Velocity Banking: How To Turn Your Minimum Payment Into Cashflow and Pay $1200 With $600
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- čas přidán 8. 08. 2023
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🚀 Are you ready to turbocharge your financial freedom journey? In this video, Velocity Banking: How To Turn Your Minimum Payment Into Cashflow and Pay $1200 With $600! 💥
🔥 We've analyzed the top-performing videos on our channel, and we know that our audience loves practical tips and tricks to eliminate loans and maximize their financial potential. This video is perfect for those who are age 35-54 and are looking to improve their financial situation. 💪
📈 Dive into the world of velocity banking with us as we break down each mistake, explain why it's holding you back, and provide actionable solutions to help you overcome these obstacles. Don't let these common pitfalls slow down your progress towards financial freedom! 🌟
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🎯 So, are you ready to avoid these common velocity banking mistakes and accelerate your debt payoff? Let's get started! 🚀
Need to talk: calendly.com/g12group/velocity-channel
If you make a $600 credit card payment, wont there be less than $600 then because of interest you pay in that payment? Im really tryin to wrap my head around this...sorry...
you'll still owe the $600 to the card, the only advantage of this i see is by putting your income into the card and paying your bills with this card is you'll possible reduce your interest and therefore your payment to the card in the future. Also any points that you can earn by using your card will also go up because you're using the card more.
This sounds good.. but eventually if your spending more on credit card and you do not have positive cash flow.. at the end of the day.. you will have a lot of credit card debt. This is GOOD only with a true plan ahead to PAY OFF DEBT... It's not more money.. it's more debt otherwise. Remember numbers do not just disappear because you put them in another basket. Be Careful..
Exactly! I need help with this very issue… don’t know how to budget for this and make it work
Our country needs to apply this to our national debt
Ooh kool. smooth like two blue suede shoes!!
I LOVE YOUR CONTAGIOUS ENERGY!!! GO ON PREACH!!!
Love this dude's energy.
This is 👍🏾 keep up the good work ❤
Thank you for teaching this to people, good man. Much respect.
The GOAT!✊🏾
you opened my mind thank you, perfect made content don't change. I'm new to credit cards
You explained this very well! Subscribed!
@TheBmjone1 Thank you. I aim to explain these concepts in its simplest form.
If you'd like to know more about Automated Velocity Banking, I would love to show you:
calendly.com/g12group/velocity-channel
I will be on with you.
Trust to talk soon
CJ
You remind me of a preacher! I love it! Keep teaching and blessing us with this information.
Infinite Blessings
@diggsartistry777 Thank you... I will.
If you'd like to know more, I would love to show you:
calendly.com/g12group/velocity-channel
Or
If you would rather learn Velocity Banking, I can deliver that too:
bit.ly/VelBan2
CJ
good job explaining bro i just learned about this velocity banking and started implementing it. Its a game changer if done correctly!
Great details
Again very good
@stephenshelton6083 Thank you for that. Would it be of any value to you to schedule an appointment to go further into Velocity Banking and how it could help you even more? If not, it's all good. Here is the link just in case: calendly.com/g12group/velocity-channel
I will be on the calendar even if it says Rick... that's my partner and he is the big fish that helped me tremendously with my finances.
Trust to talk soon. But if not, have a great day and thank you for the support!
Let me know what other videos you would like to see from me as well.
This is angel sent to me Thank you kindly
I like your energy, thanks
A+
@buckstophurr Sounds like we need to work together.
If you'd like to know more about Automated Velocity Banking, I would love to show you:
calendly.com/g12group/velocity-channel
But for you... if you want to know more about the opportunity to earn at least $500 per person you help out, please click here: uffopportunity.com/velocityc
I will be on with you.
Trust to talk soon
CJ
My problem is overspending on the credit card and going over the payment I made from my income…. How can I control, or budget that?
It's a chess game. You gotta think about your next 2-3 moves ahead of time.
@chrisphillips9498 EXACTLY!
CJ
Good video but I wouldn't ever call your credit card an asset because you can't place the credit card in the asset section of your balance sheet but it would move from the debt category to the cash flow tool strategy or velocity account which is a massive improvement. Just like using velocity for a line of credit is never an asset but a velocity tool l
Ok ok…..msg received. My credit is an #ASSET. 🙌🏾💯
CJ just subscribed, great channel and info. Question , can I transfer money to checking account and use itt the same way or do you have to have a line of credit. Thanks
@daustin5984 You can use it the same way. You don't have to have a line of credit to work velocity banking. Isn't that great?
If you'd like to know more, I would love to show you:
calendly.com/creditwiz
Or
If you would rather learn Velocity Banking in the comfort of your own home, I can deliver that too:
bit.ly/VelBan2
CJ
When you do velocity banking can you put the credit you build up towards whatever you want to, or does the bank first have to approve of it based on if they think it's going to be a good idea what you're putting it towards or not?
Great video. I used this method a few times so I know this really works. I also have a 'build a instant emergency fund' video on my channel but I think It could be done a much better way. If you want to do your own rendition of it I would like to know how you would approach this situation.
I like you already ❤
So how do u do this if u have multiple credit cards? I have 5 of them like I have 2 with capital one n 2 with credit one n 1 with Merrick bank it’s like $326.00 a month all together? Help!!!!!
How is velocity banking better than just paying your bills that cant be paid with cc then taking the left over money paying min on ccs then whats left over paying that on your smallest cc balance till pif then move to the next card
!
Asset
What are good cc to apply for when you have disastrous credit & no HOC but want to start this strategy?
@jcarlosttn I got you... go here:
Open Sky...apply.creditcardbroker.com/SH1Bw
Upgrade... apply.creditcardbroker.com/SH1Bx
If you'd like to know more about Automated Velocity Banking, I would love to show you:
calendly.com/creditwiz
I will be on with you.
Trust to talk soon
CJ
Credit card is an asset
#AOL(Asset over liabilities)
@dvdgantt1 I love it. Can I use that?
If you'd like to know more about Automated Velocity Banking, I would love to show you:
calendly.com/g12group/velocity-channel
I will be on with you.
Trust to talk soon
CJ
@@velocityc You may use it CJ. May you plz make more videos on negative cash flow. Your videos help me out even in a worst case scenarios. It's bad when bills and credit card reloads(payments) are at the same time.
@@velocityc 🙏🙏🙏
Hey
How can I transfer my income into my credit card?
The utilization on cc has to be 30%
I have 1300 limit. Playing my electric 600 or 500 it gonna be over 30% of my utilization. Can you light me up?
Credit cards won't even let you pay more than you owe (some do, but only a small percentage over)...so how are you putting in 5k on a 600 dollar acct. ?
$600 is amount owed on the statement date not the overall balance owed. If you paid statement due amount, you pay no interest for that statement period.
Isn’t that making a credit card a debit card?
Do you need to wait for the cc payment to post before you spend again?
Yessss!
@1ricekake Good question. That would be up to your goals.
If you'd like to know more, I would love to show you:
calendly.com/g12group/velocity-channel
Or
If you would rather learn Velocity Banking, I can deliver that too:
bit.ly/VelBan2
CJ
If and a "BIG IF" Your electric company allows a cc pmt.😅
I guess this is assuming your credit card limit is at least $5,000 otherwise how can you put $5,000 on a credit card if your limit is $2500
easy ....I used to do it. Deposit 5000 on your credit card with 2500 limit. You would have $-2500. So all together you can spend $5000 on your $2500 limitcredit card🎉🎉🎉😊😊
CC is a tool, NOT an asset
CC, ĹOC IS NOT INTERCHANGEABLE BUT GOOD VIDEO
KEEP UP THE GOOD WORK.
Let’s talk about the due date, and the statement date.. .
If you put 5k in your cc then you paid the $600 you owed the cc ... Leaving you with $4400 left plus up to your cc limit.. so only thing left to do is pay the other $600... You still paid $1200...
The 5k applied to your credit card balance. Meaning instead of paying the 600minimum you paid 5k. So no you’re not paying 1200. You’re only responsible for paying the $600 for electric since your credit card minimum requirement was satisfied with the 5k
What about the monthly interest the card charge ????
@@SaladinLremember the due date and statement dates he referenced? Your income pays the CC before the 28 day cycle due date! Which cancels any interest! But if you're consolidating, it would still be advantageous to carry interest for a few months on the CC then multiple interested items!!
So when do you pay!? At the statement??
@@strizzyuncut wait .. so instead of $1200 you mean I'm paying $5000 ? ... Not to mention the other $600??.. you mean I'm paying $5600 for a $1200 thing??? Is THAT what you're telling me
Nobody offers personal lines of credit, they only offer personal loans or credit cards.
Credit unions do.
If you put 5k in your card why not just pay off $1200 with that?
What about the credit card processing fees? This is something you do when your struggling to make ends meet?
The transfer balance is cheaper then the instrest . Do the math
If you are referring to the fee that is charged in order to pay a bill with a CC, the fees are minimal compared to the interest that you will save when implementing VB. If the CC you are using gives cash back, then it's a win because the cash back rewards offset or exceeds the fees.
@@earlsmalls right . Good talk 👍
Agreed that the interest would be more than the processing fees. Verify if fees are more or less than rewards percentage. The leftover money will be added to the balance and compounds if not paid
@donaldschultz3868 You know what you are talking about. That was impressive. Thank you for viewing and commenting. I really appreciate that.
If you'd like to know more about Automated Velocity Banking, I would love to show you:
calendly.com/g12group/velocity-channel
I will be on with you.
Trust to talk soon
CJ
I guess this is a zero percent credit card or else out of the $600 payment you only have around $250 available to use
@betitos11 Great observation. Sounds like I need to do more explaining. I also have a class that goes over Velocity Banking in more detail and in a user-friendly format: bit.ly/VelBan2
or
You can schedule a call:
calendly.com/g12group/velocity-channel
What if your cc limit is say 3k then you couldn't put 5k in correct?
Correct. When you do this method you must not overspend; otherwise, you’ll wind up in a bigger hole.
The balance ( what you owe on the CC) has to be higher or equal to your monthly income in order to transfer your income to the CC.
@alexgragg5292 Thank you for your comment. The replies that you got are correct and I don't think I could have said it any better. Well, maybe I could have but their comments were still fire :)
If you'd like to know more about Automated Velocity Banking, I would love to show you:
calendly.com/g12group/velocity-channel
I will be on with you.
Trust to talk soon
CJ
@jayceerenegado8038 I wish there was a fire emoji on CZcams... because that comment you posted definitely deserves one. Awesome!
Let's work together: uffopportunity.com/velocityc
@@velocityc the overspending is the difficult part, but velocity banking allows some wiggle room whereas Dave Ramsay’s method keeps you on beans and rice. I like to have Michelin star food that velocity banking can provide while paying down debt😉
ok i don't understand this at all lol. I also don't understand finances, so I'm probably missing some very obvious things here. he says we only have $600 but then income all of a sudden is $5k? where did that extra $4400 come from? if I have $5000, why am I playing circular games instead of just paying my two bills? also, if I pay my $600 credit card bill, then use my credit card to pay my $600 electric bill, I'm gonna owe $600 on my credit card bill again. And the next month I'll be in the exact same position. sooo...$1200 is $1200, it doesn't go away just cause you stagger it.
You earn $5k instead of putting it into your cheque account and transacting from cheque account rather put the $5k in your credit card and transact from your credit card. This way your credit score increases
What? Very confusing
If you have a $600 minimum credit card payment you have larger problems. You didn't turn $600 into $1200, all you did was time shift when you owe that $600. Also if the person is only making the minimum payment on the credit card that means they are paying interest on that $600 too as they lose their grace period by not paying the full statement balance.
I was some kind of confused about the video I guess you already explained everything
Using this strategy you will actually have a limit increase
@aminachanae I couldn't have said it better.
If you'd like to know more about Automated Velocity Banking, I would love to show you:
calendly.com/creditwiz
I will be on with you.
Trust to talk soon
CJ
@orlandonunez5761 Let's limit that confusion.
If you'd like to know more about Automated Velocity Banking, I would love to show you:
calendly.com/creditwiz
I will be on with you.
Trust to talk soon
CJ
I got a serious fucking problem then lol
Not Dave Ramsey approved.
I am so slow... Where did you get $5k income, and why not pay $1200 and be done with it. You have a $5k Income.
The main point of the video is to show people how to use one dollar twice.