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hey guys welcome back to the VIP financial Edie Channel today I want to more deeply explain or more clearly explain paycheck parking we're commonly asked in the comments section of our videos how does paycheck parking really work so today I'm gonna more clearly describe it we're gonna go through another real-life case study and by the end of this hopefully you'll have some solutions for yourself as well as you know taking income and or cash flow throughout the month and simply depositing it into your checking or savings account means that that money is doing very little to work for you in fact really the best you could hope for from a savings account is somewhere in the neighborhood of a 2% APY annual percentage yield and when you compare that to inflation which comes in at a staggering average of three point two seven percent but that math doesn't line up for us as consumers your money would be gradually losing value each year at a rate of one point two percent at best it's that very notion that got us rethinking the behavior of typical savings including emergency reserves instead what we started doing was looking for better ways of putting that money to work for us versus giving the bank's the ability to benefit from fractional reserve banking that meant parking the income so let me give you a perfect example that I encountered last week with an audience member from here on YouTube Roger had eleven thousand dollars in high interest credit card debts this was a result of some unexpected home repairs that he had to make last summer when his basement flooded unexpectedly so he needed quick access to money to make the repairs and he didn't want to draw from his emergency funds or his retirement accounts not only were his credit card accounts affected but it immediately played a role against his credit scores bringing them down to a six seventy two and a six eighty one due to the utilization on the cards but the loans would end up ultimately costing him over twelve thousand seven hundred dollars in interest costs if he stayed on the same path now the good news is that his income is quite strong he takes home about forty five hundred dollars every two weeks but because of his lifestyle his high mortgage payments and his student loan debts his cash flow that he's left with at the end of each month averages at about $700 which he's been using for the past 11 months to rebuild his savings now after our call last week Roger started paycheck parking instead first instead of allowing his $700 in cash flow to feed his underperforming emergency fund in his savings account he took his paycheck last Friday and parked the entire $4,500 against one of his accounts which paid it off in full he also pulled three thousand dollars that he had sitting in savings and applied it towards his final credit card leaving him just five thousand dollars in the bank to pay his mortgage and student loans for the month and still have some cushion thus left him only $3500 in high interest credit card balances and one credit card completely free and clear which we're now going to be using for all expenses throughout the month aside from expenses like his mortgage and his student loans along with some utilities 90% of all of his other expenses that he pays throughout the month can actually be paid for with that credit card and because we're gonna be paying it off free and clear every month he'll now no longer have any interest costs associated with that account the road map consists of Roger taking his next paycheck and also parking that against the thirty five hundred dollars that's still outstanding which due to the interest is now going to be closer to thirty five hundred and sixty dollars which leaves him nine nine hundred and forty dollars at the end of that pay period along with the other forty five hundred dollars to pay off the expenses that were added to the credit card throughout the month the net outcome of his parking this income against his debts versus into his savings accounts as he was doing and then waiting until his expenses came up to pay them is that of the two hundred and twenty dollars per month in savings most of it was interest and he now will have a far superior credit score because of the negative impact the credit hit had to his insurance along with some of the other more obvious leaks that we helped him with in that call as well Roger managed to actually drive his cash flow following our conversation up to a whopping twelve hundred dollars every single month after just one call so that's a 71% improvement to his monthly results without any changes to his earnings or his lifestyle as these results take effect we expect Rogers credit scores to jump by more than 100 points where they were previous to his utilization of these credit card accounts which will allow him access to reserve replacement debt weapons which will allow him to have large sums of liquid reserves at any time and by shifting his focus to the student loans and the mortgages next and putting his hard-earned money to work throughout the month as many days as possible as opposed to working for the banks we're expecting every single dollar that he owes to be paid in full in under eight years in conclusion the money that's sitting and checking and savings even emergency reserves is being wasted fractional reserve banking is the practice whereby a bank accepts deposits makes loans or investments but is required to hold reserves equaled only a fraction of its deposit liabilities banks can lend up to nine times what you deposit into your checking and savings accounts which means that every dollar you put into those accounts is working for the banks and not working for you if you would rather help the bank's great if you would rather help yourself then you need to start paycheck parking right away if the act of paycheck parking due to the complexities of individual circumstances is confusing to you then you'll want to take advantage of the coaching sessions that are available in the description below free coaching calendar calm and select your preferred approach you can have a free coaching session which is awarded to every viewer who exceeds at least $500 worth of average cash flow at the end of each month by just making minimum payments and factoring all lifestyle spending and for anybody that's ready to dive in and start making changes immediately because these mathematical examples are proof enough to you that there's a better way to go about managing your money than you have been then go ahead and select one of the QuickStart options that are available to you on that same page until we speak on the phone I appreciate your viewership very much we look forward to seeing you on the next video until then make it day today and take care [Music]