The Number One Reason Why You Should Not Do Velocity Banking | Why Velocity Banking Doesn't Work

In this video, we will be discussing the one reason why you should not do velocity banking. Also why the velocity banking strategy doesn't work.

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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!

#thenumberonereasonwhyyoushouldnotdovelocitybanking
#whyvelocitybankingdoesntwork
#velocitybankingstrategy


Translated titles:
La razón número uno por la que no debe hacer banca rápida | Por qué la banca de velocidad no fun

Der Hauptgrund, warum Sie Velocity Banking nicht betreiben sollten | Warum Velocity Banking nicht fu

La principale raison pour laquelle vous ne devriez pas faire de services bancaires à la vélocité

A Razão Número Um Por Que Você Não Deve Fazer Velocity Banking | Por que o Velocity Banking não

नंबर एक कारण आपको वेग बैंकिंग नहीं करन

[rcruz]

Change the title to "Why not to do Velocity Banking with Negative Cash Flow"

[anag]

Thanks for the info, velocity banking works for me and i made my first 15k chunk in June. However as I’m helping my dad with his finances he has negative cash flow and I was still wondering if this would work for him and you just confirmed it won’t. Perfect timing on this video!

[tonytygrrHI]

Very good training! People get hyped about Velocity Banking without first examining their situation. If one has negative cash flow, gotta flip this to a positive cash flow by: 1) cutting expenses, or 2) making more income.

[ahikernamedgq]

This is a solid video. Thanks Mike. Really speaks huge to your credibility. Thanks for the video, man. Subscribing.

[thefenix]

Yeah Mike, normally I agree with your content, but this one I have to disagree, I was one with negative cash flow because of maxed out credit cards, a student loan, an auto loan, 3 personal loans and then my mortgage and living expenses on top of all that. Utilizing velocity banking, I went from negative cash flow, which is why my credit cards were maxed out, to $235 a week positive cash flow that is helping me knock down my HELOC. I really think your topic might be valid if the expenses are to the extreme over income, but I more firmly believe each person's individual situation would have to be reviewed thoroughly to determine whether they would benefit from the strategy or not...

[Arkine]

I was using velocity banking then we got into a negative cash flow situation, and now, we're actually worse off because we stopped utilizing some of the credit cards monthly payments for other bills, instead it was just all coming out of the account and putting us further behind. We have a plan now to correct the negative cash flow and get back on track with the velocity banking. ;) It can be very tough though.

[nikolayvoytenko]

Velocity banking works incredibly well when you combine with credit cards and compound interest investments

[consumerdebtchitchat]

I liked this video because I have just watched an 80 minute video on velocity banking. THIS video let me know all my ducks are in a row .. and they are. Very helpful!!

[theminutecomic]

Hey Mike, I have a question. If you have a $7, 200 per year positive cash flow but have real life expenses like vacations, Christmas, birthdays, etc? I have like five months where my expenses are more than my income for those previously mentioned expenses. How can velocity banking not fall apart in those months? I really wonder if velocity banking is viable for the average household? Just to be clear the annual cash flow is surplus after those extra expenses are factored in for the annual budget.

[robs]

which bank allow direct deposit to Heloc account?, I spoke to couple of banks none of them allow direct deposit to HELOC account.

[adetayo]

If the debt has a low interest rate e.g 0-3%, i think a debt snowball may be better, except the velocity banking tool (LOC or credit cards) has a really low interest rate than a typical LOC. i stand to be corrected.

[sleepytyme]

I doing velocity banking. Its working out great for me

[johnperry]

Thanks for the advice! A concise and clear lesson. Subscribed!

[deniserutherford]

Hey Mike... Makes so much sense... Will forward out today's teaching to others... Again thank you so much Mike for sharing your gift/ knowledge with us... it is really appreciated.

[pattikossoff]

Hi have 2 CC with 0% until 9/2020 with a combined balance of $10K with minimal payments, Car loan with 0% for 5 years with a balance of $30K, and 2 years into 15yr mortgage at 2.875%. We have access to LOC with Discover card $19K. Should we just chunk into the mortgage until the 0% offers expire in September or slowly decrease the balance of CC's and the car? We are currently at 25% credit utilization.

[azubuikeechanah]

Question. How much percentage does the bank allow to overpay your mortgage per month or year?

[tesfaldethbtmariam]

Hi Mike can I combine commercial and personal mortgages to take or to do velocity Bank? Thanks.

[MP-njqy]

Velocity banking is risking. The covid 19 pandemic makes it clear how risky it is when people started losing their jobs left and right. Just pay extra on your mortgage as you go.

[johannespieters]

Thanks for the advice. I have positive cash flow.

[GRAIL]

Recently started researching “Celocity Banking” and this video I found most helpful in my journey to become more financially independent and stable. Thanks man! Keep up the great work.🤘🏽