@@-vickyspit- basically you are using the CC like a bank, the money is in and out of the CC, not a bank. It is an interesting concept, but I’m worried without discipline the person could get out of control. What this does do, is build and increase your credit in a positive way.

Thats why she stated you need to know your numbers in expenses. Set expenses.

Thank you

Excellently said. Thanks for watching!

Yes, throwing all of your money to cover the expenses plus your cash flow into the credit card makes the credit card pay off quickly. You should have zero balance in your checking account as long as you have debt. Your money should be working for you, not the bank. Your cash flow is in the line of credit. If you have an emergency or a need, the cash flow is in the line of credit if you are able to use it as needed. Does that make sense?

Thank you! We all wish we had known decades ago.😞

Me too!!! 🙌🙏🙌

Congrats! Inspiring!

Maybe you should be the one doing the video! Second video of hers that I've watched introducing this concept and it seems just as bad. She does not a good job teaching this. Is it just me?

How do you pay someone, say a service provider like lawn care with the cc account if they don’t take a cc? Is there a way to send a check?

@@mrnajee1I know what you mean, like when she refers to $4.75, what’s that now? But something about her makes me want to learn from her. I just pay more attention

But can you pay all expenses on credit card or line of credit? What to do if you can’t? Do you leave some cash in checking? Can you do auto pay set up like you do with bank checking account now? If you are using a credit card to make payments, do they send you checks? Can you make cash withdrawals?So many questions…

And this works for people who aren’t in distress because it works!!!!

Got it HARD. Translation: No self-control. Been there myself.

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust. Sincerely it's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

Mind if I ask you to recommend this particular coach you using their service

Sonya Lee Mitchell is the licensed fiduciary I use. Just research her name. You’d find necessary details to work with a correspondence to set up an appointment..

I looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly

Well said, it can be a very slippery slope for the undisciplined. 😢

Absolutely, she's just doing a debt snowball playing with debt trying to save a few bucks. I'd definitely recommend a person who's bad with money doing this this way if at all to anyone. Create a budget, do a debt snowball. That's all she did. I'm 5 months you can have the furniture and misc cc bills cleared out, have $800 to throw at the next debt. It's exactly what she did playing with credit cards. Debt free other than the house. Trust me. There's nothing special about the Dave Ramsey program but it's sure as hell a lot simpler and works and won't put you in a worse place if you are bad with debt.

​@@mutteringmatt7611the deeper truth is you should do a debt snowball and not play with debt to pay off debt. If you're in the situation you need this you already suck with money. Budget and do a debt snowball.

Yeah cause that's how millionaires made it!

It’s been proven that credit cards encourage overspending. Those points are worthless as a strategy if one is over spending. Spend 1,000 to get 10 dollars in points is stupid. That being said - we put all of our expenses on one card that have to be paid and use the points- but we NEVER not pay the balance. Never carry interest

Cannot be a frivolous spender! Thanks for watching

That is definitely my problem!

HAVING a Budget and working the Budget is KING.

Unfortunately, the concept wasn’t shared much back then. I really think it’s been considered a strategy only for the wealthy, but then again…had every American been made aware, we would have many more wealthy Americans out there. Right? Thank you so much for your service! Very, VERY thankful to all of our servicemen and women. Thanks for watching!

What's a money moving app?

She stated that the money can be transferred between their ✔️ account and credit card. So they can easily still pay their credit cards at no additional cost

Hey man, I think I’m still little confused with the concept of this velocity, maybe missing some basics when it comes to finances here in the states cause I recently moved in from another country and would be permanent. Any recommendations on where I can start as a base off. If anyone got some suggestions too I’d highly appreciate it. Thanks

@@pascalenator cash app paypal etc.

@@erikamcneal4402 I cant move money from my credit cards like that. And I have all of them you name it amex discover. They dont let you transfer money without a fee. Thats called a cash advance.

Yes I was going to add that I am charged interest at the end of the month on my final balance

lower the balance just before the billing cycle

@@mrcbuilds you’re not spending it in two days..you spend it over the course of the month

@@benholdin Exactly right. You pay your other bills with your card when they're due. Doing it this way, reduces your actual monthly payment to the credit card, so it's a twofer. You reduce your balance and that reduces the payment due, which you will actually keep the same as when you started, thereby paying the debt off even quicker.

Yeah but she is building credit

Don't place all of your income into the credit card. Keep some cash, for the mortgage or rent or play money. The principals still work out as a benefit. The problem is you have to budget carefully to ensure you don't over spend now. If you can do the mental gymnastics it can work out for you.

AMEX is notorious for taking forever to credit payments to your account.

If you’re in debt you don’t need any play money lol

Also if you keep your credit card maxed out, won't your credit score drop?

@@oroxlaw1493 The idea is to pay off your full balance every month, so you don't get charged interest.

Thank you so much for the kind words and her watching!

Actually, God knows better than to fall for the velocity banking gimmick.

It really works! I'm on my 5th month and make sure you stick to the food/restaurant budget you have in expenses! I leave cash in my checking only for the rent and two credit cards. My credit card get $25. Credit each month which is the rewards for paying my utility bills through the credit card. Everything I set up in the credit card that is giving me great credit rewards directly. Its really easy once you stick to your budget and send all the income less rent & cc payments.

Thank you so much ☺️

There’s a company called Plastique or something like that. It allows you to pay your mortgage on credit then pay them with your checking account.

You can use the same concept with a HELOC ( home equity line of credit)

I have a credit card from the same bank where I keep my checking account. They’re linked and I have overdraft protection from that card as well. If I need cash I can transfer money from the credit card to my checking account instantly (with a small fee) or I can pay my bills from my checking account and the bank will automatically transfer money from my credit card to cover any payments made from my checking account with NO fee at all.

That would be a great video

Snow ball is better. If you have a financial breakdown, your plan goes out the door. Whether it's a credit card or checking account it's still a banking institution. This just seems too complicated not to have issues. Kiss principal works best. Take any extra and apply to lowest debt.

I noticed you didn't add the credit card intr😢est back onto the sample I think it wouldn't pay off near as fast as your sample shows and there is several other factors on play here. As some have said most loans can't be paid with a credit card. But it would be interesting to see if it actually worked

So how’s it going one year later?

I’m working on that. Thanks for watching!

@@leahrabeauxvezinat8871 😊 Bless you. Thanks for watching!

As I'm watching this video and simultaneously having my mind blown and then second guessing my understanding, my first thought was for me to put it into Excel so I could understand it better. 😆

@@amg9163 I have now put it in a excel spreadsheet. I pretend that I can enter my info or someone else’s who is interested. I like it because it does the math for you.

im on my second month doing this process. I also started a side hustle and put all of that on the credit card too. I feel so good.

I started paying more attention to stock and learning more about online trades

Trading became interesting when I met Shanita online and she gradually exposed me to the whole trade market and how to earn massively from it

Meeting with someone genuinely good at the financial market was a break through for me

A common mistake we newbies make is venturing into the market without help and legit guidance

@JuergenWoehlert I invested $10,100 with her and she made profit of $53,000 for me just in 5days

I have one low balance card too but I think this could work. Balance should just shrink faster in theory

Create a budget, do the debt snowball. That's all she's doing while playing with debt. It's been way over complicated lol

L

Bob reduce your expences and pay off your debt. Theres no magic to finances. Just spend less than you earn.

It is a beautiful strategy. Thanks for watching.

I thought my husband was going to look at me like I was crazy when I shared this with him. Once he watched a few videos he was just as excited as I was. I hope she accepted it and gives it a shot. We just started a week ago and already see a HUGE difference and the weight is lifted off our shoulders. Pretty amazing info!

Why though? How does this save you money if you can't pay most of your bills with credit cards?

Great point. I think the part that’s not mentioned is that the cash flow ($522) plus the CC payment ($228) account for the $750 difference each month.

It bugs me that the number of comments I had to scroll through to find someone else that understood this. It also assumes you can make your biggest expense rent/mortgage payment with a credit and not get charged a fee

One risk is also what if your Credit Card Company decreases your credit line, then you will not be able to use it to pay the other bills 😂.

Yes, her math here does assume that you can put 100% of your income to that CC. However, you can simply minus whatever expenses you can't pay with a CC and just use that left over amount of money to do the same thing. So say, from this expenses list, that you can't pay your cars with a CC, that's $819 removed from the $6,300. You can still effectively decrease your CC interest costs per day by just managing whatever you have to pay without using the CC and still bringing down that CC balance each time you get paid. For me, it works especially well with a 0% interest transfer CC. So, I am only charged interest on my new charges, not the balances I had transferred from previous cards. I can't pay my mortgage, insurance, utilities or vehicle with a CC so I subtract that from my income and set it aside in my savings account until I need to pay them (for me savings makes more interest than checking). Then I put every other dime I have into the CC and only spend from there. It isn't a huge amount of savings just small bits of interest, but works better than just paying your minimum CC payment monthly. You still have to budget, no doubt, you can't ever get away with not doing that... but, again, the little bits of interest saved help to get that card balance down faster. (That is if your CC builds up interest daily and not just monthly, I made sure to get one that was accrued daily.)

That's what I am thinking too!! I had to watch three videos to see if I was missing something!!

That’s me as well….so I’m strategizing on how to use velocity excluding the loan and mortgage debt. I’m thinking just as she subtracted the rent, etc. place the amount rotation that can be paid via the credit cards. It’s a slower process but I’m sure it will still work?!

@@imawake5176 Look into a HELOC from your bank if you own a home. Same concept.

You transfer funds out of the credit card in time for the debit order coming off your checking account

Thank you for watching!

You’re welcome! Thank you for watching! ❤️

😂..Not Smart! Let’s call it…Blessed with Wisdom…

Thank you for watching! Keep learning! I’m doing a LIVE tonight at 9 pm EST. Join us!

Nooooooooo. This is awful advice. Learn the debt snowball instead. Don't play with debt to pay off debt and tell yourself you are winning.

Concentrate on the concept

If one uses the cash advance of a credit card ,send it to your checking and then pay the other CC bills there.

Don't you know how much extra you pay for a cash advance on a credit card? This is dumb😂😂😂

3% or join a credit union

Yes! you have to be disciplined

Open a line of credit and use the same concept. I do the same thing with my $25k line of credit.

The only lines of credit that come up when I search for them online is HELOCs, is this what you use?

@@jamesborst8155 HELOC is a home equity line of credit (If you didn't already know that). However, many banks, credit unions provide LOC - a simple line of credit that's not tied to your home. I have a $3000 LOC thru my credit union and my rate is 8%.

If you have a line of credit, they actually have checks you can send.

I would imagine you could just leave your mortgage payment on auto draft to your main checking & then set a calendar reminder to transfer $ from your HELOC or LOC into checking to cover it?? Or your car payment etc.

God bless you and thanks for watching!

I agree…and thank you so much!

When maximizing your rewards, you separate the places you can use a credit card like cash (and that's the income you pay to the card) from the bills that charge "convenience" fees and those are the bills that you hold back the money in your checking to pay that way.

Care to define "piss-poor?" An actual number would be much more helpful. What was it before you paid off the $700?

You could balance transfer which is essentially the same thing

USAA & NFCU are Credit Unions, not cc companies like MC or VISA. You can use Checks for these accounts to pay your bills rather than just a card or use the card as a Debit Card same as a bank. Any Credit Union account will work like this.

@@adammayfield2089 Balance Transfers associated with standard credit cards incur added fees that you don’t pay with a Credit Union Line of Credit. Credit Unions also allow Direct Deposit like a bank.

​@@adammayfield2089 transfers incure fees

@angela dj this is exactly the thought I was having

Yes do it on ones that have cash back or rewards if possible.

Yes. As soon as you get paid, transfer into LOC. You are killing interest with every income transfer. I am so glad you are excited! It is exciting!

@@VanntasticFinances You rock

My rewards per month is $ 25.00 every month because I pay everything except the cc payment. I pay cc payments cash out of checking.

That’s why we’re learning and adulting now. No judgments please. Thank you

@@VanntasticFinances you really have to have that part of the conversation in order to find a cure for it. I thought it was a great video.

This is a skill you're in the process of developing. You'll have it down as easy as breathing once you've been practicing for 5 years as opposed to your first month when you'll probably make mistakes. Write out your rules on how this is done and refer to that list often at the start

Excellent answer!

You can do it!! Thank you for watching!

Hello! Yes…I have other videos explaining that. If you have other questions, you can email me at support@vannfs.com. Thanks for watching!

Balance transfer fee is one time fee you pay for that one time transfer.

Hi Elaine and thanks for watching! I do know that here in my city, the utility bill does charge a 2.5% fee to charge on a credit card. I do not use my credit card for the water bill. I hope that answers your question. I try to avoid all fees possible, as you should as well. Thank you again for contacting me and have a great day!

Why though? How does this save you money if you can't pay most of your bills with credit cards? I would also look at videos that address some of the major issues with velocity banking, such as when you get paid, % of accounts you can pay with credit cards, etc.

Remember leave cash expenses in your checking account. You place your cash flow and credit expenses on the CC. Good luck.

We are all learning together! 😂❤️

That’s my question too. So if the balance is $0 I still make a payment to my credit card when I get paid and then pay my bills from that?