I am doing my 3 month thank you! I have tackled and paid 3 credit cards off and tomorrow will be 4! I have one big one that i am using as my line if credit that i thought i wouldn't be chunking at until next month but it will be next week! I am so excited! The stress of being overwelmed is gone. Thank you! Mortgage i did cheat and threw one extra payment on for now.
@askmehowibudget
Жыл бұрын
Wow! Wow! Wow! That is so EXCITING!!! ❤
@VanntasticFinances
2 ай бұрын
That’s awesome! @blazrbabe So happy for you!
@bobball3645
Жыл бұрын
You’ve been very helpful in my financial strategies. Thank you so much and God Bless!
@VanntasticFinances
Жыл бұрын
🙏🏽
@boatdrinks1
Жыл бұрын
From consumer affairs: Example Of compound interest: Credit card companies charge interest on the principal amount you owe as well as any interest charges you carry when you don’t pay off your balance in full.
@donniethesportsguy893
Жыл бұрын
😂
@pennywarren2357
Жыл бұрын
You are an absolute God send, my sister! Bless you for sharing your gift!
@reginabowers9890
Жыл бұрын
Would it be possible for you to break these 2 types of loans down separately. I have been listening to your videos for a couple of months. I have noticed I have trouble understanding the points trying to be made, because to me I cannot keep the information seperate. I think the information would help a lot of people if the separation of facts was made plainer. Thank you for your time.
@coletteadcock
Жыл бұрын
Wow!! Your subscription count is going up fast!! Helping all of us! 💕😀
@suziehappy29
2 ай бұрын
I’ve learned so much. Thank you.
@boisegreenbeltlifestyle
4 ай бұрын
This was very good information
@askmehowibudget
Жыл бұрын
Excellent analogy! Love it!
@jamesd7154
Жыл бұрын
Excellent break down between the two system's.
@andreyemelyanenko5230
Жыл бұрын
Thanks ❤
@amyshuck5565
Жыл бұрын
Could you do a video on living expenses. What do you do about bills that only come once a year or every quarter. When i was doing cash method i would break that into months and save it so i could pay it when it is due in a year. The money sat in savings until payment. What about expenses that fluctuate. Cash method had you make a budget for those and pay cash until you spent it and not go over. Need guidance and help in this area of expenses.
@3dprecisionscanning55
Жыл бұрын
Okay so if you are putting your bills on the Credit Card and then your pay check. Which is better to do? Pay check at the beginning of the month and then wait until the end of the month for your bills? In my case my CC is due on the 7th of each month. I normally pay all my bills from the 1st to the 4th. I want to make sure I am going to do this right from the start. Thanks
@boisegreenbeltlifestyle
4 ай бұрын
Just subscribed
@joem2745
Жыл бұрын
It's even much, much, much worse than you even explained. Most people sell their house and buy another before they start to get right side up in their payments. Banks are actually getting paid on average about 7 or 8 houses for every one they pay out.
@VanntasticFinances
Жыл бұрын
Exactly!
@josidaka20
Жыл бұрын
Hi. Mrs. Vann! First I would like to say thank you so so much for sharing your knowledge with all of us, truly a blessing ❤️ I’ve been following your videos for about a month now trying to understand velocity banking system. I do have a question that probably it’s been answered already, but I haven’t seen it. Question: Will cash flow goes toward the saving or an extra payment to the line of credit?
@blazrbabe
Жыл бұрын
You do not put it into savings until you have everything paid off. You put it on your line of credit to lower your daily interest.
@josidaka20
Жыл бұрын
@@blazrbabe 😊
@josidaka20
Жыл бұрын
Like what exactly??
@boatdrinks1
Жыл бұрын
Simple interest is when interest is only charged on the total starting balance. If Interest is not paid on credit cards or lines of credit, it’s added to the balance. Therefore it’s compounding interest.
@jdogswifty4372
Жыл бұрын
With what is taught in this channel, it is not about not making payments (therefore compounding) but paying your stuff down quickly. I have combined a couple of loans into a CC already and am about to break the 50% mark where I can add my car loan onto that also.
@thomasmorse6692
Жыл бұрын
I agree but I would like to say a word of encouragement. If you get a 30 mortgage on a house and after 30 years it's paid off, don't complain about how you paid 3 times the house value. Somebody waited 30 years to get their money back plus interest and more than likely the house is worth what you paid for it after 30 years. If you sold it today it would be like living rent free for 30 years. Of course, if you rented all that time you would be out the money and own nothing.
@pippatooley
2 ай бұрын
Hi Christy, I love your channel and groups! I’m looking for a HELOC to consolidate. The credit union I’m thinking about choosing says they don’t do simple interest, only principle and interest😳? What does this mean and will VB work for me if I qualify? Thank you for your reply.
@sethwagoner3430
3 ай бұрын
Do banks give out simple interest loans for home loans? And if so who does?
@shelisegr8love
Жыл бұрын
What is the option to purchase if it’s not amortized? Outside of saving up all the money and paying cash?
@nicolamills8003
Жыл бұрын
32 f is the same as 0 or 1 deg Celsius! You might want to stop saying they are different, as they mean the same... Freezing!
@mappu7612
9 ай бұрын
whats the previous video link?
@dailstancill720
Жыл бұрын
EMIs, formula drives the p & I. Interest part is higher in the beginning because the balance owed is higher. Love your breakdown of financial terms into practical uses! en.m.wikipedia.org/wiki/Equated_monthly_installment
@fitforever22
10 ай бұрын
Is the set payment schedule always a sign you are dealing with an amortized loan?
@jakeworkman9520
Жыл бұрын
One thing I don't understand is the amortized interest. If you make a lump sum payment if $10,000 on the loan does the interest then go based on the new balance? Or does act as if you just skipped several months on the amortized schedule? Thanks!
@jdogswifty4372
Жыл бұрын
If you do a lump sum payment like 10k the interest will be based on the new remaining amount of the loan. Depending where you get the loan that added amount paid off may move out your payment due date (NFCU personal loans do it this way) and the interest charged is based on the remaining amount due on the bill date. The problem with most amortized loans is that they do not recalculate your daily interest until the date of the new bill coming out. That is why you see a 14-day payoff listed on most loans. The total time they anticipate the processing of the payment to take is 14 days. In the meantime you're still accruing the daily interest at the amount before the $10,000. This is all based on what I've seen on a few of the loans I've had over the years.
@claricestarling9629
Жыл бұрын
@@SlayerDork wow, thank you for taking the time to write this. This was super helpful and definitely clears up some areas of confusion for me.
@amycostello8259
Жыл бұрын
Apply that big payment to principal only.
@jdogswifty4372
Жыл бұрын
@amycostello8259 the key to using velocity banking is your source of credit is your backup in case of an emergency. If you sink $10k into the loan you cannot recover a penny of it if your AC goes kaput. If most use a line of credit they're more apt to sink all those funds into it. That is the way I am.
@nhitc6832
8 ай бұрын
depends on the lender and when they apply interest. Some lenders will not calculate the interest if you pay a lump sum. Some lenders will apply the interest, which means you will have to pay a little bit more than $10,000 to actually pay off the loan. That's why you always call them first and ask them for the total amount (plus interest if then even include it) to pay off.
@jenniferabbott976
Жыл бұрын
Can someone please answer: Is it better to get a heloc or use a CC for velocity banking? And if a heloc is better, how do you charge your monthly food, gas, occasional eating out, entertainment to a heloc? Thank you
@floriebailey2118
Жыл бұрын
My HELOC came with a debit card and checks, youll have to ask what is offered
@GB-cc1jz
Жыл бұрын
Can i use a open-end signature loan to do VB?
@hannahmanager7646
Жыл бұрын
But what if your car interest is 1.9%, would I still save money overall?
@nhitc6832
8 ай бұрын
how much you pay in interest depends on the number of payments. So the faster you pay off the loan, the less interest you'll pay
@laurakinman7987
Жыл бұрын
This is not about interest but I'm just getting started by filling out your spreadsheet and I have insurance policies that come out of my paycheck and pre paid medical so that we are not taxed on medical. How do we put this on the sheet as I only have my net income on it at his time.
@jdogswifty4372
Жыл бұрын
I just did the same worksheet last month. How I did it was anything that was taken out before I got paid, I did not add that to the worksheet. So for me I didn't list FICA, social security, Medicare taxes, state tax, eye care, dental, and life insurance. I did however include my medical bcos that is paid via a 1 time per month CC charge. Hope this helps.
@Myzenlife65
Жыл бұрын
How do I pay off an amortized loan when I don't have a line of credit and only have a CC?
@michaelcraig9227
Жыл бұрын
If you have a zero percent offer from a credit card you would be able to do it. If your credit is good, you will get these types of offers from time to time. sometimes even your existing cc will make special checks available. meanwhile keep paying your bills on time to improve your credit score.
@Myzenlife65
Жыл бұрын
@michaelcraig9227 Thank you.... I have a good credit score, there is no problem there. I can totally see where velocity banking can work with CC but not so much for amortized loans unless you have some sort of LOC.
@thebloom9213
Жыл бұрын
I have a 2.75% 15 year mortgage on my home. What would that be equivalent to in simple interest?
@boatdrinks1
Жыл бұрын
Keep your mortgage for the full 15 years and you will realize the 2.75%. I have a 15 year at 3.25% and I’m not even making extra payments on the principal
@jdogswifty4372
Жыл бұрын
@boatdrinks1 some people (someone who's wise) would actually pay off their home as quickly as possible and not bleed out that full 15, 20 or 30 year loan period. A house is only an asset when you actually owe less than what it is worth. Ask those who were seriously upside down in the housing crunch of 2008 if their home was an asset still. And with what we are seeing in at least 8 large housing markets right now we are seeing signs that 2008 will be a drop in the bucket compared to what happens over the next couple of years maybe.
@jdogswifty4372
Жыл бұрын
@Pstmstr I'm actually for paying off all debts ASAP including cars and mortgage. Only one that I'd let sit is a rental or lease property where you are always bringing in more than the payment and the only reason I'd do that is to sink more money into more rental properties. I do not have a mortgage or a home but when I get one I will pay is down in 5 years or less (plan to have zero other debts before buying).
@jdogswifty4372
Жыл бұрын
@Pstmstr actually I wanted to also say there was 2 brand new builds up the road from where I used to live. They listed at $514k and $506k. They both took over 6 months to sell and closed for over $100k less than the original price as listed. I do not live in a dropping market value area as reported on the news, but I know from home owners around me their appraised values are dropping too. Phoenix, Dallas, Austin, LA, San Fran, NYC, Orlando, Atlanta, Chicago are all hot zones of dropping market value on homes from what I'm seeing at least on KZitem. I don't live in nor want to live in any of these locations so all I know is what I'm seeing. But like I said, I don't live in those areas and we are seeing plummeting values also.
@jdogswifty4372
Жыл бұрын
@Pstmstr the Supreme Court deemed that an unconstitutional move so that will never be able to happen again unless the court is stacked. And properties I'm considering aren't just for homes but also businesses. I got your argument but think things got pretty cleared up since then.
@craigrider9822
Жыл бұрын
32F is actually hotter than 1C.
@unyieldingabyss
Жыл бұрын
Found this on the internet... This is a great formula to do quickly in your head. Simply multiply the Celsius temperature by 2 and add 30 to it: (Celsius temp. x 2) + 30 = Fahrenheit 1 c is or is equal to 32 F... BUT WE UNDERSTAND WHAT SHE IS SAYING
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