How to Create your own Velocity Banking spreadsheet. It's Easy!

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How to Create your own Velocity Banking spreadsheet. It's Easy!

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Korean Atlanta Mentorship

Күн бұрын

Пікірлер: 74

@toddgreene5824 11 ай бұрын

Great video, thank you for sharing! Couple of things to mention. 1. You should never draw more than 80% of the available LOC balance (emergency fund is 20%) 2. Velocity banking counts on the movement of money in and out of the LOC. So, pay off the $13,000 debt, let the LOC “rest” a couple of months drawing just the expenses and depositing your income. Then, pay the second $10,000 debt and pay the LOC down again. 3. Then use the LOC to purchase a cash flow investment.

@peaceofmind6141 11 ай бұрын

This the advice I was looking for

@twistedstitchesembroideryd627 10 ай бұрын

I'm trying to figure out exactly what I need to do to get this started. I know my numbers. How much of a LOC do I need? What if I have a zero balance, zero interest CC? Can I use this CC instead of an actual LOC? Thank you

@RichieStarz 9 ай бұрын

@twistedstitchesembroideryd627 Yes. you can use the 0% credit card as your LOC tool.

@mommifong 6 ай бұрын

Depend. Always leave 1 to 2 months available. Then I would look at my cash flow left. I try to check payments of 10 and then for me because of my cash flow it takes me 5 months to be able to chuck again.

@firstname7470 6 ай бұрын

@@RichieStarz I say no to using a cc as loc unless you are paying off another cc debt and transferring the balance because advances are generally not included in the promotions. How would you transfer $10k to pay down a student loan debt, car loan, or mortgage? If someone knows how to work around it, please share.

@ncollazo1977 Ай бұрын

I recently found your channel. I love the content you are providing. Thank you.

@peaceofmind6141 11 ай бұрын

Keep in mind in order for this to work you have to make some sacrifices like no eating out, shopping, vacations, etc… Short term sacrifices for long term success

@sfsfuzzy3597 5 ай бұрын

That’s not true ! It does not ever work! And as work I mean it does not save you money it does not pay off debt faster and it does ad a lot of risk ! When they say to pay off your mortgage with a heloc will save you money they are lying

@anthonyp151 11 ай бұрын

Cool Video. I made mine with a slightly different formula for current balance but it works out exactly the same as yours and I added a line under savings called cash flow. Can't wait to put it into action.

@r0sie888 11 ай бұрын

Credit card companies can just lower your credit limit at any time. I like the idea of velocity banking but the loss of control is scary.

@TnavresGaming 11 ай бұрын

It's time for a contest: "Who Can Design the Best Velocity Google Spreadsheet?"

@sfsfuzzy3597 5 ай бұрын

Let’s just go straight to the facts ! VB does not save you money and does not pay off debt faster than just paying the same amount on the debt ! Now that we have that fixed ! You need to know that paying off your mortgage with a heloc only cost you more and takes longer and it adds risk ! I can show you two families I had to help recover from this bad advice! One ended up losing his home because of trying to use a heloc

@TnavresGaming 5 ай бұрын

I don't know about heloc for mortgage, but vb+snowball+avalanche (hybrid pays off debt faster and saves interest). I've been doing this close to a year now.@@sfsfuzzy3597

@jheli22 3 ай бұрын

@@sfsfuzzy3597 I'm interested in knowing more.

@shaquetaashmore4697 4 ай бұрын

Great video and thanks for walking us through it!

@ReynaDPerez 11 ай бұрын

This is great stuff. I do get velocity banking very well. So seeing this video made perfect sense to me. 😊 very well explained.

@sfsfuzzy3597 5 ай бұрын

Of you do get VB then you should know it’s not going to save you money and it’s not going to pay off debt faster than just paying extra on the debt ! VB is a scam it does not work and if you think it does then your math teacher failed

@SL-bo7ui 11 ай бұрын

Thank you! Going to use this to start Velocity banking this month. 😊

@alexxasmom1825 6 ай бұрын

How has this worked out so far?

@WatchCharlesMace 11 ай бұрын

Great video and great information. Would it be possible to get a copy of the sheet already set up that I can plug my numbers into?

@francp3147 17 күн бұрын

The biggest real world challenge happens when your debts are in the $25-45k range and your savings are (say) $800-1000/mo.

@Lambchop59 8 ай бұрын

Sir this was SUPERB SUPERB THANK YOU SO VERY VERY MUCH IM GRATEFUL OX

@grapeape00 8 ай бұрын

Someone correct me if I'm wrong, but seems to me this un-realistic scenario shows this does not work. I want this to be the shortcut I've been looking for however, the un-realistic scenario makes this look much better than the reality most of us are living. What average american has a monthly income of $5000 but is putting $2000 a month into savings? And this same person happens to pay only $1000 per month in rent and have only $1000 per month in other expenses. You also have to add the accruing interest into the loan which greatly increases the payoff time. If somehow this were real, the same person could take that $2000 savings per month and just pay down the debt directly in about the same amount of time while likely paying less total interest as well.

@goodcommunicator1687 9 ай бұрын

HELOC equals risk of foreclosure people.

@twistedstitchesembroideryd627 9 ай бұрын

I would not leverage my house/property to pay off any debt, especially unsecured debt. No thank you.

@hyojinjang5930 Ай бұрын

Great video!!!

@Ra-vi7eu Ай бұрын

How is this much different from just using a debt snowball

@anthonyhayes9585 11 ай бұрын

Excellent spreadsheet. My take-away from this example is creative debt consolidation. But why would anyone trade $23k of debt at 6% interest for the same amount at 15% interest. I'm certain the debt could be paid off in the same amount of time with less interest given away, if the $2k savings was applied to the auto debt with the higher minimum payment for about 5 months until it is vanquished. Then apply the freed $2.6k to the remainder of the student loan debt to pay for another 2-ish months. I want to believe in velocity banking, but it seems that sticking to a budget saves more in the short & long run.

@KoreanAtlantaMentorship 11 ай бұрын

You can do both. One reason is liquidity. Some will argue that just use the LOC as backup and then leads to another problem called Segregation of Income. Just from human behavior, have you known people who've thrown all their savings directly into a loan?

@stevelozano9523 11 ай бұрын

The 23k worth of debt isn't really only 6% be ause it was based on both loans totaling 6% each which is actually 12% for both being paid. Just to clear that up. Also, it suppose to clear up cashflow and how the interested being paid from the loan (which is front loaded) to LOC which is spread out on a daily basis which makes less interest being paid out. In theory.

@anthonyhayes9585 11 ай бұрын

@@KoreanAtlantaMentorship to answer your question, "No." When I had mediocre debt, I would have, but my wife didn't let me 😁. I see your point that the LOC positions you to put ALL of your un-otherwise-budgeted income on your debt, while still having the LOC to cover emergencies, should they arise. My interest in this topic stems from a friend who is convinced that velocity banking will solve his debt problems. As you mentioned, this system simplifies the debt pay down process, so long as you're not still adding to the total debt.

@anthonyhayes9585 11 ай бұрын

@@stevelozano9523 6% of $10,000 = $600 6% of $13,000 = $780 $600 + $780 = $1,380 6% of $23,000 = $1,380

@KoreanAtlantaMentorship 11 ай бұрын

@@anthonyhayes9585 I personally like this strategy because I can be approximate with my numbers rather than exact.

@Beenio29 6 ай бұрын

How do you use multiple lines of credit like PLOC and credit card?

@sheila_rabant 4 ай бұрын

I'm looking for a spreadsheet for 10 credit cards with cashback reward categories on top of VB totals.

@florence352 18 күн бұрын

Can i have the spreadsheet?

@mary_mary777 11 ай бұрын

Thank you!

@TheMJT515 8 ай бұрын

Why did you initially subtract $2000 for the auto and student loan for the zero month if they total only $1000? (Making the current balance $23000 instead of $24000)

@stoveguy2133 8 ай бұрын

I have 60k mortgage. No cards. No car loans. Nothing but mortgage. How do I pay it off fastest?

@markf.2050 11 ай бұрын

Could you explain the process and expenses of paying bills using a LOC or credit card? Are you making repeated transfers back to your checking account? Do you use Plastique? I heard they charge a fee of 2.9%.

@KoreanAtlantaMentorship 11 ай бұрын

I'll make a video about this.

@KoreanAtlantaMentorship 11 ай бұрын

kzfaq.info/get/bejne/grVhfNyWs9rVdaM.html

@sfsfuzzy3597 5 ай бұрын

@@KoreanAtlantaMentorship you are a moar and a fraud

@user-hg3vy6ux7r 11 ай бұрын

I cannot put my whole paycheck in a line of credit. My income is Social Security and they require a routing number and account number for direct deposit. What can you advise? Thanks!

@KoreanAtlantaMentorship 11 ай бұрын

I'll make a video about this.

@showmemorefunthings9208 11 ай бұрын

One option is to get a line of credit with the same bank or credit union that you use for checking and savings. If this is possible, you can transfer the social security funds received into the line of credit or transfer funds from the line of credit at any time. Most, if not all banks and credit unions will allow you to transfer funds within your accounts and line of credit without charging a transfer fee.

@sheila_rabant 4 ай бұрын

Deposit to checking then pay the LOC. Making regular payments is the transfer.

@Roger_Y 8 ай бұрын

What is "savings" ?

@sandyhopkins7096 4 ай бұрын

I don't understand how the 25k became 23K. You said to move the student & auto using the LOC, but that only adds up to $1,000. Please help me understand. Thank you. I

@sonyacole7186 4 ай бұрын

The 25K is the max amount you can charge on the line of credit. The 23k is the result of paying the balance of the student loan (10k) and the balance of the car (13k) off using the line of credit. This wipes out the debt for the student loan and car and places it on the line of credit. You then send your paycheck to the line of credit each month and start paying that balance down.

@InheritanceRealty 5 ай бұрын

Can you send me a copy of the spreadsheet

@mcr7379 5 ай бұрын

have you heard of the pill method?

@sfsfuzzy3597 5 ай бұрын

Have you heard of just paying all you can on your debt till your no longer in debt ? I did that and have not had debt for two decades

@athomemom76 11 ай бұрын

How do we obtain the spreadsheet used?

@KoreanAtlantaMentorship 11 ай бұрын

Feel free to email us by finding the email address on the about page of the youtube channel.

@scottlandry1804 11 ай бұрын

Where is the about page? What is your email please?

@MetaTaco317 11 ай бұрын

Considering he didn't enter any formulas that you can't view or simply recreate with the Sum button, just copy what he entered and go from there.

@twistedstitchesembroideryd627 9 ай бұрын

Christy Vann at Vanntastic has a great spreadsheet, I believe Denzel Rodriguez has the same. @@MetaTaco317

@EFNRND 8 ай бұрын

Can you pay monthly mortgage out of peloc?

@sfsfuzzy3597 5 ай бұрын

You would be a total idiot to do so

@michelepreisner2053 10 ай бұрын

Copy please

@carlchristopher2534 3 ай бұрын

You did nothing to show whether it cost you more money or save money.

@PanteraRossa 4 ай бұрын

All these "velocity" banking gurus give ridiculous "case studies" that make no sense in real life. If someone is in a lot of debt, they almost certainly aren't saving 30-40% of their paycheck. Spending 20% of your income on housing is also beyond fantastic in this economy. If any of us was lucky enough to be living so wonderfully below our means we likely wouldn't have debt issues to begin with.