🚀 Velocity Banking Case Study #4: Illuminating Powerful Financial Strategies 🚀
Vložit
- čas přidán 6. 11. 2023
- Welcome back, everyone! In this Velocity Banking case study, we're delving into the financial journey of a single mom navigating a monthly income. With careful planning and strategic credit card utilization, her story holds valuable lessons for us all.
📊 Breaking Down the Numbers:
- Income: $5,000+
- Expenses: $4,200
- Cash Flow: $800
📝 Downloadable Velocity Banking Worksheets & Step-by-Step Notes:
Find the completed worksheets and detailed notes here payhip.com/AskMeHowIBudget
💳 Leveraging Existing Credit Cards:
We've identified opportunities with her general-purpose credit cards, each offering rewards. Learn how to reduce debt while earning valuable points.
🎯 Mastering Credit Utilization:
Discover the importance of keeping credit utilization low for optimal credit scores. We'll discuss the sweet spot and how to avoid high-risk territory.
⚡ The Strategy:
Aligning bill payments with specific credit cards streamlines the process, freeing up funds for the primary card. This accelerates debt payoff and boosts financial progress.
🗓️ Timing Is Key:
Learn why paying attention to a credit card's billing cycle closing date is a strategic move that can drastically reduce utilization.
🔄 Maintaining Low Balances:
Discover how to sustain lower balances throughout the billing cycle, minimizing interest charges. It's a game-changer for debt reduction!
📌 Important Note:
I'm not a professional financial advisor, but I've personally seen remarkable results using these strategies.
🛒 Get Your Case Study:
Pick up a case study and join us on this journey towards financial empowerment. Your support keeps the content flowing! payhip.com/AskMeHowIBudget
🔗 Find the Case Study here
payhip.com/AskMeHowIBudget
Thanks for joining me. We CAN make empowered financial decisions for our future! 💪💰
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 educational 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. The knowledge presented herein was gained from my personal journey getting out of credit card debt. This channel was created to share my experience with others.
#velocitybanking
Get Velocity Banking Case Studies (this is Case Study 4), worksheets, and a googlesheets template here payhip.com/AskMeHowIBudget
Molly where are you in debt reduction now? I heard you say $8500 a couple weeks ago… so proud for you. I am going to try to teach this to my daughters. Hopefully not too much eye rolling.
@@juliem2538 I'm glad you asked because I was just looking at my numbers. (will do a video when I get caught up on some of these case studies).
Three weeks ago I posted the balance on our primary was $7,258.34. It's the only card we use. Every other card is matched to a bill and "slept".
Since that video, my husband and I both got the flu and were out of work for 2 weeks. I wasn't able to go to work at all, he at least got a day or two in each week. My husband's "lengthy" remodeling contract (we were anticipating 4 months), lasted 4 weeks. Monday morning I woke to a flat tire and had to get all 4 tires replaced since I put so many miles on the car (the treads were like butter, turns out I was gliding to 'bama every week.) But even with all that, my balance this Saturday, provided my husband gets at least the reduced hours we're anticipating, will be $7,080.27.
I am eternally grateful I was led to Christy's channel (Vanntastic Finance, for those who are new). Everything I've learned these past few months has truly been a God-send. In 10 weeks we reduced our original primary card from over $8,500 to $550. And now we're on our second primary card. And even when the flu hit, and undesirable car maintenance presented itself, I got to just be sick and not sick and worried. The setbacks slowed our momentum but velocity banking kept us on track.
Lol
@@sfsfuzzy3597so what are the details?
This is even better. I’m a visual learner. Thank you so much Molly ❤
Molly. Forgive me. I was not the first to like your new video. But to make up for it I'm watching ALL the ads. I also made a trip to Lowe's to purchase the finest grained wood to build your shrine.
😂 you crack me up!
@@askmehowibudget -- I noticed you're getting many requests for Case Studies. I also pass out business cards to everyone I meet in Knoxville (cough).
@@TnavresGaming I'm about ready for a clone.
@@askmehowibudget -- work & make videos only. Spouse cooks & brings you food, snacks and coffee...
@@TnavresGaming 🤣🤣👌 He does that now. I'm a TERRIBLE cook. My cooking skills, are, as he put it, "tragically cute."
Thanks, Molly. Great video!❤
I was just praying for a plan for my VB journey! Thank for your breaking this down even further. You are a God send!
I learned from Christy Vann. 🙂 That's what I was just saying about her!
@@askmehowibudget I do too! With both of you ladies' videos, I have gotten a great understanding and a plan! I've shared your videos with my family. 🙂
Love this, since Im a visual learner, I think ai have watched all pf your videos in the spam of 2 days. Taking notes and trying to grasp on how to tackle my debt. ❤ Cant wait for you to post the video with my numbers and look at what you come up with. 🤗
I'm somewhat torn. Because I was in a similar situation as this case study (and knew nothing about Velocity Banking). But I elected to pay off lower balance c/c's as I moved (food/fuel/misc) expenses to "debt tool/primary c/c". Their cashflow is high enough I'd pay off either or both of the 700+ balance c/c's and still have a good chunk to apply to debt tool.
This is where I prefer a snowball/velocity banking hybrid method and I don't know if I'd even touch the other $1 balance Capital One c/c at all.
Also. Even though their FICO is a bit wonky atm, I'd see if they could get credit limit increases (especially if they pay off the low balance c/c). It can't hurt to ask. And it's a long term FICO score builder anyway.
But you have keyed in on using a primary c/c as a checking account and I can't wait to see how this plays out over the next 90-180 days.
Yes, that’s a solid plan as well. I’m looking forward to doing the follow-up!
I use Velocity Banking (hybrid) and it does save interest in most cases. The core concept is where does your money go first?@@sfsfuzzy3597 Now if I had only a low interest mortgage and no other debt, would I pay off the loan this way vs. investing? (for me, probably not).
Perfect! Thank you! I can't wait for my next statement close. It will be my first one since starting VB. 😊
Funny how I get excited looking at my credit card statements now and the little thrill I get logging in to my primary card and reading "you have no minimum payment due at this time". 😁❤
Great video as always!
I appreciate that! Thank you!
Hi Molly, I am deep diving into your method of Velocity Banking and I learn something new with each video I watch, even if I have watched it before! My situation is that I am paid bi-weekly and my check amount varies, my husband is paid semi-monthly and his check is a fixed amount and I also receive a monthly check that is a fixed amount. How would you manage the Money Tracker for the periods from payday to payday? It can happen where the monthly pay is followed one day later by the semi-monthly pay which is followed one day later by the bi-weekly pay... Thank you so much for sharing how you budget!!
How do you handle quarterly, bi-annual and annual payments? And auto leases?
Where is the link for the case study? It says it is in the description, but I could not find it. Very good information on your videos!
I would love to have that spreadsheet too 😄
Lol. I got so excited that I finished editing that I walked away from the computer. 😂 one sec…ok, link is up in description and pinned comment! Thanks you guys! 🙂
👏👏
If you have a cc balance of about $1500, (limit is $2250) and you are able to pay down or pay off balance, what is best way to accomplish that goal and help your credit score?
Pay the cc at least 2 days before the statement closing date. The new reduced balance will be reported to the credit bureaus, which will be boost your credit score.
I’m curious which program you use for the animation of your videos? I’ve seen a few over the years but i don’t think i know which one this is? Love the videos btw😊
I use Videoscribe. 😁
Molly can I send you my information to do a video on?
Molly can I send you my information to do a video on? It would be a different case study from the ones you've done.
Absolutely! Fill out the Money Tracker and the Credit Worksheet and send it to me @ askmehowIbudget@gmail.com
Is it possible to be one of your case studies? I'm interested to see how I can use this strategy with my stats. I have about 10 cards to pay off (2 are store cards). Just trying to match up my bill payments with the right card.
Yes! Just fill out the Month at a Glance and credit worksheet and send to me. I’ll follow up with questions. No charge. You get a free look at your numbers, I get free content, viewers get case studies and potential strategies for $7.99. 😊 email to askmehowibudget@gmail.com
@@askmehowibudget I sent it to you last week but I'll send it again.
@@askmehowibudget you forgot about virtual hugs included dislaimer.
Hello again I do have another question I do have a red target private lender card is not a credit card is just a card target use attach to my checking account I use it all the time at the store because they gave me 5% discount every time i used it. what should i do now?
Hi Raquel, I’m going to be catching up on my case studies over the next few days. I’ll add that to your numbers and come up with a plan we can discuss and see if it works for you. :-)
What would you do if you have a balance on credit card but you have no interest for 7 months also you have few credit card will les than 400.00 on 1 and 177.00 on other but you have student loan and car loan
Hi Michelle, I'd focus on paying those credit cards strategically with the goal of maximizing my credit score. Then, once I had maximized my credit score, I'd look around to find the best line of credit available to attack whichever of the two loans has the larger monthly payment.
Hi, I've been binge watching your content as well as some other velocity vids and I very much would like your assistance in getting my debt paid off using my cc. I was looking for a case study where the cards were maxed and had lower income but didn't see one. I'm a independent contractor my income now is from Walmart deliveries and occasional Amazon flex and lyft. I will soon be working remotely at home as a roadside assistance specialist my income very much fluctuates so I look forward to any assistance you can offer
You might want to watch my very first video on putting a budget together as our budget fluctuates as well. I would love to take a look at your numbers as soon as my schedule opens up.
@askmehowibudget that would be amazing. I'm currently writing down my cards due date, balances, min, and apr I believe I looked at the vid you mentioned
how do i become a case study
I have a question about utilization, I have 5 cards 1 has 78% utilization but the interest is 11.49%, the other cards are at an average of 40% with much higher interest rates over 25%, would it be more beneficial for me to work on the high utilization card first then? My credit score is 735.
Hi Donna, what are the minimum payments for each of the 5 cards?
@@askmehowibudget The cards minimums are, 140, 151,154,130, and 112.
I am looking through your posts about "why you don't make a large payment on your credit card because it could hurt your credit score"
Can't find it. So, why css add it I can't make a large payment ?
Hi Heidi, could you rephrase the question, I’m not sure what you’re asking? I’m not sure what you mean by “css add”?
Oh sorry for the typo. My question was why can't I make large payments on my credit card? What is the penalty?
Could anyone tell me how I can get setup to have a case study done? I am getting to the point of desperation. I need assistance getting started. I have heard (many times) how it can take months of watching videos to get it to "stick" in your thinking.....however, the rate I am going, months will be too late. I need help...please....anyone....
Fill out the worksheets and send them to me at askmehowibudget@gmail.com. And Alicia, if you could just shoot me an email by 5 pm est today, I'm pausing all new case study requests until I get caught up. That will put you on my list before I close it out.