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re: Any Velocity Banking advocates on here?
Posted on 8/10/19 at 11:03 am to Sev09
Posted on 8/10/19 at 11:03 am to Sev09
quote:
I guess the main focus is the cash flow mindset. Using cash as velocity and credit as currency. Also, being able to use leverage.
Curious to know if you have began using this strategy as you stated in your OP, and how it is going for you ~8 months in...
I am intrigued.. maybe not so much about paying off the mortgage early.. could be any debt like a car loan or student loans. But just the mindset, like you stated. Using a HELOC as currency. No more savings accounts. Having every available dollar working for me in some way paying down a debt at all times. I am also interested in using this strategy in conjunction with churning 0% interest credit cards.
Still reading and learning about it. Obviously, there are several risks as already stated in this thread.
1
Posted on 8/14/19 at 5:48 pm to PhiTiger1764
quote:
Using a HELOC as currency...
Three words:
Don’t.
Do.
It.
Seriously, and with all due respect, don’t involve the place where you lay your head in financial schemes. Mike Tyson said it best: everybody’s got a great plan... til they get punched in the face. Being over leveraged is sticking your chin out way farther than it should be. And if you have to use the equity in your home (or churning credit cards
) to maneuver around other areas of your financial life, you’re likely over leveraged. Believe me (a survivor of the go-go 80s), it’s a lot easier to jump into debt than it is to dig your way out. 
This post was edited on 8/14/19 at 5:51 pm
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