Which Debt Should I Pay Off First Using The Velocity Banking Strategy? | Velocity Banking Explained

In this video, I will be covering how to determine which debt you should pay off first using velocity banking.

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▶️▶️ DISCLAIMER ◀️◀️

Mike Adams is not a licensed mortgage broker, not a real estate agent, not a Certified Financial Planner, not a licensed attorney, and not a Certified Public Accountant. Viewers will consult with their professionals prior to engaging in any financial strategies.

Also, this video and description may contain affiliate links, which means that if you click on one of the product links, I’ll receive a small commission at no cost to you. This helps support the channel and allows us to continue to make videos like this.

Thank you for your support!

#velocitybanking
#velocitybankingstrategyexplained
#whichdebtshouldipayofffirst


Translated titles:
¿Qué deuda debo pagar primero con la estrategia Velocity Banking? | Explicación de Velocity Banki

Welche Schulden sollte ich zuerst mit der Velocity Banking-Strategie abbezahlen? | Velocity Banking

Quelle dette dois-je rembourser en premier avec la stratégie Velocity Banking? | La banque de vites

Qual dívida devo pagar primeiro usando a estratégia de banco Velocity? | Velocity Banking Explaine

वेग बैंकिंग रणनीति का उपयोग करते हुए म

ما هو الدين الذي يجب علي سداده أولاً باستخدام استراتيج

Kuv Yuav Them Qhov Kev Them Nqi Dab Tsi Ua Ntej Siv Cov Velocity Banking Strategy? | Pov Tsoob Ntxha

Velocity Banking 전략을 사용하여 먼저 어떤 부채를 갚아야합니까? | Velocity Banki

Khoản nợ nào tôi nên trả trước bằng chiến lược ngân hàng tốc độ? | Giải

[jojobudgets]

I love your videos. They have been so helpful to me and my family. We began our debt free journey in February with a little over $102, 000 in debt. We are now down to about $64, 000 after using the debt avalanche method. Most of our loans have been 0% interest. I'm now working on my $61, 000 student loan that I have been lugging around with me for over 10 years. It's a 15 year 4.75% loan I refinanced about 2 years ago. We will be using our HELOC in combination with a travel card to implement the velocity banking strategy to pay it off over the next year. Your videos and explanation of this method has really helped me to understand my finances and regain control. Thank you so much!

[brandonbarclow]

It amazes me how so many people are against this strategy. I just don't get it. I'm 100% debt free and now I'm using this strategy to pay off my rental properties. Thanks Mike.

[hassanjmamou]

Mike Adams.. man of genius, big time life changer!! Thanks

[dwalk]

Great info! First time I have ever heard of the cash flow index. You make it simple. Wish I knew someone like you growing up. I’m sending my two sons to your channel.

[mikefoley]

Wouldn't it make sense to consolidate all your debt into a HELOC and dump your paychecks directly into the HELOC? That way you are only working 1 interest rate based on a daily average balance.

[Iamdjquietstorm]

Thats a cool way to look at it. I'm learning alot, thanks

[IAmMzJess]

Awesome video. I had this question myself.

[quintinmason]

Ahh Garrett idea I like that the cash flow index is what helped me the most

[jeancarloferreira]

Hi Mike. I have a similar question except in my case I only have one debt which is my mortgage. What I'm trying to decide is whether I should put all my cash flow towards the principal and pay it off or invest it instead. I want to have the freedom of not having any debt but I also want to invest asap to let the compound interest get to work. My mortgage i owe $76k at a 3% rate. My excess cash flow per month is $4k. Not sure what to do first. Both scenarios make sense to me but would appreciate your thoughts

[credit_crypto]

What if the car loan is simple interest . Should I still pay the car loan before mortgage?? Thanks

[lindacleary]

Mike I just obtained a $250, 000 Heloc. I paid off a rental property, truck loan and 2 lines of credit. I have 4 rentals paid off and owe on 3 rentals. I obtained 3 credit cards with 0% interest and 18 months to pay. I took 2 credit cards and paid down Heloc. I still have the last card. Should I put it down on the rental with highest interest or put it on the Heloc? Cash flow is $5100

[denvermeintjies]

Hi Mike. We appreciate your webinars. It helps us.. Can you explain as to how this applies in the South African Financial Content re: felicity banking strategy?

[Sourcemaster]

So much great content I had to subscribe, I would also like to get som advice on a first credit card to start this with a credit score of 690

[arturbikbulatov]

Where do you get this numbers from? Who set up those more than 100, less than 50 etc numbers...

Do those apply in States only?

[joeycowboy]

Mike, I always enjoy your videos, sir! Thanks for sharing information on the Cash Flow Index (CFI) method.

I agree with you that the CFI method is probably the most efficient/best method for choosing which debts to payoff first.

I have another scenario for you to see if you think that following the CFI method is still the best strategy.

Let's assume you have a new mortgage with a 165+ CFI (very efficient) and a new auto loan with a 61 CFI.

At first look, the person should tackle the auto loan debt first, as it is definitely less efficient.

But don't you achieve the most overall savings with amortized loans (especially mortgages) if you make large chunk payments in the early months of the loan?

Plus, if you go after earning higher equity in a home, you could qualify for a HELOC more quickly and could use those HELOC dollars to invest in rental real estate.

So would it still make more sense to attack the car loan first or would tackling some of the mortgage debt in the early months actually achieve greater savings?

[joseriveraconariana]

My friend thank you for your help I have a question I have no credit card debt no student loan but I have 10 mortgages which mortgage I attack first

[abubakarimtiaz]

Hi Mike, thanks for your video.... always helpful. You covered from the cash flow perspective but what about saving interest ? Car loans amortizations are different from mortgage and paying car loan first will not save you money.. any suggestions?

[ericeverson]

Mike, If I can qualify for a HELOC would you recommend that over a balance transfer credit card? If yes, why?
Thanks so much for your great plan to get debt free and start the wealth process.

[robinsonanimation]

your example is exactly my situation!! hahaha it couldn't be any clearer!

[kathrynhall]

Are we, really going to see this, second wave of the stipulas check ?