Velocity Banking For Beginners

It is very important that you get the basics down of this concept so that you are best prepared to execute your financial goals effectively. For example, you must know these numbers before even applying the Velocity Banking Concept in your personal finances. The 4 major numbers you need to know on a monthly basis is your Monthly Income (take-home pay) total expenses, total debts, and cashflow or money leftover each and every month after all your bills are paid. The next thing you must have in order is a good or decent credit score. There is a specific tool needed to accomplish Velocity Banking successfully and that is a Line of Credit from a local credit union (preferably) Once you have this line of credit the last thing we must figure out is your CHUNK amount towards a debt that you want to pay off. Chunk means the total amount of money you are using or you could say borrowing from the Line of Credit to pay another debt. The way we calculate your chunk is based on a couple of things. Current cashflow, income, debt amount, and the monthly payment you are already making towards a debt or debts you have. These are a few factors in figuring out your chunk. So for my beginner students in Velocity Banking make sure you know your numbers, acquire a Line of Credit, know your chunk amount, and then you can begin.