Increase CASH FLOW, Eliminate INTEREST COSTS, DEBT FREE & More!? (DEBT WEAPONS 101)
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- čas přidán 25. 08. 2024
- Debt Weapons are something we mention in a lot of videos and the truth is that they are a complex subject to cover in every video they're mentioned in. So, in this video Matthew Pillmore, President of VIP Financial Education, details what these financial tools we call "Debt Weapons" actually are, the various types available and how they can be used to increase your cash flow position, eliminate tens to hundreds of thousands of dollars on future interest costs, pay off a mortgage in 5 years, become debt free, pay off all your mortgage and non-mortgage related debts faster and more efficiently, and so much more.
Be sure to watch the entire video as Matt lists out some of the most popular specific forms of Debt Weapons that VIP and their coaching members utilize on a daily basis to meet and exceed their financial goals while continuing to live their ideal lifestyle in the process.
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• Video
Links to videos mentioned in this episode:
Benefits to Financial Coaching: Coming soon!
50k Debt Weapon Video: • HOW TO DOUBLE A BUSINE...
Lifetime Cost of Cars: • LIFETIME COST OF CAR O...
Why I LOVE HELOCS: • HELOCS Can Make You Ri...
Why I HATE HELOCS: • Why I Hate HELOCS (Hom...
Debt Weapon Process Part 1: • Part 1 - Debt Weapons ...
Debt Weapon Process Part 2: • Part 2 - Debt Weapons ...
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#DebtWeapons #EliminateInterestCosts #IncreaseCashFlow #VIPFinancialEd
Fun fact: If you play the drinking game of taking a shot everytime he says "Debt Weapon', you'll die of liver failure within the first 4 minutes!
That was on purpose - had to END that drinking game ;)
Seriously, got really annoying cause he dragged it out for so long. Lmao
A debt weapon is anything you can use as leverage to increase your cash flow
List starts at 8:45 ** Secured lines of Credit
1. Credit Accounts
2. Business or Personal Accounts
3. Insurance Accounts or Programs
4. Liquid Capital
5. Investment Accounts
6. Secured or Unsecured Accounts
7. Personal Loans - borrow money from a family member or friend
8. Tax Solutions - have a tax planner
Additionally
PLOC - unsecured personal line of credit
HELOC - home equity lines of credit
CD's - certificates of deposit
Credit Cards: business, consumer
Insurance Accounts
Infinite Banking Concept
Thank you zach watson for your continued support and excellent note taking skills!
Drinking game, take a shot everytime he says "Debt Weapon"
Debt weapons are open end lines of credit. Fancy check book with 18 percent interest.
Pay attention to money it will flow towards you. Great stuff Matt!
Thanks Jeff - appreciate you watching all the videos :)
Matt, As you know i love this channel and everything you do. I think the biggest thing i learned from you is that Interest doesn't matter, when you have a plan to pay it back faster than the banks plan. By end of year all my consumer debt will be gone.. and i will be looking for a house next year. Its good to have a plan. Its even better when its a plan you can stick with.
Excellently put Raver! That is one of the biggest things Americans get wrong when it comes to debt. Glad you're digging the channel and taking away some positive things for you and your future.
ALSO - soo rad you're paying off that consumer debt this year and looking for a house next year - best of luck in all of that! It's awesome you're making such positive strides my friend - keep it up!!
I'm in the process of converting my mortgage into a heloc can't wait house be paid off in 60-84 months!! Great video
Awesome! Get that house paid off!! :) All the best Russell - thanks for checking out the channel and putting it to work!
How could I go about eliminating my credit card debt using paycheck parking? I have a no balance discover card that has a high enough limit to pay off the other three, plus cover my initial expenses for the month. If I understand you correctly, I then send a payment to Discover, basically the sum of my income for the month.
Hopefully very soon I can get some more debt paid off so I can use that money to acquire positive debt weapons to pay off my mortgages.
Thank you for your videos!
Cheer! Get that debt paid off!! If you want a second pair of eyes on where you're going and how you're getting there financially then please consider VIP - we have a free introductory one on one session you can take advantage of at www.FreeCoachingCalendar.com - hope to chat soon!
Thanks, I agree completely that IBC is a great tool. Got to have dinner with Nelson and Ruth Nash a couple years before he passed
Julius Botelho, Wow, that's impressive and thanks for sharing!
this is a GREAT laundry list of Debt Weapons to consider
very practical and intuitive
Thanks, Sung Nguyen. I'm glad you enjoyed the video.
Great video! I look forward to learning more about your concepts and putting them into practice in my life.
Thanks Rick! Glad you enjoyed the video and even gladder you'll be putting it to use :)
Thx for new content again Champ,
Cheers Ausaf!
Another great vid. Thumbs up.
Sweet, thanks Phil.
Just discovered your channel...sad that my free session is not until August. I can’t wait to learn more from the channel and implement these techniques then help others.
Hi Matthew,
should I be a homeowner before I schedule a coaching session?
We recommend it, but it isn't a requirement. Head over the www.FreeCoachingCalendar.com and watch the videos there to see if you're a good fit for our coaching :)
When looking for a HELOC would you only consider interest only or because you’re paying it off does it even matter if it’s an interest plus principle?
This is the best channel I've seen on youtube. Keep up the great work!
Wow ! Thank you so much for the kind words my friend!
Hey guys great video again. I will like to see a couples cases when a debt weapon was utilized on the wrong way.
Excellent video request! Thanks Milton - we'll look at doing some cases in an upcoming video.
So glad I found your channel!!!
We're glad you found us too, Autumn Overla. Thanks for watching and commenting.
Velocity Banking I love it
Thanks TommyGunnz Night
Good info!
Vanilla Ice Outro, hilarious! 😀
haha - glad you like it!
What's the best debt weapon for starting and growing my business
It really depends on your situation, so my first recommendation would be to utilize our complimentary coaching session at www.FreeCoachingCalendar.com so we could dig deeper into your situation and determine the best option for you.
In a general sense though it would either be a Business Credit Card or a Business Line of Credit. Now this is speaking generally - there are Business CCs and BLOCs out there that are great to start with and there are many many more out there that are junk and you should steer clear of them. With a Business CC you definitely want to weigh the options and find the best fit for you - do you want travel rewards? Will you be able to pay the card off in full each month? How will you use it - how will you pay it off? There's a lot that goes into determining the best option for you, which is why I'd first recommend getting a coaching session. Hope to chat soon!
Great info Matt. My free session is until next April of next year 2019, I can’t wait to get on board...
effrain vivanco, I'm glad to see you're watching plenty of videos. You'll be well on your way by the time April comes around.
So many options
Exactly - there are so many options and they can be utilized in so many different ways. Exciting stuff building out the right mix for an individual or family's needs!!
Matthew THANK YOU! for your honesty, compassion and sound advised you showed & gave to my wife and I on the conference call yesterday evening. You Sir are a man that lives by his word... GOD Bless you. From D & A of NY bound for Tx...
Hey Dexter! Was good speaking with you two as well! Hope the move goes well for you both and I certainly appreciate all the kind words - really warms my heart. Thanks friends! All the best :)
I have a question, if you use available credit and place it on the mortgage, it also has to be paid back. you now still have to make continual monthly payments on your mortgage plus the new account you just borrowed from, so then you have two payments to make instead of one. Am I'm missing something? What am I not getting?
Great question! We actually answer this in detail in a previous video -
czcams.com/video/G7-Ri09fNcI/video.html
YOU TRICKY MAN! That's a poster behind your head! You're not at an abandoned restaurant after all!
Uh oh... I've been found out. We actually shoot on the roof of a 38 story building that faces the mountains - had to get a better background for the videos...
Dude if you can get the lighting right I would love to see the mountains! Then I might be more inclined to making that phone call!
Bill Stenzel u
nice
First many thanks for sharing, I have been viewing your videos since coming across them a few months ago. My question would be, what are your suggestions in regards to paying down/off student loans. I currently owe around 80k, student loans are the only thing holding back from accomplishing many of my financial goals.
Thanks for your question Lawrence. Paying off student loans is a big deal and there are certainly several options available to you. We have a video coming soon on this specific topic, so be on the look out for that, but in the meantime, I would suggest checking out www.FreeCoachingCalendar.com and considering a coaching session - that way we can look at your total financial picture and come up with the best plan of attack from there. Hope to talk with you soon!
I'm still a teen studying in highschool, why tf did CZcams recommend this to me lol
Just a random weeb yay, you will probably have to ask CZcams about the reason why but my guess is that this information is critical in the financial development of everyone no matter what age they are. Thanks for watching!
Thank you!!!!❤❤❤❤👌👌👌👌
very interesting
I am using heloc to pay my mortgage, I wanna acquire an investment property, not sure where to start
Would love to help build a roadmap for you! Schedule a call with us or check out our coaching services at www.FreeCoachingCalendar.com - hope to chat with you soon!
Excellent video Matt - appreciate the detail on this. Debt weapons were confusing to me for a while, but I’m beginning to get the picture!
Thanks Mike, we appreciate sharing.
This is great material, but those jerky scene cuts are very distracting and irritating.
Jeff Ruiz, thanks for your feedback as we have been trying to make it more smoother but taking a little time to get it right. Appreciate you watching!
Is an overdraft protection plan on your checking account considered a personal line of credit and can it be used as a debt weapon?
IBC
Be sure to check out these videos too:
czcams.com/video/5R0t3MbiUPY/video.html
czcams.com/video/8Mv_k11Uzx4/video.html
I would like to know if you can be a cash flow-er if you are still trying to improve your credit..how can i get a free coaching session?
Absolutely! Head to www.FreeCoachingCalendar.com to get a free coaching session.
I learn that u need to target the right debt weapon and using it !love it>
Thanks for tuning in, ShoeMGK!
Hey, i wanted to know, if i'm a AU or lets just say piggy backer, and my credit is over 700 and just starting a business and only in college, do you think i would still be able to get the loan that's needed, talking around 75k
That's going to depend on a lot more than your credit score. Since you won't have any history with the bank or the business you'll probably need several additional things for the bank in order for them to feel comfortable giving you a loan of that amount. I'd recommend approaching the bank you already bank with and ask them what they would need from you in order to make a loan of 75k possible. All the best!
I want to find and use debt weapons to help with my real estate investments.
The concept of debt weapons is simple. Pay off debt with minimal volume of interest. Notice I said volume, not rate. You gather multiple of sources of easy to access loan (credit cards is my favorite cause they're simple), and you use them to spread out a large debt. Low interest on a large debt will always generate higher volume of interest than a small debt with large interest rate.
By doing this, you are lowering the amount of interest you paid by a GODLY amount. So before you invest in real estate, make sure you have a lot of debt weapons on your tool belt according to your cash flow.
Tien Doan or simply don’t take anymore debt and pay spare cash off your existing debt??
Can you give some examples
Around the midpoint of the video I go into the most popular types of debt weapons. Getting into specific accounts available can be tricky as they differ depending on various factors like where you are, what your financial picture looks like now and where you want to go, what your short term objective is, what types of accounts you currently have and where, etc, etc... Plus the available accounts change all the time which is why we don't include specific accounts in our videos. If you'd like some assistance with debt weapons and creating your financial roadmap be sure to check out www.FreeCoachingCalendar.com and see what option works best for you.
And that’s why i have to give this video a thumbs down. Too much Jibber Jabber with no real content to learn from for someone who is new. Nice Scam. Smh
I have three houses paid off and a 4-unit apartment complex paid off I own a car lot..for 12 years... what would be the best way to get cash flow?.... anybody please comment to help thank you
Rent those bad boys!! That would be instant cash flow! I'd love to dig deeper into your situation too - we could find several ways to increase your cash flow based on the assets you own. Schedule a free session or check out our membership options if you'd like to jump in as soon as possible - www.FreeCoachingCalendar.com - hope to talk with you soon!
Fun fact, your image of a Home Depot is actuall an image of Lowes.....
Paul Dalgarn, that is a fun fact and thanks for watching.
is that background a wallpaper?
nope
Hey man, thanks for the video. It was much needed. I have a question: imagine have or make $50k which I want to use for investment. The problem is I don't know how to invest it and where:
1. For real estate, the prices are very high now in Boston area and the average rent hasn't changed much recently. So I can't make a positive cash flow by real estate investment. Am I missing something?
2. What are the other options for investment in addition to the stock market and real estate?
Nima Bahrehdar Buy real estate in other towns and/or states. Don't limit yourself to an expensive and risky city.
Is that a green screen behind you, or a backdrop?
Not a green screen...
...it's a backdrop ;)
Can you get debt weapons with a low credit score?
It is possible to access some debt weapons with a low credit score, however in order to really take advantage of the best types of debt weapons that will have the biggest impact on your finances you will need to have a credit score above 700. If you currently aren't there, then that should be your first goal - get that credit score up! We've got several videos on that here on the channel if you need some resources.
Could you please send me the links to my email I would really appreciate it. Dennisp.992@outlook.com
Really looking forward to using INC, do you have any recommendations on the best ones to get?
Thanks for your comment Wilton! If you are interested in learning more about the Infinite Banking Concept, please email us using the info below:
EMAIL: ContactUs@VIPFinancialEducation.com
SUBJECT: I.B.C.
INCLUDE: Contact Information / Direct Phone Number
Can a life insurance account be used as a debt weapon?