Running The Math On

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Running The Math On

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Күн бұрын

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Пікірлер: 46

@DenzelNapoleonRodriguez 11 ай бұрын

Hello everyone I made a mistake on this video in regards to Christy’s video William Lee math is actual more accurate and velocity banking will take longer than 10 months to pay off the debt that was covered. It’s a mistake and I will own up to it along with putting a video out explaining where I messed up stay tuned.

@cmoss11467 11 ай бұрын

A more transparent and accurate disclosure here would be to say "William Lee's math showed it would take just as long (13 months) to pay off with VB as the original debts." Also, using Denzel and Christy's own method of estimating the interest with the VB strategy would show that VB would cost $388 more than the original debt payoff would have.

@TnavresGaming 10 ай бұрын

I'm coming late to this. Video link for correction? Because at the end of this one, you stated he was using wrong interest, etc?

@DenzelNapoleonRodriguez 10 ай бұрын

@@TnavresGaming yes I also mentioned we all did the interest wrong and William Lee interest was actually giving the lowest number. I have a longer video of this and I also did a livestream recently where I discuss my mistake on christys video. The video is called velocity banking mistakes I made and how to improve

@victorestevez7809 8 ай бұрын

⁠@@DenzelNapoleonRodriguez Just because you can pay something off this way, does not mean it works any better than just putting extra money on the principal. With velocity banking you have to essentially do this anyway. You have to have positive cash flow after expenses. So either way you do it, you're basically just taking the extra money you make every month and paying off whatever loan it is you have. Only with velocity banking you're jumping through extra Hoops to do it. Why you don’t show the math if you just applied the extra cashflow on to the principal like William Lee does?

@macoediv 6 ай бұрын

@@victorestevez7809 yeah!, what you said.

@askmehowibudget 11 ай бұрын

Oooh! I’ve been looking forward to this video! Going to play this on my way to the grocery store!

@DenzelNapoleonRodriguez 11 ай бұрын

I probably could’ve done a better job but I’m still getting better at all this

@askmehowibudget 11 ай бұрын

You did great! Balanced, fair assessment.

@cmoss11467 11 ай бұрын

@@askmehowibudget Not a balanced, fair or even accurate assessment.

@gracieperez319 11 ай бұрын

Thank you for your transparency ❤

@cmoss11467 11 ай бұрын

Not so transparent!

@JeremyLJordan 9 ай бұрын

Great video! I've been following the velocity banking approach for quite some time and I love it! My only issue now is after working on rebuilding my credit for the past couple of years and now able to get lines of credit and credit cards, how can I start getting bigger lines of credit? All I seem to be able to get are $1k-$2k limits. Thank you.

@DenzelNapoleonRodriguez 9 ай бұрын

I believe you need more time to build credit and you need a strategy. I’m not educated enough on credit but I’m going to assume you have negative things reporting on your credit that could probably get removed if you dedicated the time to look at that or hire someone

@JeremyLJordan 9 ай бұрын

Thank you.@@DenzelNapoleonRodriguez

@Jesus-kt5dc 2 ай бұрын

@JeremyLJordan Try running all your credit expenses on one credit card. The more transactions the better. I've added family as AU on some cards and together we do about 15-20 transactions per month on the card. Combined with low credit utilization this seems to trigger a credit limit increase by itself.

@JeremyLJordan 2 ай бұрын

@@Jesus-kt5dc interesting. Thanks for that advice. I'm going to do this to try.

@candy25apple36 10 ай бұрын

I paid some much stuff off. Watching the Velocity Channel years ago.

@504boi8wd 11 ай бұрын

I want this doc!

@DenzelNapoleonRodriguez 11 ай бұрын

Email me I will send it denzel@buildertocontributor.com

@ebonywinn50 8 ай бұрын

Well if Matt the Mortgage Guy is the same one as MG The Mortgage Guy on EYL, he associates with scam artists in the real estate business, so he has NO room to talk about scamming 🤔😂

@DarknessFalls29 8 ай бұрын

Same one. I watch his videos. I was surprised to see he's against velocity banking.

@DebtfreeMike 8 ай бұрын

When you mention amortized interest what do you really mean. Isn’t interest on a car loan or mortgage calculated on the principal balance? I know there is an amortization chart showing what it would be IF only the regular payment is made. Many VB advocates talk about front loaded interest. If i were to pay cash flow straight to the loan principal wouldn’t it reduce the interest paid as well? The problem with Christy is she never makes apple to apple comparisons. Sometimes, paying cash flow straight to principal balance is just as fast and less interest than VB. If I have a car loan at 2.5% with a cash flow of $1600 wouldn’t it make more sense to pay the cash flow to principal rather than an LOC of 10% and transfer the car loan balance to that? Of course I would pay more interest if I just make the minimum car loan payment. She would be much better served if she didn’t try to force VB but show an honest comparison of what method works best for each client. Thanks for trying to show an honest representation of what VB is and how to use it.

@DenzelNapoleonRodriguez 7 ай бұрын

based on what you said you are correct. I made an error on this video and then made a follow up one. Velocity banking definitely does not make sense every time which is fine. I am a fan of velocity banking when it works and debt snowball or extra payments when that works faster. I'm not biased my fellow content creator Christy did make mistake and in some videos the scenarios are not explained all the way can force velocity banking in some situations when compared to extra payments that produce the same result if not slightly better.

@user-wy2ud4xx5q 4 ай бұрын

Throwing entire cash flow towards principal amount on the debt while keeping line of credit open on the side with zero balance just for a rainy day seems to be less complicated at achieving the same objective with similar results.

@Pstmstr 4 ай бұрын

Exactly. These VB advocates says it’s just math but applying to cash flow is the fastest and most often, the least expensive way to pay off a mortgage. Christy Vann and others claim using a higher interest line of credit or heloc to make chunks to the mortgage is better. It’s not and the math shows it’s not. She refuses to do an apples to apples comparison on her channel and just blocks you if you have dissenting opinion. Denzel is open about it and admits it when he makes a mistake. Some VB advocates would make great snake oil sales people. There are some instances where using VB is effective. Paying towards mortgage principal with a higher interest LOC or Heloc is not one of those instances. It’s just math right?

@butterfly-pf8lj 10 ай бұрын

i love your shirt Denziel can u tell me where you bought it?

@DenzelNapoleonRodriguez 10 ай бұрын

It’s called Buttercloth

@steveo8991 11 ай бұрын

Hey Denzel. I'm getting a 15 year fixed heloc from my credit union. Would it be a problem paying my car loan off with this same credit union with this heloc?

@DenzelNapoleonRodriguez 11 ай бұрын

It is not a problem the bank might even require it sometimes to pay something off that they choose. The actual problem to figure out is whether or not that makes sense when you run the math

@schrodingerscat3912 5 ай бұрын

this must be a very new thing if there's conflicting views. if it's already been applied successfully then that's all that matters. we don't have debates on why BRRRR doesn't work, because it's worked. needs to be a full discussion between opposing views for further clarity, kinda insane that this is not a well-known thing.

@DenzelNapoleonRodriguez 5 ай бұрын

Correct I want to say this strategy of leveraging of debt parking your income into simple interest credit lines became popular in the early 2000s maybe as early as the 90s not really sure I’m a young guy so it’s still new to me. BRRRR method or any real estate method for that matter has decades of practice by others.

@Fujiwae 4 ай бұрын

The reason there is conflict is because the application of the information is based on each person and with that comes human error

@DenzelNapoleonRodriguez 4 ай бұрын

@@Fujiwae correct and I would also say just customization so what looks like and error can just simply be a preference in the application of the strategy

@smelltheroses2day 11 ай бұрын

I lost the feed, what happened?

@DenzelNapoleonRodriguez 11 ай бұрын

It’s still there active on my end

@dianashelton1371 10 ай бұрын

I can not find a address to email requesting docs without filling out the full contact info

@DenzelNapoleonRodriguez 10 ай бұрын

Here is my email - denzel@buildertocontributor.com

@DoctorMcFarlandStudios 10 ай бұрын

Math is math

@TheRealJohnnyCash 11 ай бұрын

Since NFCU is no longer offering PLOC do you recommend switching to another bank?

@DenzelNapoleonRodriguez 11 ай бұрын

Navy federal never had a PLOC they only did a checking line of credit or HELOC. I usually don’t even recommend there checking line of credit because there rates are so high so yes I’m sure you can find a lower rate somewhere else. Be willing to shop around and do research

@cyndigreenwood3272 10 ай бұрын

You can have more than on bank account. I currently have 3 banks, including NFCU. I am thinking of starting a relationship with BoA, Chase and Amex. Never know when I will need to leverage that relationship in the future.

@YouAREyoubeYou 4 ай бұрын

NFCU allows a plot through you cc. If you look at your app you will see that they allow 30% of you limit to transfer into your checking. For example if you have a 30k limit then they allow you to transfer up to 9k to your checking. I use it as a ploy for vb. It works because simple interest revolving is different than amortized compound interest on loans, which is the premise of vb.

@cyndigreenwood3272 10 ай бұрын

I really like this video. I have been watching Christy for over a month now.. I had to watch numerous vidoes of hers to understand that she was over estimating on some numbers and doing the interest math on the high balance. Which is completely understandable for time restraints and the fact it is just a video to give you an idea of what it could be. Reading comments and seeing people do not quite understand what is actually going on, I wish some of these facts were stated during the presentations. I finally figured out about due dates and closing dates on my own. But I probably had to watch 30+ videos for it to click. I wish someone took the time to break it down like you did in this video, it at least confirms I have some kind of real idea how it actually works. There are others out there (making velocity journey videos) that I feel I personally want to make a reply video to. So I am glad you did it for me! Lol TBH, I love videos like this breaking down what is actually happening in other videos. I think they are more worthwhile. Basically, Thankyou for this review. It makes alot more sense to someone who is not in the financial world.

@cyndigreenwood3272 10 ай бұрын

Oh and also too... one thing I have never heard anyone mention... on amortization.. I feel like at some point it makes more sense to leave them alone due to the amortization graph that everyone always talks about.. if you have 6 months on a 6 year car loan, it doesn't make sense to throw that back into an interest bearing account again to pay more interest on that amount. No one ever talks about when it's a bad idea to do so. Even just a comment about the amount of interest left in an amortization schedule would be enough, but I have never heard it. I realize it all depends on rates of both the loan and the line and of course WHEN they are deployed. But it's not something discussed anywhere I have seen.