This category is dedicated to content that teaches you ways to avoid debt and strategies in paying off credit card and loan debt including your mortgage. My favorite way to pay off debt fast is to use velocity banking. If you want to learn more about velocity banking, the 7 baby steps, or other strategies, this is the page for you.
Due to FOMO, or Fear Of Missing Out, most people will want the answer to be Investing. In reality, paying off debt is the better option for most people and most situations. As a velocity banker, I definitely prefer to pay off debt. Investing When it comes to Investing, there are many different ways to invest. You can invest in real estate, stocks and ETF's, bonds, index funds, and start up companies. Within stock market investing, you can choose to…
So you just turned 18. Now what? As an 18 year old, you are now officially an adult by law. You can rent a car, open a new bank account, invest, and so much more. You will also need to memorize your social security number as you will need it for almost every financial-related application. Unfortunately high school curriculums don't prepare students on the topics of personal finance and paying taxes. My aim with this post is to help introduce…
I bought my house in November of 2018 and refinanced from 4.875% to 3.875% in June of 2019. The whole process was easy and took a little over 1 month. In August of 2020, I tried to refinance my home again to go from 3.875% to 2.5%. SIX months later, I am still trying to refinance. Interest rates were historically low. As someone who uses a HELOC, or Home Equity Line of Credit, for the purpose of Velocity Banking, I…
Dave Ramsey created the 7 Baby Steps back in the early 1990's. If you are unfamiliar with Dave Ramsey or his 7 Baby Steps, read about them here. He touted how his process was the best way to become debt free and achieve financial peace. This was almost 30 years ago, and in that time, he continued to research and study millionairres. Today, he still promotes his baby steps. While his baby steps are very effective and successful, I am…
Whether you are looking for the most points, most cash back, best balance transfer options, or lowest interest rates, here is a list of the best credit cards available in 2021. Best for 0% Intro, Balance Transfers & Velocity Banking Citi Bank Diamond Preferred Intro APR:0% for 18 months on Balance Transfers0% for 18 months on PurchasesRegular APR: 14.74% - 24.74% (Variable)Annual Fee: $0Brand: MasterCardBalance Transfer Fee = $5 or 3%, whichever is greater.Features:Free access to FICO® Score online.Citi Entertainment®…
Dave Ramsey is a successful Businessman, Radio and YouTube Show Host, and Author. His large empire includes the "The Dave Ramsey Show", several published books including "The Total Money Makeover" and "Financial Peace", Ramsey+ Membership Services including the "Every Dollar" budgeting app, and Financial Peace University courses. What Dave is perhaps most well known for is his 7 Baby Steps. Dave created the 7 Baby Steps to help people achieve Financial Peace. BABY STEP #1 Save $1000 for an Emergency…
Understanding the mindset and strategies that make you successful in the long term are important in helping you save for a large expense like a house, education, or retirement. Here are some ways to grow your savings over time. 1. Set a Goal What are you saving for? How much money do you need? How do you want to spend your savings? Make a plan and set a goal. 2. Create a Budget After you set a savings goal, split…
Student Loan Debt is a problem throughout the United States. Millions of students use their student loans to pay for housing, food, tuition, books, parking, and transportation without realizing the impact their financial decisions will have on their entire lives. Here are 16 ways you can avoid or significantly reduce student loan debt. BEFORE YOU START COLLEGE 1. Save for College with a 529 Account Hopefully your parents opened and regularly funded a 529 Education Account for you. If not,…
Saving money can be difficult, especially for those with low-income. Here are some surprising hacks that can help you save money. 1. Open an interest checking account and high-yield savings account. Your bank may already offer these. You just need to apply for them. You should be able to find a high yield savings account at 0.5% or better with a quick online search. Make sure you choose a bank with ZERO fees and ZERO minimum balance. I like to…
Velocity Banking uses a line of credit to pay off your ammortized mortgage or student loan. The concept includes borrowing money at simple interest to pay for a loan that charges amortized interest, thus saving you huge amounts of money on your loan. To get a good credit card or get a home equity line of credit, you need a good credit report. What if you don't have credit? You can still follow the velocity banking method to pay your…
