How to tell if Velocity Banking will work for YOU!

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00:00 - Disclaimer
00:41 - 1. High interest debt
01:48 - 2. Low or negative cashflow
02:43 - 3. A lot of minimum payments
03:53 - 1. Interest rates are competitive
04:51 - 2. Big cashflow to start
05:20 - 3. Few, large debts
06:04 - Scott case study
08:03 - Jessica case study
08:56 - Nicole case study
10:04 - Carlos case study
11:55 - Mark case study

[FinancialCoachJess]

MOST of the case studies I received fell into one of these 5 examples. I still have a few outliers that will get their own video so stay tuned! Also a video coming up: "Why taking out a HELOC to pay off credit card debt is one of the riskiest things you can do!!!"❌❌❌❌

[sarita]

We're using both velocity banking and debt snowball....but we will only use a PLOC doing that, never our home (HELOC)...our home is paid off, so there IS no way we would use that for leverage. So far, we've seen some amazing progress using velocity banking. I found out about it last year and within a month saw a difference. But you have to be disciplined. It can get out of control if you aren't.

[DebtfreeMike]

Excellent explanation. An honest comparison and you’re very right about the danger of a Heloc. One thing that always amazes me is the assumption that people who have lived above their means on debt are suddenly going to change their behavior. The idea of increasing income and reducing expenses is seldom mentioned by those who push only VB. A good coach always considers what’s the best option for each client. Thank you for helping others.

[deval]

it took me about a month at the most to learn the velocity banking process, to run my estimated numbers and to start implementing it. two months into the process and my debt is down approximately $5K.

[GGVanilla]

Ok I love you. Immediately subscribing. #1 your tone of voice is lovely. #2 you explain things very eloquently and simple #3 you honestly just seem like a good person ❤

[PamDalton-soby]

Thank you so much for your honesty and support. I have so much high interest rate cc and loans and have been studying VB and I have no line of credit and cannot get a PLOC. My cash flow is low but not negative and Im nervous about the cc companies lowering my credit limit if I start parking my paycheck ( chunking) and after watching your videos I decided to Snowball and buckle down on our budget. Thank you for your time in helping all of us with our debt. Your time and videos are appreciated😊

[TheBudgetLady]

Thank you for saying what I’ve known for years as a retired banker and lender. Velocity Banking is not advantageous in every single situation.

[robfraser]

Really helped me understand the route I need to go to work through my situation. Thank you so much!

[Joce]

In Minnesota add bank of Montreal you can get 5.6% in some other places in Minnesota. You can get 6% interest on your savings.

[reedshards]

Hi again. I really love your videos and I have a feeling of excitement for paying off our debts. One question. If I use VB to pay off one credit card, do I just switch to the next credit card to park my paycheque in? Thank you! Liked and subscribed :)

[mtmwidz]

When you do velocity banking and build up credit are you allowed to put that towards whatever you want to, or does the bank have to first approve of it depending on if they think it's going to be put towards something that's a good idea or not?

[leeposton]

I just don’t understand why you’re comparing the debt snowball to velocity banking. It can all be done together. Velocity banking is just dumping your paycheck into which ever vehicle you’re using to decrease monthly interest. Whether you decide to do the debt snowball or start with the highest debt or the lowest debt or the highest interest rate versus the lowest interest interest rate. You would still use velocity banking either way.

[fpxclff]

Debt snowball is the right choice for like 95% of people. If you’re a super nerd and hard headed then MAYBE velocity is the better choice.