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[Music] what's up youtube it's your boy charles enoch and we are back with another invest in myself episode so i got an email from somebody the other day asking me how can they pay multiple credit cards off if their line of credit isn't big enough to pay off all the credit cards at one time how will they go about it and this is a very excellent question especially with the pandemic a lot of banks aren't lending out high lines of credit so if the bank's not going to give us a high line of credit we're going to use what they're going to lend us and we're still going to make it happen but before we get to the white board there's a couple things i want to go over so the first thing is my channel reached over 500 subscribers now i know you guys are like charles 500 subscribers that's really not anybody looking at your channel hey but that's a lot for me and just some words of advice from me to you any accomplishment no matter how small you definitely want to celebrate it so hey this is what i'm going to do so with that being said anybody that's new to the channel go ahead take time hit that subscribe button for a brother it really helps the channel out hey you know i might make my next goal a thousand subscribers by the next video who knows also one other thing if these videos are helpful go ahead smash the like button for a brother go ahead make that thing turn blue alright last thing and it is truly important a lot of you guys have been messaging me on my website and the website isn't working i'm not getting you guys messages so go ahead and just email me directly i will have my email link down below if you have any questions i love answering everybody's questions and i love assisting people in regards to philosophy banking and the techniques so go ahead and email a brother if you do have any questions all right without further ado let's get to this white board and let's get this knocked out all right so we're going to get straight into it so if you take a look we have bounce back becky again it's pretty much going to be the same outline except for we lowered the line of credit and the credit cards are a little different so let me give you the breakdown so bounce back becky we have the income of three thousand dollars the expenses of two thousand eight hundred and fifty dollars the cash flow is a hundred and fifty dollars which is the income minus the expenses equals the cash flow that's the money left over after income and expenses we have credit card number one is five hundred dollars minimum payment is 50 per month credit card number two is 500 credit card numbers three is 500 with a minimum of 25 and credit card number four is going to be a thousand with a minimum of 25 payments now remember that these monthly expenses are already rolled into there so these are including these expenses so the credit card will have a 30 interest rate that we put on it now for this scenario we're only gonna have a fifteen hundred dollar line of credit if you remember last scenario we had a three thousand dollar line of credit so this will kind of change things because we can't use our line of credit to get rid of all the credit cards so i will show you what we will be doing to incrementally get rid of the credit card debt also from the series if you have not remembered income pays credit credit pays expenses so we have this cute little triangular thing of how we do velocity banking so we're still going to be doing that same concept so get that in your mind remember that all right so we are in the month of january it's january 1st so bounce back becky she does have her line of credit of the fifteen hundred dollars so the first thing that bounce back becky is going to do she's going to use some of her line of credit now one thing that we need to know we never want to use all of our line of credit the max that i would say to use is about two-thirds of your line of credit that is the max that you want to leverage your line of credit because you always want to have some type of emergency fund just in case some things go go wrong so we will be using a thousand dollars out of the 1500 that would pretty much be two-thirds of the line of credit now the credit cards that we will be getting rid of first will be the two credit cards at the top the 500 the two 500 ones that have a fifty dollar minimum so if we look at equation one right here we're gonna take a thousand dollars from the line of credit we're gonna use it on credit card one and two which has the fifty dollar minimum per month so we're gonna use that to pay off both of the credit cards what this particular is going to do is going to increase our cash flow by 100 now why is that it's increasing the cash flow because we got rid of the two minimum payments per month remember it was rolled into the expenses of the 28.50 so if it adds 100 to our cash flow it decreases a hundred on our expenses so now that we take a look at the board over there i do have the magnets i have switched the expenses to 27.50 and i have switched the cash flow to 250 to reflect what we have done for equation one now we're going to go to number two so equation number two we're going to use a thousand dollars out of our three thousand dollars of the income now why are we using a thousand we're using a thousand to put onto the line of credit so it will fill the line of credit back up to full four is the fifteen hundred dollars for the line of credit now we're going to go to equation number three we're going to use two thousand dollars that is the remainder of our three thousand dollars of income and then we're going to apply that to the expenses remember expenses are 27.50 now so when we do 2000 minus the 27.50 we're going to get 750 left of expenses now how are we going to pay the expenses you already know we are going to use our line of credit which is 1500 we paid it back up to full we're going to use the 1500 and we're going to pay 750 off of that 1500. this leaves our line of credit at 750 so for the month of january this is how it's going to be ending we have 750 on our line of credit and then our debt on our credit card is 1500 because we got rid of both of the debts for credit card one and two and we still have credit card three and four which equal fifteen hundred dollars now one thing to note here when we're looking at real life and we're looking at our calendar here for step one obviously we got our line of credit january 1st so we can do step one instantly step two for the income it is whenever your paychecks are dropping is when you would do these steps so obviously a lot of people get paid maybe bi-weekly or weekly we never just get the whole three thousand dollar our whole monthly income so whenever that income drops let's say this person gets paid by weekly then 1500 will come you would do this step and then when the other 1500 comes you can do the other steps so remember you're going to have to be looking at the calendar but i do want to break it down really simple and easy for you guys all right so we are in the month of february so the first thing that we're going to look at here we have to look and see what ended for january so our line of credit at the end of january was 750 so the first step that we're gonna do we're going to skip step one as of right now we're going to go to step two this is why i have the magnet on here so we're going straight down to step two we're going to use 750 dollars of our income and why are we using 750 of our income because our line of credit was 750 and we have to get that thing up to full so we're going to use 750 onto the line of credit to equal that back up to 1500 so 750 plus 750 equals dollars so we have used our income put that back onto the line of credit to put that up into full now we're going to go to step two we're going to use the remainder of our income the remainder of the three thousand dollars which would be two thousand two hundred and fifty dollars we're gonna use that onto our expenses our expenses are twenty seven fifty if we do the math we get five hundred dollars left for our expenses now we're going to go to step three step three since our line of credit is paid in full again to 1500 we're going to use the 1500 onto our expenses our expenses only 500. do the 15 minus the 500 we have a thousand dollars left on our line of credit so remember we're going to go to our reminder we're putting our income into the credit into the line of credit then using our line of credit to pay our expenses that's pretty much what we did so at the end of february we are looking at a line of credit of a thousand dollars and we still have that debt of fifteen hundred dollars because we still have the other two credit cards that we need to pay off all right so we're on the month of march and right here i definitely want you guys to be taking notes we're going to be taking it slow because this is where some things change because we're going to be paying off another credit card here so if you have to pause number one that's totally fine but let's get into it here so for the month of march we have to look at the end of february so the end of february our line of credit is one thousand dollars so what we're particularly going to be doing we're going to go back to step one i've taken off the magnet here so for step one we're going to use 500 of our line of credit remember it is one thousand dollars we're gonna use five hundred dollars we're gonna pay off another credit card we're gonna pay off credit card number three since it's five hundred dollars what does that particularly do this increases our cash flow by twenty five dollars why does it increase the cash flow by twenty five dollars it's because that third credit card the minimum payment on it was twenty five dollars that means that this is not an expense anymore since we have paid that off and since it's not an expense we're going to minus our expenses by 25 so if we look at the magnets here i have changed it here so our expenses are now 27.25 per month and our cash flow is 275 dollars per month now since we have a third credit card paid off now we're ready to go to the second step so we're going to use a thousand dollars of our income and why are we using a thousand dollars because remember our line of credit is 500 because it once was a thousand but we used 500 of that thousand dollars to pay off the credit card so now we have to fill that line of credit back up to full 1500 so we're going to take a thousand of that put it into the line of credit it is now full so now we're going to the next step we're going to take the remainder of our income which is 2 000 out of that 3 000 we're going to put that on our expenses remember our expenses are now 27.25 per month once we do that we get 725 dollars left on our expenses now how are we going to pay our expenses we are going to use our credit our line of credit to pay our expenses so our line of credit is back up to the 1500 we're going to use that to pay the 725 dollars that is remaining this leaves our line of credit at 775 remember what we did we put our income into the credit and use our credit to pay our expenses remember this is a crucial month so if you do have to rewind i know a lot has happened but please take note of how we paid that third card off all right so we're in the month of april so what we need to do we have to look back at the month of march to figure out what our line of credit was at the end of it so it was at 775 dollars so what we're gonna do we have to fill our line of credit back up to that fifteen hundred dollars so we're going to take 725 so we're on step two remember step one we only use that when we're ready to pay off another credit card and we're not ready to do that so that's why we're on step two here so we're going to take the 725 dollars that will be the remainder amount to put this line of credit back up to the 1500 back up to full once we do that we are ready for step three so we're going to use the remainder of our income which is 2 275 and then we're going to use that towards our expenses our expenses is 2725 that will leave our expenses at 450 that we have to pay now we're on the step three we're going to use our credit our line of credit to pay off the remainder of the expenses so we have the 1500 we're going to pay off 450 out of that fifteen hundred of our line of credit this will leave us at a thousand and fifty dollars for the end of april so we're looking at the end of april at a thousand fifty dollars on the line of credit our debt is a thousand dollars because we still have that last credit card to pay off all right so we're in the month of may so we're pretty much going to be doing the same thing so we have to look at the end of april to see where our line of credit left off so our april line of credit was a thousand and fifty dollars we need to get that back up to fifteen hundred dollars so we're on the step two here we're gonna use four hundred and fifty dollars of our three thousand dollars of income to pay off the line of credit back to full once we do that we're on the step three we're going to use the remainder of our money which will be 25.50 we're going to use that onto our expenses our expenses is 27.25 this leaves a remainder amount of 175 left for expenses now how are we going to pay that off we know that we're going to be using our line of credit the 1500 that we paid back in full onto those expenses this leads our line of credit at 13 25 for the end of the month here so the end of may we're looking at 13 25 we still have that one credit card to pay off so our debt is still a thousand dollars left here all right so we're in the month of june and on this month you do want to pay special attention because there's just a little bit more that's kind of going on in the traditional uh way that we're doing it for the particular months here so what we're going to do here is look at the month before so that's the month of may our line of credit was 1 325 so we already know that we have to pay the line of credit back up to the 1500 so what we're going to do we're going to use 175 of our income to pay the line of credit back up to full once we do that we are ready for the next step our income is 2 825 remember our expenses are only 27.25 so we're able to pay all of our expenses with our cash so much that we have 100 spare dollars that you would leave like in your checking our savings account so that's one thing that we need to note there meaning that step three we just have our line of credit at fifteen hundred dollars so for the end of june we are looking at fifteen hundred dollars on our line of credit our line of credit is paid in full and we have a hundred spare dollars in our checking account so that's one thing that you need to know is that we had so much left over money that we couldn't stuff it all into our line of credit we have to keep a hundred dollars into our checking our savings account all right so we're in the month of july it's going to be one of those special months here so particularly pay attention of what we're doing so in july we do have to look at what has ended in june here so we have our line of credit at fifteen hundred dollars remember that we had to spare a hundred dollars that's in like you're checking our savings account now since our line of credit is full and we can use two thirds of our line of credit which is one thousand dollars we can pay off the credit card the last credit card so we're gonna go to step one we're gonna use a thousand dollars of our fifteen hundred dollars of our line of credit to pay off the other credit card our last credit card credit card number four now what this does is it adds another 25 of cash flow our income and the reason why it does that is because credit card number four there was a minimum payment every month of 25 now since the cash flow increase that means the expense is decreased by 25 dollars as well too so now if we look at the magnets here our expenses are at 2700 and then our cash flow is at 300. so now we're able to move to step two so step two we're going to take a thousand dollars of our three thousand dollars of our income and we're going to pay off the line of credit back to full back to that fifteen hundred dollars next we're going to use our income the two thousand dollars our remainder income we're going to pay majority of our expenses we're going to pay 2 000 of the 2700 of expenses this leaves 700 left of expenses take note that we still have our spare 100 now tell you about that at the end of this equation here so we're going to go to the last step a line of credits back up to 1500 and our expenses are 700 we would use the 15 onto the this leaves us at 800 on our line of credit so if we look at the month of july we're looking at a line of credit of 800 spare money of 100 and our checking our savings account and our debt on our credit cards is zero so it is paid off now one thing to note here the reason why i keep having the spare right here to a hundred dollars it's just to remind you that right here we actually have sixteen hundred dollars in real life what would happen and what i want you guys to do on these next steps this a hundred dollars would go into the line of credit so realistically this is 900 for the end of july you would not keep that into your checking our savings account i just want to show you guys what's going on with that hundred dollars so you would move this here realistically the line of credit is 900 dollars in on the next steps just move that 100 and act like it would be in there because that's what you would really do all right so we're in the month of august and we have all our credit cards paid off we just have to get that line of credit back up so we're going to be doing the same steps as last episode but let's go ahead and knock this out let's get this repetition so we can get this understanding so for august what we're going to be doing we're going to be looking at what happened in july here so our line of credit for july was eight hundred dollars so we have to get that line of credit back up to fifteen hundred dollars so we're on the step two remember step one is done we have paid all our credit cards off so step two we're going to use 700 of our income of our 3 000 of income put the line of credit back up to full then we'll on to the next step we're going to use 2 300 of our income and then we're going to pay that on to our expenses which our expenses are 2 700 now now once we do that we have hundred dollars left in expenses we're going to use our line of credit our 1500 to pay off the 400 this leaves our line of credit at 1100 for the month so we're looking for august eleven hundred dollars for our line of credit our debt is zero remember that spare a hundred dollars realistically our line of credit is actually twelve hundred dollars because we would not have that remember in our checking our savings account so at the end of august if we really think about it we have twelve hundred dollars on our line of credit and our debt is zero but the cash flow three hundred dollars we'll only have one more month left all right so we are in the month of september our last month let's go ahead and knock this out so we already know we have to look at what happened at the end of august here so our line of credit was eleven hundred dollars at the end of august we need to fill that thing back up to fifteen hundred so what are we going to do we're gonna go to step two we're gonna use four hundred dollars put the line of credit back up to full we're going to go to the next step we're going to use the remainder of our income which is 2600. we're going to use that on our expenses our 2700 expenses this is going to leave us with a hundred dollars left over in expenses we would use our line of credit which is fifteen hundred dollars since we paid it in full on to that hundred dollar expense which would leave our line of credit at fourteen hundred dollars now remember that spare 100 dollars we are actually done our line of credit will be 1500 because we would never let that hundred dollars sit in our checking our savings account so at the end of the month in september realistically our line of credit would be 1500 and our debts would be paid off so do you see that even if we didn't have a line of credit that could fully take care of all the credit cards you will be doing one or two at a time and ideally you want to hit the ones that are paying the most on the minimum payment that's why we took care of credit card one and two first because those were fifty dollar minimum payments which increased our cash flow by a hundred dollars so when you're picking you strategically want to pick the one that's going to increase the cash flow the most second thing to make this scenario a little easier we didn't use the interest the 30 interest on the cards in the minimum monthly payments so for example the the thousand dollar credit card that was 25 minimum a month we did not subtract them throughout the whole thing and we didn't apply the 30 interest so again ideally it would probably be lower if you're putting a minimum payment on there then to pay the whole thousand dollars it may be you know 980 dollars that you're paying because you're you are putting a minimum payment on there so just some things that per this example and perfect life that is going to be different than real life so i just want to note that to you guys but this is the main strategy that i'm trying to get across to you guys and hopefully i made that very simplistic in regards to even if you had a little line of credit you're chunking it a credit card at a time or two credit cards at a time again i really think that i touched on about everything that you can do in regards to velocity banking to pay off your credit card if you do have any more questions like this individual i will gladly do a scenario for that and again if this stuff helps you definitely hit the like button for our brother go ahead and subscribe to the channel if you have not again the goal is to reach over a thousand subscribers and i think that we can make that happen without further ado hopefully you guys have a good weekend enjoy your weekend you guys peace out