Can you SAVE $69,000 within 24 Months? YOU CAN with this trick. #mortgage #DeathNote

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[EmmortalCG]

The basic premise of this is that you are using a line of credit which has a yearly interest rate to pay off part of your mortgage which has an amortized interest rate. The mortgage has all the interest built in up front so for a 30 year mortgage for the first 10-15 years if you made default payments, the majority of your money is going to interest and not principle. The personal line of credit allows you to take that $10k and pay off $10k of the principle of your mortgage which in turn reduces the amount of amortized interest you would have paid on it. You still have to pay back the $10k from the personal line of credit but because the interest is based on a yearly rate your interest is much much lower and the payment is much lower.

When she's talking about putting your income into the personal line of credit, she's saying take your paycheck (after taxes, deductions etc) and put the entirety toward paying off the loan, then use the loan as a revolving line of credit to pay your groceries, gas, utilities and other living expenses. You rinse and repeat this cycle until the personal line of credit is paid off, then you do it again to pay off another $10k chunk of your principle. Doing this can save hundreds of thousands of dollars in interest over the life of a 30 year loan.

[HugoBergmann-lund]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[skiegazer]

Two additional comments to this wonderfully informative video:
1) Make sure your mortgage includes a clause that allows you to pay off the mortgage early
2) Make sure any extra payments you make are going towards the principal only

[sarawilliam]

The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.

[AimForTheBushes]

I'll need to watch this at least 10 more times to understand what is going on

[budgetlifemillionairesby]

In 2006, I bought my first house with a 6.375% 30 yr loan! First month I put another $4k from savings and had a HELOC of $11k, borrowed $6 k to pay down the principal, my checking account was connected to the HELOC so as I got paid I put most of it in the HELOC to pay it down as fast as I could so I could dump another $6k! Paid that house off in 9 years and saved over $100k in interest

[MizThe]

I started investing in stocks at 18, grew portfolio to $600k by 33. Recently, lost over 30% and want to mitigate risks. Also, plan to pay off my mortgage and want my portfolio to grow. What should I do for stable cashflow?

[johncipolletti]

As a mathematician with an economic background. I would like to give the best secret for saving your money:
Stop buying expensive crap you don't need, especially on credit!

[lajuanjohnsonbtc]

"Don't pay anybody to help you with your finances". You get a thumbs 👍 for that 1 sentence alone

[khukri_wielderxxx]

Ma'am,

You are the BEST YouTuber I have EVER seen on personal finance when it comes to mortgages, you are a GODSEND to people like me who they are CONSTANTLY trying to screw us over

[roya]

I understand this!!!! I NEED to do this!! Thank you so much!!! Oh man!!, I'm sick knowing how much I've spent on my house these many years and the balance just hardly moved!! they know what they're doing and will continue! We all need to LISTEN to you Vann!!! Thank you!! I'm going to begin this process!! ❤

[bernie]

I'm lucky, I'm past the saving mode and well into the spending mode. Retired 7 years ago. Work hard, save your money and retire early. It's a solid plan that is working great for me.

[ThePokerStreets]

This is the kind of stuff that should be in high school math curriculum to give kids a fighting chance in this crazy world. At least the information is more accessible than ever now with wonderful people like you taking the time to upload. Thank you!

[tmaddrummer]

Thanks and Blessings from this new subscriber! So under the pretext of owning my own home, or homes over the many, many years of mortgage payments that I've been making since 1980, I never quite understood the thievery that I have allowed me and my family to be subjected to until you have so thoroughly and reasonably explained this to me. The feeling I am going through at this moment is nauseating, very, very nauseating and to think that I was told what a great deal I'm getting with a 30 year VA Loan. Well, the Good News is, one day I'll be leaving this place for my True Home, and JESUS paid that mortgage for me. Thank YOU JESUS! Thank you Christy Vann!

[ashlaunicaalpari]

I have a $40, 000 mortgage at 14% interest. Just discovered you tonight and binge watching!

[shyshy]

I am mind blown. I need a LOC immediately! I love the ending about "you don’t need a financial advisor, your mama or the bank" praise The Lord for this video.

[tiar]

Bless you, and thank you so much for this information. I wish I had known you when I started off. We've had to scrimp and save for decades, living on next to nothing, and I don't drink, smoke, take drugs, go out partying, have anything designer, or holidays. But now we are financially free after going round the houses for decades. But I'm blessed to be debt free on a tiny pension.

This should be taught in schools, as Jewish children are taught to be savvy with their money. But our systems won't allow it because then we will see where we are being ripped off, left, right, and centre, everywhere we turn.

[johndeanconway]

Great content as usual, I loved this as I am about to invest in uk property with 70k deposit (plus fees and more savings for furnishing and decorating) to buy my own place, but I am also treating it as my fourth investment, having two spare rooms for lodgers to cover this property mortgage and tax costs... and to build my equity whilst working my day job for my next investment.

[gingerkilkus]

Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.

[sanchez]

My take away is that mortgages are typically “compounded” and lines of credit are “simple” interest. When it comes to paying debt, you end up paying significant less money for a simple interest loan even if the interest rates are higher. Compounded interest = interest charged on interest. I think I see why mortgages are considered “ highway” robery.