Is Velocity Banking A SCAM? Let's Run The Numbers

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[DenzelNapoleonRodriguez]

In this video I made a mistake when evaluating the scenario for Christy Vann’s video and William Lee. There is a small difference in velocity banking it will take longer than 10 months in her example. I made an error and will own up to it. I’ll be making a video correcting myself.

[paigezecher-thehomeloanlady]

My husband has a masters degree in mathematics and was a college math professor. He thought velocity banking was crazy talk until we ran the numbers. Guess what? We are now doing velocity banking!

[jayceerenegado]

I don’t think Mike Adams has made a YouTube on velocity banking for a long while, yet his presentation was easy to understand. I always tell folks about your channel for velocity banking, as you have a plethora of videos regarding the subject. Velocity banking doesn’t make sense until you put it into practice - results are evidence of its effectiveness.

[ComdrStew]

14% amortized loan, holy crap. You would pay a total of around 280% on that loan. Check your mortgage papers or loan papers, it shows you exactly what you will pay on the papers. A 6.35% mortgage will show you paying 123% overall. LOC interest rate is different. The % goes by the day, so % of the year divided by 365. Anyone that works with mortgage or banks or is supported by them, will say it is a scam.

[lillieliddell-james]

In a future video, we need an example for people with monhly income of 2, 600, expenses of 2, 900, negative cashflow. Most of the case studies have addressed cases with higher incomes and positive cashflows.

[ihague]

Velocity banking boils down to 2 simple ideas. 1) if you can use interest free loans, do so and 2) ensure that any positive bank balances are working for you. The problem is that if you are already optimizing these two financial principles, then you don't really need velocity banking. Also, here in Canada, credit cards give you a 1 month interest free borrowing period, but lines of credit don't. I don't know where you're borrowing money from an LOC and not immediately paying interest. So, the only advantage of the LOC here is that it ensures that positive bank balances are absorbed into it. But, you can still just apply any positive bank balance to your highest interest rate loan, use your CC for regular expenses. This has the same net effect. Basically, just don't have money sitting around doing nothing, and ensure you defer as much payment using interest free debt. Many variations here that are not "velocity banking".

[Dieselprescott]

That’s because to do VB. You would need positive cashflow.
Now for some that might be the start!
Lower expenses, take on an extra job etc. have a plan for every dollar, anything to find that little bit of positive cash flow so that you can get your credit score up and get to the practicing velocity Banking

[rosestill]

Also many who talk about velocity banking, do not use all the monthly expenses.

[toluca]

The "You can't use debt to pay off debt" argument breaks down when you realize that debt arbitrage is used all the time by banks. Meaning borrow in one market with a lesser interest rate to use the currency in another market with a higher interest rate, to your advantage ("pocketing the spread difference"). This is what banks do with customer deposits; we are just doing it without the scale. The average daily balance part is the key, along with chunking down the principal continuously.

[neeciepalumbo]

First live stream, new comer from Las Vegas

[Tjizzle]

The only thing I feel is a bit shady is that no one that teaches this goes over how it will affect your credit score. Yes paying the balance before the statement date will increase your score but if you’re trying to use velocity banking for a large amount of debt, those bigger balances will have to remain there past the statement and due date which in turn will tank your credit score because of how much utilization you use. Havnt had anyone address that and it seems shady.

[confusedzentradi]

First 30 minutes, William Lee versus Christy Vann. Will is using Excel to calculate the payments. You don’t know if it is Simple Interest or not? You’re a self proclaimed Finance Geek and you don’t know How spreadsheets calculate amortized loan payments? Lookup PMT function on Google. Also, what is the interest rate on the convenience checks Christy is using?

[racheldixon]

Ok thanks for clearing this up, ok so it’s important when you put money in and when you take money out could you please explain that money in bills out right

[nickstockbridge]

Cannont pay debt with debt....then what is a consolidation loan? or a refinance? Or transfering balance on cards? are they not debts that pay debts? as you end up saying this after i finished typing lolol

[rosestill]

I would like to try, however I’m afraid that a credit card that I’m going to use for expenses may cut off my amount that I can use. They tell you that they can lower or cut off a loc at anytime. Does this happen often.

[kkadam]

"Amortized interest" is a made up term.
Mortgages are calculated using simple interest.

[TROBTLA]

With my bank, interest charges begin on the transaction date. There is no grace period.

[nickstockbridge]

Yeah his math is off. 12mo term at 12% Creates a payment of 624.94. First payment puts balance at 6448.06, 551.94 in principal and 70 in interest.
month 3 the interest should be 58.91. Biggest issue is that guys didnt put the cents into his calculations. also a 10bii calculator has become my best friend. (A financial calculator that shows me the amortization schedules) Month 7 should be 36.04.

[rosestill]

Do you have to ask for convenience checks, and do all credit card company’s offer them?

[Nimsiv]

Why does interest matter? If you're using convenience checks, the interest rate is usually big fat 0 for 12-18 months. You pay 3-4% upfront for the transfer, but after that it is smooth sailing(0%) for the duration specified. I have been watching this for 50 minutes and Denzel hasn't made a mention of this.