I am a 36 yr old Accountant, have 4 children, and am up to my ears in debt. I'm just now hearing about this velocity banking concept. I've heard of the debt snowball, but never had enough cashflow to put my knowledge to use (kids are expensive). V.B. is on a whole other level. Once I can get a workable cashflow, I will use this method to get out of debt and finally start to thrive in life. Thanks for your channel!
@DenzelNapoleonRodriguez5 жыл бұрын
Brett Williams yes get a consistent cashflow going fill out a form get plugged into this community and I will be honored to serve you very soon. Let’s pay 💰 off all that debt fast
@10MinutestoRouletteFortune5 жыл бұрын
Heck, learn how to do it, make it successful and TEACH other's how to do it. That's what accountants should do.
@InfiniteVelocityUSA Жыл бұрын
Have you followed through with any debt payoff method over the last 4 years?
@Marjie73 Жыл бұрын
What if you're cash flow is super low?
@B-Williebro Жыл бұрын
@@InfiniteVelocityUSA Yes, I paid off two 5- year vehicle loans in less than 1.5 years using velocity banking and haven't had a car payment for the past few years.
@iamOAKland5 жыл бұрын
Im 38 and i just now getting this after im in debt.....parents never taught me s**t about how debt works so thank you friend....you forever changed someones life.
@barbarajordan26985 жыл бұрын
Don't blame your parents most average people don't know this info and they probably didn't know either. We should just be sure to teach what we learn.
@jzk20205 жыл бұрын
Go find your parents and slap the sh*t out of them.
@Traestar5 жыл бұрын
34 right here man, same!!
@FredShelton4 жыл бұрын
Barbara Jordan Your right. Parents are not @ fault. Wealth is Taught!
@NeoM0184 жыл бұрын
Just the distinction between simple and amortized interest is worth watching this video. You are a great teacher Denzel.
@NaturallyADifference4 жыл бұрын
I pay for everything with my credit cards. Rent, car, utilities. Im looking at this and I'm trying to figure it out. Love the content! Thank you
@dtrelzmusic4 жыл бұрын
Don't stop unless you over the 30 percent mark doing your statement date...
@ask4deville4 жыл бұрын
Florida is here. A few years too late but I'm here watching your old and new videos. Thanks for the education. I've learned so much in the last 5 days watching you. I can't get enough...
@ourspacesinc6 жыл бұрын
All this makes perfect sense! Why am I 35 years old and never heard of this method of taking care of personal finances? SMH
@DenzelNapoleonRodriguez6 жыл бұрын
Pedro Santos I’m glad you get it now we have to make up for lost time so fill that form out and let’s get started with your personal finances
@gjalxndr6 жыл бұрын
Very good breakdown! I’ve been watching a lot of videos about velocity banking recently in order to get my debt eliminated and this is the best breakdown this far.
@denzelrodriguez10516 жыл бұрын
Let me know what you guys think of this scenario and thank you again for being a loyal subscriber. I am growing everyday by doing this and it keeps me motivated when i see you guys engaged with my videos.
@TyTrains6 жыл бұрын
Another awesome video!! Thanks Denzel!
@jayshad066 жыл бұрын
i'm really interested in getting a line of credit or heloc? my total monthly bills are 5714 my total income is 5940 monthly i have good credit . out of the monthly bills there's 3 credit cards that i'm paying 500 on one and 100 on another and 100 on another plus i have a mortgage total of 2325 . please help what do i do to help my situation ?
@DenzelNapoleonRodriguez6 жыл бұрын
Gonna be on spotlight fill out my form that’s the first thing Second recommendation I have is to start with the credit cards those are debt weapons already then get the LOC or apply see what you get approved for and move forward. Before you apply watch my video on how to get a personal line of credit if you haven’t watched it already
@biggsnuff5 жыл бұрын
Ive watched a lot of videos and your channel by far is the most informative, You've won me over as a subscriber. keep doing a great Job and you will surely be on the rise!
@tyhampton63175 жыл бұрын
So what are the next steps. A month or so ago I filled out some info online and never heard back from you
@khonsuba4 жыл бұрын
Just came across ur channel today n been stuck watching it all day. I'll dm u as soon as i get off this flight I'm about to board. Great stuff tho I'm super interested n and learned a bunch of financial information today. Jewels... ty
@Jesus-kt5dc5 жыл бұрын
*THANKS BRO. TOOK ME A COUPLE TIMES BUT I FINALLY GOT IT.*
@tetyanacrute1065 жыл бұрын
Hey Denzel, I have been watching all videos about this concept I could found on KZfaq for about 2 years now. I started using this strategy myself after I understood the basics, but still have long way to go. So far your explanations are the easiest to understand. Thank you for what you do! My situation is complex for me even to analyze . I will need your help right after I refinance my third investment property with a bank, so I get rid of slavery of my private lender .
@contextualprecision84424 жыл бұрын
It took me forever to realize my credit union officers a PLOC in the form of a loan, with a product called "Loanliner." If you apply for this "loan," and are approved, they place the full balance into your checking or savings account as cash. If you "pay" the "loan," the principle paid becomes a fund you can transfer back into your account as cash. So, instead of paying the $5,000 loan in full, I pay it up to $0.01. The due date is almost two years from now, so it doesn't demand a mandatory monthly payment the way credit cards do. Had I known this, I'd have used those funds as a PLOC instead of a loan. Sometimes you have to see how the accounts function, because the bank will not always tell you how it works.
@srserpicol4 жыл бұрын
Denzel, que pasa bro, I just got hipped to your videos, I see this one is over a year old, so I’m arriving late.., but better late them never... yes, this velocity banking is a lil complex, but I’ve been watching your videos on “repeat” until the light came on.. lol. Thanks for the messages. I’m gonna start “ velocitizing (If that ain’t a word, I just created a verb that brands this strategy... “Adelante”!!!
@stephenhulbert35004 жыл бұрын
9:02: If the monthly 'chunk' paid to the $10,900 is $1,875, and then you pay all the expenses of £1,385 through the month, you end up having paid off $490 - all that makes sense. So at the start the balance is $10,900, and at the end of month 1 it is $10,900-$490 = $10,410. If we repeat that in month 2 we drop by a further $490. $10,410-$490 = $9,920. Repeat that for 9 months and we get down to $6,490. It isn't paid off at all. What did I miss?
@neckbones175 жыл бұрын
Wow this dude is killing it were i can understand. Love it!!
@donramoncitochavez25515 жыл бұрын
Thank you!! Much love from this Mexican brother from California.
@Steven-rn2bu5 жыл бұрын
Great job Denzel you are really helping a lot of folks with your message. Congrats on going from 200 - 5.7K subs in 7 months... talk about velocity!
@Steven-rn2bu5 жыл бұрын
BTW I think your channel will pull more revenues if you position yourself using the "financial" category rather than "education".
@DenzelNapoleonRodriguez5 жыл бұрын
That would be great but that wasn't an option in the categories they have available
@funtime-gq8ju4 жыл бұрын
I am lost when it come to financial understanding but you put in a way I can understand thank you i am new to channel will continue to watch keep it coming bro
@abtheraptivist Жыл бұрын
4 years later 45k subscribers 💪🏾
@villafontananorte5 жыл бұрын
If you make numbers, make them exactly. Expenses did not include rent making the goal hard to reach within the time frame you wrote on the paper.
@EnterDeleteShift4 жыл бұрын
I follow everything your saying up until where your getting 5-9 months to pay off the debt of 10k if only $490 stays in to pay off the debt every month and the debt is $10,900 then only $490 goes toward the debt each month. 10,900÷ 490 is 22 months! Where are you getting 5-9?
@ewalker314 жыл бұрын
Thinking the same
@rosedavid10684 жыл бұрын
God only knows why you’re making these videos . I have hopes and see life with confidence. I have been playing your videos over and over . Every time I watch it I notice I have a aha moment for something that have been missing.
@pistoffpussycat57783 жыл бұрын
I saw this video about a year or 18 months ago. Switched from Dave Ramsey to velicity banking. House and student loans paid off lasf couple
@pistoffpussycat57783 жыл бұрын
Of weeks. Just owe 7k on credit card. Be done by October. Thanks Denzel
@IBODEGAI5 жыл бұрын
So, today a friend of mine called me randomly and at first I thought he was trying to pitch me a business idea or sell me something. He was just pouring out all this info that eventually led me to receive a link to your videos. I must say, I’m impressed and in due time I’ll ingest enough info to create my own formula and crush some debt. Then, get my wife out of debt. SUBBED WITH NOTIFICATIONS.
@DenzelNapoleonRodriguez5 жыл бұрын
Sam Well that is awesome tell your friend I said thank you 🙏 when people see this concept for the first time they get blown away by how awesome it they go to tell everyone and they mama and they forget how crazy this strategy is and that it is too good to be true from first glance so I get why you felt that way. But here I am telling you just watch my videos and let it sink in
@yelenafoster60244 жыл бұрын
Trying this on my next pay check! 😊
@Beto3pv5 жыл бұрын
Great video and concept but I think if you use average on his income would make it easier to understand for someone that’s new to velocity Banking
@lorenzolaporte63295 жыл бұрын
How do you conclude that the debt of $10,900 will be paid off in 5-9 months?? This person's cash flow is only $490 per month. So, if you divide $10,900 / $490= 22.24. So with a $490 cash flow per month, it will take 22 months to pay off $10,900. Even with this person's best cash flow of $800 per month, it would still take 13 months to pay off $10,900. $10,900/ $800= 13.65... How are you concluding it will take 5-9 months? My math says otherwise.
@DenzelNapoleonRodriguez5 жыл бұрын
you divide the total amount of money going in the credit card each and every month
@ewalker314 жыл бұрын
@@DenzelNapoleonRodriguez not sure I understand the explanation for this comment. Really want to though
@kimberella21055 жыл бұрын
I finally understood how this can be done with my card and now i just realized I have an extra $1400 min to pay towards debt instead of only $750. I’m so excited! Thanks for this visual because I have to do it with a credit card and seeing real numbers helped!
@IdentityIAm1115 жыл бұрын
So it worked for you Kim? I'm wanting to start this soon
@sungn45125 жыл бұрын
Denzel, good stuff; thanks for taking the time to share your knowledge
@Who_God13 жыл бұрын
Denzel bro I love you for this bro I just had a son I’m trying to become financially responsible this is a blessing but what banks have the best line of credits
@zedmak Жыл бұрын
You can actually pay rent and mortgage with a cc using Plastiq. Their fee is 2.85%…
@DenzelNapoleonRodriguez Жыл бұрын
Yes that’s correct I’ve done some videos on that.
@samsciascia40045 жыл бұрын
You better off using a properly structured life insurance policy for this. You're getting compound interest while paying off debt.
@DenzelNapoleonRodriguez5 жыл бұрын
Sam Sciascia ahaaaaaaa I like your thoughts you should watch some of my insurance videos. That is what I lead people too when paying off debt at a rapid rate
@lolacole56535 жыл бұрын
Those insurance investments are worthless.
@DenzelNapoleonRodriguez5 жыл бұрын
Lola Cole yeah agreed if your investing in life insurance it’s worthless you will not get the returns you would with real estate investing or another source. Now if you use life insurance properly like a LOC then it’s a different conversation. The use of a thing changes everything
@pjtugman5 жыл бұрын
one hell of a video most velocity banking video is base on income 50k to 60k this one is more for the avg person great info thanks a lot Denzel cant wait for more videos from you
@DenzelNapoleonRodriguez5 жыл бұрын
your right to many high-income scenarios so it's obvious that velocity banking would work but what about 90% of everyone else you know. Yes videos coming every day
@hillrobert8894 жыл бұрын
Bro i am loving your channel just found it yesterday and had to subscribe this is like my 4th or 5th FULL VIDEO lol. I be so in tuned i be forgetting to hit the like button 🤦🏾♂️🤦🏾♂️🤦🏾♂️🤦🏾♂️. Please keep making MOREEEE
@waz11674 жыл бұрын
Wow! What a great video. I'm about to learn everything I can about this. Thanks
@damafoster73985 жыл бұрын
Hey Denzel! Good stuff. I met you at a conference in April earlier this year and ran across your video today. I see you're passionate and still at it. I'll be in touch.
@DenzelNapoleonRodriguez5 жыл бұрын
Dama Foster awesome lets connect again I’ve been busy applying the things I learned from the conference. Do you have my info?
@codyjohnson89214 жыл бұрын
Man I'm just getting my mind wrapped around some of these things that I never knew about existed in the financial world man I am so ready to take my life in another Direction I've been working hard for over 30 years and did not know this information I would love to work with you to handle my situation and I am in Clermont, Florida.
@tankercrewchief4 жыл бұрын
200 subscribers going on 11,000 plus!
@HUNdAntae2 жыл бұрын
wait. "if you do the math" you only paying off 490pm of the 10k, regardless of how much cash in/out flow is going on through the month. just bc you drop 2.5k on it at the beginning of the month, you still pay all those expences thus depleating your funds. your only benefit is raising your credit score coz you're showing that you overpay your minimum. It will still take you sg like 1.5 yr to reach 0 balance the first time and at the end of that month you will again owe 1400. yes, you're not accumulating interest on your debt, but you're not working off your 10k balance in 5-9months with 490...
@DenzelNapoleonRodriguez2 жыл бұрын
In 5-9 months interest costs goes to zero once debt hits zero costs from there you are just servicing the remaining balance this gives you permission to move on to the next debt if you have the right debt tool. This is a very old video of mine and my attempt to teach the strategy. The numbers were conservative numbers the client was actually cashflowing more so some details were left out. In some other comments I mention some of the mistakes that were made.
@kimbertevans96004 жыл бұрын
Thank you Denzel. Great stuff.
@Ultimatewarriorsarise4 жыл бұрын
I'm in Florida. This is all new to me, but I need this in my life right now
@100fold54 жыл бұрын
Finally understand the velocity process. Great explanation sir. God bless what your doing.
@johnperry21335 жыл бұрын
Good work Denzel. You got me thinking!
@alw565 жыл бұрын
Dude keep this up and you’ll have over 500k subscribers one day👍 Great info. LOC IT UP!
@weslage6 жыл бұрын
First off, thanks for all the videos you put out. Secondly, I came across a way that allows you to pay loans with a credit card. You obtain a Square card reader(free and takes about a week to come in mail), then you download the app to your phone or tablet and link your main checking account. They do charge 2.5% for every transaction. So what I do is charge the combined loans to my credit card, in turn will fund my checking account. I can then make my payments through my checking account and chunk my credit card when I get paid. It's a win imo, because I gain all my cc rewards faster and that money becomes available after I make my chunk payment.
@DenzelNapoleonRodriguez6 жыл бұрын
+Wes That’s awesome I didn’t know about that strategy but it sounds like velocity banking to me. I’m not gonna lie that would be tough to explain to everyone since velocity banking is already tough to explain lol.
@aaronhelwig4 жыл бұрын
What's the app called?
@williamvandorn63375 жыл бұрын
Great info and even better example
@leonflores94615 жыл бұрын
Found out today I can pay my car note with cc, but I have to find out how much I will owe after I file a unfiled tax return, once I find that out I'll start the process. I might try to get a ploc first though. Gonna revisit that video. Inova fcu 12.99%. Gonna check NASA fcu later.
@DenzelNapoleonRodriguez5 жыл бұрын
good job I like the progress your making
@angelgerena42774 жыл бұрын
Bro you're a blessing and I'm thankful that God has blessed you with wisdom and thank you for sharing all this awesome info.. am definitely going to join the fam, keep safe & God bless! BTW am from Deltona, FL!
@carlo98094 жыл бұрын
For thouse of you that need a way to pay your rent or car note or mortgage with a credit card solution is simple. What I did is open a Square account linked it to my checking account and swipe my credit card and the funds to deposit in the bank the only problem is the fee of 2.7% per transaction
@TravisW14k5 жыл бұрын
You have fantastic content, I'd recommend a better microphone (I can barely hear you on full volume), and speaking faster (I have you on 2.0 speed and it sounds like regular conversation). Cheers!
@DenzelNapoleonRodriguez5 жыл бұрын
Thanks man I just started the channel but My latest videos has better audio. If you watch my older videos you'll learn about my mission and who I am targeting. I'm also presenting to middle school students which is why I talk slow.
@leonflores94615 жыл бұрын
His speech is perfect, better to understand than a fast talker.
@BRONXDEVILDOG5 жыл бұрын
Slower speech allows for easier video editing.
@tommajor38324 жыл бұрын
No don't talk faster
@tommajor38324 жыл бұрын
@@DenzelNapoleonRodriguez Please don't talk faster!!! All of the other presenters of this topic speak to fast, miss important steps, and it's more difficult trying to find where they're making errors. Thank you for this!!!!
@rb74544 жыл бұрын
This works only if you are disciplined and do not over spend when swiping that card!!
@thomasxxxxxx2345 Жыл бұрын
The same problem as in most VB videos. Confusing CC payments and expenses. These are apples and oranges, you cannot add them up or subtract them. Thus the math is flawed, expense figures and cash flow figures are wrong. In this example one cannot say that one saves 110$ per month by paying down CC debt for CC2. That is not the way it works. And you cannot "kill over 11 000$ of debt in 9 months" with a $300 monthly surplus (16:36)
@DenzelNapoleonRodriguez Жыл бұрын
I believe your correct this video is years old one of my first and I think I made an error on the numbers when explaining it. In real life for the client they ended up cash flowing more than what I illustrates so they got the results I mentioned. Now with regards to the cc payment and expenses what happens when I dump a majority of my income into the card I am canceling the interest in advance which makes more of payment principle instead of interest.
@DenzelNapoleonRodriguez Жыл бұрын
In this case the credit card #2 was at zero percent the first wasn’t
@thomasxxxxxx2345 Жыл бұрын
@@DenzelNapoleonRodriguez Thanks for the response. Yes, you do save on interest, agreed. However the concept of expenses and the concept of CC monthly payment are different concepts. As an example I could pay $1000 this month towards my CC but this would say nothing about expenses.. They could be zero, they could be $1000 or they could be all the way up to the CC limit (say $10 000)... If my monthly expenses were $10 000, negating the CC debt and payment would not reduce those expenses (except for the interest which at 24% on $10 000 would be $200 per month) Which is why it is important to look at actual expenses when doing a budget. Cancelling or negating a CC payment does NOT necessarily decrease expenses, it is a common mistake
@DenzelNapoleonRodriguez Жыл бұрын
@@thomasxxxxxx2345 where do you see my leaving out the credit card payment I shower $110 for one and $80 for the other payment. Each month that payment stays the same. The expense number that I’m using to apply the card is the separate. Are you saying that is incorrect
@thomasxxxxxx2345 Жыл бұрын
@@DenzelNapoleonRodriguez If I understood correctly you increase the monthly cash flow by 190$ (110 + 80) once you satisfy the CC monthly payment by putting the income on the CCs. This is not correct however because those we do not know what is behind this $190... if it were used to pay for something (e.g phone bill) then you cannot save it because the underlying expense is still there (how do you pay the phone bill?). In most cases, people use their credit cards to pay for recurring expenses and these do not go away. On the other hand IF the person no longer pays with their CC then this $190 (minus interest) would have been going towards reducing the CC debt already. Again, the CC payment should not be bundled with the cash flow as it is not an expense per se. The actual expense is whatever goods/Services the person purchased + interest incurred on their balance
@gaillund3 ай бұрын
Great advice!
@maxbarraza95153 жыл бұрын
Ur a beast bro ! Im pumped
@dmorris54589 ай бұрын
Can we do a throw back and find out the numbers for these folks today to see what the strategy has done for them.
@DenzelNapoleonRodriguez9 ай бұрын
It’s tough for me because I keep everyone anonymous. I have some updates for some I’ll work on doing more.
@dmorris54589 ай бұрын
@@DenzelNapoleonRodriguez oh no you are doing enough and your work is wonderful. I was just curious. You know how they do that type of thing on TV specials. Thank you for your service
@DenzelNapoleonRodriguez9 ай бұрын
@@dmorris5458 yes love the before and after I’m going to work on it because it’s a really good idea 👍
@LuminaryVids5 жыл бұрын
Hello Denzel I have been watching the videos I would like to discuss further. Thanks so much!!
@mailman4leto4 жыл бұрын
The debt snowball is a waaaaaaay better strategy. And much more simple. Throw your extra cash flow at your smallest debt, while paying minimum on every other debt. Velocity banking is a great way to add more steps to getting out of debt.
@lodely2 жыл бұрын
You are right there is something missing: explain to me how someone earning $2750/month (I gather it is per month because you aren't defining that) and has expenses of $2753.33/month can have a cash flow of $300?
@DenzelNapoleonRodriguez2 жыл бұрын
Hello I appreciate your comment this is a very old video. I have improved much since then. I didn’t explain as good as I can now. This was a case study done 3 years ago and the numbers were a range if you look at the other number next to it 3,400 that is how there cashflow was over 300. Based on there track record that 2,750 was the absolute lowest they could make but it never happened when I worked with them.
@richarddickens49584 жыл бұрын
Denzel Richard Dickens here from FLORIDA. This is truly informative but a little difficult to grasp all at once. I will create an in-depth Debt schedule to help me
@hankjrcontract5 жыл бұрын
Great videos I learned a lot
@DenzelNapoleonRodriguez5 жыл бұрын
Henry Gandy keep going I’m glad your getting it
@LatoriaMartin3 жыл бұрын
I'm still very thankful for the vids
@robertolopez4234 жыл бұрын
Hey Denzel. I’m 33 yrs old never heard of velocity banking, Until 2 days ago. I’ve seen allot of your videos. I live in Orlando. I’m in desperate need of help with my finances. What can I do? Can you help? Were can I start?
@naturalhairthemovie33535 жыл бұрын
Plastiq.com allows you to pay all bills with a cc
@mariakristinahawl1640 Жыл бұрын
Never get out of debt by putting yourself into new debt. Just pay off your charges in full every month, and don't spend what you can't pay back. VB is BS, the numbers don't work. Too many assumed variables.
@DenzelNapoleonRodriguez Жыл бұрын
I appreciate your opinion and this was a real life case study the client is doing great now. :) sometimes velocity banking doesn’t make sense and that’s ok I teach them Dave Ramsey 7 baby steps and debt snowball strategy to get out of debt.
@mlidie5 жыл бұрын
When using the CC to attack your debt what about house utilities that do not use CC to pay? Heating bill and electric bills for us do not allow CC payment. From what I assume.... keep what pulls only from your debit/checking like our house utilities and mortgage and the remainder throw towards a CC to bring down balance? No videos I’ve seen discuss that hoop
@DenzelNapoleonRodriguez5 жыл бұрын
Subscribe to my channel I have a whole archive of examples for you to see and learn from where I use credit cards often I will attach some videos below for you to see.watch this kzfaq.info/get/bejne/adtoad1zrqmopZ8.html kzfaq.info/get/bejne/e5ZkYKll1tC-gYE.html kzfaq.info/get/bejne/e82UYKaYuNXNqac.html
@OfficialJPSuperFresh4 жыл бұрын
the haircut tho lmaoooo LIT
@irelandsontherise69805 жыл бұрын
Hey Denzel can you tell me if velocity banking works on a credit card that has a balance but enough to cover the monthly expenses?
@pb4ugo2bd5 жыл бұрын
Its great that you use actual numbers. All of the other channels us the "average" 60k income with a 200K home. Can you explain how to utilize this method on a biweekly pay schedule?Thanks
@DenzelNapoleonRodriguez5 жыл бұрын
watch this kzfaq.info/get/bejne/n8yKZr1ex7qYl6M.html
@jeanninehenry3393 жыл бұрын
I want to learn more about this to pay off my mortgage in advance.
@fraggnnut6 жыл бұрын
Super informative videos thank you
@sondramyles11205 жыл бұрын
I want to start this process in January cause I seriously need to kill some debt this year really fast cause I am panicking due to my cash flow situation. I will fill out the form within a week or 3.
@DenzelNapoleonRodriguez5 жыл бұрын
That is awesome and a good plan look forward to working with you. If you have any questions regarding my service feel free to ask.
@Xander-tf7sg5 жыл бұрын
GREAT GREAT videos Denzel.. So where does my cash flow each month go? Do i stash it away and watch it grow? Im confused..
@emmabbyreborns3413 жыл бұрын
Your cash flow pays down the debt. In this scenario, every time this person gets paid, they dump their entire income into the credit card debt and then uses the card to pay his bills throughout the month. The cash flow stays in the card, thus paying it down every month until its paid off.
@delilahortiz68875 жыл бұрын
Thank you.
@Fa-Sho855 жыл бұрын
Very helpful stuff.. really appreciate it
@mick11355 жыл бұрын
Can you explain how it is possible to eliminate $11,850 in debt between 2 credit cards within 9 months, when cash flow is only $490/mo AFTER credit card 1 is paid off. $490 x 9 = $4,410 so how is it possible to pay off $11,850. Where's the remaining $7,440 9 months down the road??
@DenzelNapoleonRodriguez5 жыл бұрын
mick1135 you go off money going in not cashflow or else you can go back to debt snowball method
@rickstuart59675 жыл бұрын
Sorry Denzel. Afraid I'm not clear on your response. Using the question above you would think you are paying down the chunk by the cashflow amount to et the chunk to zero before can repeat. You still have the monthly expense to take out of what you put in. Can you clarify how the balance of $7,440 is paid off?
@DenzelNapoleonRodriguez5 жыл бұрын
Rick Stuart yeah I did not clarify this in the video that well. The amount of money going into the credit card is what matters most I’m going to have available space in the credit card or cards for this case. Since this is a real scenario there cashflow will not be consistent with my example because they will have more cashflow which will give them the ability to put more money in. I was doing my best to lowball the scenario to show how effective this strategy can be. It’s hard to explain in writing but if you keep watching more videos I hope it’ll click. Just remember it’s not just the cashflow that is eliminating the debt it’s the whole entire chunk as well in this case the 1,875
@DenzelNapoleonRodriguez5 жыл бұрын
mick1135 the main objective is to avoid that interest from accruing after it expires on the big credit card
@DenzelNapoleonRodriguez5 жыл бұрын
mick1135 please watch at 13minutes
@bobbychapman9936 жыл бұрын
YOU MEAN THAT THE CC WITH $950 WOULD TAKE 3 MONTHS TO PAY WITH A CASHFLOW OF $380, NOT 1-2 MONTHS.
@DenzelNapoleonRodriguez6 жыл бұрын
Bobby Chapman no I mean what I say because in the first month that initial debt is paid off with my first chunk now the debt is revolving I’m not paying interest on. I’ll still use the card for another month or 2 but the debt is paid
@DenzelNapoleonRodriguez6 жыл бұрын
Bobby Chapman also keep in mind the numbers I’m running are conservative he’s cashflow is more then 380
@hablandodecarros31634 жыл бұрын
I don’t know how I got a video where you start talking about velocity banking and here I am from Orlando Florida
@fvargas72835 жыл бұрын
Hey In the Mexican communities we have a system called “tanda” a number of people he let’s say 20 put in $100 a week and each person takes a number from one to 20 and you get all the money on that number week. Could this be a tool used for that instead of a LOC.
@DenzelNapoleonRodriguez5 жыл бұрын
depends on how reliable that system is
@biggsnuff5 жыл бұрын
Denzel if you can make a video going into how to use the LOC or CC in relation to the closing dates so your balances are not reporting at a high balance. High balance reporting is a major factor in credit scores.
@DenzelNapoleonRodriguez5 жыл бұрын
this is true but once we start applying velocity banking your credit score means nothing now its a matter of how you use the credit. If I have a CC limit of 4k and i spend 2k a month and pay it back each and every month on it for 12 months technically I used 24k on the CC I can easily get an increase or apply for a LOC and my chances of getting approved are much higher
@doug71705 жыл бұрын
Good job. Thanks
@quitawallace8984 Жыл бұрын
I love your content....
@tilitila884 жыл бұрын
WIth all due respect....YOU BEAT AROUND THE BUSH FOR EVER!!!!!!!!
@mrlackofsleep20094 жыл бұрын
That is because the content is a scam
@tilitila884 жыл бұрын
@@mrlackofsleep2009 No it's not.I just paid off $5,000 in 2 months.I like to listen to a lot of teacher's.That was the reason for my comment.I'm about to pay off my last Credit card in also 2 months.It's not a scam.Go back to sleep.
@cariasdj5 жыл бұрын
I just need this desperately my friend!
@REQtip4 жыл бұрын
So, if you're living paycheck to paycheck not including credit card payments, all your money goes to living expenses with nothing left over, you're basically screwed?
@DenzelNapoleonRodriguez4 жыл бұрын
Lela Quiroz yes
@DenzelNapoleonRodriguez4 жыл бұрын
Lela Quiroz this wouldn’t work for you first you have to learn to manage money properly first spend less than what you make have positive cashflow leftover then you can graduate into the higher level strategies of creative finance
@djaywise Жыл бұрын
When the time comes, how does one determine how much $ to request on the LOC? I’ve seen about 10k in quite a few examples. Is there a reason for that?
@DenzelNapoleonRodriguez Жыл бұрын
typically after one year it doesn't hurt to request a credit line increase. Once you have a debt tool say a PLOC you can find out what the max credit limit is from that specific bank. Let's say it's 50k and you start off with 15k. After one year I would apply for an increase some banks will allow you to put the request amount in yourself others will just approve based on what they determine. I personally like to do healthy increases say 5k-10k with the PLOC's or based on your relationship with the bank you can ask further questions on how much to apply for. Doesn't hurt either way to make it a habit of regular yearly increases on the line of credit till you reach the limit.
@richardflosi5 жыл бұрын
Just moved to Florida! Howdy neighbor.
@brittanyw91074 жыл бұрын
Im in Florida! lol (I watched til end)
@seannorth82825 жыл бұрын
What is the best type of Debt Weapon? How do you make payments from that account? If you "write" a check you get charged a 1-5% fee. Need more details on how to pay my monthly expenses. Can I make a mortgage payment from a CC? So If I use "cash" to pay some of those expenses...am I keeping my checking account for that purpose? I get that its not cut and dry, but it can get convoluted for sure.
@tommajor38324 жыл бұрын
Denzel Napoleon Rodriguez Please don't talk faster!!! All of the other presenters of this topic speak to fast, miss important steps, and it's more difficult trying to find where they're making errors. Thank you for this!!!!
@02powertube4 жыл бұрын
I feel stupid.. i dont get this at all.
@margauxv254 жыл бұрын
Me either. I guess we keep watching videos till it clicks
@RoganRicheart4 жыл бұрын
Great explanation.
@qztip5 жыл бұрын
My biggest problem is that I can't get approved for a PLOC yet. Using a CC with 22%apr still works but its not as good lets be honest. What I am wondering is if my limits will go up, credit score as well and ultimately if my net interest paid will still go down using a cc instead of paying my 17% car loan on its pay schedule.
@msgshep27834 жыл бұрын
Hello D., I love it. I'll get a question to you, soon. Thank you.
@10MinutestoRouletteFortune5 жыл бұрын
Hey man, great info. I think you helped me understand it a bit better and despite what people might say, I like the pace in which you explained it. However, it looks like in this scenario he is using his cash flow to pay off the debt, but his bulk payment is paying down the interest accrued daily? I guess I'm lost because what he is paying in otherwise is just being paid out the next month and the way I see it it's just the cash flow that is paying it down.
@DenzelNapoleonRodriguez5 жыл бұрын
The original debt is being paid off by the chunk which cuts off interest. You are correct I'm doing debt snowball on steroids and I do not lose my cashflow in the process do you see that. I do not have to wait once a month to make an extra payment my chunk or chunks did that for me.
@10MinutestoRouletteFortune5 жыл бұрын
@@DenzelNapoleonRodriguez Aww, so the lump sum is cutting the interest and you aren't losing your cash flow as it's still available to use from the weapon. ? 11:40. I'll have to watch your channel some more as I'm a new sub to your family and this is all new. I like your teaching approach and your pace of speech. A TBI in the Marine Corps has made me a little slow at times but I laugh it off. I'm poised very well to get a rental home in the future for some positive cash flow. I'm aiming for a $50k HELOC when my credit gets a little better. My home is paid off ($230k value) and I have zero debt with a $5500 "CC weapon". Because my debt is zero, my credit is rather low. Besides that, I'll try to figure out how a chunk payment (let it be from a CC or HELOC) paid from that weapon to the home or car is diminished by merely using my paycheck to pay my weapon. What isn't clicking is how that principle is paid down when I keep using the same weapon which maintains the balance month after month for expenses. I see how it cuts off interest, but how is the principal paid down from the original chunk payment and the only thing I can think of is the cash flow that would then be lost in a sense.
@brian16805 жыл бұрын
Keep giving God rewards those who try and better His people. You can't out give God. Hilarious give without wanting in return you'll be blessed.
@SurfSk8Snow1004 жыл бұрын
i wish I found thus video 2 years ago
@IzYaBoyNIGHT9786 жыл бұрын
Thank you
@housebills69394 жыл бұрын
Bro this here is gonna pay off our mortgage early!
@jennycaldona4 жыл бұрын
awesome thanks!
@jaypos444 Жыл бұрын
Yet again, I still don’t get it after watching like 6 videos lol.
@DenzelNapoleonRodriguez Жыл бұрын
It took me 2 years to fully get it. It takes time nobody is taught this growing up and it’s a foreign concept. Give it time and keep learning the light bulb 💡 will eventually hit and then you’ll be happy
@DenzelNapoleonRodriguez Жыл бұрын
I recommend going to the playlist and you can watch the case studies in order from oldest to newest
@jaypos444 Жыл бұрын
@@DenzelNapoleonRodriguez I appreciate it. I’ll definitely keep doing my due diligence. I’m going to watch more videos to see if it click.