I was a skeptic, BIGTIME... I created a spreadsheet to simulate the results... and the results of this technique are AMAZING. I have gone from "no way to retire" all of the way to "I get to retire in 7 years!" This is LIFE CHANGING!!!

@serg1990SM

2 ай бұрын

Where did you get a spreadsheet?

@theapprovedguy

2 ай бұрын

I would love to see your spreadsheet! Please share seb@theapprovedguy.com

Denzel, Vanntastic and Darnel? Are great teachers too!

@angelgirldebbiejo

4 ай бұрын

Vantastic has software that you can use and you need no credit line.

@theapprovedguy

4 ай бұрын

@@angelgirldebbiejo the software you are referencing in most cases costs between $3k to 4k and it is not doing velocity. Beware and be careful of buying expensive software. Make sure you really understand what it’s doing. They will sell you using words like the fastest way to zero and no other system is as fast. That software is not showing you velocity.

@JoyToTheWorld70

2 ай бұрын

I love Vanntastic as well. ❤ She explains it in a way that's easy to understand, just like The Approved Guy. I've also watched a small channel that shows step by step on Excel how to build a Velocity spreadsheet for free (Korean Atlanta Membership)... and no, I'm not a member of his channel or program, I'm just impressed by his free KZread content on building a free Excel spreadsheet. Pretty amazing!

Sir, I’m so blessed to have stumbled upon your video. This is THE most detailed instructions that I’ve been needing to walk me through HOW to implement this strategy. So much info out there and while it was good, it was very overwhelming. Thank you for breaking this down for all of us in such a detailed, organized, and practical manner. Newly subbed! Will need to have you as my coach! ❤❤❤

@theapprovedguy

4 ай бұрын

Thank you for your positive feedback! ❤️

@janicecrosley1654

2 ай бұрын

I AGREE!

I had just enough information to be dangerous , didn’t know about paying my credit card right away I thought if I paid it by due date full amount I’m not charged interest,,or planning the dates income out,and income in . Thank- you for this video .

@theapprovedguy

Жыл бұрын

You are welcome @racheldixon3482

@theapprovedguy

11 ай бұрын

Hi @confusedzentradi, Thanks for your comment! There is a due date and there is a statement closing date. Two different dates. The statement closing date is the date that the creditor report the balance to the credit bureau. That date varies for every client and every card. Though you may pay by the due date, depending on the statement closing date, the balance being reported may always be 1 month behind therefore not reflecting your actual balance. So even though you made a payment your credit report may not reflect it for up to 30 days. By verifying and paying 4 to 5 days before the statement closing date, you give the card company enough time process your payment and report the current lowest balance at all times. Again every card for every person is different. You want to call your card company and verify these two dates and then plan accordingly if you want your accounts to reflect the lowest balance at all times.

@tseek001

6 ай бұрын

That's correct .. paying full balance (not minimum payment) reflected on your monthly CC statement on or before due date does not incur any interest. Typically the interest free grace period is 21days on CCs and while this happens you gain on points / cash back etc as a bonus. Note: paying minimum payment will generate compounding interest (typically at 19%+ rate) and gets added to the rest of the balance you would still owe next month and there after .. this would be very bad .. as an example if you do minimum payment let's say on $2000 balance (and no new purchases) it will take you approximately 15 years (yes, 15 years) to pay that debt of $2000 + accrued compound interest.

Very good, helpful information, thank you. At least now I know what's needed to do this

Great explanation of Velocity Banking. I immediately understood the process whereas watching a different video prior had me very confused. Kudos!

@theapprovedguy

3 ай бұрын

Glad it was helpful!

Thank you for teaching this vital information!

@theapprovedguy

11 ай бұрын

Glad it was helpful!

Thank you so very much! You are a very good teacher❤️

@theapprovedguy

3 ай бұрын

Thanks for your support and encouragement.

Well done thank you

Great video . Very good explanation. Just wish you would do it with writing/ visual. Nothing beats illustration, even simple ones, by your own hands.

God bless you thank u so kindly...keep going we appreciate you very much!

@theapprovedguy

Жыл бұрын

Thank you! You too!

Great Explanation

@theapprovedguy

11 ай бұрын

Glad you liked it

That was excellent! Thanks.

@theapprovedguy

5 ай бұрын

Glad you enjoyed it!

Very good video. Easy to understand. I will watch more of your videos. Thanks for sharing.

@theapprovedguy

2 ай бұрын

Awesome, thank you!

Super valuable. Thank you.

@theapprovedguy

3 ай бұрын

Glad it was helpful!

Awesome. 😃😃😃

@theapprovedguy

3 ай бұрын

Thanks 🤗

Merci

So if I have rentals plus home , I had everything all separate so I’m now trying to put it all together to figure out my cash flow , however what happens if your bills change like gas Hydro ect…

@theapprovedguy

Жыл бұрын

@racheldixon3482 take advantage of a free call with me for 15 min. www.theapprovedguy.com/free-consultation

So, what’s to say the bank won’t freeze or resend the option to draw from the HELOC while we’re dumping all of our income into it? What are we to do about our bills then?

@theapprovedguy

7 ай бұрын

Hi @humbleduke6745, This is a great quest and a valid concern. Rather than try to answer it in this message I am providing you a link to a video by Denzel Rodriguez (my VB mentor). He answers this question in this video... kzread.info/dash/bejne/da2M29lxcZnefdY.htmlsi=3Xqba_PAg6qgEkPn

Thanks for this information. What amount of a PLOC or available CC credit is needed to get this started? I thought it would be equal to the amount we need to pay and live on monthly plus a cushion. I'm trying to figure out, step by step how to implement this. I plan to start VB in one month or sooner. I know my numbers. Thank you, L

@theapprovedguy

7 ай бұрын

Your line of credit should be at least 4 x your annual cash flow so if you can chunk 60% of it and still out perform paying off debt with cash flow only. If you wan help with your strategy and credit, please schedule a call…

@twistedstitchesembroideryd627

7 ай бұрын

Hi, how do I schedule a call and what's the cost? Thank you @@theapprovedguy

@theapprovedguy

7 ай бұрын

Hi @twistedstitchesembroideryd627, It's $250 for 1-2 hrs. We don't have to use it all at once. It includes your personal credit assessment with coaching and your velocity banking strategy. You can schedule and register here www.theapprovedguy.com/velocity-banking You'll see a free 15 min option and the 1 hr coaching session.

Hi Guy! 😉 Is it possible to do Velocity Banking by just depositing your monthly cash flow only into your HELOC? Also, You said to figure out a time when you have the most income to transfer. How do you do that if you get paid twice monthly? Thank you. This video was so helpful. I am in the process of qualifying for a HELOC.

@theapprovedguy

8 ай бұрын

Hi @catdonese Not just cashflow goes into the HELOC, all income goes! As for when you have the most income, you have to look back. Look at your cycles. Feel free to schedule a call www.theapprovedguy.com/schedule-a-call

@Jesus-kt5dc

4 ай бұрын

You could put just cash flow into the HELOC, but not ideal. The reason you want to park your entire income and not just cash flow in the HELOC has to with LOC are charged interest on the average daily balance. The lower the average daily balance the less interest is due. So compare the size of your income and cash flow. You'll notice pushing down the average daily balance with income and not just cash flow makes a huge difference. Hope this helps, have a great day.

@jdev232

27 күн бұрын

Ok.. BUT, the other side of this is...if you have the EXTRA income, that money could be working FOR YOU, MAKING YOU MONEY. Avg rate of return on my accounts has been 7.5% the past 2 years. So, I understand knocking the balance down that much faster, but isn't there a happy median?

@theapprovedguy

6 күн бұрын

Thanks for your comment @jdev232! Some people are focused only on paying off debt, some might be focused on a blend, and other may be focused on making more money. Who's right or wrong is a personal choice. I don't disagree with either approach. I believe you should know all of your option and make the best decision for yourself based on your values and beliefs.

Can you pay your mortgage payment with the heloc card?

@theapprovedguy

Жыл бұрын

Hi @alexisedwards4595, You will have to be more specific including the name of the bank or card. You can pay a mortgage with a HELOC, but depending on the bank and features of the HELOC you have in place there will be different ways to make the payment. In some instances you will have to take two steps... 1. Transfer funds from HELOC to checking. 2. Pay the mortgage from checking. If you can get a HELOC that has a checking account attached to it, then you don't have to worry about transferring $ to the checking account to make the payment. It would be best to contact the bank/lender you are considering and ask them to be sure the HELOC they provide is the best option to use when paying a mortgage. In the end the answer is yes, but you may have to take one or two extra steps.

@tseek001

6 ай бұрын

You should never do that if the interest on HELOC (typically prime + whatever) is higher than your mortgage interest rate (typically can be negotiated to prime - whatever) ... but it is possible to do in two steps as mentioned by the approved guy, but my question would be why should you? 😉😉

@theapprovedguy

6 ай бұрын

Hi @tseek001, Let's chat on a free call to discuss.

If you dump you paycheck into your heloc every time before interest hits, I have heard that some lenders will freeze or cancel it since they don't make any money. Is that true? Is it maybe good to allow the interest to hit every so often just to avoid that scenario?

@theapprovedguy

9 ай бұрын

Hi @tobydobo4080, Great question! So there are hundreds of HELOC products from different banks. They all have different features, benefits, and limitations. I have not heard of any bank or lender closing or freezing an account for this reason. I can't speak to every bank/or lender. I would advise before choosing a HELOC that you ask questions and make sure it's the best product for your planned use. I urge you to consider a first lien HELOC with either CMG Home Loans or First Savings Bank. These are my interviews with them both and links are in the description of each to get in touch with them. CMG kzread.info/dash/bejne/oZZ8y9mndZbYY5c.html / First Savings kzread.info/dash/bejne/kWeo1LSPXbDPhJc.html

@tobydobo4080

9 ай бұрын

@@theapprovedguy well I jumped the gun already and got a 50k in the 2nd lien position. Seems to be a good company but didn't think to ask that question before I signed up.

@theapprovedguy

9 ай бұрын

Please let me know after you speak with your HELOC, what they say? You should also verify if you have paid a large amount before the due date, if on the due date there will still be a minimum payment due. Important to note! Note sure if you have ever ran your strategy and plan through a coach or consultant, but you may want to consider that as well. It doesn’t have to be me, but someone who knows the strategy and can help you to make sure you’ve got the right plan in place.

@tobydobo4080

9 ай бұрын

@@theapprovedguy thanks again for the feedback. I think I have a good understanding of it. I'm using the heloc in tandem with a zero interest credit card for expenses. But might take you up on the offer once I get off the ground with the strategy.

Why put my 5000 a month in HELOC then pay out 3500 why not just put 1500 a month in heloc and the other 3500 in check account to pay billi

@theapprovedguy

Ай бұрын

Because the HELOC calculates interest based on the average daily balance, so the more money sitting in the HELOC for the maximum days of the month will reduce how much you will pay on the interest for that month.

@dougpaquette9518

Ай бұрын

Thank you

Why not just use your income to pay the debt and expenses? Seems like the HELOC is more like a middle man or an unnecessary step.

@theapprovedguy

9 ай бұрын

@t.r.lanthierjr.4560 great question! A line of credit is revolving and accrues interest based on the balance. Note that. For this to work, the interest rate on the line of credit should be at least at the prime interest rate or lower. Hold that thought… If you were to take all of your income and dump all of it into a debt like a car loan or a mortgage, that amount has paid down the debt, but it is not accessible for you to spend, so the rest of your monthly bills and livening expenses would not get paid. Stay with me… Plus you would have no money available to do anything in the case of an emergency or whatever because all of it got paid into the debt. So now if you can get a line of credit that is at least 4x your annual cash flow which is the amount of income that would remain if you only paid the minimums on the debts, then you transfer no more than 66% of the line into the debt you wipe out the debt substantially, good. Now then all of your income going into the line dies a few things… 1. It pushed the average daily balance of the line lower that what would actually be due so you only pay interest on the lowers balance that your income is driving down on the line. 2. Because the line is revolving your money is not lost to the debt you can still spend from the line, so your bills and other expenses as well as extra income for emergencies etc are accessible and payable from the line. As a result you will pay less interest on the line because your income sits in the line pushing it down. Now over the span of 6 to 12 months the line will be paid back to its original balance

@theapprovedguy

9 ай бұрын

Then you do it again. Before doing this one should run the numbers on paying the debts off using income cashflow with is called debt snowballing. Then run the numbers with the line of credit and the numbers will confirm if it makes sense. In some cases if you can’t get access to the right size line of credit or if your income is Is not cash flowing, it may be wiser to stick with debt snowball.

@theapprovedguy

9 ай бұрын

Please watch this video by Denzel Rodriguez and digest as much of his content as you can… kzread.info/dash/bejne/fKhhtreBk9fFgpc.htmlsi=suEZNs4ueB_lqBPP

In my opinion velocity banking should never be attempted if your HELOC, PLOC, LOC and CC rates are not prime rate or lower. It's extremely rare to get HELOC, PLOC, LOC at prime rate or lower as it's only offered to people with the best credit score (around 890+ out of 900) maintained over many many years. HELOC, PLOC and LOC are simple interest, CCs are compound interest (the worse) and never at prime rate. Even at prime rates Velocity banking is not for the faint hearted, undisciplined and bad with the money / credit people (typically already in trouble) .. they can get in worse trouble than the one they started to fix with their debt / credit situation. Actually if you do this badly on a HELOC you can lose your home since HELOC is secured against your home.

@matthewboone8406

3 ай бұрын

Why would you recommend a regular 30 year mortgage over a 1st position HELOC? Even at a higher int. rate. Also, your home is always collateral. You have a fully paid off house, deed in hand but don't pay your property taxes, you lose your house.. it really seems fairly simple, so I'm wondering where the danger is as long as you're disciplined? I really like this video though.

@user-hl4np8si6x

3 ай бұрын

People get in debt Not only because they are undisciplined, life is hard and complex, let's have and extende some mercy FIRST OF ALL. You, obviously, do not understand this concept/ estrategy. It works. Wrong about the credit score, for it can be over 800 but if same individual has a debt to income ration too high, it will be denied. However, an individual with a score above 720 but debt to income ration lower, WILL RECEIVE THE LINE OF CREDIT. UNDERSTAND????