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[Music] what's up world it's your boy charles enoch and you know we back with another investor myself episode so i've been getting a lot of good feedback on my last review video in which we talked about how to pay off your credit card without paying any interest and if you haven't seen it i will put the link down below so go ahead and check that out and before we get into the video i definitely want to give a shout out to all my subscribers we're almost at 500 subscribers and we're almost at 2 000 hours of watch time that means you guys have been smashing the like button and sharing my videos with others that want to gain that financial knowledge as well too and on the real i really do appreciate you guys for taking time to do that it really encourages me to keep on making these videos for you guys and share that financial knowledge with everybody also for the new people that stumbled upon this channel go ahead take a little time hit that subscribe button for a brother help me reach a higher audience base i really do appreciate it all right enough of that so what we're going to be talking about today is how to pay off multiple credit cards at one time using a line of credit now usually i have something funny to say before we get to this white board but your boy has a contracting test tomorrow and my job is on the line so we got to hurry up come on all right so you know we get straight down to business we got bounce back becky in the house and she has charged up about four of her credit cards and she's wondering how to pay all her credit cards off at one time so becky gives me a call i'm like hey i got you you know this is what we're gonna be doing so let's take a look at becky's finances here so her income is three thousand dollars a month her expenses are two thousand eight hundred and fifty dollars leaving her cash flow at a hundred and fifty dollars for the month so we look at all four of her credit cards she has a 500 charge on all four of her credit cards and she's looking to pay all of them off at the same time so the first two credit cards they have a 50 minimum payment that she has to make every single month the other two that have a 25 minimum payment that they have to make every single month the credit card interest is 30 every month so they are charging her like crazy interest now becky she goes to the bank she goes ahead and she gets her a line of credit and her line of credit is going to be 3 000 with a 10 interest rate now we always want to remember when we're doing the velocity banking method income pays credit credit pays expenses now this may not make sense right now but we're definitely going to be making that make sense so get your pin your pad out your tablet whatever you do to take notes you're going to be needing to take notes on this all right so we're in the month of january so we're going to be taking a look at the equation to see how we're going to be paying off all these credit cards at one time with our line of credit so one thing to note this is january 1st the beginning of january so becky she has her line of credit that is three thousand dollars so the first thing she's going to do she's going to take 2 000 of her line of credit and now why is she taking 2 000 out of the 3 000 of her line of credit because if we add all her credit cards up that equals 2 000 and she wants to pay those off so we're going to take 2 000 of our line of credit we're going to put that onto the credit card which pays that in full and when it pays the credit card in full what it does it increases our cash flow cf that's our cash flow by a hundred and fifty dollars why because the minimum payments on our credit card if we look at the credit card one and two they were fifty dollars each credit card three and four was twenty five dollars each since that is not a payment anymore we have increased our cash flow by a hundred and fifty dollars we have also decreased our expenses by a hundred and fifty dollars because that is no longer an expense we have paid that all off so we're gonna go to step two so she's gonna take two thousand of her income remember her income is three thousand dollars she's gonna take two thousand of that she's gonna put that into the line of credit so on step one remember we use two thousand dollars of the line of credit we needed to pay that off so we're gonna put two thousand dollars of our own money onto the line of credit which puts it back up to three thousand dollars paid in full now we're gonna go on to step three so we're gonna take the remainder of her income remember she makes three thousand dollars for the month so we're going to take the thousand dollars that's remaining for that month we're going to put it onto our expenses now remember our expenses was two thousand eight hundred and fifty dollars but on step one since we paid off our credit cards we have to minus one hundred and fifty dollars of that so if we do that we see that we have two thousand seven hundred dollars that is remaining on our expenses so we're going to take a thousand put that on the 2700 on our expenses that's a 1700 left how are we going to pay our expenses we're going to use our line of credit we're going to use the credit right so our line of credit is three thousand dollars since on step two we have paid that in full so that's three thousand dollars we're going to use 1700 to pay the expenses this is going to leave our line of credit at 1 300 so if we see from the month of january line of credit is 1 300 our debt on our credit cards is zero all right so we're in the month of february here so let's look at our equation because a couple things have changed here so for line one since we have already paid off all our credit cards since we used our line of credit we don't need to use this line anymore so this line is x out we're going to start particularly on this line so remember we have to look at what's left over for the end of january which was 1300 so we have thirteen hundred dollars in our line of credit step one we're gonna have to use our income to fill that up put it back to three thousand so we're going to use 1700 of our three thousand dollars of income we're going to put that onto the line of credit this pays the line of credit off and puts it back to full so we're back up to that three thousand dollars now we're going to go to the next step we're going to use the remainder of our income if we make three thousand dollars we'll have 1300 left we're going to pay that on our expenses on our 2700 expenses we're going to have 1400 left over now we get to the last step since we filled our line of credit off in full we're going to use our credit to pay our expenses so it's back up to 3 000 only have to pay 1400 on expenses which leaves our line of credit at sixteen hundred so if we look at the end of february we have sixteen hundred on our line of credit our debt on our credit cards are zero since we paid all of those off all right so we're in the month of march and we're slowly paying down that line of credit so if you guys haven't noticed it's the same thing that we're doing for the line of credit as the credit card so we have to remember that income paid credit credit pays expenses so for the month of march we're going to be looking at the end of february what's on our line of credit which is 1600 we got to get that line of credit to full so we're going to be putting 1400 of our 3 000 of income back onto the line of credit to pay that off in full so now we're back up to 3 000. we're going to be repeating the same steps here so we're going to go down to step 2 we're going to put the remainder of our income which is sixteen hundred dollars and we're going to put that onto our expenses which is twenty seven hundred dollars now that's going to leave a remainder of eleven hundred dollars that we have to pay in expenses now how we're going to be paying these expenses we're going to be using our line of credit we're going to be using our credit to pay the expenses so since our line of credit is up to 3 000 again we only need 1100 to pay off so now that leaves our line of credit at nineteen hundred dollars so for the end of march we have nineteen hundred dollars left on our line of credit our debt for our credit cards are zero all right so in the month of april we probably got the hang of it but we're going to keep on going we're going to drill it in your head so for april we have to look at the end of march here so the end of march we have 1900 on our line of credit so we're trying to fill that back up to thousand dollars so we're going to use eleven hundred dollars of our three thousand dollars of income onto the line of credit we're going to fill that back up to full so we didn't paid our credit now we're going to use the remainder of our income that nineteen hundred dollars onto our twenty seven hundred dollars of expenses this will make our expenses down to eight hundred dollars now how we're going to pay our expenses we know that we're going to use our line of credit to pay the rest of our expenses so a lot of credit is three thousand dollars we're going to use that to pay 800 on the expenses this leaves our line of credit with 2200 for the month of april so now we're at 2200 and the debt for the credit cards are at a big fat zero all right we're almost there we're in the month of may so i already know what we're doing here so we got to look at the end of april we're at 22 hundred dollars so we're trying to get that line of credit up to full so we're going to use 800 of our income to put that on to the 2200 on our line of credit it's gonna put that back up to three thousand dollars paid off in full i'm going to use our next step we got 2 200 left out of our 3 000 income we're going to use that onto our expenses our expenses are 2 700 this leaves us with 500 left on our expenses now we're with the last step our line of credit is filled back up income pays credit credit pays expenses so now that our line of credit is up to three thousand dollars we'll pay 500 off that line of credit i said twenty five hundred dollars on our line of credit all right so we're in the month of june we are almost there so we're just gonna be repeating the same old thing but we gotta get it drilled into your head here so we gotta look at the end of may 2500 onto our line of credit so we're trying to pay that off in full we're going to go to step one right here we'll use 500 of our income we're going to throw that on to our line of credit that's going to pay off in four back to that three thousand dollars now we're going to use the remainder of our income that twenty five hundred dollars we're going to put that on to our expenses we almost got it all paid off we're going to be left with 200 of expenses now since our line of credit is back up to three thousand dollars we gonna use 200 out of our line of credit to pay the remainder of our expenses just leave our line of credit at twenty eight hundred dollars so we close we almost there we got one more month to go all right so we on to the last month here let's go ahead and knock it on out so we're in the month of july so we gotta look at the month of june we got 2 800 so we're going to use 200 of our income we're going to put that onto a line of credit pay that off in full so our line of credit is 3 000 now we'll be left with 2 800 of income this is enough to pay all our expenses off which is only 2700 so our expenses is down to zero which means our line of credit on here is three thousand dollars expenses is zero our line of credit is three thousand dollars so bounce back becky has paid off all four of her credit cards in seven months in the way that she did that she used her line of credit to pay all her credit cards off in full and then she used her line of credit as her bank account by putting her income into the line of credit then using the line of credit to pay her expenses every single month now a couple things to note these are basic 101 examples that are pretty much perfect scenarios to help you guys learn how to do velocity banking now i have been getting some feedback from some of you guys saying that hey i understand the basic one-on-ones i need more complicated examples now i do have a financial sheet in my website if you hit up my email i'll send you the sheet for free and you can put whatever you want in regards to the finances and i can definitely do that scenario i'm needing you guys to support feedback and comments the feedback that i'm getting you guys are wanting me to do the basic one-on-one reviews if you want something more complicated personally hit up my email so i can send you out the sheet and you can go ahead and put the expenses on there i keep it anonymous i always put a secret name on there and we can do your situation whoever situation possible here so it doesn't have to be a perfect case scenario so i hope this has helped you learn about velocity banking obviously you have to tie to your specific situation again you can always reach out to me and again don't forget to smash that like button you guys have a good weekend [Music]