Velocity Banking: Money Tracker and Review
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- čas přidán 16. 09. 2023
- Velocity Banking money tracker and review. How I use a credit card as my debt tool.
Get the worksheets I use in my videos and download Case Studies with all the client notes. This link will take you there... payhip.com/AskMeHowIBudget
Once I learned how velocity banking works, I was convinced! This is the BEST way to pay off credit card debt.
If you're looking for information on how to pay off credit card debt fast, then you have come to the right place! You can learn from my journey and apply to your own financial situation.
NOTE: I am not a financial advisor and I do not provide professional financial advice; the information presented on this channel is presented for information and edutainment purposes only. Following any words, actions, or advice in this video or on this channel as professional financial advice is not intended and is the responsibility of the viewer, not the video creator. This is my personal journey for getting out of credit card debt.
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The funny thing is I've actually tried to do this years ago but couldn't figure out all the details so it didn't work. Then 6 months ago I found another youtuber that reintroduced me to the concept but her system didn't work for me because I don't have a Heloc. THEN, a few weeks ago your channel popped on my feed and WOW!! This has been a complete game changer!! I'm finally getting back on track and I've even paid my primary card down by $600 in about 4 weeks. And increased my cash flow significantly!! Thank you so much for such great videos!!!
That is fantastic!! I’m so happy for you! I love to hear success stories! ❤️❤️❤️
Thank you, Molly!! The light bulb finally turned on. 🎉
Yes, Molly is EXTREMELY STUPID!!!
So happy to see your new video! This is my first official month and I’m having success but I did do a few blunders but that’s ok since I’ve done 56 years of blunders regarding my budget but this is the first month that I can see the light at the end of the tunnel, lol! Next month will be better as I’ll be more careful but since we’re following a "budget" for the first time it is keeping us in line (I set a very generous budget for our vices to and it is still working)😊!
YES!!! 🙂
I always look forward to seeing your videos Molly! I learn something new from you every time! 👍😄 Thank you!
Hi Pam! I hope you guys are doing well! Yes, it's not 1,000 degrees here anymore so I can slow it down and take a little more time to explain things. I have to turn off all the air when I record and the program I use does not make editing audio easy so I go through 6 or 7 times before I get a final cut. Doing that in a tiny, closed-up room with no air (in July and August), I was just trying to get through a recording without passing out! 😅
Get the worksheets I use in my videos and download Case Studies with all the client notes. This link will take you there... payhip.com/AskMeHowIBudget
Another great video🎉🎉🎉
Velocity Banking is nothing short of amazing. You're doing a great job with it and with teaching it. But allow me to ramble for a moment cause I feel you may have sold the concept a little short with your analogy.
There are precisely two elements or components to what we call "velocity".
Water flowing through a pipe certainly does have a velocity, but we don't know what it is. The only thing we can deduce there is motion, but the thought worked just fine because velocity does imply motion. We all want our banking to have motion don't we? Sure, but we'll need to know it's a good motion, and that's what you're spending the rest of your time in the vid explaining, which is another reason why what you're saying is fine. This pipe in the analogy though, theoretically, could be all but clogged and moving very slowly, or it could of been damaged and backed up so bad that the water is actually flowing the other way. That could mean a pretty messy bank bathroom. This is why there's no such thing as "Motion Banking", because it doesn't really tell us anything, and in fact that motion could for all we know be from bad to worse. We need more specificity.
With your real examples breakdown, you are essentially showing how the water is indeed moving through the pipe rapidly and that it's getting exactly where it needs to go. You're showing the properties of velocity.
First is speed; velocity requires a speed, a distance over a time. You need your CC balances gone, and speed is gonna help them be gone in a hurry. If they had offered you "more motion" who cares, cause you still don't know anything about that motion. If you have "more speed" however, then you know something is moving faster than it was.
Of course, this alone won't suffice either, because we've all seen the "Speed Banker" blow their entire wad in minutes. This is also why cops when conversing or writing reports, always need to use velocity. Imagine them calling dispatch and saying, "I need help! I'm chasing some guy who's going a hundred miles am hour!" That's nowhere near enough information. Dispatch is gonna want his current location, but that's additional, and has nothing to do with his velocity.
The other aspect velocity requires is a particular direction, a certain orientation if you will. The cop will say the guy he's chasing is going 100 miles per hour southbound, or perhaps 100 mph north/northeast.
"Velocity banking" therefore, in it's name alone, implies speed and direction for your banking. What's the speed? "Faster". What's the particular direction? You can say your finances are UP or that your debt is DOWN, but either way your true direction is "wealthbound".
So "velocity banking" implies faster wealth, and boy does it live up to its name.
@@sfsfuzzy3597
Of course it does. Even if you had found that none of the specific strategies worked for you, which apparently you have not, you would still do it, simply due to the benefit of being the additional step removed from access to your money. It essentially forces you to budget.
No more impromptu 7-11 slurpees or little Debbie snack cakes. I'm sorry if that upsets you. Perhaps you need an intervention.
Um…water through a pipe CERTAINLY DOES have velocity: SPEED AND DIRECTION!!!
Thank you so much for these videos and your worksheets! I’ve been sharing them with family and friends and it’s giving us ALL a big sigh of RELIEF!!!! ❤❤❤❤
Oh YAY!!!!! That makes me so happy!!!! You just made my day!!! 🥰 To be fair, i want to give credit where credit is due. I learned about Velocity Banking from Christy Vann and Denzel Rodriguez so be sure to share their channels as well. And I really enjoy watching Robin Wiggins over at Purpose Plan, & Profits. I always learn something new with her and she gets me laughing!
@@sfsfuzzy3597 oh wow- does it make you feel better to put people down or to make useless comments? If it does- you must live a SAD LIFE
Still haven’t seen how much total debt has been reduced since you started this in June. Thought you said you were going to share this?
I think she mentioned that she paid 8,300 in 10 weeks on her first primary card. As she mentioned before that she switched her primary velocity banking card.
I've been watching a ton of videos. still havent quite figured out how to do this vs paying extra. for this to work, your cc payments have to line up with your bill payments?
Molly can you tell me if you use your primary card to pay any expenses or you use your “sleeping” cards to pay expenses and put any money you have left over towards your primary card?
My primary card is used only for my day-to-day budgeted items. I know I'm going to have to get gas, I know I'm going to have to get groceries, I know my husband is going to get tobacco and I'm getting Starbucks when I go walking with friends and when I'm driving back and forth to work out of state. All of these items have a budgeted dollar amount associated with them. Separately, my monthly expenses are, whenever possible, matched to my other credit cards to make those minimum due payments in order to "sleep" those cards. This makes those cards "self-watering"' so to speak so that I can open the flood gates and redirect what I would have been spending on those credit card minimum payments to my primary card. There are some things I can't match with a card, like my mortgage and utility payments, so when I get paid that money sits in the bank until I pay it out. EVERYTHING else, all extra monies (if there is any) goes to that primary card. The primary card is typically used daily, but always paid weekly. Absolutely nothing else goes on those other cards while I'm getting out of debt. No vacations, no shopping sprees, nothing. Just matching my bills to credit cards to meet those monthly payments so I can use what I would have spent on a monthly payment to pay down my primary card.
Molly thank you so much for explaining. I have started this one month ago. So I have been putting all my expenses and bills that I could pay with credit card all on one card.
So your saying to separate expenses on one card and bills on another ?
This makes more sense to me because I pretty much use card everyday. And I feel it’s getting to much to handle. I get paid daily. Not sure how to pay on card.
Thank you so much for replying! I think I’m getting it now!
@@kristythibodeaux5519 I have seven cards. One is my primary card, another one is a Home Depot card. The primary card is the one that gets my daily expenses and gets paid weekly. The Home Depot card can't be used in Velocity Banking so it just gets paid as normal. The remaining 5 are matched with my bills. Whatever bill (or bills) is matched to a card, must meet or exceed that credit card's minimum payment so that it satisfies the minimum payment. I do this so that I don't have to pay a minimum payment AND bills. I can just use my bills AS my minimum payment. If I have a $100 credit card payment due and $120 for a medical bill. I'll pay the credit card $120, wait at least 2 days for that payment to bring my credit card balance down, then I'll pay that $120 medical bill with that card. What happens with the $100 I WAS going to need for that minimum payment? I pay IT on my primary card. And since I have 5 credit cards I can do this with, THAT's how I'm able to pay down my primary card so fast. By changing the flow of my income, I now get about a $1,000 a month being applied to my primary card. I have a video that addresses the interest that is accumulating on these cards. It's not that important and you can see why when you watch that video. 🙂
@@askmehowibudgetthank you so much for explaining. The more I watch your videos, another light bulb goes off lol.
I just have 2 cards I can do this with the rest are store cards
Which I’m paying one store card small amounts weekly for the snowball effect. Which I have seen progress with this
Thank you so much for all you do!!
It’s appreciated
6:52pm 11/21
I’m setting up my cards primary and sleeping but I get paid monthly , so I can’t make extra weekly payments to the primary . How much extra should be going to the primary ?
It would depend on your numbers. You take your income - expenses that can't be paid with a credit card, everything else goes on your primary. Case Study 4 has monthly income, the strategy works great for monthly income! Here's the link where you can find it.payhip.com/AskMeHowIBudget
So I have a question about when to direct those other payments to you primary card? Do you wait till the end of the pay period of pay it each time a cash flow opens, such as pay a bill with a card take that minimum I would have owed and pay it to the primary card right away? I hope This makes sense.
Donna, the way I do it (and in each of the case studies I’ve done thus far), we settle up each paycheck. My husband and I get paid on Fridays (weekly) so on Saturday I deposit our checks. Then I pay out whatever needs to be paid that week (looking into the next week making sure I include anything coming due before we get paid again). I’ll match my expenses that can be paid with a credit card to those credit cards. Once everything gets paid, then the entire remainder becomes a payment on my primary card. And I do this every week. If you’re paid bi-weekly, do it when you get paid. Look ahead, see what has to be paid before the next pay day, make sure credit cards are paid that will be matched to those bills. Monthly, same thing. Does that help?
@@askmehowibudget yes this makes sense. I am just concerned with getting paid monthly it means I pay all the bills for the month, pay on primary then I will have no money until the next month.
@@donna4535 then you're going to love the case study I'm working on right now because she's also monthly and it works out GREAT for her!
Would this work if you are using just one card ?
I started out doing it with just one card. I switched to doing it the way I do now only because I had multiple cards to deal with. But yes, using one card works.
Thank You !