https://www.youtube.com/watch?v=vRoA12yYauY

Here we have a scenario of an individual generating $16,622 a month in the state of Virginia. We have our total expenses. This is everything, bills, debt payments, everything. $16,591.33. You can obviously see the first issue on, on the board here is cash flow. That leaves us with a cash flow of about $70.67 on average if this is what the person actually does on, on a consistent monthly basis. So this is a client that I just recently started working with. So we've been taking a lot of time to really analyze where our money is going and, and what strategy want to implement to better their personal finances, their financial foundation. So in addition to income, expense, cash flow, we have a total debt of $1,472,321.96. And of that debt, the full breakdown, we've got a mixture of consumer debts and we've got mortgages. So this person in particular has three mortgages. So that is why you see that number is pretty high. Okay. And I did not highlight all the debts. We're not going to be focusing on all the debts for that reason. Some of this debt is asset that's producing cash flow for them. So they do have a real estate income that's generating about 10,000amonth for them across the three different properties that they have. Moving right along, we have some debts that the person, the client I'm working with wants to address. Okay. Their main goal as of right now is to create more cash flow in their finances. Right. We want to, we want to spend less than what we make. We want to remove debt obligations so that we can fortify a strong financial foundation. On top of that, this person has a desire to be a life coach focusing on financial freedom. So they actually want to implement the velocity banking strategy, personal finance strategies into their coaching practice, generate a stream of income by building a business on top of what they're already doing. And for them that would be achieving their purpose in life. In this season of life is building that life coaching business that focuses on mindset, financial freedom, independence, building that foundation. And they're also doing it for themselves. Right. So moving right along, we've got the breakdown here of the debts that we're going to be focusing on. Right. So I shared with you the debt balances. We've got two credit cards, we have a tax bill. We have an interesting personal line of credit here. Okay. It has a credit limit of $40,000. When I first started working with a client, I was like oh, there you go. Here's our debt tool, right? But then they educated me a little bit further on how this specific personal line of credit works. Now, for those of you that are brand new, a personal, unsecured revolving line of credit that is set up properly can be used as one of the tools to implement this strategy of velocity banking. Now, unfortunately, this specific personal line of credit at this specific bank, I believe in Virginia, is what's called an education line of credit. The available credit in this line of credit can only be used for education purposes for, like, college tuition, right? So this is a un. Is inflexible line of credit. It cannot be used to inject all of our income in, take money out, and use it to pay all of their bills and expenses. So unfortunately, that is not the right debt tool. Many of you that come across velocity banking through me, Kristi Van Connor, J. Wallace, Kwok Brothers, Matthew Pilmore, and some others in the space, many of you try to DIY style velocity banking. You watch a couple videos, you get excited, Boom, you go get a heloc, you go get a P lock, and then you're three, four, six months in, you're like, something's not right. Like the way Denzel explained it or Christie explained it, like, I'm not getting the same results here. I don't know what's going on. I would say 7, 8 out of 10 times I talk to people, they have the wrong line of credit. They thought they had a heloc, but it actually was a home equity loan structured like a mortgage. They thought they had a revolving home equity line of credit in the second position, but it did not have any online banking features. So they're unable to to withdraw and deposit money via online transfers instantaneously. The only way they can access their HELOC is via check. So it creates an inefficiency. Right? So many times we're not reading the terms and conditions of the banks that are offering these tools. Just because it says heloc, just because it says P lock, just because it says block does not mean that it is actually the tool that we need to implement this specific strategy called velocity banking. Or others might call it accelerated banking or paycheck parking. Right. Mortgage acceleration, whatever term is being used to identify with this strategy. 7, 8 out of 10 times for new people, your biggest mistake is the debt tool is the tool you decide to use for the strategy. 70, 80% of the time. The, especially for beginners, the issue is that tool. I start working with you, boom, I'm like Wrong, Wrong line of credit. Stop, hold off. Don't do the strategy yet. Hold off. Let's do velocity banking, pregame work, and then let's move forward. Right? That is not the case here. This is just a client that didn't know what they didn't know, right? Like they just said, oh, I have this line of credit. Is this something I can use? And I was like, oh, yeah, you, 7.4%. I was like, you have a gem. Ms. Client, this is a gem. 7.4% on a personal line of credit in 2025 is insane. Okay? You cannot find that in the marketplace today. The minimum interest rate on a personal line of credit today in 2025, minimum, maybe nine and a half percent. And the only way it'll be lower than that is if you're a veteran police officer, firefighter, and you go directly with one of those direct credit credit unions that service specifically police officers, firefighters, military, maybe nurses. Right. Like, specific. Those are very, very rare to find. And even then, it ain't going to be that low. 7.4% in 2025. It just is not the case. Okay? So that is now a debt that needs to be eliminated. All right, so the line of credit balance, 10,009, 40 payments, 390amonth, interest rate, 7.4%. Okay, we've got two vehicles, two cars. Okay, both are amortized car loans, 8.69%, 6.94%. Pretty big, hefty monthly payments. Okay. And then we have student loans, 49K, 6.88%. Now, what's really unique, okay, we're in it. We're in a unique environment again, as it relates to the velocity banking strategy. If you had just learned about Velocity banking in 2018, 2019, 2020 and 2021, it was a phenomenal time to do velocity banking. Right? You had home equity lines of credits, P locks, all at low interest rates, relatively close to other, other debts. Okay? So it was a really cool time to really do velocity banking. And then what happened? 2022, 2023, 2024, interest rates started to rise really quickly. So during 2022, 2023, 2024, velocity banking started to become slightly inefficient. It was still great, right? Is a fundamental strategy. It started to, although become inefficient because velocity banking is purely based off math. Not magic, pure math. Take the emotion out of it. It's either something you use in the moment or based on math. You're like, no, Logically it does not make sense. Mathematically, it does not make sense for me to use this strategy for this period of time. I'm going to turn the lights off, leave the room and not go in there. And then when it's time to enter back into the room, I will turn the lights on and I'll start the strategy all over again. Right. That is the most efficient way to look at this particular strategy. This is not a forever strategy. This is not a365 type of a strateg. It's something that you do for a period of time until it no longer makes sense, until you wean yourself out of using banking products and then step into using your own bank system. Right? Your own banking system, building that out later on. Okay, so 2022 to 2024, the reason why a large amount of people, it didn't make sense to do velocity banking because people locked in 2018-2019-2020-2021. They locked in 2, 3, 4%. They had 1, 2, 3% car loans. They had very, very low interest amortized loans. Right? The rates were really, really low. So you see your home equity line of credit, or you're searching for home equity lines of credits or P locks, and you're like seeing them at 7, 8, 9, 10, 11, 20, you're like, this is crazy. Moving 12%, moving a 3% loan to 12% doesn't make sense. Right? And I would agree with you all day. So now it's 2025. Towards the end of 2024, we saw about three rate cuts. I believe someone can fact check me right now for the 36 people watching, please fact check me. I do believe the prime rate right now January 8, 2025 is 7.5%. Okay? Which means if you're brand new to velocity banking and you acquired a mortgage, car loans, student loan, credit cards, P locks, home equity loans, all of those rates are at 6, 7, 8, 9, 12, 15, 16. I'm seeing crazy numbers right now when I obtain new clients that have not the best credit score, maybe low six, maybe, maybe even sevens. But they have a seven and a half interest rate on their car loan, they've got a nine and a half interest rate on their Car loan. They've got six, seven percent on their student loans. They have a five, six percent mortgage, they have a 12 to 16% personal loan. Those are fixed rates. Make sense in the velocity banking world in regards to P locks, helocs and credit cards, the rates are not fixed. They change. They're variable, they're going down. So velocity banking from 2025 and onward for as long as rates start to go down or stay flat, velocity banking is looking like a phenomenal way to consolidate debt. It is a more efficient way to consolidate debt. Rather than working with a lending tree. Prosper where or a national debt relief company or whatever, whatever. These debt consolidation companies where they, they blanket all your debt and put it into one payment. That's very unattractive to do right now in this marketplace. It's just so unattractive, it doesn't make sense. Origination fees, loan fee, like added, added charges, amortization schedules look horrendous. Whereas if you would just take a little bit of time, three to six months to improve your dti, improve your credit score and then go and get a home equity line of credit or personal line of credit, you could really cancel a lot of interest that you're already paying. Not new interest. You can cancel out interest you're already paying and save thousands of dollars. This is a prime example. So look at this person making six figures plus a year, right? We're netting 16,000 take home, right. Their cash flow is extremely tight. Right. They're barely breaking even. Right. As you can see, ton of debt. We're over leveraged. Look at their rates. 28207486 69688. Let's take a look at certain banks and credit unions in the state of Virginia. Client on the board and I, we do research. Every time I work with a client, right. Especially in the beginning or even later on. We do our research before we apply for the first bank that we see. We evaluate the different companies and that's we're gonna do right here. Right. And I have videos upon videos upon videos that breaks down how you ought to qualify banks in your area. Ideally, I want you to start with a local credit union in your state because those local small bank credit unions are going to offer the best rates to their residents, to their, to their local customers. Right. And it's only available to you. No one else can bank with them. If you're not a Virginia resident, you cannot bank at these specific banks. I'm in Florida, I can't go and get a, a HELOC or line of credit at a local Virginia credit union. It's exclusive, right. So it's like. But so many people go for these bigger banks and you're getting ripped, you're getting ripped off. Okay, so let me share my screen. Right. This is me looking for credit unions in south Florida. So understand that my search results are going to be off. They're not going to be they're not going to show everything, which is why it's so important for the client, you to do it yourself. Right, Very important for you to do it yourself so that your IP address is picking up where you're at. It's going to show more locations. That's my point. Okay, so the client actually did a lot of good research already and miss Client found a couple of banks. And we're gonna comb through the details. And what's also pretty cool is the client made themselves a nice little spreadsheet with all of the parameters that I pretty much look at to help me make a decision on the best product for me to work with. Okay. Let me know if the wording is nice and clear. If not, I will zoom in a little bit deeper. So let's go one by one. We've got Virginia Credit Union. This specific line is looking for a home equity line of credit. Why? Okay. Why should we go for a home equity line of credit with these numbers, Right, that I've shared with you? Let's go back to the board real quick. Doesn't make sense for them to get a P lock. They've got three properties. They have a primary residence. 386,000 owed. 2,459 is the payment, 3.25 is the interest rate. See how low that interest rate is. The value of the home is 525. Between 525 and 386, there's a healthy amount of equity in there. If you just did 70% of the LTV, that's $97,000. And as I mentioned, interest rates, right now, prime is 7.5%. I got fact checked, right? And I got verified. It's 7.5%. Which means when we're doing our research, all I'm looking for are helocs that offer prime. 7.5% or prime minus, meaning they minus 0.5, 0.25. Some do, minus 1% in some cases could be potentially higher. Right. But typically it's around 0.25 to as high as 1% below prime. Which means if we look at the average interest cost of, of all this person's debt, if all I did was get a HELOC below 7.5%, all I'm doing is just consolidating debt into the line of credit, the velocity banking part, which creates acceleration, which reduces the actual net cost to borrow on a daily basis, which cuts that seven and a half to, say, three and a half net cost to borrow in a year. Can you imagine Bringing your net cost to borrow, your net cost of interest on your debts. Imagine bringing you down all the way to 3.5% or less in 2025. That's insane. That's what's capable. That's what's possible with velocity banking when used properly. When you do the pregame work, when you listen to the videos that I put out very carefully, when you have accountability, whether it's coaching through me, Christy Van Kwak brothers, Kanj Wallace, whomever it may be. Okay, super important. So seven and a half percent or lower, that's what, that's what we're looking for. Right. Let's go see what this client specifically found. Right, so we got Virginia Credit Union. Boom. Home equity options. Tap into the money you've already invested into your home, cover life's major expenses. Right? That's how they sell it to you. We're not doing that. We're obtaining a home equity line of credit to offset interest, reduce expenses, create cash flow, build credit, build wealth. Right, but the banks don't sell it to you that way, which is why so many of you avoid these things, because you don't understand how it works. Right? Seven and a half percent. There you go. Available in terms of 5, 10, 15 or 20 years. Cool. Cool. Let's take a look. Break it down. Here we go. We have a home equity line of credit where this bank, Virginia Credit Union, is offering an intra rate of 6.24%. So take my note. VCU, your credit union. 6.24%. 12 months after the APR can range from 7 and a half to 18%. Okay, so 7.5% is the prime. See what else they got in here. What other details can we find? Right. She kind of did it for us. Ms. Client, go back. Boom. Borrow up to 90% of the appraised value of your home, less the balance of your first mortgage from 20 to 100k up to 85% for loan amounts from 100 to 175. Okay, breaks it down. Closing cost zero. As long as it's kept open for 36 months after the opening date. Okay, so they're working on getting all the other details right. That requires calling the bank, getting the most up to date information, see how they see where she pulled it from. Boom. Boom. 10 year draw. 10 year repayment. Cool. 10 year draw just simply means that's how long the line of credit is revolving until it turns into a amortized loan and looks like a mortgage payment. Okay, so you got 6.24% for 12 months and it jumps to 7.5%. State Employees Credit Union, 15 year draw period. Okay, so longer access to the line, that might matter more for some. Okay, borrow up to 90% of the LTV. No fees for application, credit port origination. All right, we want to reduce as many closing costs, right? We want to look for the ones with no closing costs. Prime under 7.5%. Right. Now some sort of intro rate possible. Here we go. New lines of credit are available at an initial. An annual Percentage rate of 6.75 until the first quarterly rate change based on the. On the current index and margin. Let's see if there is like some kind of a intro rate breakdown. Fees payable to third party. So boom. This one definitely has closing costs. Right. This bank covers Georgia, Virginia and South Carolina. Maybe higher than for property in North Carolina. Okay, not all closings may occur in Brown County. Maximum quarterly adjustment is 0.5%. So. So the rate changes quarterly with this bank, not monthly minimum payment per one. Okay. All right. So this one had more closing costs. Maybe not as attractive. Let me see. And I don't know where Ms. Client found this. 5.49 12 month variable interest rate with State Employees Credit Union. Okay, so where did she see that? I'll go off her word. Did not see that on here. First Advantage Federal Credit Union. Let's take a look at what they got. Go to personal home loans and equity. Tap into your home equity. Learn more about the home equity line of credit. Look how. Look how many clicks I gotta go, right. Keep that in mind. Like the hunt is real when it comes to these products. Like they're really not selling it. I gotta look for this thing. So we got a 4.99 interest rate for the first nine months. Not bad. Not bad. No closing costs. Cool. Let's look at the rates. It's prime. Thereafter, variable rate adjusted monthly. The last bank, the rate adjusts quarterly. This bank, the rate adjusts monthly based on the Wall Street Journal prime Rate index, plus a margin for the life of the loan. We don't know what that margin is. Okay. Current APR as of 1221, 2024 is 7.45%. Includes +0 margin and assumes great credit and loan to value 80% or less. So in order for me to get the best product from this specific bank called First Advantage, I need to have great credit. I get the 4.99 interest rate for nine months and then for the life of the loan, I'll always be at prime plus zero percent. So it's just prime. Not prime plus if my credit is not great, then I get prime plus whatever the margin is. We don't know what that is. Could be 0.25, 0.5 plus 2. Right. The worse your credit is, the higher the margin rate typically is with the different banks. Okay. Now another thing that's super important right here. If you close your line of credit within 36 months, you, you'll be required to reimburse credit union for closing costs paid on your behalf. Property insurance is required. Flood insurance may be required. Okay, pay attention to these things. If you're in a flood zone area, right. Or you know, like different, different parameters based on where you live. Right. May hinder which bank you end up going with. Right. I think that's typical. When they say property insurance is required, Flood insurance may. That's typical. No closing costs excluding appraisal fee if required for new loans of 250, 250k or less. Right. We're looking for say 90ish with this specific case study. Right. So I do like this bank. I mean, take a look at it says introductory rate includes 0.5% discount for having a direct deposit into a First Advantage account and 0.5% discount for auto payment. That's not a problem when you're doing velocity banking properly. If this client wants to go with First Advantage, they need to have all their income preferably going to that bank. Right? Now, a majority of this person's income is real estate income. So not all of that. 16,000. Okay. For those of you listening that are business owners that have an LLC or you have real estate properties, separate llc, separate accounts. Not all of that income is going to go into your line of credit because you're going to be co mingling funds, moving money in and then moving that money back into your business. It's going to be a mess for your cpa. It's not. Again, going back to efficiency is not that efficient. To go through that headache to save dollars, right. You'd be creating more headaches than the amount of money you'd be saving. So what will happen is the positive cash flow that this person has from their various properties that instead of the cash flow sitting in the separate accounts can move it out of there. Right. And deposit it into the home equity line of credit that they would be operating with. Okay, that's going to be one option there. All right, so we got 6.24, 5.49 and 4.99. We got three intra rate banks, right. That offer a second position home equity line of credit that is properly Set up and structured. It's a real bank. It is a, is, it's a physical branch location I can actually go to, not that I need to. The reason why you want that is those banks typically have the checking and savings account function which allows us to actually do velocity banking. So I often make a lot of videos on how to find the right line of credit. I want to take a few minutes and talk about popular helocs in the marketplace that you should absolutely avoid for velocity banking. Now there may be some velocity banking content creators on the market online that might promote these banks. I want to be the person that either provides that correction to that content creator or other creators out there and then you that are simply watching to say, no, that is not the right line of credit and you are not efficiently practicing the concept. You're costing yourself money. Right. So I'm going to share my screen and show you some very popular banks that say they have a home equity line of credit, which it is, but it is not properly set up. You're not going to be able to do velocity banking efficiently. So one of those banks is figure. Let's go to them real quick. Figure heloc. Okay. Figure is like an online bank or possibly they look like a broker. They do not have checking accounts attached to the figure. Home equity line of credit. Okay. So there is so much marketing around this product. It is a home equity line of credit. It's just not the right tool for velocity banking users like yourself. Okay. Borrow anywhere from 15 to 400,000 with one time origination fee option to redraw up to 100% complete online. No in person. Right. Won't affect your credit score. You may see your HELOC options. Okay, okay, let's see. And they'll even show you how they try to like compare. All right. Funding in as few as five days. 100% online. See your rate instantly even though they're 100% online. The problem is once you have the HELOC, you're not able to really access your money as quickly as they say. When you go to borrow, it has to go from them to whatever bank you bank with. That could take five to seven days. And so once it's in your bank, then you go do the thing. And now you're trying to do velocity banking by sending your money back to figure. But by the time it hits figure, it's going to take a few days when you need to request money. Right. It creates this inefficiency. You're not going to have money going in and out instantaneously. Okay. Also, the rates with figure are not even attractive. They're really not that attractive. Trying to see if they show it, not see their rates. But I've had one or two clients get the HELOC and it was like, I want to say almost double digit. See if they break it down. This is what nobody reads, right? You get nobody reads this stuff right here. The small fine print. The figure home equity line is an open end product where the full loan amount minus origination fee will be 100% drawn at the time of origination. You don't want that. You don't want to borrow 100% of the line, ladies and gentlemen. Okay. The initial amount funded at origination will be based on fixed rate. However, this product contains an additional draw feature. As the borrower repays the balance online, borrower may make additional draws during the draw period. If the borrower elects to make an initial draw, the initial rate for the draw will be set as of the date of the draw and will be based on an index, which is a prime rate, 7.5%, published in the Wall Street Journal for the calendar month preceding the date of the additional draw plus a what fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw. So you're going to be paying different interest rates and you're not going to know what the heck you're paying. But I know you're going to be paying a lot. Right? Our loan amounts range from 15 to 400,000 available APRs range from 6.95 to 16.35. I've never seen anyone get a 6.95 with this bank, which includes the payment of a high origination fee in exchange for a reduced interest rate. So if you want to get that lower rate, got to pay a higher fee. It's not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on a credit profile and the state where the property is located and those who also select five year loan terms. Five year loans, Right. So only. Only a five year draw. You see this stuff, you're going to start seeing how unattractive this thing is. And look at all the cost that comes with it. APRs for home equity line of credit do not include cost other than interest. You will be responsible for an origination fee up to 4.99% of your initial draw. Ladies and gentlemen, If I withdraw 550 grand off of a HELOC and pay 5%, I mean, what are you doing? Do the math. That's a lot of money. So you got to pay 4.99% in the origination fee, which they just take boom, right out of the balance. And now you pay closing costs. You may also be responsible for bank closing costs. 180, 380, 315, 1400 per $100,000 borrowed. Oh, my goodness. So if there's any velocity banking practitioners, content creators promoting this product. Can you stop? Can you please stop? That is not an efficient product. And you know better. You know better. That is not efficient. Okay? Don't do it. All right, so that's one example. Let me give you another one. Super popular. A lot of questions come in that I get, people ask me, then I tell them, no, got to do your homework, right? Aven the sexy HELOC with a credit card, right? Super attractive. 7.49 to 14.99%. Get 2% cash back up to 250k credit limit starting at $0 to get a card. All right, that card, it's like a credit card, okay? But in terms of your income going in to Aven and money coming out, it does not work the same. So this is another one that you don't want to work with because again, Aven is not a bank. So Aven doesn't have a checking account. If Aven had a checking account function, I'd have no problem with Aven because I know that I can have my income go to Aven and then get directly deposited into my Aven Heloc. And then any bills that can't be paid with a credit card would then get withdrawn back to my Avon checking account. Pays the bills, right? So you're going to have the same problem with figure is money going to and money coming out, right? Some money does not have to come out because again, it's like a credit card. So you can run some of your bills like a credit card, right? So again, not all that attractive. Now check this out. Cash out to your bank directly deposit cash from your Aven card to your bank account at the same low rate that you're obviously starting with no gotchas, right? It says no gotchas, and then it says just a 2.5 transfer fee. Just a 2.5% transfer fee, ladies and gentlemen. That's 2.5% on top of what you borrowed. So again, if you transfer 25 grand to do a chunk, you're paying 2.5% on 25 grand. And then however long you owe 25 grand, at whatever interest rate they gave you. So you're paying interest on interest. That's not fun right now. They'll say things like people who might promote this will say, oh, oh, you know, you know, you pay this 2.5 transfer fee, but you're earning 2% cash back on every single purchase. Use what you want, when you want. Okay, that's 2% on what? I'm not paying $25,000 worth of expenses to recapture that to actually get that 2%. Maybe I'm only running a thousand, two thousand, three thousand, four thousand bucks every month at 2%. So it's going to take me multiple months to catch up to that 2.5 transfer fee. How many transfer fees am I doing? So you're just creating a new expense on your velocity banking strategy. If you're doing aven, please do not use AVEN for Velocity banking. It does not make sense. It's not the right tool. Right. It just isn't. Because of these details here. You can make payments like a regular credit card. A minimum of 1% of the statement balance plus interest. Okay, so it's not an interest only HELOC. Now they've got no origination fee. That's better than figure. No annual fees, no appraisal fees, no notary fees, no prepayment. So that's better than figure from cost standpoint to get in. Okay, but let's see if there's more details that can be shared. Even combines the convenience of a credit card with the savings of a home equity line of credit. Works like any other credit card, which is true. Right, but you can't use what? You can't use credit cards to pay your car payment. You can't use credit cards to pay your mortgage payment. You can't use credit cards to pay your student loan payments. You can't use credit cards to pay other credit cards. And if you do, that's 2.5% transfer. All you're doing is adding a cost to your existing expense. There's a 2.5% fee on cash outs and balance transfers. Again, not fun. Imagine having a rate of like 10% with Aven, which is what I typically see, and you're paying 2.5% flat fee. It's just wild. You guys are not reading primary residence. Now, in all honesty, the Aven is pretty much a better credit card. It says average credit cards are like 24%. You get a credit card with us, it's way cheaper. No doubt. Don't argue that. But this is not a properly structured home equity Line of credit, you don't want to use it. So that's like an example of understanding, like, how to qualify these things. What we're looking at, what, what materials do we need inside of this tool for us to effectively use this strategy and get great results? Okay, so that's giving you banks. We want to do business with banks. We should avoid aven. Figure. No, don't do it. Right. Not. Not efficient. There was another bank, and it leaves my mind. And if I, if it comes to my mind, I'll, I'll bring it up again. But for now, coming back to the, to the case study here, doing a recap. We got Virginia Credit Union, First Advantage State Employees Credit Union. You know, real hard to go wrong with any one of these banks. But I'm always like, I want the best there is. Right. Like, why settle for anything less? All right, so if I had to choose between Virginia Credit Union. Let me go back, get our facts in line. Let's get our comparisons. We have Virginia Credit Union, 7.5. We had the State employees, which was in the neighborhood. I believe it had a prime plus. I think it had some closing costs in there. This one has a lower introductory APR.0% margin. If I get great credit. Right. And it's just 7.5%. So I'm between, personally, I'm between First Advantage Federal Credit Union and Virginia Credit Union. I think I'm, I think I'm leaning more toward Virginia, Virginia Credit. Right. Let me see rhyme myself. They have closing costs. See what the client put. Yeah. So Virginia was like, zero. As long as you keep the account open, that's not going to be a problem. Right. So zero closing costs. Nice intro rate. Prime rate, once it expires, goes to 8%. So it's prime plus 0.5%, basically with this bank. And then I also. First advantage, even though it's a lesser intro, period, it is a lesser rate. 4.99. And then if her credit's really good, I'm probably going to go with them. Right. Then we have this Spectra Credit Union. We didn't look at them. Spectra pays up to 1500 of closing costs, access line of credit up to 10 years. Okay. 6.99. Intro rate for 6 months. Okay. You don't have to stay married to any one of these banks. Do not have to stay married to any one of these banks. So you could have a HELOC at one bank for 12 years and then switch, go to a different bank, get a new intro rate, and you can just, you know, do that. Every few years, go from intro rate to intro rates, intro rate, that. That's not against the law, right? You can do that, Right. Especially if you're knocking out debt at high velocity. That's pretty good. That's pretty good. So now what I'm going to do is and show you the case study how we determine how much to chunk. In this scenario, let's say you're someone that has whatever amount of income you're making, but your income is matching what you spend. You're in a situation of low cash flow. If we follow the rules of leverage as it relates to velocity banking, we have to take the cash flow and times it by 12 and we have to take our credit line and times it by 66%. Okay? So I very conservatively looked at the equity of this person's property, did a 70% LTV. Even though we could get up to 90, that came out to 97. I round down, say 90k times 66% is 59,400. I should never owe more than 59,400 on this home equity line of credit. And I'm just going to assume a 7.5% interest rate out the gate, even though I'll probably have a intra rate less than that. Okay. And then I have cash flow. $70.67 times 12 is only $848.04 in a year. Okay. That is not healthy. That is too far of a gap, right? 848.04 and 59,400. So you would be making an error if you took one of my rules and applied it. You need to take all of my rules and apply it. So a mistake, an easy mistake a lot of new people make is, oh, Denzel said, you know, borrow 66% of the line of credit. So if I have 90 grand, I'm gonna do 59,400, chunk towards my debt and, you know, gain all this cash flow. Here's the problem. You now owe 59,400, right? You didn't pay off debt, you just shifted debt. The payoff. What does that actually look like now? How long is it going to take you to pay off 59,400 if you're only cash flowing? 848 a year, right. And take you a really long time. So what I like to do, you've got two methods of chunking. Chunking. Another word of is lump sum withdrawal, right? Some people, for whatever reason, are against the concept of chunking. I'm like, well, there is no other way to do velocity banking. Other than chunking, you either chunked or you didn't. So maybe people get confused with the word chunk and they think it's something else. So chunk equals lump. It's simply representative of how much money am I pulling out of the line of credit to make a move. Right. So there is large chunks and micro chunks. When your cash flow is extremely low, you don't want to do large chunks. Typically you want to do micro chunks. When you're a brand new velocity banking person customer using the strategy, I typically do not have people do a large chunk. I have them do a micro chunk. I have them gain a victory. Let's build some momentum. Right? So looking at the debts, two cars are too big, student loan, too big of a balance to try to attack. Even though I'm at a lower interest rate or lower cost to borrow. By moving those big balances over into right. I want to build some steam. So what I am going to do is say, look, we could get rid of the credit cards, wipe those out and we could get rid of the line of credit. If we did that, we would get 50, 161. The reason why you see a little question mark above this 50 is the balance here kind of fluctuates. The client has already been paying this credit card down, so the monthly required payment has been less. So I just kind of estimated a $50 monthly minimum. Right. That is coming from the $70.67. So I'm actually not going to count that 50. So I'm just going to say 161 plus 390 plus my existing cash flow, $70.67. I'm now at 621.74 times 12 is now 746088 cash flow per in a year. What was the chunk amount? 22337 + 990663 + 10,000 94034 Much smaller chunk amount. $23,070.34. Much smaller chunk amount. Not too high, not too low. And we're saving money on interest regardless. We move 28, 20 and 7.4% to whatever intra rate we got. 6.24, 4.99 or 5.49. Those are the three different banks with the intra rates. Right. If the client does not get a rate lower than 7.4%, we're not gonna move simple interest to a higher simple interest line of credit. We're not gonna do that. That won't make sense. We're just gonna leave that alone. Okay, here's what's cool and unique, as you can see, I skipped over this tax debt over here. They're making $500 payments at zero interest, which is why I didn't push it into the line. And we have a balance of 29, 22 and 33 cents. So divide that by 500. It's only going to take me 5.8 months, just under six months. So I'll. My first chunk was say 23 grand. Now this person is going to do velocity banking, right? Balance and start going down, go up, go down, go up, go down, right? And then within six months, the cash flow goes up 500 bucks. That 500 will get redirected into the home equity line of credit, right? So, so we're going to let that fall off on its own. Once the HELOC balance goes from 23,000, here's how you also determine when to make the next chunk. You have a couple options. You could wait till you hit zero, okay, Which I don't typically like to do because that's time wasted till balance income in to debt tool. So when the balance of your HELOC is equal to your income going into the heloc, you're going to experience in the next month or two after seeing your balance match your monthly net income, you're going to shortly see your balance hit zero in the heloc, but then it's going to go right back up, right? Because you have bills to pay. When you get to that point, your cost to borrow is so, so cheap that it's that it's worth making the next chunk, not waiting to hit a true zero balance on the heloc. So in this case, I'm going to go with this option. That's typically what I do. I have them wait till the balance equals income in the debt tool or cash flow being the lowest I go. So I never really want to hit zero before I make that next chunk, especially if I'm in a time crunch with an intro rate and I have the opportunity to just really consolidate higher interest rate to lower interest debt, right? The next most attractive debt after this is gone. After these credit cards are gone in about six months, the taxes falls off. So my cash flow increased the 576,700, 16112. Now I'm at 13,000, right? So cash flow being the lowest before I make the next chunk would be somewhere around 1200 owed. Wait till balance equals income in not 16,622. Because like I said earlier, not all this person's income is going In So it's more like maybe like 8,000 I think is what will be actually going in and out of the heloc. Okay. So more like when the balance hits, I probably would make the next chunk for the sake of gaining cash flow faster and rerouting the balance over here, you could make the chunk sooner. Right. These are like minimums. I'm typically perfectly fine going a little bit higher. Right. Especially when we're trying to jump start cash flow. Right. Again, this is within context. This is specifically people with tight cash flows. You're trying to sort of jump start your cash flow a little bit faster. There's a whole nother factor we're not including here, which is top line revenue income. All this has been focusing on bottom line, top line. This person wants to build a business, create more income, create more cash flow. That's going to throw this whole all these numbers off in a good way. Let's say the HELOC in the first 12 months. At month six, if the cash flow was 67, $70, 67, 161, 390. So 3730, 23,000 take off 3K, say in six months, balance is around 20,000. At month six, cash flow goes up 500 bucks. At this point, should I chunk anything towards this car? Technically speaking, again, if you only look at one rule, 66% HELOCs at 90k. If we're just looking at a, at it from a debt consolidation standpoint, you can make the argument moving 8.69 to 7.5% is cheaper cost of money. Right. It's just gonna make me personally feel a little more uncomfortable. Right. So if I'm at a balance of 20 grand and making payments of 615 for six months is 3690, let me, I'll take off the 690, let's say 31,000, 2,900. So say the balance is now 28K plus 20,000. Right. Brings my balance on the HELOC up to 48,339. It's still well below 59, four being my max leverage. So you're not abusing the rule in that sense. This is really a matter of discretion. Right. It's really a matter of personal preference at this point. I think because we're in a little bit of a time crunch that from an interest savings standpoint with an intra rate of 4.99, 5.49, 6.24, that they could save more money in the long run by making that next chunk in month six, which would pay this car off and give them 615 cash flow. Right. So they go from 13,460, they go from 11, 21 plus 6, 1565 cents. Now we're at 6, 17, 37, 39 in cash flow times 12, 20,008, 48. So in 12 months or less they'll bring that 48 balance down to 20,000 ish mark. Again, again these, this is like different options that what's really, really important is to just understand your, your capacity to carry and service debts. You're already in a tight position, a stressful position. If you're someone like this. High income, low cash flow, low income, low cash flow, low income, no cash flow, high income, no cash flow. You're already in a stressful position. The home equity line of credit and velocity banking strategies providing a relief and saving you interest long term. But we still need to focus on the fundamentals which is how can we just simply spend less than what we make and how can we bring in more income? You're going to have faster velocity, focusing your time there while building a strong foundation over here. Not, not, not harming this too much. So if it were me, I'm personally willing to go 12 months before I make my next chunk with this person. Right. So I said how? In month six, let's say the balance goes to 20K, their cash flow goes up to 1,121. Right. 11, 21 times 6, 7,000, say 6,000, 20,000 minus 6,000. So I'm going to feel very comfortable. Month 12 estimated balance owed on the HELOC is this 12K number. What did I do? 14,000 is the number. Right. When the HELOC hits 14, I'm gonna feel confident if I'm in this person's shoes to go ahead and make that next chunk and wipe out the car loan, push that into the HELOC. Right. Even when it goes to 7.5%. Right. It's still a very healthy cash flow. Gain number one and interest savings number two, 14,000. That'll bring the balance up to like the 30s. Let's say at that point you get the higher cash flow. Do velocity banking for about six to nine months and then I would reevaluate to make the next chunk toward the car to get that 850. Right. And then keep going. Right now we will monitor the HELOC rate and cost of money cost to borrow. If the HELOC goes up to like 9 and 10% or more, it may not make sense to continue velocity banking for the Full duration, these two loans at the bottom. Right. But what I'm more interested in with this case and many of you that operate your lives right now with a very tight cash flow position, I'm spending more time on your actual cost of where is your money going? Where are we wasting cash? So often I'm able to recapture with clients 500 to $1,000 or more. And it makes a huge impact over here on the Velocity Banking side. That's just from waste management and just being more intentional with how you spend money, right? Your bills, your cost to live your lifestyle by simply reducing temporarily your lifestyle. Right. Delaying gratification. Right. Going to a smaller, reduced lifestyle can greatly impact Velocity Banking results. And then we don't want to spend too much time there. I don't want to go to the point of rice and bean mentality, cheapness mentality, you don't tip nobody mentality. That creates a spirit of cheapness, right? That, that, that closes doors to a lot of opportunities, right. It just, it gets too crazy for me, you know, I'm like, do I really want to sell a car? Let's say if I sell one of these cars, like, how much more inefficient does my life become by me getting rid of one of these vehicles, right? So I'm just, I don't, I don't go that far with clients unless necessary. I think I can produce way more results by just simply saying, hey, how do we increase your value in the marketplace and just get paid more money, right? So this client wants to teach plus life coaching. Here, here is a hack, right? Let's go to YouTube. I'm gonna give you a hack. Check this out. I'm gonna sign out of my YouTube account so that it's more accurate because my feed is always going to be showing like Velocity Banking content already. So it's already kind of gonna know what I want. The home page of YouTube. Let's say you're somebody watching right now, 42 people in the house. You had as high as like 50 plus. Let's say you want to become a life coach, financial coach, consultant. You want to teach and educate on the velocity banking strategy. Let's do some market research. Let's see who are the top people talking about Velocity Banking and how can I be that next person that also talks about Velocity banking, educates people, and then creates a business where I'm servicing people. I'm, I'm charging people to work with them, right? And now I've just created a new source of income for myself to Produce profit right here. Here is the hack. And this could be done with many different businesses, right? So Velocity Banking, let's just see what comes up when you're signed out of YouTube. Velocity banking, let's see what comes up. We got Christy Van. Velocity Banking Basics and elementary terms. 115,000 views. Who's that guy? Don't know. Velocity Banking in Virginia with a HELOC and a credit card. And that person's live right now. Okay, cool. Accelerated banking, right? A sponsorship. That's the Kwok Brothers Concepts made simple. Velocity Banking explained a step by step guide. 98,000 views. And then you've got shorts, different channels, different people talking about Velocity Banking, promoting it, going against it. Here's a YouTube channel called Ascend. See if there's any. And then hack your finances. Okay. Hack your finances. Relatively new channel. 5477 subs, 322 videos. Talks a lot about Velocity Banking on his channel. Korean Atlanta mentorship. Talks a lot about Velocity Banking. Guys, there's like what, 10 channels if that on Velocity Banking. If you wanted to like hack the existing content that's already out there and feed off of those views, people like me, Christy and others, you could literally make your titles and your thumbnails and the, and the questions and mirror exactly what they're already putting out. And then you teach it your way. You teach it the way you express the way you break things down. Because you already know people are already looking and watching these videos titled in this way. So why should I have to guess what I should make my title, how I should make my thumbnail, how I should present, what topic I should share about Velocity Banking? Why guess when all the work has been done for you and you can look at the most relevant videos that are trending and literally make a video titled exactly what that video got hundreds of thousands of views on. That's the hack, right? And then what you can do is get niche, get real niche. So let's say for this client right here wants to do Velocity banking, if they got real niche down and said, okay, I'm going to do Velocity banking in the state of Virginia and the surrounding states, I'm just going to get really good at talking about Velocity banking in the state of Virginia. And I'm going to talk about things that are relevant to Virginia residents, right? And I'm going to P locks in Virginia. P locks in Virginia. Be locks in Virginia. Credit cards in Virginia. Avoid this, do this, do that. Why you should do this in Virginia. How you can do this how you can pay your home off faster in Virginia. Like Virginia. Virginia. Virginia. Velocity banking. Right? You pair those words together, let's see if someone's already doing it. Let's see. Share screen. We're going to narrow our search because here's what you guys do. Like, like you watching. Here's what you're doing. Velocity banking. Negative cash Flow. Velocity banking. Ramsey. Velocity banking. No cash. Velocity banking. Denzel Rodriguez. Velocity banking. Car loan. Velocity banking. Weekly pay heloc. This is what you guys type, right? The people who are on YouTube. This is what you're typing again. Why guess? Just make titles exactly according to that and then you'll pop up. So let's say you wanted to niche down even more, right? Velocity banking in Virginia. Let's say you're a resident in the state of Virginia. Let's see who's doing any Velocity banking. Velocity banking, Virginia. Only that guy, right? Look at that. What comes up? The reason why Christy Van comes up Accelerated Banking Concepts Made Simple Ascend is because they have the words Velocity banking in their title. But if you're a Virginia resident and you're trying to look for a scenario that's more catered to you in the state that you live in. Right? I can keep scrolling. Like there's literally in all of YouTube. Isn't that crazy? In all of YouTube, the state of Virginia. How many residents, how many people live in the state of Virginia? Pretty sure, a lot. And you mean to tell me there's not one video on this? Only that one where it says the words Velocity banking in Virginia? So you literally could, like, hack the existing views and eyeballs that are interested in this strategy. Create your own content. Especially if you want to be a life coach, like this person. There's many people that want to be financial coaches. There's many people out there that want to teach personal finance. They stumble across Velocity Bank. They're like, I want to incorporate this into my practice, right? So that is a huge variable with this particular strategy here where we're doing a combination of building the financial foundation, moving debts little at a time into the heloc. Being conservative, not over leveraging ourselves, decreasing interest costs, increasing cash flow effectively and efficiently over time. Getting the right tool, right? Making smaller chunks to gain wins, recapture cash flow, build a stronger base and security. Use that story that you have with your own finances. You use that as your own case study, as your own content, and more as you attain clients along the way. Build out your coaching service, right? And now you're directing a lot of your time and energy toward creating more income. By the way, this is a person that's retired so they have the time to put towards building out this coaching practice. So they put only time in and it produces any kind of revenue. Majority of that's going to be profit, right? And they can just flow that and park that into their HELOC and that's going to accelerate everything. So maybe in six months or 12 months, we end up doing a chunk faster and paying off debt faster if that is the primary focus. Right, so that's the lesson here, right? Just showing you the process from the beginning and actually doing the strategy going in, how I think, how I process, how I make these decisions to help you make a better decision. I think what also increases chances of succeeding when it comes to your personal finances is having an accountability partner such as a coach, mentor, a strategist, a coach. Right? So I can be that person. Chrissy Van can be that person. Kwok Brothers Accelerated Banking can be that person and a few others because there's only a handful of us, right? So whoever it is that you click with the most, let's say it's me, right? You go to my website, DenzelWigs.com and you set up a consultation. You just talk for an hour, you send me all your numbers in advance and we map out your entire finances and even take it to the whiteboard. Okay. For my one to one clients, this is a special service that I do. This is a one to one client I just shared with their numbers. This is a special thing that I do where I just, I just put the numbers out there on YouTube, keep the person anonymous, obviously share the situation, share what's going on, right? Give you that, that framework so that if you are someone that wants to DIY style, great. If you have the fear of DIY and failing and you want to prevent failure at all costs, investing in a coach, obtaining someone's time and guidance to have that second pair of eyes to look at things that you don't see, that I see because I've been doing this for six years, going on seven years, that I'm just able to spot instantly and then build that framework, build the parameters to help you achieve results. Okay, I'm going to look at some of the questions. If you have questions, go ahead and comment and we'll close out. Okay, so Jesus says shout out to all local credit unions. Is that State Employees Credit Union of North Carolina? I think, I think it probably was. Let me verify the employees Credit union. I believe they service Virginia, NC let's look at here. I'll share my screen again because they went right to. More than likely that's what it is. But they also cover Virginia Rocket Mortgage. Let's look them up. I don't know if Rocket Mortgage does a heloc. We will verify that. But that would definitely be a bank I don't want to work with. See, they have a home equity loan. Yeah, I can't even like. Yeah, I already know Rocket Mortgages is a no because it's not a bank. Right. They don't have that checking and savings account function. Right. I'm not able to deposit all my income over there with them and then instantly move it out. I have to use another bank separate and then set up external transfers, which just takes time. Okay, what about Navy Federal? Navy Federal is another bank I like to typically avoid when it comes to their home equity lines of credit. The rate's just too high. I've had so Many people get HELOCs with Navy Fed because it is easier to get. Oh, no, no. My bad. I'm thinking about their P locks. Their P locks are really expensive. So I take that back. Let's look at this real quick. They have what's called a checking line of credit, personal expense loan, home improvement lo. Wow. They might got rid of it. When it comes to Navy Federal, it's a bigger bank nationwide. They have HELOCs as low as 7.75% which is 0.25% above prime bar up to 95%. No closing costs, 10 to 500k. No application origination, annual or inactivity fee, interest only option available, 20 year draw period. Much better home equity line of credit. Yeah. So I'm not against the home equity line of credit with Navy Fed. Forgive me, as I misspoke earlier, I was thinking about their line of credit, which is called a checking line of credit. Those I've seen people with 15% rates with them. Now again, 7.75. You probably have to have perfect credit with them and that's probably with anyone. Okay, I would love to hear of some. Someone combining velocity banking with mortgage recasting. So mortgage recasting, as far as I understand, you do it one time. Okay. And there is someone that does talk about mortgage recast quite often and that's donell check him out. But let's talk about mortgage recast because it's almost something I never do. What is it, how it works. Mortgage recasting allows you to pay a lump sum towards your mortgage in order to reduce your remaining monthly payments. And interest. So if you think about it, you chunked, right? If you're, if you have a mortgage and you have a home equity line of credit and you pull out a lump sum of money, you make a chunk and you're going to apply that towards your mortgage balance, you are essentially doing the same thing as a recast without paying the recast fees and without changing the payment of the mortgage. So if I'm not mistaken, you're doing the same amount of damage. Similar amount of damage. And then the person that does velocity banking with a HELOC takes a lump sum, then files submits. I don't know how long it takes, but it's got to take some time to do a mortgage recast, pay whatever fees are involved for the mortgage recast, all to just reduce the payment. You reduce the payment of your mortgage. Where does that reduction go? Where does that cash flow gain go? It goes to your P lock like, like normal, right? Like nothing really changed. So now you're what, paying off your line of credit, say, I guess you could say technically faster, and then you go to do the next chunk and do it again. So it might be something interesting that we could totally look into. So as I read this, when you recast your mortgage, you keep the same interest rate and term recasting might be simpler and cheaper than refinancing, depending on how much you pay in the lump sum. So I'm pretty sure there are minimums as to how much you can recast that you would have to probably qualify for a recast. But I think, think my opinion here from an efficiency standpoint, I don't know how many times you can do a mortgage recast and then how much does it cost each time? And then how long does it take to actually do the recast? How long does it add? Does that actually take? Right. And is it simpler for me to just simply make the chunk principal, 100%, all to the mortgage, and then my mortgage payment, more of that payment is now automatically going to the principal. Wouldn't that be faster? So even though it takes me longer to make my next chunk, I'm still sending the same amount of money. Does that make sense? Like you're not sending more money than I am because we both have the same amount of money. In your case, it probably costs you more money, right? So that's why it's not a matter of combining the two. It's literally the same, almost the same thing. But I would argue velocity banking with a HELOC and making principal payments to the mortgage is more efficient. You're going to save more money on fees and costs. Especially considering how much did it cost to get into the HELOC to begin with. Right. So here's an example. Better off selling the cars to me and getting cars that are more affordable or that you can pay cash for. That's an option. Yeah. I'm not against it. It's just not my first thought. It's not the first thing I think of to do which would be, you know, getting out from under these cars and then getting a hooptie. Basically that's 77,000 1465amonth cash flow freed up and all that interest savings at one time. They really need to investigate setting up a cash value life insurance policy with a good mutual company. Shout out to MSC Federal Credit Union in Michigan. My HELOC is through them. Great people to work with. Awesome. Rocket is not my first choice, but they do heloc. I didn't see on their site that they do heloc. It sounds like they do a home equity loan. I don't know. MSU is a credit union checking account. Yep. Rocket P. Lock. I'd say run away. Yeah, no, not going to do it. But to your point, Cheese, if you wanted to take a more radical approach, they were talking about the, the two cars here that if this person really was like convicted of paying off debt extremely fast, going down multiple lifestyle levels, getting a super cheap car. So, so basically I don't know how it works but if I have an existing balance on a car, how do I get rid of that through selling it. Right. Am I going to get the amount that I owe on the car and create a wash? Right. I don't know how that would work. I don't, I don't think you can. I don't think this person would 31,239 back in in cash to get up out of the car. So I don't know if you want to clarify Cheese about strategy of selling the cars. Would they even get anywhere near 31 grand or 45k for their vehicle? So. And even if they did, okay, now it's a wash. I now have to come out of pocket, which they don't have the cash flow to come out of pocket to buy another car cash. Right. And I think the used car market today is like still horrendous. Like I'm, you know, used cars are like $25,000, 20K, 15K that you know, run and operate. I don't know. I'm in South Florida so it might be different for, you know, car prices in different states. But that's going to be a little bit challenging in my opinion. But I don't think it can't be done. I think it's probably a possibility. Is 12.99% too high for a personal line of credit, in your opinion? And should P locks have a 15 day or 25 day grace period? That's what my credit union is offering. 15 day grace period. Why are we concerned about grace period? Are we negative cash flow? What's going on there? So grace period is not an issue for me or none of my clients. It's not something we think about because grace period is implying that we're not doing velocity banking. We're not sending our income in immediately. Right. So if I'm not doing velocity banking, well now, okay, grace period and I'm not making the normal payment on time. Well, having the longest grace period would be ideal. Right. So that's kind of simple, straightforward. There is 12.99% too high for a personal line of credit. Yes, I would prefer to find a personal line of credit under 10% in today's environment. Right. Personal line of credit, 10% or less is ideal. Anything above that? It really depends on what other debts you have now. So if you get a 12.99% but all your other debts are above 12.99, then that's not bad in context. But if you get a 12.99% P lock but you have a 4% car loan and 5% student loans, 2% mortgage, like it's like it's pointless to have that thing. She says lots of used cars in Michigan. I'd love to help people learn basic budgeting credit that pay down. Where should I start? I'm not a financial counselor or finance geek. Here is where you should start. Glad you asked that question. Go back to YouTube. So you're going to go to YouTube and you're going to type in this person's name, Denzel Rodriguez. Heard a lot of good things about this person. And you're going to go to their YouTube channel and then you're going to hover over to playlist and you're going to go to this playlist here. How to become a financial coach without certification. And this is 1, 2, 3, 4, 5, 6 videos that literally breaks down my entire business model. How I serve people, how I work with people, my pricing model, my, my whole entire step by step process right there. All for free. Didn't have to pay a dime for that. And then I have a coaching Program one to one that if you were to hire me, that's something that you could totally do. The link is in the chat. Put right there. Don't know what kind of vehicles they have, so I cannot answer that question. Neither can I. I don't know what kind of vehicles actually I might miss client spreadsheet. So they have. Oh no, it doesn't say. All right, sorry. We don't know the answer to that question. I doubt it's a high end luxury vehicle. And so if it's a car that costs 60 grand, 70k, like it already lost what, 50 of its value moment it dries off the lot. So yeah, I just don't see how they can get up out of that car unless they were, I don't know, I don't even know. I don't know how it works. I just don't think they're going to get anywhere near what they owe. Probably be underwater. But I guess that could be a way of reducing the actual amount left owed and then getting something super cheap. But again you get something super cheap, you have to deal with all the problems that come with it. How much is your one on one cost? So if we hover over to my website, share my screen real quick, you come to my website. The only thing I have available as of right now is my one to one consultation calls which is at $300 an hour and you technically get 90 minutes. So you're paying for 90 minutes but it's a one hour session initially and then a 30 minute follow up to build out the blueprint plan and make sure that it is operating efficiently and effectively. We're actually doing, you're actually doing what we set out. Okay, go there, you click. I'm going to copy paste this link takes you right to the calendar. Pick the day that work for you. I will drop that in the chat as well. Put on the screen there and we can have a productive conversation once you are ready. I encourage people to watch more of my videos. Watch Go to Playlist. So you go to my channel, go to Playlist and, and start to niche down the content. Don't just binge watch my YouTube channel, which I'm happy for and I think that's awesome. But I want you to really cater your education learning experience by going to the playlist. Go to the playlist, you're going to see exactly what you need. So if you're brand new you're going to see playlists like all about the line of credit. You're going to see velocity banking, pre Game work. Those two playlists right there will set you up for success. So that by the time you get on a call with me, you've got a nice strong fundamentals in place. And then you get on a call me, Denzel. Here are all my numbers, here are my questions. And it's just like, boom, boom, boom, boom. Strategy, strategy. Question, answer, question, answer, question, answer. You're not booking a call with me to ask me, Denzel, how do I get a line of credit? Please do not pay me $300 an hour to ask me how to get a line of credit. You'd be wasting your money, right? You'd be wasting your money big time. All right? So that's why I always encourage people you want to, you want to come to my phone call fully prepared and you're going to get emails from me. It's like, hey, come fully prepared, have your questions, send me emails in advance. Right? I really want to serve you at the highest level. And when you are making that investment after that phone call, like you're wanting to go to build an even longer term relationship with me, build a strong trust, take you the full distance. Right. But as of right now, my one to one coaching program is closed. It will reopen in a few months. In the meantime, for those that do want to work with me one to one, you can book a one on one phone call with me. I do whiteboard sessions, that's by request only. And then I am putting together another program that's different from my one to one that is strictly focused on debt eliminating debt. So it's like you, you make an investment to work with me. We look at your numbers, whatever your debt amount is, if it says 1.472 million, 1,472,321, $21.96, I'm making a promise that we're going to pay that off however long it takes. On average, people that go through working with me become debt free in about five to seven years or less on average. Right. So we can have an initial timeline for that. If it takes longer, we're going to look at why. Right. Chances are we went into more debt. Unexpected life events, circumstances happen that cause our debt to go up. I was just talking to a client today where we were when we first started working together almost two years ago. Their debt was at as high as 756,000. Brought it all the way down to like 740 or 730 something. Right. With not a whole lot of cash flow to work with. And then there was a gap in communication. Just spoke to them today their debt is 770,000. So their debt went up, right? So it's like it's going to take them longer now than the average to become fully debt free. Right. So that's some of the reasons why it would take someone longer based on what we strategize, not because the strategy didn't work out. It's just life happens or maybe we make a mistake. We didn't listen, we didn't follow our rules, we got desperate, we, instead of focusing on paying off debt, we decided to invest in crypto. We decided to go hire this guy to do options trading or forex trading. And you know you lost a bunch of money, right? Kind of holds you back. Do you recommend any credentials to becoming a coach? No, I do not. I have one which is with Dave Ramsey and his certification program. I almost did that. I honestly did that just to be able to communicate better with that kind of person, which are people 50s and up that all they ever knew was Dave Ramsey. Going through Financial Peace University, a lot of faith based folks. So I needed to be able to speak that language to meet them where they're at and then present Velocity Banking and have them graduate from the seven baby steps to Velocity Banking, Infinite Banking and all these other strategies we teach on this channel. So it's a sort of a growth process, Right. So I do not recommend any credentials to becoming a financial coach. Right. Because the sphere of coaching, right, life coaching, financial coaching falls under that umbrella and it is a unregulated space. You don't have to get a license to sell coaching like you do if you were going to sell real estate or if you're going to sell life insurance or health insurance or annuities. Right. You have to get licensed in each and every state in order to provide those products. But when it comes to coaching, right, you are under no obligation to get any certification whatsoever. You just need to know there are certain things you really don't want to say to the client that could cause you to get sued. If I said to a client, let's say you pay me money And I say, Mr. Client, I guarantee you I will, I will help you pay off all your debt in five years or less. And you do everything according to the plan and everything's documented, but we get to five years, you're still in debt, you're opening yourself up to being sued, creating a lawsuit. Especially if you go online and say wild things like that. Anytime you use the word guarantee or Advice. The word advice, investing advice. You're opening yourself up to being sued by anyone and everyone, right? At that point, you're just opening yourself up to too many liabilities and you just don't want to have. You're going to want to spend time diving into the liability that you take on as a financial coach and what are the things that you do and don't do. So a financial coach typically will stay in the realm of budgeting, cash flow management, debt elimination, some credit, education, personal finance, public general content information. But the moment you start talking about how if they sign up for your program, I'm going to show you how to invest in real estate and make a ton of money. Right? You probably get away with that, actually, because there's a lot of gurus that do that, and that's probably actually not an issue. What's a better example? Better example would be you get a client and you advise them to withdraw money out of their 401k and buy Bitcoin instead. Right? Like just. Just really like, hey, like Stunard. Like, that's not a smart idea to sell. Say that to someone and that goes on record. Or you make certain kinds of guarantees or promises in your program. So you have to make sure that when you're writing your offer and you're presenting to people that you're not giving them any guarantees. Personal finances, there's so many variables in it. Velocity banking is not guaranteed. Infant banking is not guaranteed, right? Like, you have to have a strong foundation. How do we build a strong financial foundation? Coaching is one of those things that helps build a strong financial foundation. But you got to set expectations with the client. Very, very important. So I always set proper expectations with the client. Say, look, I'm making a covenant with you. It's stronger than a contract, right? I'm making a promise to you. I will serve you. I will be available to you. I will not abandon you. This is what you can expect from me. And if you do not receive these things, here's your money back, right? You're a saint. Love, Dave Ramsey. Awesome. Thank you for answering my question. And congratulations on your wedding. Thank you so much, my friend. I've been showing this thing off in the video. Every now and then I get a chance. I'm like, in the now, when I go on the whiteboard, I'm like, I'll start using this finger. I'm like, here you go. You need to know your four major numbers, right? Awesome. So those are all of the questions that have come in. God bless you all. Enjoy the rest of your evening and we will be talking again shortly. Thank you for your time. Bye now.