Velocity Banking Or Debt Snowball?

One of the most common questions I receive is why not just take extra cashflow per month and pay that towards a debt wouldn’t I go faster? Isn’t easier to just budget, become extremely frugal, minimalist, cut back, don’t be a human, spend nothing, and be cheap. The answer is a complete no. The truth of the matter is money no longer has value. We live in an economy where money must be leveraged to make more of it via a debt tool. Velocity Banking is the system which to follow to achieve success in paying off all your debts. When looking at debt the 2 main differences is simple interest debt and amortized debt. Most Americans have amortized debts like mortgages, cars, student loans, personal loans, etc. If you were to look at the amortization schedule of any mortgage at any amount and interest over the course of 30 years you would pay 2.5 times the amount the home was actually worth period. With that being said making extra payments each month will not be enough to bridge the gap between the high costs of interest and principal payments. For the average household making extra payments you might be able to cut your mortgage by 10–12 years at max but the problem is you still have another 15+ years to go and to make it even worse when you actually pay off all your debts guess who’s broke? Yeah, your debt free but your completely broke you used all your extra cash flow to make extra payments you forgot about saving and investing for the future. Velocity Banking gives you the ability to not only pay off all your debts in 5–7 years, you also have the ability simultaneously to save and invest for the future while keeping all your cash flow in the process to do so. We accomplish this together by utilizing simple interest Lines Of Credit and for more information and detailed visual explanations you can visit my YouTube Channel. Thank you and God Bless.

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