This Is How You START Velocity Banking | Back To The Basics — Transcript

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1. 0:00I wanted to talk a little bit because
2. 0:01I'm getting this question right here all
3. 0:04the time and it's a very good question.
4. 0:06I'm not mad at you. Where do I start
5. 0:08when it comes to velocity banking? So,
6. 0:11I'm going to go over really quick where
7. 0:13to start. So, where do I start? The
8. 0:16first thing you have to do is know your
9. 0:18numbers. You have to know how much money
10. 0:22that you have coming into your home
11. 0:23every day. You have to. I am not a
12. 0:26financial advisor. I am a coach teaching
13. 0:29you what I have done myself to get out
14. 0:31of debt. So, you have to know your
15. 0:32numbers. You have to know every dime
16. 0:34that comes in. You have to know every
17. 0:36dime that goes out. That includes your
18. 0:39debt. What are your debt balances? What
19. 0:41are your debt payments? What's your
20. 0:43percentage rates? How long do you have
21. 0:45left in that loan or on the credit card?
22. 0:47Where are you at? You have to know your
23. 0:49numbers. Okay. You also, one thing that
24. 0:52I'm seeing with the people I'm working
25. 0:54with is you're not adding in your
26. 0:56utilities, your gas, giving, tithing,
27. 0:59any medical expenses you have or if you
28. 1:02pay co-pays every month and you know
29. 1:04you're going to for medical doctor
30. 1:07visits, uh prescriptions, subscriptions
31. 1:10like to Hulu, Netflix, memberships, to
32. 1:14gyms, all of that has to be included
33. 1:16because once you take all of your income
34. 1:18and you subtract out all of your
35. 1:21expenses, then that's your cash flow.
36. 1:24You your cash flow will make or break
37. 1:26you. So, if you know all of your number,
38. 1:28all of your income, all your expenses,
39. 1:30all your debt and balances payments,
40. 1:32then you're going to know your cash
41. 1:34flow. It just it just happens. Income
42. 1:37subtracting all expenses equals the
43. 1:40money that's left over, aka cash flow.
44. 1:43Number two, you would start looking at
45. 1:45LOC's, lines of credit. Do you already
46. 1:48have a line of credit? Do you have a
47. 1:50personal line of credit? Do you have a
48. 1:52credit card? Do you have a heliloc? Do
49. 1:54you have a beock? Is your heliloc first
50. 1:56position or second? So many things you
51. 1:58need to look at. And if you don't have
52. 2:00any of those, then you're going to have
53. 2:02to go get a line of credit. I would
54. 2:04check first with a credit union. See if
55. 2:07you can get a line of credit through a
56. 2:08credit union. Now, let me say this about
57. 2:11the credit crunch that we're in in the
58. 2:12United States. Um, it may be tougher for
59. 2:15you to get a line of credit right now.
60. 2:17It may be tougher uh just because the
61. 2:20banks are in a position to where the
62. 2:22interest rates are so high, especially
63. 2:24on these crazy mortgages that they're
64. 2:26putting people in right now. A first
65. 2:29position heliloc is when you don't have
66. 2:30a mortgage, you only have a heliloc
67. 2:33covering your home, bringing your
68. 2:35equity, making it available to you.
69. 2:38Okay, with the credit crunch, it's going
70. 2:40to go back around. I mean, you know,
71. 2:44what goes up must come down, right? So,
72. 2:45those interest rates are up and will
73. 2:47they go up further? I don't know, but
74. 2:50they're going to come down. So, we just
75. 2:52need to hold on. I think that my fear
76. 2:54for the people is that you're going to
77. 2:57get stuck in these ridiculous mortgages.
78. 2:59Uh God knows the student loans are out
79. 3:03of control. Um and that is if I had a
80. 3:06fear, it's that the people are stuck
81. 3:08with these high payments that they can't
82. 3:10afford. And when and if and if and if we
83. 3:13have another crash, people's going to
84. 3:15like be stuck in a home they can't
85. 3:18afford because I tell you some of the
86. 3:21people I am dealing with every single
87. 3:23day. You guys are in the highest
88. 3:26mortgage payments that I have personally
89. 3:28ever heard of. So if you're out there
90. 3:31taking these loans uh at 4 to 7, 7.6% is
91. 3:36the highest that I've heard so far. I
92. 3:38wouldn't do that if I were in your
93. 3:40situation. I would wait. Uh I don't
94. 3:43know. Live with your mama if you have to
95. 3:45for a little while. But right now is not
96. 3:48the time to buy a home. Not if you're
97. 3:51doing it through a mortgage because they
98. 3:53are killing the people with interest.
99. 3:55Okay. What is your credit score? That's
100. 3:58very important. If you're over a 640,
101. 4:01you should be able to get a basic line
102. 4:03of credit. If you're over 700, you can
103. 4:05get a first lean helock. If the other
104. 4:08requirements are met, uh, determine
105. 4:09which debt you're going to start with. I
106. 4:12have this new link that I started in my
107. 4:14services. Let me give my website on
108. 4:17here. Uh, vanfs.com.
109. 4:21This is my website and this is under
110. 4:24services. It's a very quick. You send me
111. 4:26your numbers through my email. That's
112. 4:29literally it. I will look over your
113. 4:31numbers and tell you what I would do if
114. 4:33I were in your situation. So that is
115. 4:36under services. Uh actually I have a
116. 4:39link underneath this video I think of
117. 4:41where do I start. So if you all will
118. 4:44just watch the videos they'll tell you
119. 4:46everything to do. But if you are just
120. 4:48stuck if you'll send me your numbers I
121. 4:50have a worksheet for you to fill in your
122. 4:52numbers on vanfs.com
123. 4:57under resources. if you will send that
124. 4:59to me so that I could look at your
125. 5:01stuff, send you an email back telling
126. 5:04you where I would start if I were in
127. 5:05your situation. But go to the YouTube
128. 5:08videos at Fantastic. Watch them first.
129. 5:12Don't pay to do something you literally
130. 5:13can do on your own. Okay, guys. That's
131. 5:15so silly. Put your money on your debt
132. 5:18and don't pay people to for goodness
133. 5:20sake. Who was it? Somebody in my area
134. 5:23told me that they before we talked that
135. 5:26they were getting ready to sign up with
136. 5:28a financial advisor and going to charge
137. 5:30them $200 a month and they didn't even
138. 5:33know what it was for. She said that she
139. 5:35thought it was for a 30 minute
140. 5:37conversation once a month. And I'm like,
141. 5:40okay, I'm all about making money, but
142. 5:42when you've got people that are already
143. 5:44hurting, why would you do that? Why
144. 5:47would you charge somebody $200 and it
145. 5:50was going to be in a contract form? So,
146. 5:51they were going to have to pay the $200
147. 5:53for a year. And I'm thinking, why would
148. 5:56you want to do people that way that's
149. 5:58already suffering with their finances?
150. 6:00Take your money, pay for your debt, and
151. 6:03don't hire anybody to help you. Watch
152. 6:05the videos. Watch the videos. Fantastic.
153. 6:09And you will know everything you need to
154. 6:12know. Okay. Uh, yes. What's really
155. 6:14devilish and hellish are mortgages, the
156. 6:17payday loans, uh, the mortgages, these
157. 6:20rates that they're charging people right
158. 6:22now. I want to gasp. That's so sad
159. 6:24they're doing people that way. Would you
160. 6:26use the same bank you use for a mortgage
161. 6:28to get a line of credit? Not
162. 6:29necessarily. Yeah, I would shop around.
163. 6:32Let me be real clear about where, and
164. 6:34I've mentioned this before. I try to
165. 6:36mention this in every live. When I
166. 6:38started, I was reading my Bible. I was
167. 6:41praying for answers because I was in
168. 6:44over my head. So that's your best bet.
169. 6:46Start there. Always start uh with prayer
170. 6:49because the Lord will lead you if you
171. 6:51are his. He will lead you into what you
172. 6:53need to do. I feel like each and every
173. 6:55one of you that watch the videos that
174. 6:57join the lives that you all are immersed
175. 7:00believers in Christ and that you
176. 7:03understand the blessing of being a child
177. 7:06literally of the creator of the
178. 7:08universe. So when we are in that uh
179. 7:11relationship with the Lord, we get
180. 7:14blessings, we get wisdom. So make sure
181. 7:16that you're talking to him about this.
182. 7:19And know that your giving makes a
183. 7:21difference. Okay? Yes, God before
184. 7:23anything else. Know that your giving
185. 7:25makes the difference. Okay? If you're a
186. 7:27giver, you're going to get back. That is
187. 7:29scripture all day long. Jesus set that
188. 7:31up from the get-go. And it's very
189. 7:34important that if we use our money
190. 7:37wisely, if we are good stewards of our
191. 7:40money, if we are giving, tithing,
192. 7:44sharing with others, we are going to be
193. 7:46blessed. Okay? If you're offended by
194. 7:48that, I am sorry. But that is the truth
195. 7:50and that will be the truth for eternity.
196. 7:52That God will help you. He loves each
197. 7:55and every one of us. And he will take
198. 7:58care of us if we are his. Okay? If I get
199. 8:01my retirement funds paid as one-time
200. 8:03lumpsum. Do you recommend I put it into
201. 8:05infinite banking? I have no dependence.
202. 8:07You certainly can. You need to go to the
203. 8:09infinite banking link below the video
204. 8:12and talk to them directly about that.
205. 8:14They will lead you. Yes, you're right,
206. 8:16David Beck. Credit Karma does offer
207. 8:18credit cards. Uh when you sign on,
208. 8:20they'll tell you what you can get. How
209. 8:22do you figure your cash flow when you
210. 8:25own a business and pay yourself as an
211. 8:27employee? then your pay is all you would
212. 8:30figure into your money. Okay. What's the
213. 8:33best way to bring down DTI to obtain a
214. 8:36personal loan to pay down a credit card?
215. 8:39Guys, do we do we ever get loans? No, we
216. 8:42never get loans. Lines of credit only.
217. 8:45We don't get loans. No loans. Loans are
218. 8:48amvertised on schedules. Interest
219. 8:51frontloaded. They want us to pay the
220. 8:53interest first. That's why they set up
221. 8:55this schedule of payments for you. We
222. 8:58don't do loans. It would be a good idea
223. 9:01if we took loan out of our vocabulary
224. 9:04and never did another loan for the rest
225. 9:06of our lives. We would be wealthier.
226. 9:09Okay.