which is simply just to become financially free from debt from worry so that we can establish a kingdom that will last forever and established that legacy. Okay for the family, protecting your kids, protecting your Children. I hope this was so informative. If you want to work me one on one, check the description below. I have services from coaching to velocity banking intensive programs. 21 on one sessions. Or if you want to just give financially to channel, you can visit my patri on page. And there's a bunch of people giving right now, financially making sure that I am able to deliver every single day to you guys, making sure that this channel become successful, that people all over the world are able to establish their kingdom. Okay, you have yourself a wonderful day. God bless 4. Best Personal Line of Credit: Hello, everyone. How you doing? My name is Denzel. I hope you're enjoying my YouTube channel. You hear? For the first time, welcome In this video, we're going to talk a little bit more on lines of credit. And really, what's the best line of credit for me? Right? Because everyone's different. Everyone's unique. Everyone has their own needs and wants desires. Right? So how do we pick the right line of credit? In my previous video, we were going over. What is a line of credit? How does it work? What are the requirements? Was two criteria toe actually neat a line of credit to make it a lion credit. Right. So in this video, we're gonna try and solve for what is the best line of credit for me? And the way I saw for that is always math, right and convenience. Okay, I like to solve it. Because if I have, for example, if I've got a mortgage that if I got a car loan debt or a personal loan debt, then I'm gonna wanna look mawr towards lines of credit, not credit cards. I want a personal line of credit. Unsecured revolving interest is calculated simple with a low interest rate. All right, that word revolving basically means that the money is accessible any time, right? So if I have, for example, have a line of credit for 10,000 if I withdraw five grand and I pay it back only if I pay back only 2000 I can still use that same 2000 again, Unlike a personal loan, right? Or, um, Carnot mortgage. Right. Once you make a payment on an advertised loan, for example, right? For the same same example, 10 grand personal loan, right? They give you the whole 10,000 right? But as you're making payments back, all right, let's say you pay back five grand. You can't use that five grand until the whole 10 is paid off. Right? So that wouldn't be a good debt weapon to use a good vehicle for velocity banking for, you know, lines of credit. It doesn't meet the criteria. Okay, So if I'm like I said, if I've got a car loan, if you got a mortgage, if I have a personal loan debt student loan, debt, I'm gonna want to look towards personal lines of credit. Unsecured interest is calculated simple It's revolving with a low interest rate. Cool now for people who I don't have a lot of death, right? They don't have a lot of debt. Maybe they're on Lee. Uh, debt is like like a hospital bill or something like that. Are Who knows? Maybe they just have a lot of bills. Right? Maybe you're just someone that has a lot of bills, but no deaths. Okay? There's people like that two out there. Credit card might be a better way for you to go. Why? Because maybe most of your expenses, right are, for example, their expenses that you can pay with credit. Right? Meaning you don't actually need cash. Like to pay your rent. You need to pay it with cash, right? Or from a debit card, right. Not a credit card. Okay. To pay your mortgage cash, pay your car. No, it's cash. Right. But what if you're someone that's young, right? And maybe you're in college or high school. Your expenses may only be car insurance. Gas, food, phone bill. Miscellaneous. Right. All of that. You can pay with credit, and that could be a good vehicle. Credit card. Could be a good debt. weapon to start building credit in your name to get you to this right? Because here's the thing. If you don't have any debt and you pull from a line of credit, understand it, there's an interest charge on that. You wouldn't want that, because now you're you're just taken money, and you're paying for that money that you're, you know, withdrawing at your bar. Unlike with credit cards, bank gives you the money, and they give you 30 days before they calculate any interest. Right? And that goes into the hole. You know, the whole method of velocity banking how we're using credit to pay the expenses, using our income over here to pay ourselves back, right, and that just it keeps going. Okay. So, yeah, there's some other unique features that make credit cards sometimes better than the line of credit. Okay. What is that? Well, as your credit gets better, right, as your credit starts improving, Okay. There's a lot of things that you could do with a credit card. For example, Bank of America has a credit card. The blue one travel right. The travel card. When true story. When I first got my bank of America Travel Rewards card they gave me in the initial credit line of three K unsecured credit card. Right. It came with a promotion, right, which said, spend 1000 or more in 90 days. Right? And we'll give you $200 back in statement credit. All right. Lines of credit can't do that. I personalized credit. They don't do that. It's just a nice chunk of money with these that you get other cool. That's about it. Credit cards sometimes can function like a line of credit, and I'll explain How so? Back to this we got three K initial. They tell me I could spend 1000. I get 200 back. What am I gonna do? I'm gonna use my expenses. I'm gonna run it on the 3000. All right. I can easily spend 1000 just off my expensive gas food, phone bill, insurance. Um, subscriptions. Miscellaneous going out. All right. All that boom goes 1000. They give me 200 back. So I made $200 using my expenses, using my credit to pay my expenses. I made 200 right? Well, technically out of my cash, my income I Onley really spent eight, and I got to back. Not back. Now, After this promotion was over, they gave me another one. All right, so by this time, my credit line increased 5000 and the promotion on this one, the next one was Hey, Denzel, we like toe offer you 12 months, right at zero interest, and you can make a cash deposit, a cash withdrawal for the whole amount if you want, and we'll charge you zero interest to do that, all you would pay is a 3% one time, 3% fee to do that. Okay, so here would be an example off. Why, this would be better then. Getting a line of credit, right? Let's say you have a line of credit here for 5000. Okay, in the interest rate is 10%. Okay. If you have another debt, write another credit card debt that you're paying 20% interest on or 25 or you've got a, you know, a few payments left on, you know, personal loan. Whatever it ISS. If you were to do the math right, if I took five k from here to make a chunk payment doing velocity banking on another debt, right? Maybe sometimes what could happen is the amount of interest that you'll pay to do that might not be as effective as 0% using a credit card. So, man, a lot of information, man, this is a lot. Okay, What I'm basically trying to say is that when you're trying to find out what is the best line of credit for me, it's good that, you know, your options are good that you know what's available and what's out there, right? So in this particular situation for me, this is a true story, right where I had another debt, right? And instead of pulling from my line of credit from the bright star, right, I did the math. I was like, OK, 3% of $4500 because that's what that's what I drew 3% of 4500. I think it was like a little over 150 bucks. I think it was like 1 45 You do the math master, but that's very, very cheap for five for $4500 chunk at another death. So I took that 4500 out of here at 0% for 12 months. I paid three, which was, like, less than 150 bucks. Right? And I saved over 1000 on interest. Guess what? I just made money. That's cash flow at savings, using my own income and my getting somewhere. I think so. Okay. Whereas other people might just say Go get yourself a line of credit. All right. You don't know what you don't know until you know what I'm saying. So good to know. Good information, right? Very, very effective. I just wanted to explain a little more on credit cards because of my previous video. You know, I really didn't do too much. I was kind of focusing on the line of credit. But there are times where this will meet the criteria because the interest is calculated simple. It is revolving, all right. It's accessible. And the interest rate is zero or really low. Right? So I'll leave you with that. I hope you enjoyed it. Alright. Tune in. Videos coming every day 5. Velocity Banking is Unfamiliar: What's up, Glass? How we doing today? How is everything going? Funny story. I was talking on this example the whole time and come to find out I wasn't even recording, so I had to do it again. All right, so seeing cut, too Restart. So don't mind all the scribble Scrabble that I did. I'm gonna pretty much redo everything I just said. Kind of sucks. I guess that's the whole thing when it comes to recording and whatnot, you know, when you're kind of doing it solo. Um, gotta make sure you hit the red button. All right. So look, we have an example here of a gentleman, 47 years old, a wife and three kids, all right? And we're having a wonderful conversation together. And I'm, like, look, debt free by 2020 your vision, your purpose in life will be so clear you'll be dancing with the wife. All right, We're gonna be doing the salsa, OK? We're gonna be okay. We're gonna be, you know, standing tall and enjoying life and doing our thing serving God's will that he has for us fulfilling everything in life. All right. We just gotta get through the obstacles, Which is the debt? Okay. And for a lot of people, this concept can be on familiar. Okay, You're getting in tow. Unfamiliar territory, right? It can be unbalance. You can feel the imbalance sometimes, right? I don't know, man. The numbers don't make sense, You know, our or I get it. But I don't get it. You know, until you show me my numbers is when it will work for me. Listen, keep watching the videos over and over again at some point is gonna click. All right? Everyone's gonna have that light bulb moment at different times. Okay? It might be a video I made way back. Or might be today's video tomorrow's video, right? That's why I always that I always say, Listen, if your first time viewer watching this the first time, you've got to go all the way to the beginning, Okay? Especially if you do not know what this concept is or how it works or anything like that. Start from the beginning. Work your way up. You know, the videos get better and better in terms of audio and quality. Okay, do a two months in. Give me a chance to grow right. So look where we're We're going to dive into this scenario here. We're making 4300 month. Our expenses are 4000. Our debt is 75,000 cash flows. 300. So the first thing is, OK, my castle is not that high. I need to work on that. Especially if my income is way up here. Alright, we gotta bridge the gap, so to speak. So let's figure that out of the expenses over $1700 just goes towards debt payments every single month, right? And on top of that, he's got about $700 or so. That's going towards savings and investing. So all this money is leaving him, all right? And I simply want to redirect the same money back to me, all right? And I know that might seem on familiar, right, because we're so used to what everyone else is doing, and we're so used to everyone being in that and everyone living paycheck to paycheck around us doesn't matter how much money we make at this point. If if you make in 10 grand, you spend in 10 grand your paycheck to paycheck, right? So it doesn't matter what income level. All right. You know, I know a lady making 100 grand a year. Damn. They're spending all of it, you know? And then what's left over leaves her goes and investments, accounts and hopes and prays for returns. Meanwhile, we got all these expenses we got to deal with and all the debts. All right, so I know it can be a little tricky, right? But it's just like the people of Moses. Right? When Moses took them out of Egypt to save them, to get them to freedom. What did they have to do? They had to cross the desert. They had to cross an ocean. How do you do that? To get to freedom. All right. So when they were presented with the opportunity to be free, they said, Okay, cool. Let's go. Let's get out of here. It's bad. Egypt. They're killing us. The raping us. They're torturing us. They're starving us to death. They're working us to death. Let's go now. We're in the desert. We're doing the example. All right, We're doing them or working the motions, right? Okay, We're doing it now. We hit a block. I don't get it. I don't get the chunk. I don't get how to get a line of credit. My credit's bad. My This is bad. My foot, Papa. You know, everyone's giving me an example Why I can't get, you know, my debt weapon. And you know, it's hard. And and, yo, same same people, right? You're in the desert. It's hard, It's hot, right? You gotta army chasing you, right? The Egyptians, they're chasing the people. They hit a block, the ocean, right. And now they're yelling at Moses. Right? Or in this scenario, now, you know you're throwing questions at me and they're like Moses, man, why did you take us to the desert? To die, right? Why did you bring us here? We should have stayed in Egypt. What? So Moses is like What? What do you mean? I just saved you from death, and you want to go back to what's familiar? Just because we hit a blockade an obstacle. And I'm simply telling you to have faith and achieving the results that you want and believe that this will work for you, Right? So what happened? These people had to believe Alright, What Moses do, man Bomb laid the staff. The water's split. The people went through. They finally got it. They have faith. They walked right through that ocean to freedom. Now they had that promised land bomb. There, there, free from from slavery from persecution, starvation, rape, murder. Same thing today. You don't think you don't think you're in slavery? When? When? When we're dealing with all this debt, my friend. I don't get it twisted. Don't get it twisted. It's the same thing. It's the history. Repeats itself, is just in different forms. All right, We just sent a modern day. Alright. Modern day slavery. Okay, You're Hispanic, Your black being targeted. Whatever it is, man, we got to conquer it. Got to get over it. All right, so let's handle it. Let's figure this out together, You know, Please, with the questions. I love him, but you gotta spend time on the channel. You gotta go through every scenario. There's a reason why I'm doing this daily. Okay? There's a reason to It is a method to my madness. Okay. Every scenario I target differently, right? So in this case, instead of me going over, you know, um, timeline, like how quickly I pay off a debt. I'm gonna focus more on this gentleman as to how we got our numbers, right. And then how we use the numbers effectively. Okay, So when we redirect our savings and investing's, that gives us 700 bucks of cash flow. Okay? Added to the three that he already had. We're looking at about $1000 casual. Okay. He has 10 credit cards in his name. All got debts on him now. $850. We can pay with credit. Right. So add that to the casual. The first credit card that we're gonna tackle is the highest credit card that he has. 0 6000 plus on it. The monthly payment is 1 88 Okay, total the numbers up. $2038 is our first chunk. That 2000. He has the money. Before he met me, he was saving and investing, right? So that savings, probably in the checking accounts savings account, under his mattress wherever that and then the other $100. So investing or just redirecting it back. So the money is there. All right, so I'm gonna take that money, and we'll put it in the line of credit, and I'm going to satisfy the month's payment. I'm gonna push the due date on my cut off the interest rate. Okay? And I'm gonna use the same money. Okay? This is where we get confused. I'm using the same money, not extra money. I'm using the same money to pay my bills and the cash flow stays in casual stays in. What else happens in that same month, He's gonna collect another $4300. Do you see how quickly we can kill that by doing this? All right. So let's just say out of all the 10 credit cards, we do the same concept every single month. We're reviewing the numbers, okay? We're not necessarily budgeting. Were just reviewing the numbers. How much did I spend here? How much they spend here. How much gas will do I have now, Okay, this is my new chunk. Right? To make it really easy every time you kill a credit card or you kill a certain debt whatever that debt payment, waas gets added to your cash flow at the same time. You got a minus that debt payment that you no longer making from your expenses. So expenses go down, cash flow goes up. See that? Oh, yeah. So look, we wiped out all 10 credit cards. Our new cash flow is gonna be 16. $100. Okay, 1600. Why? Because $600 right from here was all credit card payments, so we wipe them all out. Okay? Castle goes up. And at this time, after I've killed about 20,000 in credit card debt, what am I gonna do? I will go get an unsecured personal line of credit from a credit union of bank, not for profit bank. Wherever in my area, I do my radius, I do my research. Don't tell me you can't find a line of credit. Don't tell me I can't get approved. Don't tell me that is hard. I know it's hard. Okay, that's the whole point. It's supposed to be. That's porta life. Okay, But when you do your homework, you do your research and you know your numbers, right? You make the process a lot simpler. Okay? When you follow the strategy, we're going to get there. OK? So in his situation, at first, he probably cannot get a line of credit. He's got too much debt out, so we're drastically lowering the debt at the same time. Our incomes going to go up, right? Can he get a dollar race for me? Sure he can. All right. He knows what the hell is doing at his job. He's an engineer. Been doing it for, what, 15 years? A lot of years. Okay, he's got experience. On top of that, he's done many other things in his life to have this professional stance, so there's no reason why he can't get that increase in income. So we get the line of credit after we've killed 10 credit cards. 10 grand. Let's say we get our new chunk number is $6600. How did I get that? I did 2/3 of the 10,000 66%. 2/3 Our cash flow is $1600 a month. When you times that by 12 that's a much higher number than 10,000. So that's another reason why I didn't go off cash flow and some other examples. You notice how I go off cash flowed to determine Chunk Well, when castle is really high Now, I just go off. Whatever the line of credit amount is, this also gives me cushion. This also prevents me from over leveraging my line of credit. I don't want to take the whole 10 out, and now I'm over leveraged. Okay, so we do 66 beings at our cash flow so high, would you agree It's gonna take a lot. It's gonna be a lot quicker, lot faster to zero out the line of credit to make the next chunk. Right. So we've removed the 10 credit cards, right? No, we're at the two auto loans and the personal loan. So the first thing we're gonna hit is one of the cars and get immediate cash flow for 38 We're gonna make a chunk in his particular situations, gonna take about two chunks to kill one car, and then it will be like one chunk or so to kill the second. Because would you agree? As you're targeting one debt at a time, you're also paying your bills, right? You're still paying your bills. So all those deaths are also lowering. Not as quickly as the one that you're focusing on, but still they're lowering their going down, right? So for him, 66 chunk throughout the process. As you see, I wrote 15 20 k What that basically means is every four months or so, I will call my line of credit. Say, Yo, I need an increase in my line of credit. Please be nice. All right, Bill, Report with the lady with the guy there. Okay. And they'll work with you. I'm telling you, it's the human being. They'll work with you. So as he's killing that he's also increased in the line of credit, increasing his cushion right, lowering his risk and leverage. Right now, when we have a line of credit, we have the ability to dump all of our income back into the line of credit, which completely offsets interest from accruing on the line of credit itself. Okay, so 6 66,600 chunk $4300 goes in to the line of credit expenses. Come out. I didn't have a number because, you know, a year from now or so his expenses are gonna be much different. I know. Guaranteed his expenses are going to be $600 less because we eliminated $600 of debt payments, right? So whatever his expenses are minus six. So if you want to be safe, just do the 4000 minus six 30 $400.3300 dollars or so. Now what happens after we've gone through this whole process of eliminating both cars and the personal loan, which would take us to a timeline? Him and I were ah, you know, figuring out Take us to a timeline of about November of 2020 November 2020. That's freaking cool. This guy is now 49 going on 50. We removed $1700 of debt payments, adds to the castle's or ending cash. Will is gonna be $2765 a month. That's well over. That's, ah, 33,188 dollars a year. Okay, once it's all said and done, and I didn't invest in any product or service to get me there. Teoh, make me more money. Doesn't mean I can't do it. But at the same time, why risk all that money when we can just focus on eliminating dead and releasing all that stress, right? Like I want to dance. All right. As soon as I killed that That's my attitude. All right, So this guy's gonna be 49 you know, just doing the salsa, and he's like, you know, dancing with wife. And she's excited. He's excited. And the kids, they're happy. Everyone's happy, right? We've gone to the other side. We crossed the ocean. We're debt free. Now. What do we do once we're debt free? What do we do in the process of becoming? Definitely we gotta figure out why we're here. Purpose in life where we're going where we're headed, right from four major questions. And then we gotta allocate this money. All right, we've got we've got to make it, uh, work for us and double I and triple quadruple on. Just secure wealth. Leave Alexey behind. It ain't too difficult, right? Gotta get your fantasy league in order. You gotta know where you're getting your information from. Okay? So if you're reading stuff from Joe Schmoe from New York Times, listen, he don't know you or she don't know you. You gotta You gotta really narrow in, find people that speak the same frequency that you're on, right? Like, Listen, I'm a I'm a Christian. I do this, I do that or, you know, I'm a scientist or I'm an engineer. I'm a doctor. I'm a lawyer. Listen, that's your thing. You should be hanging out with other highly successful lawyers, doctors, engineers, scientists, right, and getting their perspective on how they use money. Okay and see. And compared to what we're doing here, because this strategy, right, velocity banking, it's gonna be with you for your whole entire life. I don't think it's just for paying off that. No way. No way You can use velocity banking to make an investment in your industry effectively by using the bank's money or using equity from a property all right, or using cash value from a life insurance policy. Those air your three avenues where you can literally flip money. Those your three avenues insurance, banking and real estate A. So in real estate, it's the equity built inside of the property Could pull it out. Get this he lock right. You get that that line of credit, you can do whatever you want with that money. You don't have to put it in, um, another property. If your thing is crypto alright. If you're thing is stocks, do you can put in the stocks, right? Make a profit. As long as you know what you're investing in. Strip that money back out, pay back the he lock, take the money out, do it again. And the difference is the profits. And now we're talking profit in terms of investing, using velocity banking. Right? Is how much does it cost me to borrow the money? How much am I gonna make on the investment? Do the math. It offsets. It's like I didn't pay anything because I made so much over here. Same thing with in, uh, personal lines of credit and credit cards. If I take the money out to go make an investment in my business in my product, OK, I'm gonna get X return. And once I pay back, zero out the line of credit credit card boom, do it again. Life insurance. It's a little bit different. Okay, what's nice? When you take money out of your cash value policy, making sure that you have a correctly designed policy. Okay. Got to make sure you take the money out and you go invest in a property. Are you investing your product or your service or your business? Okay. this earns interest as you borrow money out and put money back in. Still earns interest. Yes, that's the only that's ah, bigger advantage there. Then when you borrow from lines of credits and, um, you know, he locks and things like that Now, you still need all three. You want them all. You don't want to just be exclusive. You want him on, You want a leverage, leverage, all that death. So we went from paying off that to now, getting us in a position where we're leveraging that either in banking, in insurance or real estate. Either one, you go make it your obligation to secure wealth for your family. Leave a legacy behind. Okay, so I hope that was clear. I hope you liked this different design every every day. I'm trying to, like, change it up for you, you know, and make it fun. Made exciting. Put a little story in it. You know, I hope. Do you hope you like the little story that I did in the beginning? All right. And for this gentleman, we're gonna be good friends. He's given me the privilege and the honor to throw his numbers on the board. for all of you to see and get your own idea of how you can be doing this. Okay? And another thing I'm gonna start rolling out is I'm gonna start doing video live video calls every week, like 5 to 10 people, small group settings, because I'm getting a lot of forms submitted, you know? And this will be great for us to, you know, you get you get toe have me live you to ask me any question you want. We'll go in order. You know, one person at a time Ask a question, comment, concern suggestion. Right. And we and we just keep it flowing. And hopefully your question will answer four other people's questions in the same room, right in the same video call. And that'll be great, right? And for people that I have already committed to this mission, I also want toe give a shout out to the 14 loyal contributors so far that have gave the give money to this channel to make it work and succeed toe to give me the opportunity to throw mawr and more numbers on the board. Right? And really take the time necessary to invest in you right, so that we can get you to a much better left. Much better level. We go, we'll take you from building so that you can contribute back, right? So they can contribute back to this channel or to your church. You know, family wherever. All right. So I want to thank those people that have made a contribution. Love you. It's amazing. So I'm so appreciative it. If you wanna get in on this mission and be a part of it, you can contribute as well. We'll have a link below. You can check out my patron page and really just just hop on this journey. It's It's amazing. We're gonna help over 100 households this year. Really narrow win. Get the strategy. Right. Okay. So thank you so much. Have a great day. 6. Velocity Banking With Capital One: Hello, class. Hello, everyone. How you doing today? Shout out to all my loyal contributors. Thank you so much for committing to this channel. Helping this become a sustainable business. Sustainable channel helping families day in and day out. Wipe out old debts, secure wealth. Leave a legacy for the family. Ultimately have financial freedom. If you hear for the first time welcome. My name is Denzel. Consider subscribing at the end of this video. If you enjoy the content, if you enjoy the value and the mission that I'm on, which is to help moms all across the United States and abroad become debt free, help their families influence each other, become leaders in the household and live the life that you were designed toe live. I got it. I also want to shut out. Everyone that filled out a form were well over 220 plus forms submitted. I'm still accepting forms. I will serve you. You just got to make a commitment. That's all it takes. If you want to do anything in this life successfully, you got to make a commitment and that's what I'm asking you to do. So in today's example, we're going to do velocity banking with Capital One. Okay, as someone you've already known. I love Capital One. They're an amazing company. I love their credit card offers. I love the way they do business. I love their locations. It's like a star books, but better its banking. And they do meetings, and it's just I love what they do and my hope. My manifestation is that Capital One becomes a sponsor of this channel. All right, I've already set it up. I made up a tree on my patri on page. I made a new tier, and I'm just putting it there. I'm like Lord, I already know whether it's now two months from now, three months from now, three years from now, I will get sponsors already know it's It's It's there. It's already happened, right? Someone's just gotta sign up. That's it. So let's go into the numbers. We have a gentleman here. Income is $2370. Current expenses are anywhere from 19 44 to about 2065 44 cents. We have a current that current debt to of 9400 $47.70. Not bad. Okay? And we have a cash flow anywhere from 200 to $350. Okay, we are discussing velocity banking on this channel. Okay? Which is we use debt, other people's money to pay our bills, pay expenses, acquire assets, and then we use our cash from our paychecks or business income or any sort of income. We then take that money in pe ourselves back and repeat. Got it. We use other people's money to pay our bills, pay expenses, acquire assets, the assets that produce income, plus our activity income then gets used to pay us right back in the form of chunking. Okay, in this process of using debt to pay that we have a time period anywhere from 30 days or sometimes much longer, like a year, right? 0% offers. Right? Or we what? I like our debt. Weapons that are calculated simple. All right. Simple interests revolving that that I can use over and over and over again. The point is, my capital or a K A credit gets better. I get access to more money, which allows me to make investments which allows me to pay debts at a faster rate, which increases my cash flow, which lowers my expenses. Okay, Now, here's what we're working with this gentleman. We have a capital one quick silver card. I'm sure it has rewards on it is Capital One is nice like that. And he has a current current credit limit of 3000 on the card. We owe this. $753 is what we owe. We're going to make a chunk off what we owe from this money right here. Okay, We make that money each and every month we're in the month of November. So when he gets his paycheck, whether he dumps this in all, act once or over two times or four times, right where we just divide. Okay, we weaken. Divide this into four chunks, weaken divided into two chunks into three chunks. As long as I get that amount into Capital one, I am happy. Okay, that's my chunk going into the credit card. Got it. Now, when this occurs, I'm going to run expenses that I can pay with a credit card, which, in our case here, came out to 6 28 So over the course of 30 days, I'm gonna have bills that I can pay with a credit card that I'm gonna use on Capital One. Okay, 30 days is gonna go by. A bill will get produced for this amount. When that bill comes out, I'm going to pay myself back What I would have paid in cash for my expenses. Do you understand that? I hope you do. And what's really cool is in one month. This debt gets wiped out in that same month. Within 30 days from now, Capital one is going to increase his credit line 500 bucks. When this occurs, we're gonna call Capital One and say, Hey, you guys have any promotional offers available? And 0% offers for six months. Nine months, 12 months, 15 months, 18 months, 24 months. Okay. What do you guys have toe offer to me? I would like to make a direct deposit or a transfer to take out Be credit that I have, and I wanna get it in cash. This amount right here. $1730. I want to do a direct deposit. Cash. Can you help me? Capital one. Sure we can, Senor. Not only did they raise his credit line limit in this short period of times credit scores. Definitely gonna go up because he paid off the cart so fast, Right? And now we're gonna do a direct up ha Zito cash of $1730 to pay off three other credit cards in one month. OK, the cost of doing that is 3% of whatever we take out. Okay, So $1730 times 3% cost me $51.90 to do so. Okay. Now, what happens is when I paid those three other credit cards, my cash flow is going to go up $121. Okay, so I'll have a net cash flow of $69.10 that first month. Okay, that first month. Now am I going too fast? Slow down. Stay with me. I'll slow it down. Okay. Recap, recap. We started with Capital One. We chunked at it. We paid it off. We ran expenses. We paid ourselves back. We're in December. Okay, Capital one, increase my credit line. I got an offer. I'm going to get an offer. A promotional offer so I could do a direct deposit. Get cash of that amount. 17. 30. It's gonna cost me 3%. Like cash was going to go up 1 21 When I pay off the other three credit cards, I'm going to net $69. 10 cents plus cash flow added to my original cash flow. Okay. My new chunk, each and every month thereafter. Okay, is my new cash flow plus the same expense amount? I still get the same expenses. So 10. 41 is my chunk going into this new debt, right? 17 81 17 30 plus 2 51 90 17 81 90. Owed. I chunk 10 41. My expenses are 6 28 That's what will go out off the credit card that I have a limit of $3500 on. Okay, My new cash flow is 4 13 Okay, do the math. It should take me about four months or less to zero out. Capital one quick silver. How wonderful. Right? And I pay very little and interest to do so now. Once that's all said and done. He has officially wiped out all his credit card debt in four months. The only thing we have left is a $6000 debt that we have to pay off. Okay, We cannot pay that debt with a credit card. Okay, so we're going to a wire. A line of credit. Oh, okay. We're gonna acquire $10,000 line of credit. Do you think it's possible that this gentleman can get approved for a $10,000 line of credit four months from November? You think it's possible? I think so. If I wiped out a couple G's over here. All right, mind you. Four months from now, this debt will be lower. Okay? My credit score should skyrocket. I should get approved. If not, if all I did was get approved for like, I don't know, 9876 k It doesn't matter. Long as I'm able to make a chunk payment of that toe, wipe out the last remaining debt over here. Guess what happens. My new I have ah have the ability now to put my entire earnings into the line of credit. That's the beauty of an unsecured line of credit. Okay, We were dealing with credit cards. Okay, Now we can pay anything with a credit card, technically, but it would cost me some money, right to do so. It didn't cost me too much then. But when we start talking bigger, right, it will cost me some money. So to avoid that, we want to transition into a new debt weapon such as a line of credit. Make my $6000 chunk wife out the other debt. My cash flow goes up. $170. Okay. Now, for the next 10 months or less, I'm going to be putting in this amount. My expenses. I'm running everything right through the line of credit, okay? Doing the same system right here. My new debt will. My new debt is the line of credit. So here's how it looks. Step one. We make a withdrawal of six grand from the line of credit and go pay the debt. Cash will goes up 1 70 I then dump my income 3 2070 over the course of 30 days into that line of credit. Over the course of that same 30 days, I'm going to make a withdrawal. Okay. Throughout the month totaling $1774.44. Yes. And my cash flow of 5 95 56 will stay in that line of credit. Divide six k by the cash flow, 10 months or less, I'll be done, which will leave me with a result of 15 months or less that I will be completely that free from this. Okay. And a very happy man. I can take the woman out dancing. I can sing to my woman. I can praise the heavenly Father. I can do the things that I want to do I can focus my cash flow on securing wealth, creating sustainable assets that will pay me forever and ever and ever forest long as I live in for long as my family lives in their family and their family Oh, yeah, You believe me? Don't believe me A prove it to you, right? This man with this income, his little is it. That's not a lot. That's not a lot. But look how we wiped out. Just under 10 grand in 15 months. If all we did was direct our attention on what we are good at what we've been designed our spiritually talents. Okay, We focus on that. Just like the Bible says the man with little grows his money too many. All right, I know I didn't say it right, but, you know, best you confined the scripture for me. Okay? But that's what it is, right? You start small, okay? And you build and you build and you build. Okay. My name is Denzel. Hope you enjoyed this quick video on velocity banking with Capital One. If you're considering starting this concept velocity banking, take a look at Capital One. Hey, if you're completely debt free and you'd like to build your credit score, take a look at Capital One. If you're young gentleman or young woman, right, starting out just graduated high school or college or somewhere in between. And you want to start building credit because you know, you're about to step into quite some bit of debt. Whether it's do student loans, personal loans, car loans, mortgages. I thought it that I thought I write on and on and on. Okay, You ought to start building your credit now and you ought to start working with companies like Capital One. That are awesome. Okay. Thank you so much. Talk to you soon. God bless you. Have a wonderful day 7. How To Pay Off Your Car Fast Velocity Banking: then sell. Show me how to pay off my car in half the time and I'll trust you. I'll go into battle with you. I'll go to war with you. You show me how to do that. Listen, man, uh, I'll do this velocity banking thing. I'll I'll stay with. I'll stay the course. All right. So, look, we have an example here of a gentleman 48 years old. It's a teacher. Spanish teacher. Awesome. I love it. I love teachers. I want to be a teacher one day. All right? I am a teacher right now, but I want to be able to like being like in a classroom setting. But, you know, unfortunately, this stuff does not get taught in school, which is unfortunate, right? There's no degree for this. There's no certification. You know, you've gotta have licenses and stuff to be about teach, you know? So that's why I'm using this platform right here to reach you, To teach you to help you. So, look, let's dive into this income. $3600 expenses 3000 353. We have a debt. 200 grand. Oh, yeah. And our cash flow $330 between 3 30 and 3 80 Okay, give or take. So the first debt. In this scenario, these two deaths are composed of car and mortgage. Okay, so I want to tackle the car first. Because that's what they told me. I want half the car. Let's go. So that's how much they owe currently. September 2018. 14,700. Interest rate. 2.9%. That's nice. I like that. That's how many years left? Four years. And that's the monthly payment. 3 93 Okay, so now we're in the process of getting our debt weapon. We don't have it yet, but we're in the process of getting our debt weapon, which is the unsecured line of credit for about 10,000 12%. Good. Now our chunk payment, it's gonna be anywhere from 967,560 which is our cash flow times 12 in a year. Get that number. I'm gonna make a withdrawal from the line of credit. Chuck at the car. As soon as I do that, I cut off. I want to say 15 months, 15 months or so shaved. That's a year in five months. Shaved. Okay, I'm about to. I'm about to hit my goal, which is show me how to pay off the car in half the time. Okay, now check this out. We just created a debt of this amount over here that we're gonna pay 12% interest on who pays more. 2.9 or 12. It's a trick question, right? In reality, this 2.9 pays more. This is an advertised this 12% divide that by 30 you get less than 2.9%. Okay, because this this interest is calculated simple. Okay, So I will pay less. A matter of fact, I will pay nothing because I offset interests. Offset it by making a chunk. Here, I save 1000 interest for the year, which gives me a cushion for the interest that I'll pay over here. Therefore, it offsets. It's as if I didn't pay any interest to begin with, right? So look what we have to do to continue to offset interests. We have to dump our entire income back into the line of credit. You do that for the next 11 12 months, right? and you're continuing to pay the 3 93 Guess what? The interest rate is gonna be even less so. Mawr of the 3 93 is going to be going towards this debt. Right? And when you do the math conservatively conservative, my friend. Between one year and 1.5 years, this 14 grand done. 14 700. Done. Right now, let's say all he did from now to 12 months, he gets a dollar raise a dollar. Can you get a dollar race in a year or less? Can you do that? What about a bonus? Can you get a bonus at the end of the year? Is that possible? Um, is it possible to, you know, maybe cut back on some expenses? Maybe, you know, go out one time less per week and save $50 which is $200 which is $2400 in a year. Can he do that? I think you can. Okay. If all he did was get a dollar race, that 1.5 right, the 1.5 represents 3 30 of cash flow. The one year represents the 3 80 which is actually one point two years. So 11 year and then two months right to pay it off. But if you were to get that raise, it would be like one year, right on the head, like month, 12 towards the end of month 12 going into the 13 Mom. Right? Just by getting a dollar, if he would shave four months, that's powerful, right? So I hit my goal. Show me how to pay off the car and have to time. Matter of fact, I went even further, and I did it a year. All right, which is 1/3. Pretty much right. You. So that's exciting, man. Now he's 49 years old, okay? Or 50. Depending on if he turns 49 this year or next year, let's say he's 49 okay? He killed 14,700. Now we have a increased cash flow of 3 93 per month. Okay, that's a few extra 1000 for you. Add to that. Now, we're gonna tackle the mortgage. But before we do that, we're gonna increase our line of credit to, like, 15 K because our trunk payment is gonna be 9276. Right? Add those two numbers, you'll get 9000 to 76 for the year, and I'll show him I'm not gonna do it on the board, but I'll show him out of pay off the mortgage seven years or less, as opposed to 30. So by the time he's 56 right, 57 conservative, right? Mind you. What if he got a dollar raise the next year on the timeline of killing a mortgage for every dollar raise you get, you shave six months off the timeline. He could do that. I know you can do that. So by the time he's 55 56 or 57 my friends gonna be debt free and he's gonna be focusing, creating wealth, leaving a legacy behind for the family, right? Doing the thing that he is great at, right. Harnessing in on that and my friends gonna be singing the song, He's gonna be singing the song. All right, All right. You know, he's gonna be doing his dance. You ever been to the chiropractor before? And you know, once you get off the table, your leg Oh, feel loose, right? You feel like dancing? Going for a run? Same thing in your finances is the same thing I want to do, right? I want to release that stress right here. Back of your neck or your lower back. Right? Right. Those pains lower back and neck, right? Those pains at that age is not because of age. I promise you, This guy's in good shape, okay? It's not because of his age. It's the finances. There's a There's a stress point right here and right here that causes financial stress, which causes pain in the body. Right. So when we release that boy Oh, man, gonna be standing tall. Okay. Why is going to be like, Who's that guy? Wow. You know, is this the man? This is powerful. So I know he's gonna like this, right? Trying to make it fun, exciting and really get you pumped up. That not only this is the strategy strategy so good for your personal finances, but it's impactful on the household relationships. Right? You're able to see through a new set of lenses, right? You're ableto have options. All right? Who am I? Why am I here? What's my purpose in life? Where am I going? Where am I headed? Who would I want to surround myself with? How do I want to raise my kids, right? See, when you become free from the money Wow, now you're ableto really experience the life that you've been given, right? So I hope you guys enjoyed that. My name's Denzel. Reach out to me any time. I have a form that you can fill out in the description and we can have a one on one together and put your numbers on the board and let's see what happens. Let's see what happens. All right, enjoy the rest of your day pleasure. 8. How to Pay Off Student Loans Finance Geek: All right, young millennials. Let's handle it. Student loans. How do I pay it off? Okay, I know what you've been looking up. Whether you should refinance, consolidate, get another loan to pay this loan. Borrow from Peter to pay Paul. Okay, you're you're Maybe you've been told to I don't know. Hey, more than the minimum payment. I wonder how that's working for you. Um, you know, you're maybe you're being told to toe create a budget in minimalize and cut back in all this. All this stuff. All right? I want to give you a new way. Um, Mrs Not as common. All right. It's using the velocity banking method. If you don't know what that is, please watch my other video on velocity banking. You know how to do it? What? It is what it means. All right, I'll explain it in a nutshell. Right here. The idea is to use other people's money or the bank's money to pay our expenses or acquire assets and use our income to pay the debt right back. OK, Another term for velocity banking. Is that acceleration? Right? But it's not the snowball method or the avalanche method or the Dave Ramsey method? No, no, no. This is the method that real estate investors okay, real estate developers, wealthy people use to kill bad debt and acquire good debt. So in this scenario, okay, student loans. Okay, I'm talking to millennials right now, all right? And this is a really easy example of a student loan debt of 25,000 with right, 25,000 with a 10 year repayment period interest, 6.8%. Minimum payment to 80 a month. Okay, if you did the math, if you just did to 80 times 10 years, that is what, 120 months. Okay, the number would come out to this. All right, minus that from the 25,000 the principle and the bank profits. 8600. Okay, that's not actually 6.8%. It actually is. 35%. Okay, so, meanwhile, when you're when you're tryingto to re consolidate or refinance your your student loans, all you're doing to try to save money over here on the movement on the minimum payment, all you're doing is resetting the clock on the interest. So maybe though they'll tell you what we can save you one, 222% interest or something like that, are you know, we'll save you 100 bucks on your minimum payment When you actually do them at all you're doing, you reset the clock. Meaning you reset that. The payment term on the new loan that you got from a private lender or whatever, and they'll just take you for a ride. They'll probably make less than this, but they still took you for a ride. Okay. Over here, you're still gonna end up pain, triple in interest. All right, if you don't know how interest works. Also watch my video on amateur eyes, interest and simple interest. Okay, so let's let's dive into this example right here. We have an individual young person, right? Just graduated. College has a, uh, bachelors. Okay. And they're making three grand a month, and their expenses are 2200. They have that $25,000 student loan debt in their cash flows. 800. Okay. And what I'm simply telling this individual to do, Let's go get yourself a line of credit. Personal line of credit. Okay. They have from nonprofit banks, credit unions, some major banks, do it, but it's a rare product. Actually, it's not as common as as loans, right? You have to know the difference between a line of credit and alone. Okay, I have a video on that as well. All right, What? I'm simply saying, Get you a line of credit for 10,000. It's not. It's not a big number. They go as high as 100,000. Okay, Even higher, sometimes based on your network. And there is low as like, three K and five K. So I just I picked a small number 10,000 interest rate, 12%. Let's just say random because you're just starting out in your credit world. So you're not exactly going to get the lowest interest rate. And if you're thinking Denzel, it doesn't make any sense. Why would I get Mawr debt at a higher interest rate, then? My 6.8. Remember, you're not actually paying 6.8 on the 25 k You're paying that much, so you do the math 12 or 35. Which would you rather pay? Because this 12 actually means 12 a 6.8. Triple it in terms of amateur eyes. This is a simple interest loan. Okay? And at 12% remember what gets even better is you Onley pay interest on what you borrow. So here's the example is I'm telling this student this this graduate to withdraw seven grand conservative, not the whole amount. Seven grand and make a chunk payment on your student loan once a year, every single year for 3.5 years. This will be paid off. Okay, but how do I pay the seven grand throughout the year? It doesn't make sense. Um, um I'm getting more debt to pay this debt. It sounds like I'm borrowing from Peter to pay Paul. Okay, what? But in this scenario, when I borrowed from Peter, Peter didn't charge me in the interest Number one and number two, I saved money on the entirety of the amount which would increase my casual. All right, so here we have recap it. This $3000 right here that this individual is making her month instead of living this way where he or she gets a paycheck, they pay their bills or expenses and they have money left over, and they go spend it and do whatever it is We're young people do. Right? Um, in that sense, I'm just making a small tweak. Not actually. You go in a room and noodle diet. I'm not actually you to sell all your clothes and sell all your shit, which is sometimes a good idea. But I'm not telling you to do that, okay? I'm simply saying we withdrew seven. I made a chunk payment on the 25 k immediately. What happens to that? Specific, that is. You cut this interest damn near and 1/2 Okay, Because the way interest works on that student loan debt is their front loading. All the interest on that to 80 every single month. So you're to 80 is not actually going towards the principle. But when you make a chunk payment of a big amount, like, seven grand, Okay, you lower the balance, you lower the interest, and you satisfy that months payment makes sense. Okay, Part two is you just created a debt of seven grand. Whatever the minimum payment is. All right? We don't care what the minimum payment is. Why? Because we're actually gonna dump our 3000 that we make her month. Right? So if I get paid bi weekly, paying $1500 paychecks or every week, whatever that number comes out to. Okay, Before you even pay a bill or by anything, I'm simply saying, dump everything into the line of credit, which would cancel out any interest accruing on this debt. It would cancel it out. Okay, What's gonna happen now? Like we have to solve for this. How do Why pay my expenses, D'enzo. If you just told me to dump all my money into a line of credit, the beautiful thing with lines of credit is that it's flexible. Okay, it's revolving. When you put the money in, you can take it out immediately. Okay, So all we're gonna do is work. We put three grand in. So now the balances at around 4000 okay, lowered the balance on that. Cancelled out. The interest on that satisfied the month's payment. It also satisfies 2 to 3 months payments down down the road. Right. But you have your expenses for the month. So how do you pay that? I'm simply saying you withdraw money again out of the line of credit into your checking account, and then would you pay your bill. So if you have, ah, $400 payment on your car on the 10th. Okay. And then your phone bills on the 15. I'm not telling you to withdraw 2200 all at once. You're just gonna withdraw money as you need to pay your bills throughout the month. But what's happening is azure withdrawing to pay your bills throughout the month. What else is happening? You're also getting paid every week or every two weeks. So what do you do? You dumped that money right back in. And what remains in the line of credit is this part right here. You're Cashel. Your money left over after every single month. The money that doesn't go anywhere. Maybe you're stuffing it in your draw in your savings account in your retirement account. Okay. Redirect all that money back to you. Take it out of your draw. Take it out of the savings account, dump it into a line of credit, everything, and you're only gonna withdraw your living expenses. Whatever it is that you pay for it throughout the month. In this example, this person has $2200 in expenses, so they cash well about eight. Okay, if you do the math 800 times 12 is what? It's 9600. We only took out seven. So, technically, this this loan will be paid off within a year. Okay, So what are we gonna do once this comes back up to 10-K? All right. We originally took out seven. We made a chunk payment on the student loan. Okay, We'll use our income to pay the line of credit, and we withdrew to pay our expenses. And throughout those 10 months or so, all we're doing is dumping money in taking money out, right? We keep paying our student loan pain in the to 80 right? The to 80 is coming out of the 22 right? So nothing, nothing changed. I didn't add an expense to it. Because when you don't three grand into this line of credit, right? You're having your money work in two places. All right? You use the money twice you got paid, dumped it into a line of credit, and he took it out again to pay the rest of your expenses. Hope that makes sense. All right. So after we made that first chunk in 10 to 12 months, the balances and come back up to 10. What we gonna do? Take another seven k out and make another chunk payment, Okay? And you do it again and do the math. 7 14 21 and then you do it for the remainder bows. Maybe it's like three grand, four grand left, 3.5 years to pay off a $25,000 student loan debt. Okay, you can do the math on how much money you would save on on interest alone on interest alone . You're saving thousands on the interest alone. Your cash flow is gonna go up to 80 after 3.5 years now, 3.5 years Sounds a lot better than 10. To tell you the truth, that's 1/3 that we're killing them. So before you even qualify to refinance or consolidate, usually you gotta have the loan for, like, a couple of years or so, because based on your your work history and credit history, all that stuff are so before you even consider refinancing consolidating. I'm not saying there were bad things. I just I don't think they're as effective. Okay. And what happens when you don't understand how refinancing work, how consolidation works. It can bite you in the ass. Okay, you can end up paying more money. This is what your mom and dad goes through when they refinance their home mortgage after five years, they don't even realize that they lost all the equity in their home when they refinanced. They don't even realize that they're thinking. How can I save money on the on the monthly payment? Ah, their head is twisted. Okay. I don't want your head to get twisted like that. All right, We got to be better, okay? We're millennial way have to improve, right, Mom? And that left up. Which is why they're still working into their forties and fifties. Right? And you're only here with this massive debt, figuring out like, What the hell did I do? All right, I'm here to help. So, look, during 1/2 years, I paid it off. My cash flow goes up to eight. Now it's a 10. 80. Okay? And you now I have a $10,000 line of credit available to do what with Maybe you can kill off the car that you have. Maybe another expense. A high interest credit card. Okay, this is what velocity banking is. Teaching people is simply using the bank's money to pay other debt. Bad student loan is a bad. That mortgage is a bad debt. A car finance caught alone is a bad debt. A good day is personal lines of credit business lines of credit, um, credit cards with zero interest on it. Promotions, any type of credit that's gonna make you money. It is good that so We're using that to pay that, and we make money in the process. Okay. Even I didn't tell you to work extra hours. I didn't tell you going on a diet, OK? And sell all your stuff and, you know, get two jobs using your own income, we acquired good debt to pay the bad that in the process has saved money on interest. And I also increased my cafa, which everybody used to do, right? How do I increase my cash flow? How doe I not lose my cash flow when paying debts? Because what you've been told is that is to pay more than the minimum payment. But that doesn't do anything. All that does is pay down the debt. We want to pay off the debt so that we can get ahead and move forward with our career. Right? Find that place to live and find that business to start. All right, 3.5 years. A lot better than 10. Okay, get it. Velocity banking. Do it. It's gonna save your life, all right? It's gonna save you a lot of money, and it's gonna make you money using your own income. I like that. I like that. All right, I'm gonna do mawr examples to help people because some people got, like, 70 grand. You know, they're like do 25 with five. If you have 75 grand, you better be making more than three grand a month. Okay? And if you're not, you're booked. OK, but that's not is not too too bad. All right. You know you got all this debt 70 80 90 grand. I hope you got the career that your degree says you should have. Alright, if not, okay. You need to reach out to me. And let's put a plan together on how we're gonna create income. Okay, Teoh, kill that because I don't know. Good are gonna be there a while. It's 70 grand, 80 grand. That's usually more than 10 years. Probably like a 2025 year repayment period. All right, so I'll do an example on that for you guys as well. But for, like, smaller debts, like Like that. 25 is not small either. Like, there really is no small student loan debt. They're all biggest, but yeah, I hope you enjoy that. Please grasp that. Do your research. Do your homework. Okay. Before you refinance before you consolidate, consider this strategy right here. Okay? I can save you and make you more money than that refinance option can. Okay, from the name on that. Alright. Enjoy. 9. How to pay off Debt Fast Velocity Banking: all right. I hope you're ready to see some magic happen. We're gonna be talking about velocity banking, how to get out of debt. Increased gas will lower expenses, raise our credit score all using our own income to help us get to the next level in life. All right. Be free from the money so it doesn't master us and then that we can go ahead and live out our dreams, fulfill our passions, our wants, our desires, goals and what have you. Right. So here, diving right into it. All right. Not gonna waste no time here. We have an example. Income individual makes 2500 bucks a month. Their expenses or 2000. Their debt is 10-K Um, most people have way more debt than this, but this is just me focusing on one specific debt to kill. To increase my cash. Will to increase their credit, score lower the expenses that they have monthly and ultimately get them to that next level . All right, It all starts with education discipline making a decision. Right. So that's 10-K The cash flowing about 500 bucks a month, which is about six k a year All right, give or take. And this specific $10,000 debt is a personal loan. The interest is 9.99% monthly payment is right there in $212. 42 cents. It's a five year pay, right? Every time they make a monthly payment, about 70 to $90 goes towards interest. All right, front loaded. This is an amateur eyes loan. Their total payback that they'll pay back. If they did nothing but just pay the minimum payment for five years, they would have paid $12,745 20 cents. Okay. The bank made 25% on you. Not bad for the bank, but unfortunately for you, you know, you got you got took him for a ride. Okay? For these five years, all right, they made they made quite a bit of money on you. Pretty much risk free because you're diligent at paying a monthly payment, right? Okay. Here's what velocity banking says to do is to go ahead and get you a line of credit. Ah, personal line of credit or even business line of credit. Your business owner, whatever the case. All right, And this is a simple, simple example. Right. Break it down easy. Okay. A simple line of credit for 5000. Pretty much anyone get approved for that. If you have, like, above a 6 20 credit score A Really? Anyone get approved, your interest rate might be higher. Doesn't really matter. It's a line of credit. Okay. For 5000 monthly payment, one away. We don't care about the five year payback or the interest that we're getting charged because it's nothing compared to this. So what velocity banking is saying? Take this five grand that you got on the bank, get out and make a chunk payment on the 10-K You could be conservative and do, like, take out 1000. Or but I like to be a little more aggressive with it, cause it's gonna pay off. All right, Were you take out the whole five over and make a chump payment towards bomb the 10-K it's going to satisfy that months payment, possibly even the next on this one. Okay. Gonna lower the balance is gonna lower the interest owed overall on the account. Because remember, it supports alone. So it's amateur ized interest calculated of the entirety of alone. All right, but get this you just created to debts. Now, is this good or what? What might what I get myself into right now? Okay, I got 10,000 I over here, and you're telling me to go get another $5 alone to now. Oh, another 5009. Something's not gonna work out here. Okay, hear me out Since I made that junk bay me, right? What am I gonna do with this money that I make her month? All right, so for this individual, they're bringing in $2500 a month before they make any payment out of their checking account. Right? So this is how they're living their life. Currently, they get a paycheck, they pay bills. They have money left over your paycheck that pay bills. They have money left over. Maybe they saved to spend it. Later, they invest in the stock or read whatever they locked their money up. They don't see it being while they're paying all this interest right here. Okay, it was 9.99 but you actually paid 25 over the lifespan of alone. So you do the math. If you're trying to earn 6 to 12 on on socks or whatever you got pitched from someone, right, So before we not get off topic here, $2500 is my Is this individual's income for this example before they pay their bills? I'm simply telling them, Go ahead and put all your money, all of it, back into this line of credit. Okay, What happens is with lines of credits really, really cool that the due date will get pushed out much further. All right. Satisfies that months payment plus the next, like 3 to 4. Okay, What's also unique is that your monthly payment would actually lower. Doesn't stay the same. Unlike loans with lines of credit. As you pay the debt down, so does the monthly payment. The monthly payment goes down, right? So if the monthly payment is going down, guess what else is going down? The interest. See, it looks like you're paying MAWR interests over here than over here. That's 9.99 That's 10 point, and who pays more? Naturally, you're thinking this guy, But that's not the case with personal lines of credit. The interest is calculated daily so we're fine. Taking out five grand. Boom. And I made a trunk payment on this debt for 10. Lowered my balance, lowered the interest lower the overall interest owed on loan. And then I take 2500. Stuff it right back into the line of credit before the months over. You know, whether it was like, you know, I got I get paid 12 50 12 50 You know, every two weeks or I get paid every week. Whatever it is, dump the whole paycheck into the line of credit. A weight. I have expenses of 2000 right? Yeah. All right. So you put 2500 in. He paid very, very little on interest. You're gonna go ahead and withdraw 2000 but you're not gonna withdraw it all at once, right? You may have a $400 car payment. Do you want the seventh? Right? Your phone bill is due on the 15th right? You have ah, insurance is due on the 21st right? You have different bills that are due throughout the month, so when you goto pay these bills instead of paying them out of your checking account, you're just gonna withdraw out of the line of credit since since all your money is in here now, right? Even savings, everything. Dump it in here. And every other day that I have a bill do. I'm just gonna withdraw from here, so I'm withdrawing two times now, right? I withdrew five to pay my personal loan. Then I made a direct deposit into my line of credit, made a trump payment using my own income toe, lower the balance and lower the interest on this death in the process. I saved money. Okay, So that that $2745 Guess what? That's cash flow coming back to you right now. The key thing is I have expenses. So as I'm putting money into the line of credit, I'm also taking money out to pay my expenses. Now, what's gonna happen every 2 to 4 weeks or every week or every two weeks? I'm getting another paycheck, right? Every paycheck I get gets dumped right into the line of credit. What remains is my cash flow of 500 bucks. So 5015 to 25 3 35 4 45 5000. How many months is that? I think that's 10 five times 10? Yeah, 5000. So it would take. It would take 10 months to pay back $5000 rather than five years. Right? Using my own income. Meanwhile, you made an original chunk payment at this debt for five. Lower the balance toe around 5000. Probably a little bit. Marry like probably, like 5200 and 5400 or something like that because you know interest. So meanwhile, you've got you still have to pay the monthly payment each and every month of 2 12 because that doesn't change right with loans. But that's OK, because you're pulling out of here each month, right? You only made 11 chunk payment for the year. You're gonna wait 10 to 12 months before you get that number back upto five again, where it's like you don't even need to use it, because now that's back to five. As soon as he gets back up to five, make another chunk payment the remaining balance because it's far gonna be after 10 to 12 months of being to 12 42 plus two five, you'll probably have a balance of maybe like 4000. Okay, then all you do you make a chunk payment again. And guess what? In less than two years, you would have killed this 10-K Your credit score is gonna go up, right? Because you have less utilization. All right. You paid off a debt extremely fast. Your cash flow is gonna go up. $212. 42 cents. You would have saved right that 7 2045 Probably wouldn't. Would have saved about 2000 in interest. Like 1,502,000 in savings. Okay, that's cash flow plus the 2 12 So my cash flows now up 7 12 42 a month. I still have that debt. So we're before in the second round of chunking. They were in the second round. I made a You know, I owed 4500 bucks after 10 to 12 months on the loan, so I took out, you know, 45 made a chunk payment. Boom. Canceled that out. Now, I just have this debt of 4500. Let's just say my minimum payment is gonna be somewhere around here or less. It definitely be less because it's not five, it's 45. I then made a chunk payment of 2500 each and every month. And I'm Onley withdrawing out of the entire month. All right, what's, uh what's 2000 minus 2 12? All right, let's just go with it's like, right on the 1800 bucks. So now my expenses are down. Let's just say it's that 1800 my expenses. So I'm pulling less money out of the line of credit. I'm also paying less money on interest. I make chunk payments using my own income to kill that this debt now of the 45 and you do the math. Seven, 14 2128 35 42 67 maybe eight months. It will take you to kill 4500 bucks, using your own income. Whoa! Okay, we're onto something now. Think about that. Look now, you killed that monthly payment. Wouldn't that increase your cash flow? Now you're at eight something, castle a month, and then you tackle the next debt. Maybe you got a car you got to kill. Or maybe you have student loans. That could be the next thing that you start. And here's what you now have the ability to do. You killed $10,000 of a personal loan. What could you do with this line of credit with this credit union? Call him up. Yo, I need more credit line. Okay? Increase me to 10. 15. Boom, Bill, Don't prove it is your ship. This guy? Uh, no. Paying his stuff really, really fast. He must be making. She must be making a lot of money. Let's increase their line of credit because they want to make money off for you too. All right. All you're doing is lowering the amount that they make. All right, You're Chungking at death. That's taking from your income, which is delaying you from starting that business from fulfilling your dreams and passions and goals and wants and desires. Right? So we get that going, What's the next thing? Right tackle. Student loan tackle. You know, a car payment, something that's big, right? And you just keep doing You want to stick with the lines of credit, right? You really want to make sure you get a line of credit because the interest is calculated a lot differently, then personal loans are student loans, mortgages cars. Right. So I hope that brings a lot of value to you. I hope you can apply this. At least get the concept right. Have any questions at all? Reach out to me. I'm here. I'm available, man. I want to help people I want to get. I want to get this out there. And this is important understanding how to use your own income to achieve the four numbers that are in your household. Income expenses, debt casual. You want to get these numbers right? All right. You want a leveraged debt to your advantage to kill bad debt, and then you have all this good debt going on, and you can use that to make money. That's higher level type stuff. You know, it's real estate in business, whatever. All right. But the first step we want to do is we want we want accomplish this. You want to get this right? I important. Did that. All right, enjoy. Have a good day. Thank you. 10. How To Redirect Money Denzel Rodriguez: Hello, loyal subscribers. How you doing today? It's a wonderful day out. I wanted to make this video specifically for you and the adults watching in the room here. Okay. Uh, my name is Denzel. If you're here for the first time, Welcome. Consider subscribing if you find some really good value in what I'm teaching here. Okay? My mission is to help people understand their personal finances to help them get out of debt, increased cash flow, lower expenses and raise our credit score. Really? The fundamentals right? To create wealth and leave a legacy behind for our family. All right, that's in a nutshell. In this video, we're gonna go over how to redirect money to increase our cash will so that we can pay off debt at a rapid rate and just get us in a better financial position to make smart move. Smart investment moves right. Smart wealth building legacy moves. Okay, so I'm specifically talking to adults. Okay? If you are, you know, my agent up and you've got debt. Okay. Your cash will was low, right? Your credit score is not that great. It's just not where you would like it to be right your expenses are high. Okay? The basics, right? If you're really struggling or you're trying to find the best strategy for your finances, okay to a name, get in touch with me, and I want to help you. All right, So let's let's go right into it. How do Why? Redirect my money, OK, if I'm if I'm out a job, I'm working. I'm in sales and collecting a salary and hourly. Or maybe I run a business, whatever that may be. Okay, I want you to unlearn and relearn what you think you know about money, right? Because if you've been working for 40 years now for 30 years, for 25 years and you feel like you're in the same position, I want you to consider the things that you've been doing may not be working effectively or as effective as you would want it to. So look on this side right here. It's some of the things that I'm gonna need you to cut off, all right? And I'm not gonna sugarcoat it, All right? So if you're at a job and you make, uh, salary our hourly right income, okay. I need you to fill out your W four properly. Okay, I'll have a video on this. You know, in the future, um, I'll have, you know, information. You just get in touch with me, and we can talk for, like, 30 minutes, and I can help you with that. It's not hard at all. It's actually quite simple, right with the With the new updated won the 2018 w four. It's actually a lot simpler, easier to read, easier to fill out. That's step one right there. We gotta fill that out because that can increase our cash flow depending on how much you make anywhere from, like, to tow us high as 800 bucks a month. All right, so if you get paid four times per month or every every two weeks, OK, you add that up. We're looking at anywhere from two day $100. That's a that's a lot. That's quite a bit when you times that by 12. That's definitely more than your refund. All right, so we want to fill that out. We want to get that right. I need you to stop saving. Okay. If you're saving your money in a money market account right in a CD in, uh, stock. Read or what? A year. If you're stuffing money away, not touching it. I need you. I need you to stop that. Okay? If you have debt, like a lot a mortgage, a car, student loans, right? Credit cards You're earning, What? Less than 1% over here. Maybe. Maybe a money market savings account is giving you to 2%. 1.8, right? No, you're paying 15 20 25% on debt over here. And you're trying to save money after tax dollars, Right? To get to get one. So there's there's a big gap here. Okay, so I need you to cut that off, All right? Stop. Quit that. You're not gonna like this, cause it's gonna go against, like, every adults strategy, Teoh, to save money toe invested and to spend it wisely, right? No, I need you to stop investing, okay? And things that you don't know, right? If you're investing in an IRA and a Roth and read in a mutual fund in a stock, Okay, If you have your money on on, I should say maybe autopilot. All right. There you have it. You have someone else investing that money. I need you to understand the cost to do that right. It costs so much money. You don't even realize there are fees. There are taxes. There are broker fees, management fees yearly, an annual fees on top of the money that you're trying to store away for wealth creation. I get it. That's that's what most people do to create wealth. Yet I look at Mom and Dad and I look at everyone else Mom and Dad, and I don't see the wealth. Right. So there must be something off here. Okay. I need you to cut that off, all right? And I need you to stop spending, okay? What I mean by that is wasting cash in your savings and your investing. When you when you purchase luxury items, right when you're when you have expensive hobbies. Okay. Your kids deserve better, right? The family deserves better. You deserve better. Okay, Stop Spoiling yourself for temporary pleasures is what I'm saying. When it comes to spending, you want to go into conservation mode for a temporary period of time. Not a long period of time. A temporary period of time. What I mean by that conservation mode simply means to redirect money back to you, right? This is how money works for most Americans. I did the math, right? 80% or more of Americans are living paycheck to paycheck. Something is off here, right? All the videos that you're watching, all the financial advice that you're getting all the TV, right? It all sounds like great stuff, right? All the big financial gurus and experts, right? Sounds really good. Yeah. Save your money. Invest your money in an investment account right where it's tax deferred or, you know, tax free. Apparently right or stop. You know, our spend your money on these things to make you happy. No. Right. So look, this is how most Americans are living, right? You get a paycheck, right? So that's the first line goes into the checking account, right, which pays bills. And then there's money left over. Maybe right, there's money left over that you're saving. Are you putting it away? Putting it under the under the bed are your stuffing it? You're digging a hole, you know, stuff in cash, you know, for knows. Ok, you're investing with your your broker. That's apparently your friend, right? And then you're spending on expensive habits, hobbies and luxury items that you're throwing on credit cards, man. And it just doesn't make sense to me, really doesn't. All right, I think the information is backwards, okay? And you're paying a lot in taxes, and you don't even realize that it's it's blows my mind. Right? So, look, here's how we're currently living. And here's how I want to live right where I just change the arrows where the money never leaves me. How do I do that? All right. And you just start using the money. I don't want you to spend it. Don't want you invested. I don't want you to save it. Right. And this is only for a temporary period of time. Listen closely, right when we apply this method right here, you've been watching my videos. It's called velocity banking. All right. These are this is for someone that has a lot of debt. Cash low is low. Expenses are high incomes, not where they wanted to be. These are the type of people. If you're doing well financially, keep watching my stuff. Share this with your kids to watch. Maybe Maybe what you tell them doesn't you know, fly right. And they don't connect with you. Maybe they'll connect with a younger guy like myself. Right. But, um, for everyone else, for the 80% of people out there that are struggling financially that don't understand the person finances here, it ISS right. I need you to get into this method of redirecting cash back to you so that we can velocity ties, rapid debt payoff, right to increase more cash flow, lowers expenses. Right. Because you're getting paid to pay that right? You got maybe 20%. 30% of your money goes straight towards paying off previous purchases. All right, then the other 30% goes towards tax, right and living. And then you're left with about 1/3 or even less to live on. Right or Teoh save or to invest or to spend, right? And that that circle chart that everyone makes the whole pie chart where they split your money into threes, right? 1/3 a third and third. All right. And how they tell you we want We want to cut off the interest and fees and we want to cut the taxes. We want to shrink that and hire our bottom. Bottom line. Right, Which is the cash flow. Okay, this is how you actually do it. Okay? Velocity banking, which simply means we make money right before we use our cash to spend right on something or to pay our expenses or pay bills to pay debts. I want you to use the OPM method, right. Other people's money or credit, right? Personal lines of credit. I have videos on that, too, as well. And use that to pay our expenses and acquire assets, pay off debt at a rapid rate and use our cash right and income that was already there to pay the debt. You're gonna pay you back. And in that process, we're saving on interest. We're saving time or expediting debt payoff right, Which would also ing increase our castle. And when you cut off the savings, right, if you're saving $100 in this account, right, if you're putting, you know, 50 towards the Roth and you got 150 going towards the IRA, every paycheck. So maybe it's 300 a month that goes towards the IRA and 100 that goes towards the Roth, and maybe you know you have, like, $200 that you just below every single month. It's just not accounted for, right? You're spending it or you're adding more debt onto you by purchasing ah, home or buying another car, right? Or, you know, whatever other expenses that that pop up right, then the W four, right? You're paying so much in taxes. No one ever. I told you, talked you about tax. So you think? Yeah. You know where I should pay the i. R. S and I should pay the government. You know, they fill our streets and they pave our roads, and they give us government programs and things like that that could be so far from the truth. All right, you can do your own research on that. Won't dive too much into it. I'll just say, according to the I arrest themselves over, I think 70% of Americans overpaid on taxes, which is why you received a refund. All right, when you got a refund, the IRS didn't hold your money right where it earned interest, right? They they held it. They earned interest, but they didn't pay you back any interest. They actually, they give you a portion of the money that you overpaid a portion. We don't want to do that right. It's really simple. You wanna not older? I rest anything, and you want the I rest and not owe you anything and go about your life because that's the way it should be. You pay the proper amount of tax for the amount of money that you make Really simple. All right, so we want to redirect all that, you know, back to back to us, which increases our monthly cash flow. Right now you're thinking, Oh, no. I have to say I have to invest right? Because you know what happens if something something goes down or something goes wrong. And And if I don't have any savings, right? Understand that saving and the investing portion right of your money. When we apply this method, other people's money and credit that becomes your savings. That becomes your investing. Because if I paid off a debt that I was getting charged 15 2025% on right and I kill it technically, didn't I make 20% on my money? 15% of my money or 10%? That's a good investment, right? And that's money today, not money tomorrow, Right? Because your need for income today is way more important. Then your need for retirement later on. Right? Because if you have no money today, what makes you think you're gonna have all this wealth later, Ron, by investing little dollars, why not redirect all the money back to you? You educate yourself on investments that you know that you like and that you trust, right? And you put your money in assets that produce income that you know that you like that you trust. And over time, you'll get out of this. Conservation will write. You won't need that because we've killed that cash. Little went up, our credit scores going up. So now we have access to more capital. All right, We're mastering just how the money really works and how it flows. Right? Debt is no longer a bad thing to us. That is actually a good thing to actually make money on, right. And we leave our kids our family, right in a better position, right? In a better financial position, awareness understanding than what you had, right? That's the whole point of mastering your personal finances so that you can live the life that you want to live and so that you can leave a life that is not only better than what you had, but it's secure, and it creates generational discipline in the household. Relationships get better, right? Because everything revolves around the money. Everything right? So if we could just master that and get it under control, right? Wouldn't that put us in a better position? You know, that's why I want you to really just consider where your money goes, right? I want you list out your income, your expenses, your debt and your cash flow on a monthly basis. I want you to fill out the form below in the description. Right? And let's work together. Let's get toe workman. 80% of Americans are not where they want to be financially, statistically not where they want to be. All right. So I am here to improve that number. I want to lower it, right. I wanna wanna have more people on the wealthy side, right? Because it's possible. It's really possible, right? You just have toe unlearn and relearn, right? If they get out of our own head of what we think we know about money, right? And just really consider where where you're at right and where you want to be. So I'm here for you. This channel. Every day, I'm gonna be dropping content right on. Personal finance. Really? Just had a get that whole picture painted. Like what? What is the right routes? Right. And I will be really laying out all types of investments, just defining things I won't be. I won't be persuading you to go towards any particular thing. I'm just gonna explain it for what it is and how it works. And that should help you make better informed decisions on your personal finance. All right. Glad you hope you enjoy this and tune in for more content. My name is Denzel. Consider subscribing. Have a good day. Thank you very much.