How To Erase $70,000... With $2,000
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- čas přidán 10. 09. 2024
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🚀 Are you ready to turbocharge your financial freedom journey? In this video, we'll uncover How To Payoff $70,000... With $2,000💥
🔥 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 aged 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! 🚀
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Could you give us an update 3 months down the road. Just to see your progress.
I've never seen a pen drop in a video. We've heard that the pen is mightier than the sword. In terms of finance, this pen drop was a bigger statement than any sword expression in recent memory.
This is helpful since you can apply this to any loan especially student loans.
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My dear brother your energy, your spirit, your wisdom has capture and convinced us that you are the man, to help us defeat this debt & build our credit, so that it might help me to retire down the road! Please help us to see our way out of this hole?
Anyone else took this course?
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nice video, however if you have a car loan amount of $1162 a month, your expenses would be more than $2000 a month, by the time you pay for food, gas, electric , phone bill and what about your rent or mortgage, your expenses would be close to $4k a month and that would leave you with no cash flow
Not necessarily! I'm sure he's stating facts here. Maybe $2000 is this individual's share of the monthly expenses which would explain why they could afford a car payment that high.
I didn’t see my note go down when I paid it off early
That's amortized.
With $4k income, you're not getting a 70k car loan
That's the point. This shows that you can do a lot with a little
I never knew a car payment to be amortized please explain
Absolutely! You know how it doesn't matter how much you pay to the principle on a loan you still have the same required regular payment?
That's amortized.
The interest on line of credit
If I apply it as principal payment I’m still making a loc payment plus a $1162/month car payment…??? Alls we’ve done is reduced the principal balance on the car loan???
Yes, you lowered the principal amount, but you're lowering the amount of interest you're paying. This is because you're further down on the loan, which creates the scenario of a greater portion of monthly payment going to principal. So it functions like a double win. Lower principal balance, while a greater portion of monthly payment goes to principal.
What money do we use to pay loan back and keep monthly car payments?
The money in the line of credit.
I thought he said use the line of credit to pay car loan down by 10k if you do that then gow do you pay the 10k loan and the car note with only 2k ?
@@christopherpatterson8833The 10K do come from the line of credit. So it looks like this. Borrow 10K from the line and throw it as principal payment to the car. Then you're going to put your income in the line. So 10K - 4K = 6K. Then you add 2K expenses 8K. So, yes the cash flow is what pays it down. The difference is that by parking income in the line it lowers the average daily balance. Which saves interest paying back the line. Hopefully I didn't confuse you.
All expenses come out of the line of credit. When you get paid, you add/deposit your $$ into the line of credit, satisfying your monthly LOC installment and reducing your LOC daily interest rate. You continue to repeat this until more line of credit is available to proceed with another chunk payment.
Great question! The line of credit is just one option, but if you think it's appropriate we can talk about it: calendly.com/creditwiz
If you want to enroll in the class and get your customized debt elimination plan: bit.ly/VelBan2
Should you always call to have the payment applied to the principal?
Yes, if you want it to be principal only.
I bought a house for $240000 how much do I throw in to principal balance? And can I put $4500 a month into the principal balance instead of $10000 ?
I forgot to mention I pay $2300 a month
It depends on monthly cash flow.
So if the person pays $2000 a month to pay down the LOC plus $1162 car payment, that would equal $3,162 a month.
Correct. I've noticed a lot of velocity banking people forget that the person is still making a monthly payment. I notice until more recent they have been catching it more. So the car would get paid faster.
😂😂😂, that pen drop at 10:40 every time I show someone the project of VB, at the very moment they finally get it!
Why not just pay 2000 extra each month??? You skip the interest charges for the line of credit.
The interest would be more because it's based off the principle , plus there would be an additional 5 months with doing 2k/ month.
Just say 6 months
I cannot relate to your video because it's impossible for me to get a $10,000 line of credit. My credit score is 715 my Credit Union won't give me a line of credit.