HOW TO PAY OFF A HOME FAST! (I eliminate over $90k in mortgage interest costs in 30 months)
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- čas přidán 25. 08. 2024
- Did Matt just eliminate over $90,000 in interest costs in just 30 months!? Paying off your mortgage and non-mortgage related debts is well within reach when you are using debt weapons.
See the power debt weapons can have in your life with this demo from Matthew Pillmore, President of VIP Financial Education. In this demonstration, you'll see how you can pay off credit card debt, auto loans and your mortgage faster than you ever thought possible. The road to debt free just got a lot shorter.
Don't forget to sign up TODAY for your exclusive one on one consultation at: www.FreeCoachin...
Check out the videos Matt mentioned in the video -
$18,000 Debt Weapon - • HOW TO GET MASSIVE CAP...
50k in Cash - • YOU'RE MISSING OUT ON ...
Want more actionable financial tips and tricks like this one? Check out our CZcams channel here / @vipfinancialed
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Complimentary Services and Products mentioned in our videos are available for a limited time only and are not guaranteed at the viewing of this video. VIP Financial Education provides resources for educational purposes only. Our education is not a substitute for Legal, Tax, or Financial advice and results vary. VIP Financial Education encourages viewers to do their homework before taking any financial action. VIP Enterprises, LLC may from time to time earn commissions by recommending various products, services, and programs.
#HowToPayOffAHome #DebtFree #VIPFinancialEd
Get the exact spreadsheet I use in this video FOR FREE at www.cashflowcruncher.com
Ever since I stumbled onto your channel I have definitely changed the way I think about money and debt. Thank You!!!!!!!! I'm 48 years old I wish that these things would have been taught to me 30 years ago.
Really appreciate the kind words Michael! Also happy to hear that the channel has been able to help you grow in your knowledge!
same here....i have an 18 yr old daughter and i'm going to do my best to start her off right. Lets pass this down to our children and others and break cycles!!
Great video love that saying strike when the iron is hot, debt weapons or great tools. It's like you open up people's eyes to see what can be done with money and debt thanks for the video great advice!
SYLVESTER ROBINSON, your very welcome and really glad you enjoyed the video. Thanks for watching!
Very articulate as always Matthew - reduce the stress, yes! by making the banks work for you rather than the other way around, ie. Be aggressive (deliberate) about how you approach big personal debt like a mortgage. I have just recently done this with about 10K and according to my calc will shave $1700 off the mortgage interest - planning on doing this mid next year with about 19 thousand to shave about 5 grand further off interest over the life of the mortgage - I am basically pissed off at getting no where fast over the years - glad I found you! (VIP) You are speaking my language!!
I should add for some of the listeners comments that I did this at 0% borrowing for a short term and can pay it back and have a plan to do so, so this was a no brainer.
Thanks for the kind words and for sharing your action items, Clara Bartha. Great to hear you're taking matters into your own hands.
Awesome.
@@VIPFinancialEd Thanks Matthew, for your inspiration and wisdom; finding your channel recently was almost unbelievable in terms of finding someone able to put words to what I thought I was uniquely doing and of course I thought thought of on my own, isn't that hilarious? Anyways, I see why your firm/approach and you are grabbing up followers. You were made for CZcams obviously as well. I'm going to share your channel at Christmas with family/friends.
I really like these videos that show how your financial theories can work for the average household.
Thanks Jerry!
Good stuff! Thanks! Been chunking to principle for past year and have knocked down a lot of interest out. Thanks.
Mario Flores, that's great to hear and keep up the good work!
We have paid our primary house mortgage of $400k in 5 years of buying with 1 income. It is possible with some determination and lifestyle changes that I shared with everyone on youtube. Your video is amazing. Keep making more of these videos! Thanks.
Positive Negative, that's fantastic and awesome. Thank you so much for sharing. Congratulations.
I don't get it. Why can't you just take your cash flow and pay the mortgage principle directly each month.
your question is valid, Michael...and frankly addressed in detail throughout other video trainings on this channel.
On one hand the numbers are different, but not by much.
When you calculate the difference, to the penny, it's hundreds to thousands different.
However, ask 1000 people if they are aware of how to apply extra money each month to a mortgage and pay it off early to save interest. 1000 people will say yes.
Yet, of the thousands of people we speak with how many do? So because we as humans are the variable in an otherwise mathematically perfect system, there are both psychological AND financial benefits behind the more strategic liquidity of Debt Weapons. Psychologically this specific approach is easy to stay consistent with. More organized and precise. Try it and see!
Financially, the vehicles we call Debt Weapons have a great deal of potential. Literally both sides of the balance sheet can be simultaneously optimized...all the while increasing safety. Growing your assets by leveraging other people's money strategically following the "Rich Dad" concept of income producing asset acquisition, then consciously paying down the leverage exponentially faster is simply logical. But surprisingly not common and for many quite difficult. All we do is demonstrate new strategies to bank far more aggressively without losing liquidity to invest and grow multiple income streams. Without a 'dog in the race' we aren't in favor of one approach vs. another. Fighting over a healthier eating plan or another isn't the point because analysis paralysis is expensive.
I saw an educator once demonstrate a time management example where he had 3 clear vases. 1 had fist sized stones. The other had beach sand. He poured the sand into the vase then attempted to insert the rocks. They wouldn't fit as the sand consumed too much space. He alternated and poured the sand in after the big rocks and everything fit plus room. Point I learned and valued was focus on the big rocks. I suppose this is where the work smart not hard concept is born.
Step one...take action.
Thanks for your input and question, Michael!
VIPFinancialEd actually to me your method sounds way more complicated than what I'm doing which is just paying anywhere between $25 to $225 per month extra toward my mortgage. That to me just seems so much easier than going through all the Motions that you're suggesting
Definitely more complex and confusing,...but WAY worth it.
kari KF well let’s say you pay $225 extra a month $225x9 is $2025 paid in 9 months, his method is paying $17,000 every nine months. Less interest paid over the term and thus paying principal down faster.
+starwarsfanforlife - yes, but that figure is based on the huge cash flow extra he has in his example. If you did the 18K with only $225 cash flow per month, it would be outstanding for years and probably at a higher interest rate. And forget it if you lose your job in the meantime.
Awesome video Matt, been house hacking my duplex for 5 yr....mtg down to 20 yr left without even trying.....saved 5 yr interest....now the interest almost equals the principle.
Happy holidays matt
Thanks Jeff!
I know a lot in the field I work (which is Computer Science). But 20 years of experience there didn't teach me much about my personal finance. This stuff is eye-opening I guess, and hopefully legit (which I think it is). Already paid 5 years of interest on a $400K home but hopefully will save a lot going forward. Thank you for enlighting us ignorants !!!
Glad you're digging the videos my friend!!
Its good info for people who doesn't know how amortization works. It is a pure mathematics, you are paying exact 4.5%(as in example) of what you owe/signed.
Dharmesh Borad, thanks for your comment and viewership.
Really amazing information. You are a guru sir. Thank you for sharing so transparently
Thank you, thetillerman23, we appreciate your viewership.
WOW I'm impressed. Just started watching your videos. It's making me excited.......
Thanks! Glad you're enjoying the videos :)
Keep that feeling! It's a strong source of motivation
I tried this methodology on my own, built my own spreadsheet and even tested with others and its true it works. you have to see the big picture.
Historymaker431, math is math. Thanks for watching and for your support.
This is unbelievable... Great video Matt - love when you dig into the numbers, these concepts really come alive.
Thanks Mike! Stay tuned for more.
Mike Simon when did you first start watching the channel?
great information, I'm going to do this... makes perfect sense ...
Your Move Bro, good. Let us know how you do or if you have questions.
For sure I am most likely going to get help from you guys.(purchase of coaching program), Ive listened to all of your content. and this is the way I like to think.(I've read books like missed fortune 101) Its brilliant really. my credit is only 630 and climbing, I am paying off all my stuff then I am in building mode. I don't ever want to be below zero again. I am about to FHA my first duplex as an owner occupant. My ultimate goal is 10,000$ monthly residual income. I want to work at my job for a finite amount of time. then I don't ever want to work again. because work sucks! my monthly cashflow is $2000 after expenses.($5000 total take-home) (which is w2 income). I am attacking my credit cards and should have them paid off by the new year. but with these principles It should be much quicker. I am going to HR today to change my tax information to EXEMPT. I am going to use money that I was just giving to uncle sam to excellerate the process. Then hire a tax professional when its time to pay up. I am extremely motivated
Always informative. Great updates. Happy Holidays from your Hawaiian Ohana.
Thanks!
The thing is you don’t need to borrow money to do this. Just save up the 18k, make lump sum payment every 10 months and then pay yourself back to save another 18k in 10 months. Also, you don’t pay any interest for this cause you didn’t borrow the money from a bank. Cmon guys, this is not rocket science. Also, if you do comparison of the lump sum every 10 months vs paying the 2k or whatever every month, the difference is negligible at best.
G Money, Thanks for your comment and viewership. You're correct about the math with paying down a mortgage. The additional advantages I would mention with using a L.O.C with paycheck parking and using a credit cad to pay most bills is 1) a better credit score. 2) the benefits that come with many preferred credit cards. The reason we use a L.O.C to make a lump sum payment is simply the idea that people are more likely to do it. Saving $18k then making a lump sum payment is less likely to execute.
No, the truth is that it's better to buy your house with cash. No mortgage. It's not rocket science
Debra Mclane love the via Already took your advise paying off debts , using a heloc, pay check parking, lump sum payments
Love it!
One of my first videos of yours...still a classic.
Clara Bartha, thank you. That's funny. By now you've probably seen 100.
@@VIPFinancialEd Gotta get back to it. (major health problems last while). Now more and more into learning about Gold and monetary issues, national indebtedness/quantitative easing, it's global impacts on currencies, strategic investing to fend off those risks, etc. etc.
This is coming from a person who is so far in debt to my eyeballs due to not getting disability insurance. So yeah, I'm dealing with an emergency life situation really. Your principles on credit management still apply and I'm applying them to this day to survive through this personal crisis.
Great vid.Helped my investment strategy.
Thanks for the kind words - glad it was helpful to you!
Very useful..I wish I knew this long time ago
thobja mahlophe 181113, glad you enjoyed it and thanks for watching!
Thank you so much for this strategy!
Cheers Dee!
I like how he says debt weapon but does say which debt weapon. Probably a business line of credit
Allen Miller, thanks for watching and just to let you know this video was more about the mechanics of paying down debt after you acquire a debt weapon, not so much on obtaining the debt weapon as we have many videos that show those steps. Here are a couple of those videos for your viewing pleasure:
$18,000 Debt Weapon - czcams.com/video/W_djnweeVNE/video.html
50k in Cash - czcams.com/video/mnjtPbyem8E/video.html
Thanks for the comment and are you currently looking to acquire a debt weapon?
Sold! i'm going to your site now :) I need your company, and it has been hard to source online someone I consider a credible person/company to put into my team of professionals
Thank you Monday Parish. We take a lot of pride in our reputation and credibility. Hopefully we can get you on the calendar soon.
Basically just moving debt around to save interest. Correct?
Correct. A SUBSTANTIAL amount of interest lol
Walt Whitman I work in banking ..banks lowered credit limits for several months... they didn’t shut all the lending down for years..If you do this 3 to 6 months at a time then you build a safety net into your lump sum amount that you draw out of your line of credit..You can even build another safety net to have that in reserves in your savings account but to just continue to pay your bills monthly and pay a little extra does not hold a candle stick to using a simple interest debt weapon compared to debt that is amortized
This is just a quick introduction to this amazing concept. Dive deeper by checking out some of our longer videos on the subject where we answer all the questions around this concept and its application!
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This information is excellent!
Thanks!
These days, very people keep the same home 30 years. But these calculations all speak of savings obtained over a full 30 years keeping the same house. An analysis over 10 years--then sell-- would be more true to reality of what people really do
Amazing concept to pay both mortgage and non-mortgage loans.
I'm a little confused, you use the DW to basically pay down lump sum ($18,000) are you also paying your mortgage at the same time? So now you have two payments to pay off, the DW and your mortgage.
The Debt Weapon is paid off through strategic cash flow management which we call Paycheck Parking. Check it out here, Mike3dr: czcams.com/video/3yYAwjQXrwE/video.html
the number payments saved is incredible. this is unreal.
Agreed, Annie. Thanks for tuning in.
Very powerful, subbed. Please teach us more!
Thanks! New videos every other day (or so ;)
This is just a quick introduction to this amazing concept. Dive deeper by checking out some of our longer videos on the subject where we answer all the questions around this concept and its application!
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This seems too good to be true. You had said in a previous video that what you hate about HELOCs is that they are variable. How much could it spike? Worst case scenario? Also the interest on HELOCs are no longer tax deductable per the new 2018 tax laws. Is this correct? And even if it were correct I'm guessing the pros outway the cons? Thanks so much for the info and time.
It is not too good to be true. Many are accomplishing these results. Please take time to educate yourselves on new modern ways of banking and borrowing - also known as Equity Optimization. Even a spike of 29% of interest will outpace the low rate of 3 percent on a primary mortgage. True, but who cares. You can still claim the interest you paid on the primary home mortgage. You will save way more than you can ever get from those paybacks from Uncle Sam. Look at the big picture. The future of banking is here and it it sticking, if you let it.
It’s not a HELOC.
I am definitely signing up because I am looking to purchase a new home in the next couple of months and I want to be able to pay down on that home quicker and smaller.
Hello Lavencia! Congratulations on your upcoming purchase! We would love to be a part of your success. If you haven't already, reserve your coaching session here: www.FreeCoachingCalendar.com. If you're anxious to fast track, be sure to select the QuickStart option from the drop down which will ensure you get the best price and jump to the front of the line. Let's make it a great year!
What? Take out a loan to pay off another loan? Why not just make bigger monthly payments. And what about if you have a prepayment penalty, or a prepayment limit!
It's not that simple. Check out the videos below for more info on this concept:
czcams.com/video/CxBV6YwHRR4/video.html
czcams.com/video/3yYAwjQXrwE/video.html
Most people never pay off a house because they move, change jobs, get divorced and/or have to sell for other reasons. Also, if you pay it off you have created a large asset which is much more vulnerable to lawsuits (i.e. from an ex wife or car accident victim). So if you pay it off, you can use it as collateral for more debt to start a business which means more debt. Also, if it you pay it off, you now have more money to spend but you already had lots of money to spend, so you just have more. Also what if you die right after paying it off, you haven't gained anything because the equity goes to someone else or government if you don't have a will.
David Crandall, thanks for watching and sharing your thoughts but not sure how you feel about saving 90k on mortgage interest... good or bad?
@@VIPFinancialEd It means the bank doesn't get as much of your money and I think you're right the bank shouldn't get so much of it. If you are living paycheck to paycheck, (or have lost your job) you may be in the position of just being barely able of making the payments and so the lower the payments the better. Making my house payments has been a rocky road for me because my job history has been so spotty.
David Crandall, yes I certainly agree too and really appreciate you sharing your story. Are you back on the road to financial recovery with your job and payments etc?
@@VIPFinancialEd No job, just social security and 7 tenants renting the rooms.
But don't you still have to pay the mortgage of 1013 monthly anyway?
Yes, the monthly mortgage payment is still necessary and planned in the cash flow summary - the goal is to save A LOT in interest costs by just changing the way the same amount of money is used.
Can I use a PLOC as a debt weapon from the same bank I used to obtain my mortgage? Or do I need to use a second bank? The reason I ask is bc my primary bank has significantly lower interest rates on both. Thanks!
This is just a quick introduction to this amazing concept. Dive deeper by checking out some of our longer videos on the subject where we answer all the questions around this concept and its application!
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With this method you are talking about, what is the difference between paying a lump sum of 18k in 10 months (what you're talking about) vs paying 18k over 10 months in additional payments?
Because you won't save that interest. By doing the way explained in the video you are avoiding the interest costs.
Thanks for your response. But I'm still a bit confused because lump sum repayment or monthly repayment shows very little interest savings when applied to my mortgage calculator provided by the bank. I just ran a calculator of what it would look like if I put a lump sum of 18k now and the balance in 10 months and 1.5k additional payment in principal over 10 months. The savings appears to be about $22 which doesn't cover the cost of the HELOC $250 or the interest rate on the HELOC. Am I missing something here? I'm just trying to figure out how all this works so if you can clarify, it would be super helpful.
You need to ensure you've got the math correct - we've got a resource that helps outline this so you can run the figures and see all of the implications in a nice spreadsheet - you can get it for free at www.CashFlowCruncher.com - you'll be able to run both scenarios side by side by creating a copy of the document and running them side by side to see where the benefits are.
Ok. thanks for the quick response. I'll check out the site.
Let's say you do have additional cash flow this video refers to.
Aren't you missing out on the opportunity to pay extra each month (or biweekly) ...which would reduce your interest faster than waiting the ten months?
Plus your paying interest to use the "Debt Weapon", which means you can't use that extra money to pay off more principal on your mortgage. In essence, you are literally paying someone else to let you use your own money! The only benefit here is that you have liquid capital but your using the same way you would if you didn't have it! You can't even use it to invest elsewhere. I just don't understand why this is better than simply making extra payments IF you have no other debt and don't need to leverage this debt weapon.
bcctrombonesl, you would not reduce your interest even faster by making biweekly payments. There's math to prove that. Your point about using the Line of Credit for paying the mortgage instead using it for something else is valid. It all depends on your goals. Thanks for watching.
I have 15 year 2.5% 300k loan. Want to retire in 6 years with NO mortgage? Is this possisible with this system? Married no kids.
Krock1969, yes with dedication and consistency! Can't guarantee it since I don't know your entire financial picture but have many coaching members who are currently reaching their mortgage pay off goals. Hope that helps and thanks for watching!
Hello Matt, thank you for all the detailed info you're providing! Please forgive me if this question has already been answered, but is it ever feasible to apply these same principles using a pre-approved Personal LOAN in addition to a LOC?
C&J Properties, you can certainly do this, but the overall benefit would depend on the rate and term of the personal loan. If the term is less than a year it's probably not worth it unless the LOC rate is better. I hope that helps.
This is just a quick introduction to this amazing concept. Dive deeper by checking out some of our longer videos on the subject where we answer all the questions around this concept and its application!
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Great video matt
Thanks Brendan!
So instead of making extra payment to the principle you are saying to pay a large lump payment every 10 months? I can sock 4000 away in an account every month and put that all in a lump sum if that is the case. How do I get a copy of your loan calculator? I would like to have my loan looked at by you guys.
Matthew thanks for the video, hey can you do a video about your opinion on refinancing your home. People that are in your program may receive offers for refinancing their homes, specially if they start to pay the principal earlier. I will like to eat your opinion about refinancing, it does make sense, it doesn’t, when it does when doesn’t. Thank you for sharing your knowledge.
I can't believe this is possible - how do I get my debt weapon?
what is a debt weapon and how is it fired?
Lol - check out this video (link below) we made that goes into detail on what a debt weapon is and "how it can be fired" :)
czcams.com/video/ANHhH0ECUZI/video.html
Hey Matt!! Great video! Can you do another video with $500.00 cash flow?
Hello Johnny Drama (love the name!)...we already have. Check this one out:
czcams.com/video/3yYAwjQXrwE/video.html
If I were to take 25k and put my income of 5k into that account then I have 20k on 7%that means I pay 1400 interest a year on that 20k thats 116.66a month interest for 20k, that's not including using that credit for paying off my bills or anything else so it'll remain 20k.
If I had 25k on 5% with the original loan I would pay 1250 interest a year thats 104.16 a month interest, I save at least 10 a month not using this method, that means this is a flop, please help me if I got this wrong, cause the only way I see to pay a mortgage early is to put in extra money with the principal
I'm fascinated that people are buying into this.
Why do you say that? That math is front and center.
I am trying to schedule the free coach session but for some reason the appointment calendar is not working.
I would like to know how can I get the spreadsheet.
Very good information; this is one of the best video in its class
Thanks
Hello Bohemio, you can get the Cash Flow Cruncher at www.CashFlowCruncher.com. Thanks for the feedback, when you're ready to schedule your session you can email us your contact information and we will assist. ContactUs@VIPFinancialEducation.com
So get another loan to pay another loan? You are acting like this 'debt weapon' is interest free. You could just 'park' your cash flow and do this after year 1, once your car and credit card debts are paid off in full.
I wonder if this would work borrowing from your 401k? I make less than half of the example so would have to do it in much smaller chunks, maybe $10000 at a time...
How do I get a line of credit with that amount of money?I went to 2 banks last week and did not qualify for the line of credit I was asking for 15k.score was 780 when I applied for the line of credit. What can I do?
How do I see up a free coaching appointment? I already used your advice and paid off my credit card with some savings.
That's great Shane. Use this link www.FreeCoachingCalendar.com
Am confused here it's possible to talk to U personally I really need help with this
Nana Yaa, yes... you can get on my calendar at: www.FreeCoachingCalendar.com to speak with me personally. I do want to warn you there is a wait for this free call though. Hope that helps and thanks for watching!
This is just a quick introduction to this amazing concept. Dive deeper by checking out some of our longer videos on the subject where we answer all the questions around this concept and its application!
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Duuuuuuuude, what the hell??? this is some crazy stuff
Thanks for tuning in Robert!
This is just a quick introduction to this amazing concept. Dive deeper by checking out some of our longer videos on the subject where we answer all the questions around this concept and its application!
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Why is credit score listed on a cash-flow worksheet? FICO does not use income or cash-flow in determining a credit score.
Good question - Credit score is listed on the cash flow cruncher worksheet because this is a tool we designed and built for our coaching members at VIP Financial Education. Our coaching program is focused in many areas in our member's financial picture and acquiring what we have coined 'Debt Weapons' is one of those areas. Debt Weapons not only sets us apart, but are one of the tools that really help accelerate financial goals for our coaching members - as you can see in the example in the video above. Now, back to the specific question - credit score is listed in our worksheet because it is something we teach our members to keep an eye on. Since acquiring new debt weapons is part of our process for eliminating interest costs and building wealth, keeping an eye on your credit score is necessary as well. This cash flow cruncher worksheet is the tool we and our members use in order to visualize our plan mathematically and even takes the place of a traditional budgeting tool - it is a worksheet we use every month.
Great video! Can you post a link to this loan calculator so I can show my wife with our situation please?
Hello S9uar7y, you can find the spreadsheet here:
www.CashFlowCruncher.com
glad I found your video ,does it work with high amounts like my $450 thousand dollar loan?
This works with all loan sizes. Thanks for the question rene. Let us know how we can assist.
question. in this scenario, do you also pay the monthly mortgage payment as well as the lump sum? or does the lump sum take care of the months to follow?
Your Move Bro, in the month which you make the lump sum payment the regular payment will be included inside of that lump sum. In all succeeding months you'll make the regular mortgage payment in addition to using your net positive cash flow to pay down the Line of Credit.
This is just a quick introduction to this amazing concept. Dive deeper by checking out some of our longer videos on the subject where we answer all the questions around this concept and its application!
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czcams.com/video/3yYAwjQXrwE/video.html
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I don’t understand are you paying a note every month plus 18000 every nine months?
Peyton French, that's essentially what's going on, yes.
So if I am not wanting to make money and just wanna pay off my loan quicker. All this is not worth it?
Why shouldn't this person just save the money and make that 18K payment every 9 months and avoid the interest and liability?
dbsrid4, that's definitely a strategy you can use but this one is a little bit faster in paying off your mortgage.
Glad I saw this. checking out mroe videos
Thanks for tuning in Alberta.
Great video. How do i get that spreadsheet?
www.CashFlowCruncher.com
I’m working on something similar
However, when you say every 9 months
You put $18000 what happens to the remaining of the months? So that means I will have to pay the $18000 in 9 months plus my mortgage minimum payment ?
Don Luna, yes but you must first have positive cash flow and the lump sum payment must be equal to the sum of that cash flow over 9 months. If that's $18,000 then you should be able to repay that amount with your monthly cash flow in 9 months. I hope that makes sense.
I think I understand everything very clearly, although there's variables in my circumstance that I don't know how to account for, like having a good chunk of money in the bank. Yet, you keep bringing up a credit card as a loc to pay down a chunk of the mortgage; however, most cards I've seen charge you 3-5% of the balance transfer amount, which is $540-$900 every cycle in this example. Surely, the savings in interest is worth this fee, but is there another debt weapon that's better than and doesn't have this liquidity barrier (transfer fees)?
Thanks!
Ditronus, hopefully I answered your question in your previous comment "...a HELOC is a great option. A PLOC is another options. Both of those will likely allow you to transfer cash to your bank account without a fee." A credit card is used in this example as a vehicle for common expenses while you're paycheck parking.
My question is this sounds great but how do afford the credit card payment for 9months and pay the mortgage?
Jordan Wayment, the first step is to have positive cash flow. Secondly, you're not changing anything with your spending. You're simply banking smarter to take advantage of credit opportunities. We have a lot of videos to help further explain.
I was looking at my banks HELOCs. They offer a fixed rate and interest only. Which should be used for this situation?
From what I've gathered it depends on your cash flow and the market health.
We should of been taught this in high school or credit. This government don't want anyone to know the TRUTH. I am no longer going to be a borrower to the lender
Bingo. Thanks for tuning in Priscilla Horne. Glad to have you with us.
What's the interest rate on that 18k.and is it fix rate.
i've checked the links you provide in your comments to others, but still can't find your pricing/cost for your service. I've got 100k in home equity, have a 820 credit score, cash flow positive (@$1500/mth) and am interested in learning more, but I don't make purchases without knowing first what the costs involved are. What are your costs sir?
You can see our costs on the website below - go to the QuickStart option while there (not the Guided QuickStart):
www.freecoachingcalendar.com
We also have a video that details the pricing structure:
czcams.com/video/HbVLmCvFjoI/video.html
Hope to work with you soon!!
is this difficult to do on my own or do i need the coaching you describe
I can't speak for you. I did it on my own and it was brutal. Many mistakes, some that cost me 6 figures. I no longer make any important decisions without including a team of experts to collaborate options. Cheers, Chloe!
VIPFinancialEd you have made all the mistakes for us. Looking at your videos for just a few days has giving me confidence to move forward with this strategy knowing that if I follow just your basic plan I could be successfully. Truely I thank you for making those mistakes for us.
Hello,
Is it possible to get the Loan Calculator if I can't attend the appointment?
Thank you for your time.
P.S. very informative video!
Han you can google for that or download an app
With the money from the bank do I pay just to the principal or to the mortgage payment and after that will my mortgage bank let me stop making payments so I can use that Money to pay off the bank credit ??
Lucas, no. You'll still need to make your regular schedule payment.
How did you figure this out?
Obsessive research and practice. Many expensive and time consuming mistakes. Cheers, Marthe, thanks for tuning in.
I tried adding my phone number, but the program kept glitching
Hello Susi, what were you trying to do, schedule a free coaching session?
Get the cash flow crunchers spreadsheet
Hello Matt,
say if i have a 30-year mortgage of over 200k with 4.5 apr, and attack it with a heloc like you mentioned of 4.24%. It makes a lot of sense to do that for the do what you said to reduce the principal balance to a certain amount and at a certain point the monthly mortgage will become lower than the HELOC interest. Therefore will it no longer make sense to use the revolving line of credit to pay down the loan and just apply payment directly to the mortgage principal?
Mei Xiaowen, that's correct. If you're able to use your cash flow to pay off your mortgage in the next 1-2 years then it no longer makes sense to use a HELOC to make lump sums. The interest you're avoiding by making lump sums isn't the interest in the year the lump sum payments are made, it's the interest for future years. I hope that helps. Thanks for commenting.
Hey Matt I attempted to sign up but there seems to be an error message on the screen after you choose from the drop down menu. Suggestions?
So after you chose either the free coaching session or the quickstart option it gave you an error? Please email ContactUs@VIPFinancialEducation.com with your contact information, D, and we'll reach out to assist. Thanks for the heads up! ~Matthew
My mortgage company told me that if I put down a large amount on the principal that l would need to refinance.
Were they lying to me to get me to pay for the refinance fees and closing costs.
Please advise
Pancho Villa, is it possible that there was a communication error? That doesn't seem correct.
VIPFinancialEd
I will double check with my mortgage company because it’s seems with mortgage companies it depends who you get on the phone.
Because the information is always different.
I did go online to check my mortgage balance and it did have an option to pay principal only so that contradicts what the guy on the phone told me.
Really would like to find out more! The sign up for the free coaching is not working please help!
Hello Dre, we're happy to help. It appears we are getting many people registered through the site as usual, so I'm hoping this is an isolated issue. What is the website telling you? Are you getting an error message?
I received an error also. Please help
I've read all of your explanations but I just cannot see the logic of borrowing money to make a payment that you can pay with extra cash flow. If you must pay off the extra line of credit within 9 months then you have no choice but to use your cashflow to pay that loan back. Yes, you may have that line of credit available as the balance decreases but you also open up another form of temptation with the available credit which could negate your progress. Plus, you have an obligation to a second loan which will not just cease if something happens, such as a loss of job or illness that puts you out of work. I would rather pay that sum out of my cashflow directly against my mortgage and if an emergent situation, as previously mentioned arises, I have the option to cease extra payments until I'm back on track without the potential penalty of defaulting on a second loan that I never should have had. I'm sorry but all the complicated double talk scenarios just does not follow safe logic.
Baron Griffith, the logic is behind being a responsible borrower where there is no temptation to spend availabe credit because you are holding your self accountable to paying off the debt weapon as quickly as possible through the paycheck parking technique where your extra cash flow is not sitting in the bank doing nothing as it's working for you within the debt weapon. I like how you say "you have no choice but to use your cashflow to pay that loan back" Exactly! that is the accountability part of the technique that keeps you out of debt trouble. We constantly hear that "I can just pay extra payments to my mortgage with my cash flow" and we all know how to do that except rarely anybody does becasue there's no accountability there. When using debt weapons in a responsible manner the interest costs you pay on the debt weapon compared to decades of a home mortgage is truly eye opening. As far as emergency situations we recommend having a debt weapon on hand for that but maybe that doesn't make you feel comfortable therefore you can always build up liquidity first. Hope that helps and thanks for watching!
I am interested in your educational program, however the website in the description box isn’t working. Is there another way to sign up?
Sorry the link was giving you issues! Head over to www.FreeCoachingCalendar.com to schedule a free one on one coaching session with me or email me at contactus@vipfinancialed.com with the subject as "QuickStart Membership" and we'll be sure to get you the info you need. Hope to talk with you soon!
My apologies - Please use contactus@vipfinancialeducation.com as the email address. Autocorrect typo on previous reply resulted in the incorrect email address.
Hope to talk with you soon!
Thank you for the link i will be signing up today.
what are your average fees to get into one of your programs?
Our current pricing can be seen in the video below:
czcams.com/video/HbVLmCvFjoI/video.html
Or at www.FreeCoachingCalendar.com
Sorry to say this, but I have done the math on this method. The result? If you pay extra prepayments directly each month (actually, try paying weekly or fortnightly for better results), you will save MORE money than doing this method. Thanks, Michael. (Career Banking Expert, PhD-Econometrics, Masters Finance Mathematics. University of Melbourne. )
Michael K, send your math to joe@vipfinancialeducation. We'd like to compare notes since math isn't a matter of opinion. Looking forward to hearing from you.
I’m was trying to signup for a free coaching session but the link is not working.
Hello Victory Coach, have you had luck getting scheduled yet? If not, please email ContactUs@VIPFinancialEducation.com with your contact information and we can assist. Cheers, friend!
Correct me if I'm wrong. You said that you would pay off $18,000 in 10 months so that is $1,800 per month payment plus 5% 4 interest. Plus on top of that you're continuing to make the same mortgage payment of over $1,000 a month. So I guess that makes sense if you can put $2,800 a month towards your mortgage payment. But if not not sure how that makes sense. Also if your interest rate on your mortgage is only 4% but your interest rate on the $18,000 loan is 5% I'm not sure how you're coming out ahead.
This video outlines a simple illustration. Every situation varies greatly...in fact, this is considered a highly conservative example from what we typically see with our coaching members. Using these very same techniques for the past 16 years, I have since grown my income streams and cash flow to nearly 6 figures per month NET. This was a slow, gradual, consistent process of leveraging into new income, parking against it to pay off the debts quickly, and repeating. Be sure to check out the longer trainings for a more detailed explanation, Kari. You may want to start with the Real Estate 101 training found here:
czcams.com/video/OvSrBXm7fOY/video.html
It features a coaching member and specifically how they accomplished the same.
Forget the interest rate at that point. It's more the length of the loan. Do 5% @18k over 10 months. Then do 4% of 200k over 30 yrs.
but where do i get the 18k from ? for us poor people making 3k a month
Clovistered, everyone is different and everyone will proceed at a different pace. Focus on the system.
Where can I learn more ??
Hello Jorge, I'm glad to see you're hungry for specifics.
The best place to learn more is:
1) subscribe
2) schedule a free coaching session www.FreeCoachingCalendar.com
This is just a quick introduction to this amazing concept. Dive deeper by checking out some of our longer videos on the subject where we answer all the questions around this concept and its application!
czcams.com/video/RvInyQggMXU/video.html
czcams.com/video/3yYAwjQXrwE/video.html
czcams.com/video/wTqQJLkjqfA/video.html
Id like to see what my friend Robert Kiyosaki thinks of your information.
He'd dig it!
I'll subscribe since you said CRYPTO 😁.. TO THE MOON...#HODL
Haha!
Wow this is insane.
Ha, still a mind-blower to us too, Beatriz.
I know, right!? This is just a quick introduction to this amazing concept. Dive deeper by checking out some of our longer videos on the subject where we answer all the questions around this concept and its application!
czcams.com/video/RvInyQggMXU/video.html
czcams.com/video/3yYAwjQXrwE/video.html
czcams.com/video/wTqQJLkjqfA/video.html
Does this work well for bigger mortgages? I have a mortgage for 800k
Absolutely, the bigger the mortgage / debt load, the bigger the savings. BIG mistake not to. Get on the calendar here: www.FreeCoachingCalendar.com. Cheers, Brian!
👏love it!
Anna Martin, thanks for watching.
Here’s my question what is the interest rate on the 18,000 that you keep pulling out? You have to pay it back right? If the interest rate is higher and you’re able to pay it back within 10 months each time then why not just use your money to pay on your principal at the lower interest rate and pay your house off in the same amount of time?
It's all about the term. The rate actually isn't the most important part when using this method. It's obviously still something to consider - you don't want to completely neglect it, but the term is the most important part about this method. Thank you for your comment!
how on earth did i never know about this
Haha, I said the same thing. Cheers Stephen, thanks for tuning in!
I'm too bless to be stress
Bruh 😇😔✌️
JoseLuis Ramirez, I like the phrase and thanks for watching!
Does this apply to Europe too
Not positive - we work only in the USA, so I can't say either way.
I did signed up, and didnt get the calculator
The Cash Flow Cruncher is located at www.CashFlowCruncher.com. Let me know how else we can assist.